IFRS

This page includes both local and international information related to the implications of COVID-19 on the accounting profession, preparers and users.

 

For all other IFRS related support, please refer to the Financial Reporting webpage.

SAICA Educational Material

Document Title Date
Educational Material 1– Application Of Ifrs Standards In Light Of The Coronavirus Disease (Covid-19) Uncertainty – Events after the reporting period (IAS 10)

Applicable to entities with December 2019, January, February, and March 2020 year ends

April 2020
Educational Material 2 – Application Of Ifrs Standards In Light Of The Coronavirus Disease (Covid-19) Uncertainty – Going Concern  

Going Concern considerations in light of COVID-19

April 2020

 

Educational Material 3 – Application Of Ifrs Standards In Light Of The Coronavirus Disease (Covid-19) Uncertainty – Disclosure of judgements and sources of estimation uncertainty Disclosure of judgements and sources of estimation uncertainty: Application of IAS 1 – Presentation of Financial Statements April 2020
Educational material 4 –Application of IFRS Standards in light of the Coronavirus Disease (COVID-19) Uncertainty-Borrowing Costs IAS 23 Borrowing Costs IAS 23

– Application of IAS 23

April 2020
Educational material 5 – Application of IFRS Standards in light of the Coronavirus Disease (COVID-19) Uncertainty IFRS 15 Revenue from Contracts with Customers  

 

IFRS 15 – Revenue from Contracts with Customers

April  2020
Educational material 6 – Application of IFRS Standards in light of the Coronavirus Disease (COVID-19) Uncertainty – Onerous contracts IAS 37  

Onerous contracts IAS 37

April 2020
Educational material 7 – Application of IFRS standards in light of the Coronavirus Disease (COVID-19) Uncertainty – Potential implications on contingent consideration in a business combination where all conditions may not be met by year end due to COVID- E Potential implications on contingent consideration in a business combination where all conditions may not be met by year end due to COVID- 19 April 2020
Educational material 8 -Application of IFRS Standards in light of the Coronavirus Disease (COVID-19) Uncertainty –IAS 2 Inventories     

IAS 2 Inventories

April 2020
Educational material 9 –Application of IFRS standards in light of the coronavirus disease (COVID-19) uncertainty – Issued financial guarantee contracts within the scope of IFRS 9 Financial Instruments  

Issued financial guarantee contracts within the scope of IFRS 9 Financial Instruments

May 2020
Educational material 10 – Application of IFRS standards in light of the coronavirus disease (COVID-19) Uncertainty -IFRS 9 Financial Instruments – Change in held-to-collect business models  

IFRS 9 Financial Instruments –Change in held-to collect business models

May 2020
Educational material 11- Application of IFRS standards in light of the coronavirus disease (COVID-19) Uncertainty -IFRS 9 Financial Instruments – measurement of expected credit losses on trade receivables  

IFRS 9 Financial Instruments – measurement of expected credit losses on trade receivables

May 2020
Educational material 12 – Application of IFRS standards in light of the coronavirus disease (COVID-19) Uncertainty -IFRS 9 Financial Instruments – modifications of financial liabilities IFRS 9 Financial Instruments- Modifications of financial liabilities May 2020
Educational Material 13 –  Application of IFRS Standards in light of the Coronavirus Disease (COVID-19) uncertainty –  Government Grants – IAS 20

 

 

Government Grants IAS 20 May 2020

COVID-19 – Leases accounting considerations – Useful guidance

Document Title Date
IFRS 16 and covid-19 – Accounting for covid-19-related rent concessions applying IFRS 16 Leases IFRS 16 – Leases

Impact of COVID-19 on leases

April 2020
How should companies account for rent concessions? IFRS 16 –rent concessions April 2020
Lease modifications – ten comprehensive examples IFRS 16 – Lease modifications comprehensive examples April 2020
Have lease assets become impaired? IFRS 16 –lease assets April 2020
Lease modifications – Accounting for changes to lease contracts IFRS 16 – Lease contracts April 2020
In depth – A look at current financial reporting issues – IFRS 16 – a new era of lease accounting! IFRS 16 – current financial reporting issues April 2020
IFRS in Practice 2019 – IFRS 16 – Leases IFRS 16 – Leases

Impact of COVID-19 on leases

April 2020
IFRS 16 – Leases IFRS 16 – Leases

Impact of COVID-19 on leases

April 2020
Covid-19 related Rent Concessions – Amendments to IFRS 16 – Leases Covid-19 related Rent Concessions – Amendments to IFRS 16 – Leases May 2020

Audit Firms

Document

 

Title Date
 

Accounting Considerations due to COVID-19Video

Impairments

Going concern

Events after the reporting period

Disclosures

Financial Instruments

April 2020
COVID-19 | Financial reporting – resource centre – FAQs Various topics on COVID-19 Impact on Financial reporting March 2020
 

Accounting implications of the effects of coronavirus

Non-financial assets Financial Instruments Leases

Revenue recognition

Non-financial obligations Going concern

disclosures Interim financial statements

March 2020
IFRS in Focus — Expected credit loss accounting considerations related to Coronavirus Disease 2019 IFRS 9 – Expected Credit loss accounting March 2020
Reporting the impact of COVID-19 on your business – 10 Key questions for CFOs Ten questions that CFOs should be ask to ensure that the financial statements fairly reflect the impact of COVID-19 April 2020
Reporting the impact of COVID-19 on your business Assessing the financial impact and required disclosures April 2020
IFRS in Focus — Accounting considerations related to Coronavirus disease 2019 Various topics on COVID-19 Impact on Financial reporting March 2020
 

 

Accounting considerations of the coronavirus outbreak

 

Accounting considerations of the coronavirus outbreak

Various topics on COVID-19 Impact on Financial reporting  

 

March 2020

 

Updated June 2020

 

 

 

COVID-19 | Financial reporting – resource centre – FAQs

Various topics on COVID-19 Impact on Financial reporting  

 

 

March 2020

Accounting implications of the effects of coronavirus Various topics on COVID-19 Impact on Financial reporting  

March 2020

IFRS in Focus — Expected credit loss accounting considerations related to Coronavirus Disease 2019 IFRS 9 – Expected Credit loss accounting March       2020
Reporting the impact of COVID-19 on your business – 10 Key questions for CFOs Ten questions that CFOs should be ask to ensure that the financial statements fairly reflect the impact of COVID-19  

April 2020

Reporting the impact of COVID-19 on your business Assessing the financial impact and required disclosures April 2020

The International Accounting Standards Board and IFRS Foundation

 Due Process Oversight Committee—meeting report now available Shortening of comment periods in light of COVID-19 April 2020
IASB amends work plan and proposes amendment to IFRS 16 IFRS 16 –Leases April 2020
IASB to discuss timeline reconsiderations and possible amendment to IFRS 16 due to covid-19 Timelines on IFRS projects and possible amendments to IFRS 16 – Leases April 2020
 

Application of IFRS 16 in the light of the covid-19 uncertainty

IFRS 16 – Leases

Responding to questions regarding the application of IFRS 16 to rent concessions granted as a result of the covid-19 pandemic.

 April 2020
IFRS 9 and covid-19 IFRS 9 – Financial Instruments March 2020

International Federation of Accountants (IFAC)

 

 

The Financial Reporting Implications of COVID-19

Events after the reporting period

Impairment of non-financial assets

IFRS 13 – Fair Value Measurements

IFRS 9 ­Financial Instruments

IFRS 15 – Revenue from Contracts with Customers

Going Concern

 

 

April 2020

Local Regulators – JSE and Financial Sector Conduct Authority (FSCA)

Potential impact of COVID-19 on financial reporting JSE financial reporting requirements March 2020
 

JSE Letter – COVID-19 Impact on Transitional Provisions

Item 14 – CEO & Financial Director

Confirmation: The provisions dealing with the CEO and financial director sign-off.

Applies to issuers with a yearend on or after 31 December 2020

 

March 2020

Letter: COVID-19: EXTENSION OF FINANCIAL REPORTING JSE financial reporting requirements April 2020
IMPACT OF COVID-19 ON COMPLIANCE WITH VARIOUS REQUIREMENTS OF THE FINANCIAL MARKETS ACT, 2012, (ACT NO. 19 OF 2012) (“FMA”) JSE financial reporting requirements April 2020
JSE – Reflecting on the impact of Covid-19 on financial results JSE – COVID-19: Reflecting the impact of COVID-19 on financial results May 2020
Potential impact of COVID-19 on financial reporting JSE financial reporting requirements March 2020
 

JSE Letter – COVID-19 Impact on Transitional Provisions

Item 14 – CEO & Financial Director

Confirmation: The provisions dealing with the CEO and financial director sign-off.

Applies to issuers with a yearend on or after 31 December 2020

 

March 2020

JSE letter: Extension of Financial Reporting Covid-19 Extension of Financial Reporting 1 June 2020
FSCA Communication Impact of Covid-19 on  compliance with requirements of the Financial Markets Act 29 May 2020

Other International Organisations – Accountancy Europe, Institute of Chartered Accountants of England and Wales (ICAEW) and  The International Organization of Securities Commissions

Coronavirus crisis resources – banks IFRS 9 – Financial Instruments April 2020
ICAEW Guide: The Financial Reporting Implications of Coronavirus Under UK GAAP Going Concern

Events after the reporting period

March 2020
IOSCO Statement on Application of Accounting Standards during the COVID-19 Outbreak Statement on Application of Accounting Standards during the COVID-19 Outbreak April 2020
Coronavirus crisis resources – banks IFRS 9 – Financial Instruments April 2020
COVID-19 – Resources, action,

the future – Reporting in times of uncertainty – June 2020 – UK Financial Reporting Council

Disclosures June 2020
COVID-19 – Going concern,

risk and viability – UK Financial Reporting Council

Going concern and disclosures June 2020