IAS 37 and contingency reporting amidst Covid-19

Accounting under IAS 37, Provisions, Contingent Liabilities and Contingent Assets will have to consider the impact of covid-19 when preparing accounts, explain Steve Collings FCCA and Rachel Farris FCA, accounting and audit writer, Croner-i

The disruption caused by the Covid-19 pandemic has been significant since the virus was first detected in February 2020. The UK is now in the process of exiting a third lockdown which resulted in the closure of many businesses and further disruption. This disruption is likely to continue over the coming months as the vaccine rollout continues, the final restrictions begin to lift, and the furlough scheme comes to an end.

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