Covid-19: IFRS – Accountancy SA

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-19 – Video	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

Other International Organisations – Accountancy Europe, Institute of Chartered 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)


Global Messaging to Help Inform Professional Accountancy Organizations (PAO) Conversations with Key Stakeholders related to COVID-19 https://www.ifac.org/knowledge-gateway/building-trust-ethics/discussion/global-	Financial Reporting and Audit Implications	June 2020

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

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 ConcernEvents 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
COVID-19 implications for financial reporting and audit: Frequently asked questions (FAQs) https://asic.gov.au/regulatory-resources/financial-reporting-and-audit/covid-19-implications-for-financial-reporting-and-audit-frequently-asked-questions-faqs/ – Australian Securities and Investments Commission	Financial reports and directors’ reports Solvency statements Reporting deadlines and annual general meetings (AGMs) Other audit-related matters