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IFRS Course


Impact of Coronavirus on IFRS Financial Statements (Virtual classroom)

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The spread of coronavirus continues to affect lives and economies across the world. Many national governments have introduced a range of different measures to control the virus and to mitigate its effects on individuals and corporations. Lockdowns, supported by travel bans and quarantine restrictions, have resulted in disruption and lost revenue which threaten the survival of operators in different sectors. Governments have responded by establishing and promoting temporary schemes including employment protection subsidies, loan guarantees, deferral of payments of costs such as taxes and rents, as well as cash grants, with the objective of preserving capacity to accelerate recovery.

All interim and annual IFRS financial statements ending in 2020 are affected by the consequences of the pandemic. How exactly an entity is affected depends on a combination of factors including industry sector, location and financial strength. But all preparers must exercise new judgements and estimates, draft relevant disclosures and apply IFRSs in these changed circumstances.

This 4 session virtual online course reviews in detail the approaches to accounting for, and disclosing the effects of, coronavirus in interim and annual IFRS financial statements. It includes reminders of those accounting standards most affected, illustrative financial statements, examples and interactive participation from delegates.

This program answers questions such as:

  1. How to determine whether to apply the going concern basis?
  2. How to account for government emergency support schemes?
  3. Which disclosures concerning coronavirus are appropriate?

Learning Objectives

  • Identify which specific standards require consideration by your organisation for the impact of coronavirus when preparing IFRS financial statements for 2020
  • Set out the process for establishing whether the going concern basis of accounting is appropriate and draft relevant disclosures for material uncertainties identified
  • Specify the accounting and disclosure requirements for coronavirus support schemes
  • Apply the requirements for testing financial and other assets for impairment
  • Apply IFRS to provisioning for closure and reorganisation costs, onerous contracts and possible insurance recoveries 

Who Should Attend

  • Accountants in finance and reporting teams that prepare IFRS financial statements
  • External and internal auditors
  • Financial and credit analysts who review financial statements


  • Going Concern Basis
    • Assessment of going concern status and treatment of material uncertainties (IAS 1)
    • Events after the reporting period (IAS 10)
  • IFRS Financial Statements
    • Presentation (IAS 1) – significant judgements and critical accounting estimates
    • Accounting policies, changes in accounting estimates and errors (IAS 8)
    • Fair value measurement (IFRS 13)
    • Interim financial reporting (IAS 34)
  • Valuation and Impairment of Assets
    • Goodwill, intangibles, property, plant & equipment and associates (IAS 36)
    • Property values (IAS 40 and IAS 16)
    • Inventories (IAS 2)
  • Liabilities
    • Leases (IFRS 16) – rent concessions
    • Employee benefits (IAS 19) – employment support, holiday entitlement, termination benefits
    • Provisions for reorganisation costs, onerous contracts, insurance recoveries (IAS 37)
    • Covenant Breaches
  • Financial Instruments
    • Financial assets - classification, expected credit losses (IFRS 9)
    • Financial liabilities – modifications of contracts (IFRS 9)
    • Hedge accounting (IFRS 9)
    • Disclosures (IFRS 7)
  • Government Emergency Support
    • Government grants and assistance (IAS 20)
    • Income taxes (IAS 12)
  • Revenue
    • Revenue from Contracts with Customers (IFRS 15) – variable consideration, contract modifications

Teaching Method

  • Group internet instruction by specialist instructors
  • Description and explanation of IFRS requirements in clear and simple language
  • Use of case studies and real-world examples to illustrate practical application
  • Interactive participation is encouraged, with all attendees being required to be present on camera for the duration of the sessions.
  • All participants receive comprehensive electronic course notes, including presentation slides, handouts and other course materials
  • This virtual training is being delivered live and online over 4 individual sessions. The sessions will run each day from 13:00 – 17:00 UTC (UK).


The instructor for this course will be drawn from one of our core faculty of subject matter experts. Further details will be published at the earliest opportunity.


Our seminars take place in 4 star professional conference facilities, generally in city-centre hotels like the Marriott, Sheraton or Hilton brands. Detailed Joining Instructions are sent to all registered delegates by email approximately one month before the event. The Joining Instructions will confirm exact venue details and nearby (or onsite) hotel recommendations with bedroom rates where available. Coffee and lunch will be provided.

CPE/CPD Accreditation

IASeminars is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.


Field of study: Accounting


  • A reasonable prior knowledge of the technical requirements of IFRSs. No advance preparation is required for this course.
  • All attendees must have a stable internet connection and web cam. Attendees will be live on camera with the instructors and other participants for the duration of each session.