BEYOND THE GAAP - COVID-19 - APRIL 2020
The following publication "Beyond the Gaap / Supplement Covid-19" indicates the positions and declarations on the current crisis resulting from the COVID-19 pandemic expressed by the authorities.
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.
On the subject of accounting implications deriving from the Covid-19 pandemic, specific documents for the financial and industrial sector are available. We invite you to contact Marco Lumeridi marco.lumeridi@mazars.it and Silvia Carrara silvia.carrara@mazars.it.
We remain by our clients’ sides, helping them navigate these unprecedented times and we are available to welcome any new request for information.
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