What to consider when preparing financial statements under IFRS for 2020

It is necessary to pay attention to the following issues when preparing and auditing financial statements under IFRS for 2020:

  •   Going concern
  •   Estimation of expected credit losses from financial assets
  •   Disclosure of the entity’s exposure to financial risks
  •   Impairment of non-financial assets
  •   Onerous contracts and restructuring
  •   Inventory valuation Estimation of reserves
  •   Fair value measurement
  •   Significant judgments and uncertainties
  •   Covid-19-Related Rent Concessions
  •   Amendments to IFRS standards effective from 1 January 2020

The Audit Chamber materials you can read here:

https://audit-ap.by/uploads/files/Chto-nuzhno-uchest-po-MSFO-za-2020-god-chast-1.pdf

https://audit-ap.by/uploads/files/Chast-2.pdf

https://audit-ap.by/uploads/files/Chto-nuzhno-uchest-pri-podgotovke-otchetnosti-po-MSFO-za-2020-god-chast-3.pdf

To learn more about IFRS application, please contact Managing Partner Denis Kastsian dkastsian@uhy-bc.by

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