The Bottom Line Issue 6

Welcome to the latest edition of our financial reporting publication that aims to keep you in the loop with all the latest accounting and financial reporting developments, and the potential impact they may have on your business.

The last quarter has been an unusual one, with the coronavirus causing significant disruption across the globe. Even accounting standards have been affected! In this issue, we discuss the IASB’s recent amendment to the new leases standard in response to COVID-19 that offers some relief to lessees. We also consider the accounting treatment of JobKeeper which will be relevant for many entities. The days of preparing SPFS are now numbered for some entities as the changes mandating their elimination have been approved. We provide a brief overview of these very significant changes that will take effect in 2022.

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