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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.

Financial instruments

04 May 2020

For entities that apply the FRS 102 provisions in full, coronavirus is likely to have a major effect on a number of financial instruments.

Coronavirus Business Interruption Loan and Bounce Back Loan Schemes

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.

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.

Foreign currency transactions

04 May 2020

The foreign exchange volatility caused by coronavirus could significantly affect entities’ profit or loss and the way foreign currency transactions are translated.

Statement of cash flows

04 May 2020

During this period of economic uncertainty, cash is as important as ever. Entities will be monitoring cash flows on a more regular basis and it is likely that the users of financial statements will focus on the cash flow statement to understand the movements in and utilisation of cash and cash equivalents over the year.

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.

Accounting estimates and areas of judgement

29 April 2020

The outbreak of coronavirus could have a significant effect on the assumptions, estimates and accounting judgements entities take, which will then need to be reflected in the disclosures. This could impact reporting dates ending before as well as after the emergence and spread of coronavirus, for example, where critical judgements have been exercised in determining whether post balance sheet events are adjusting or not, or whether accounts should be prepared on a going concern basis.

Business combinations

29 April 2020

If entities have grown through acquisition during the year or complete acquisitions during the coronavirus pandemic they must follow the FRS 102 requirements for business combinations.

Investment property and impairment of property

29 April 2020

The knock-on effect of having a lockdown is the significant impact on the real estate sector. Investor spend on London office buildings was down nearly 75 per cent in March. This is likely to have an impact on the valuation of all business property under FRS 102.

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