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20RU-005 Coronavirus (COVID-19) Impact by Accounting Standard

20RU-005 Coronavirus: Impact by Accounting Standard

Financial reporting effect of the Coronavirus pandemic across the business and by accounting standard.

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Impact of COVID-19 on financial statement preparation

The significance of the economic and financial impacts from the Coronavirus outbreak is unprecedented. The challenges facing entities and preparers of financial statements have never been greater.

As organisations take immediate actions to assess their exposure, this pandemic is also likely to result in significant financial reporting implications for preparers of financial reports. The current conditions and events create a high level of uncertainty and risk for organisations which they will now have to factor into their reporting to stakeholders.

Summary by accounting standard

Preparing your financial reports during this period can feel overwhelming as accounting impacts need to be considered across most aspects of the business. Many entities will have to reconsider numerous aspects of their financial reporting obligations, including those that may have been relatively static for several years. To assist you, KPMG has developed a summary of the key considerations by accounting standard which can be used as a reference by organisations to provide a checklist of the main considerations that may impact your financial statements in light of the current unfolding situation.

Futher discussion can be found in the PDF version of the Reporting Update.

© 2020 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. Liability limited by a scheme approved under Professional Standards Legislation.

KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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