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Small and micro entities

14 May 2020

The coronavirus pandemic will have far reaching implications which will require businesses of all sizes including those applying the small company regime and those adopting the micro entity provisions to consider the impact on the preparation of their annual accounts.

Dividends and other distributions

14 May 2020

During the coronavirus pandemic, due to the uncertainty of future trading and potential deterioration of financial position from the last annual accounts, entities looking to pay dividends or make other distributions will need to be especially aware of their legal obligations and fiduciary duties, including considering additional factors than they may previously have needed to.

Narrative reporting

14 May 2020

The requirement for a company’s front end to tell the full story of the business has never been more important. Due to coronavirus users of the financial statements will require forward-looking information which provides an insight into the board’s assessment of business liquidity, viability and solvency as well as the methods, assumptions and judgements underlying that assessment.

Leasing arrangements

04 May 2020

Coronavirus could impact both lessors and lessees on a practical level, as businesses or individuals may not have the liquid cash to pay their rent when it falls due.

Hedge accounting

04 May 2020

The coronavirus pandemic exposes entities to a wide range and magnitude of risks. In order to manage these entities could use a number of different hedging activities.

Provisions, onerous contracts and insurance recoveries

04 May 2020

The impact of coronavirus may mean that entities need to account for new provisions for restructuring costs, amend current provision estimates, consider if contracts have become onerous and deal with recognising and measuring insurance policies.

Accounting for tax

04 May 2020

Entities will need to consider a number of matters in relation to the recognition and measurement of current and deferred tax as a result of coronavirus.

Coronavirus and FRS 102: financial reporting

04 May 2020

It’s quite clear that coronavirus is a devastating, exceptional and extraordinary worldwide event which will have a significant financial impact on many entities. The financial reporting implications of coronavirus, together with the Government support, could prove challenging.

Coronavirus Business Interruption Loan and Bounce Back Loan Schemes – updated May 2020

04 May 2020

The Coronavirus Business Interruption Loan Scheme (CBIL Scheme) provides financial support to UK based SME businesses with turnover up to £45m that were trading successfully before coronavirus that are now losing revenue, and seeing their cashflow disrupted, as a result of the coronavirus pandemic.

Contingent liabilities and assets

04 May 2020

Given the degree of uncertainty surrounding the impact of coronavirus, entities will need to be mindful of potential obligations or assets that have never been considered as part of the normal reporting cycle but now require disclosure in the accounts, even though they are not recognised on the balance sheet.

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