The coronavirus pandemic has affected most businesses globally. There are currently uncertainties around when we will get back to normality. This has implications on the preparation and analysis of the IFRS financial statements.

The extraordinary situation that we are currently in has an impact on the topline (revenue) and the bottom line (profitability). Most entities are required to carry out a going concern and liquidity assessment and adjust the measurement of the assets and liabilities. Disclosures are required in the interim and annual financial statements to help users assess the impact of COVID-19 on the financial position, financial performance and the cash flows. There are significant judgements and estimates used in preparation of the financial statements.

This course provides an in-depth analysis of the key principles in the standards that affect the financial statements due to the coronavirus pandemic. We will look at the guidance on preparation of the financial statements and real-life examples on the impact of COVID-19.