Important implications for the preparation of UK accounts under FRS 102 as a result of COVID-19

COVID-19 has evolved into a pandemic affecting the entire world and resulted in almost all countries adopting lockdown strategies and businesses suddenly finding themselves in very different circumstances to what they would have imagined 12 months ago. The full impact of this will not be seen in the financial statements for the years that ended on 31 December 2019 but will affect the current 2020 year.

You can find the key issues and considerations to be taken into account as raised by the Financial Reporting Faculty in their checklist in the article attached below.