COVID-19 | Considerations when preparing financial statements

The Grant Thornton International IFRS team has published COVID-19: Accounting implications for CFOs – Considerations when preparing financial statements and using alternative performance measures.

Preparers of financial statements are now having to think about how, where and in what form they should report COVID-19 in their financial statements. It is important to not only comply with the guidance set out in IFRS, but also ensure that the financial statements are an effective part of the wider communication with stakeholders.

The publication sets out various ways to enhance communication on how the pandemic has impacted the financial position and performance of any reporting entity. These include sensitivity analysis, the use of alternative performance measures and changing line items that have previously been disclosed within the financial statements.

The publication COVID-19: Accounting implications for CFOs – Considerations when preparing financial statements and using alternative performance measures is attached to this IFRS Adviser Alert.