27 March 2020

The coronavirus and the Foundation's work

Article updated 11 February 2021

The IFRS Foundation shares global concerns about the impact of the coronavirus (covid-19) pandemic and is monitoring developments guided by statements from public health authorities. We recognise that this is a difficult time for our stakeholders.

We are supporting our stakeholders by:

Reconsidering timelines

Despite the challenges arising from the coronavirus pandemic, the International Accounting Standards Board (Board) and its technical staff completed time-sensitive projects, such as the projects on IBOR reform and amendments to IFRS 17 Insurance Contracts, in accordance with the original project plans.

We also recognise the importance of giving our stakeholders enough time to respond effectively to our work.

On 27 March 2020, the decision was taken to postpone to May 2020 the publication of several narrow-scope amendments to IFRS Standards originally planned for March and April 2020. This consolidation of publications is intended to facilitate more efficient post-publication procedures by our stakeholders.

On 17 April 2020, the Board decided to extend the comment deadline for several ongoing consultations and to delay the publication of other planned consultation documents.

On 15 July 2020, the Board issued an amendment to defer by one year the effective date of Classification of Liabilities as Current or Non-current, which amends IAS 1 Presentation of Financial Statements.

In October 2020, following feedback from stakeholders, the Board decided to provide a longer than usual comment period on the consultation on Business Combinations under Common Control. The Board also discussed the forthcoming consultation on Management Commentary. The Board expects to publish the Exposure Draft in April 2021.

Access the Board's updated work plan here.

Supporting application

We continue to support application of IFRS Standards during this period of enhanced economic uncertainty arising from the covid-19 pandemic.

On 27 March 2020, we published educational material on the application of IFRS 9 Financial Instruments.

On 10 April 2020, we published educational material on the application of IFRS 16 Leases.

On 28 May 2020, the Board issued an amendment to IFRS 16 Leases to make it easier for lessees to account for covid-19-related rent concessions while still providing useful information about their leases to investors. On 11 February 2021, the Board proposed to extend by one year the application period of the amendment.

On 28 October 2020, we published an article by Board Member Mary Tokar and Technical Staff Member Sid Kumar, who give an overview of covid-19-associated financial reporting considerations for preparers, auditors, investors and regulators.

On 13 January 2021, we published educational material on going concern.

Ongoing calendar updates

We have replaced regular meetings with virtual meetings where possible. Digital access to public meetings is provided as usual for those who wish to participate in or observe meetings remotely, and we encourage people to use this facility. 

On 13 November 2020 it was agreed that all meetings with advisory and consultative groups will be held remotely until 31 March 2021.

We provide regular updates on specific meeting arrangements and these are reflected in the meetings calendar.

Being contactable

The Foundation closed its London office on 16 March 2020. Board members and staff are working from home and can be reached via email or phone as usual. Calls to the switchboard (+44 (0)20 7246 6410) will be answered as normal and messages passed on to the relevant staff members.

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