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Coronavirus (COVID-19) Guidance

This page is designed to provide links to relevant publications to support entities prepare their financial reports during and as a result of the COVID-19 outbreak.

Coronavirus AASB-AUASB Joint FAQ

The AASB-AUASB published the following FAQs on:

1) The Impact of Coronavirus on Financial Reporting and the Auditor's considerations; and

2) The Impact of COVID-19 on Going Concern and Related Assessments

Additional COVID-19 Guidance for Auditors

For more information about the impact of COVID-19 on the auditing process, please visit the Auditing and Assurance Standards Board's web page here

IFRS Guidance:

 

Title Issued By

Application of IFRS 9 in the light of the coronavirus uncertainty

 IASB
IFRS 16 and covid-19: Accounting for covid-19-related rent concessions applying IFRS 16 Leases IASB

Other Australian regulator guidance:

Title Issued By
ASIC to further extend financial reporting deadlines for listed and unlisted entities and amends ‘no action’ position for AGMs ASIC
COVID-19 Support Resources ATO
COVID-19 information ASIC
COVID-19 implications for financial reporting and audit: Frequently asked questions (FAQs) ASIC
Charity operations and COVID-19 ACNC
ACNC to conduct eligibility reviews ACNC
Listed@ASX Compliance Update – including Continuous Disclosure Obligations ASX
Temporary relief for financially distressed businesses Australian Government – The Treasury
APRA adapts 2020 agenda to prioritise COVID-19 response APRA

 

Professional Bodies:

Title Issued By
Reporting and audit implications of COVID-19 CAANZ
Q&A: Responding to COVID-19 reporting and audit challenges CAANZ
Responding to the challenges of COVID-19 CAANZ
Impacts of COVID-19 on reporting entities and auditors CPA Australia
Coronavirus (COVID-19) Business advice CPA Australia

 

Accounting Firm Guidance:

Title Issued By
COVID-19: Financial reporting Australian resource centre on the financial reporting impacts of coronavirus. KPMG
COVID 19 - financial reporting publications PwC
Financial impact of coronavirus for upcoming financial statements Grant Thornton
Reporting the impact of COVID-19 Grant Thornton
Accounting implications of coronavirus (COVID-19) Grant
Thornton
Impacts of the Coronavirus on Financial Reports BDO
Accounting, disclosure, and internal control considerations related to coronavirus disease 2019 Deloitte
Accounting considerations related to the Coronavirus 2019 Disease Deloitte

Expected credit loss accounting considerations related to Coronavirus Disease 2019

 Deloitte
A diagnosis for your impairment assessment. The impact of COVID-19 Deloitte
Accounting considerations related to COVID-19 Deloitte
COVID-19 video series Deloitte
Accounting considerations of the coronavirus outbreak (Updated March 2020) EY
Financial Reporting Guidance under COVID-19 Crowe

 

 

Other International Guidance:

Title Issued By
COVID-19: Ethics and Independence Considerations IESBA
COVID-19 Resources from IFAC's Network IFAC
Statement on the Aapplication of the prudential framework
regarding Default, Forbearance and IFRS 9 in light of COVID-19 measures		 EBA
Accounting implications of the COVID-19 outbreak on the calculation of
expected credit losses in accordance with IFRS 9 		ESMA
IOSCO Statement on Application of Accounting Standards during the COVID-19 Outbreak IOSCO
Covid-19: IFRS 9, capital requirements and loan covenants PDA