Implications for Financial Reporting

  • For-profit
  • Not-for-profit
  • Public Sector

Here we provide links to useful information and guidance on accounting for the current impact and emerging risks arising from COVID-19 in general purpose financial statements (GPFRs). 

We will continue to update this content regularly to include additional audit considerations that come to hand due to the impact of COVID-19. We welcome your feedback. If you have any specific questions, please contact us.


XRB Alert 2020-3—Spotlight on Going Concern Disclosures

Not-for-profit Entities


Not-for-profitAuditing


 XRB Alert 2020-3 Cover

What is the impact on going-concern disclosures in response to COVID-19?

Going concern uncertainty is a reality for not-for-profits, so good disclosure is an opportunity to communicate that reality in a clear and transparent way.

 

Here we provide an overview of the responsibilities of those charged with governance for the adequacy of going concern related disclosures in an entity’s financial statements.

 

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XRB Alert 2020-2—Spotlight on Going Concern Disclosures

For-profit Entities


For-profitAuditing


 XRB Alert 2020-2 Cover

What is the impact on going-concern disclosures in response to COVID-19?

Going concern uncertainty is a reality for many companies, so good disclosure is an opportunity to communicate that reality in a clear and transparent way.

 

Here we provide an overview of Directors’ responsibilities for the adequacy of going-concern related disclosures provided in a company’s financial statements. It includes commentary on both the requirements in the accounting standards and auditor expectations.

 

Download PDF


The IFRS Foundation has published educational materials to support the consistent and robust application of IFRS 9 Financial Instruments during this period of enhanced economic uncertainty arising from the COVID-19 pandemic.

The educational material is relevant to Tier 1 and Tier 2 for-profit entities applying NZ IFRS 9 Financial Instruments. The material may also be relevant to Tier 1 and Tier 2 public benefit entities (PBEs) applying PBE IPSAS 41 Financial Instruments or PBE IFRS 9 Financial Instruments.

Have a look


Where else can I get information?

Here are some useful links to a selection of resources available on the implications for financial reporting from COVID-19.

This is by no means a complete list of resources available and we note that including a resource here does not imply the XRB's specific endorsement of it.

We encourage you to consult directly with the source of the guidance for further information.