Dialogue with standard setters. Potential impacts of the COVID-19 on IFRS financial statements
Journal title FINANCIAL REPORTING
Author/s Raffaele Fiume, Tiziano Onesti, Stefano Bianchi
Publishing Year 2020 Issue 2020/1
Language English Pages 11 P. 149-159 File size 143 KB
DOI 10.3280/FR2020-001005
DOI is like a bar code for intellectual property: to have more infomation
click here
Below, you can see the article first page
If you want to buy this article in PDF format, you can do it, following the instructions to buy download credits
FrancoAngeli is member of Publishers International Linking Association, Inc (PILA), a not-for-profit association which run the CrossRef service enabling links to and from online scholarly content.
The COVID-19 outbreak has impacted significantly on the movements of goods and people through the world causing interruptions at many levels in the financial and industrial environment with a significant impact on financial reporting. The purpose of the following review is to analyse some of the main accounting implications of the outbreak in the IFRS financial statements and the first responses at international level by the standard-setters. In the first part, the analysis will be focused first on the main implications for periods ended on 31 December 2019 and then on the effects for the 2020 reporting periods onward. As per 2008 global financial crisis (GFC), that began in 2007 with a depreciation in the subprime mortgage market in the United States, the main international standard-setters (IASB and FASB) has proposed amendments of the standards to react to some implications of the COVID-19 pandemic. In the second part of this review will be summarised the main responses, including the documents and proposed amendments issued by the IASB regard-ing IFRS 16 Leases accounting for lease concessions related to the effects of the COVID-19 pandemic.
Keywords: COVID-19, event after the reporting period, impairment, going concern, leases
Raffaele Fiume, Tiziano Onesti, Stefano Bianchi, Dialogue with standard setters. Potential impacts of the COVID-19 on IFRS financial statements in "FINANCIAL REPORTING" 1/2020, pp 149-159, DOI: 10.3280/FR2020-001005