Accounting considerations due to COVID-19

Webinar date: 8 April 2020

The effects of COVID-19 will ultimately be reflected in all companies’ financial statements. Regardless of when your year end is, you will have to consider questions like:

  • Impairment – is inventory still fairly valued? What about the carrying values of property, plant and equipment, receivables or even goodwill?
  • How do you account for recent events if the accounting period ended at the end of 2019, i.e. before the effects were truly felt in South Africa? Do they need to be accounted for at all?
  • If COVID-19 creates or increases uncertainty about the ability of the business to continue, what needs to be communicated in the financial statements?
  • How is everything else disclosed in the financial statements?

The accounting profession in South Africa and internationally has been hard at work trying to find answers to these questions and we share the latest thinking with you.

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