30th July 2020

In the wake of the COVID-19 pandemic, many organisations have been understandably focused on stabilising cash-flow. As restrictions start to be eased, organisations will begin to look to the future and plan for recovery. For this reason, we thought it would be helpful to hold a “Life After Lockdown” mini-series of free live webinars, dedicated to supporting them into the next phase of this crisis.

As the government offers more clarity on what life will look like post-lockdown, it is important for organisations to consider the specific issues they might face. Our Accounting Standards update was hosted by Dave Redhead, Audit & Assurance Partner at UNW alongside Audit Managers, Martin Oliver and Leanne Smith.

Accounting Standards Update:

The webinar covered a variety of topics, including the implications that COVID-19 has had. This included accounting for year-end accounts, encompassing going concern, impairment reviews, and any bank covenants; alongside this, accounting for any restructuring costs and changing reporting dates (as well as any extensions) to the filing deadline was discussed. Accounting for COVID-19 Government schemes, such as the Coronavirus Job Retention Scheme, any related funding, and possible business rates holidays, was also explored.

The session further looked at financial reporting, offering insight into the triennial review of FRS 102. Notable amendments, such as those affecting investment properties, the classification of financial instruments, intangible assets, and the discounting of long-term loans, were discussed. It also covered other issues, such as accounting for rent holidays and onerous leases, as well as new strategic report requirements for large companies.

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