Beyond the GAAP 143 Covid-19

Almost two months after the WHO declared the COVID-19 epidemic a pandemic, and while lockdown measures and other government decisions seek to provide answers to the health and economic crisis unfolding before our eyes, the business impacts of the disease are already very significant.

In view of this emergency, numerous players are taking action, not least the IASB, which is proposing amendments to IFRS 16 through an accelerated due process. These amendments would exempt lessees from conducting complex analyses in order to assess whether rent concessions granted by lessors are contract modifications (which would entail spreading the benefit, rather than an immediate impact in profit or loss).

This supplement also picks up last month’s discussions in three key areas: impairment assessment, accounting for State support under part-time working measures, and the presentation of the statement of profit or loss.

Finally, a reminder that Accountancy Europe, an organisation representing the accounting profession in Europe, regularly
updates its crisis web page, offering a complete overview of the positions and resources available at various levels against
the background of COVID-19.



  • EUROPEAN highlights

A Closer Look

  • Rent concessions as a result of COVID-19: the IASB proposes to amend IFRS 16
  • Accounting impacts of the COVID-19 epidemic on corporates’ 2020 financial statements: update on three key issues