Accounting for Coronavirus: UK and Ireland GAAP

by Steve Collings
access120 days access
cpd hours4 CPD hours

This course will enable you to:

  • Prepare financial statements that provide a true and fair view of an organisation's financial performance in these challenging circumstances
  • Use the appropriate accounting treatments for various COVID-19-related grants, reliefs and loans
  • Deal with the impairment of goodwill, assets, and inventory under FRS 102
  • Calculate and use the appropriate accounting treatments for revaluation loss on an asset and inventory impairment reversal
  • Prepare financial statements that communicate the impact that COVID-19 had on contingencies, provisions and employee benefits
  • Use disclosure notes effectively to build on what figures in the financial statements show along with overcoming common narrative issues

Some impacts of COVID-19 are more obvious than others, but as accountants you have the responsibility for reporting the pandemicís impact on the financial health of organisations. And it's highly likely you'll have to deal with issues you've never experienced before.

This course enables you to prepare financial statements that provide a true and fair view of an organisation's financial performance in these challenging circumstances. It offers detailed guidance on the issues you might encounter as you prepare financial statements in light of the pandemic. It discusses accounting for various COVID-19-related grants, reliefs and loans, along with the impairment of goodwill, assets and inventory under FRS 102. You'll also consider the impacts of the pandemic on provisions, contingencies and employee benefits and the importance and issues associated with narrative disclosures when preparing financial statements.

Accounting for grants, reliefs and loans

  • Grant accounting
  • Job Retention Schemes
  • Grant receivable
  • Other COVID-19 related reliefs and concessions
  • Business Interruption Loans and Bounce Back Loans
  • Accounting for a CBILS loan
  • Small companies
  • Medium companies

The impact on an entity's assets

  • Goodwill and other intangible assets
  • Impairment loss
  • Accounting for losses
  • Impairment of goodwill
  • Tangible fixed assets
  • Revaluation loss on an asset
  • Inventory
  • Inventory impairment reversal
  • Receivables and other financial assets
  • Deferred tax assets and tax losses
  • Asset management

Provisions and employee benefits

  • Provisions and obligations
  • Provisions and liabilities
  • Disclosures
  • Reimbursement assets
  • Contingent liability
  • Provisions and contingencies
  • Employee benefits
  • COVID-19 issues relating to employee benefits
  • Reflecting the issues in financial statements

Narrative issues

  • Going concern
  • Post balance sheet events
  • Non-adjusting event
  • The auditor's report and COVID-19
  • Material uncertainty related to going concern
  • Maintaining a narrative

Steve Collings is the audit and technical director at Leavitt Walmsley Associates Ltd, Cheshire. He specialises in UK GAAP, IFRS, Solicitors Accounts Rules and auditing and is also a nationwide lecturer on these subjects. He is the author of several books, articles and Whitepapers on the topics of financial reporting and audit. Steve is also a member of the UK GAAP Technical Advisory Group at the Financial Reporting Council (FRC) who are responsible for maintaining UK and Irish Financial Reporting Standards.

Steve was awarded Accounting Technician of the Year at the 2011 British Accountancy Awards and Outstanding Contribution to the Accountancy Profession in 2013 by the Association of International Accountants. He also works with some of the main professional bodies in respect of interpretational aspects of UK GAAP and preparing their responses to Consultations or Exposure Drafts issued by the FRC.

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