International reporting: the Covid-19 impact and opportunities ahead

To some last year’s travails were a first test for the changed IFRS standards that took on new forms after the 2008 crisis. Others, meanwhile, were calling out for exceptional measures, as opposed to trusting in the standard frameworks. Jeroen Van Doorsselaere explains

Some special measures were indeed taken to catch the uncertainty of the Covid-19 world, giving guidance on how to progress.

Educational material was published by the International Accounting Standards Board (IASB) on IFRS 9 Financial Instruments and IFRS 16 Leases application (as IFRS 17 Insurance Contracts is not effective yet). In a second instance they made amendments to the leasing standard (IFRS 16) in order to cope with rent concessions and the accounting impact of new realities under Covid-19.

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