IFRS Bulletin - Impairment Implications of COVID-19 (IAS 36 Impairment of Assets)

The 2019 Novel Coronavirus infection (‘coronavirus’) or ‘COVID-19’ outbreak poses a serious public health threat. It has interrupted the movement of people and goods throughout the world, and many levels of government have instituted restrictions on individuals and businesses. The resulting impact on financial reporting will be significant.

BDO has issued the following publications on coronavirus that address the reporting implications in broad terms:

• IFR Bulletin 2020/02 – Potential effects of the Coronavirus Outbreak on 31 December 2019 year-end financial reporting.
• IFR Bulletin 2020/03 – Potential effects of the Coronavirus Outbreak on 2020 reporting periods and onward.

This Bulletin focuses on the financial reporting implications of COVID-19 that relate to the impairment requirements of IAS 36, which apply to many non-financial assets.

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