COVID-19 PRACTICE ALERT: KEY ACCOUNTING, TAX AND AUDITING CONSIDERATIONS

In the first quarter of 2020, the COVID-19 outbreak developed rapidly causing a worldwide pandemic, with a significant number of infections arising in different nations of the world, including Nigeria. The outbreak was declared a public health emergency of international concern by the World Health Organization (WHO) in March 2020. Several nations and states had to declare a state of emergency due to its widespread impact.

The disease has caused significant reduction in social interaction, with shutdown of public facilities and limit on physical interaction. Measures taken to contain the virus have significantly affected economic activities and global markets, with some industries more severely impacted than others. Amidst the global pandemic that has brought the whole world to its knees and by extension affected the global markets on all fronts, the Institute of Chartered Accountants of Nigeria (ICAN) is committed to maintaining Audit quality even in these uncertain times.

This practice guide provides guidance for ICAN members especially small and medium sized practitioners (SMPs) on significant accounting, tax and audit considerations in assessing and responding to the impact of COVID-19. Read More

Downloadable Files Applying IFRS: Accounting considerations for the coronavirus outbreak Updated April 2020 Applying IFRS: Accounting considerations related to recent declines in oil and gas prices April 2020 IFRS Developments: IASB releases educational material on COVID-19 related rent concessions applying IFRS 16 Leases IFRS Developments: Supplementary IASB meeting – the impact of the COVID-19 pandemic IFRS Developments: IASB and regulators highlight IFRS 9 ECL requirements during the coronavirus pandemic COVID-19 Practice Alert: Key Accounting, Tax & Auditing Considerations Financial Reporting Council of Nigeria COVID-19 and its Impact on Audit of Reporting Entities in Nigeria Guidance for External Auditors and Matters to Consider During COVID-19 Period Audit Committees Covid-19 Understanding the Sector Impact of COVID-19 Consumer Products: Food & Beverage Understanding the Sector Impact of COVID-19 Insurance Considerations for the Real Estate Industry The Heart of Resilient Leadership Responding to COVID-19 IFRS in Focus Accounting Considerations Related to the Corona virus Disease 2019 IFRS in Focus Expected Credit Loss Accounting Considerations Related to Corona virus Disease 2019 Addressing the Financial Impact of COVID-19 Working Capital Solutions for Businesses with Urgent Cash Needs A Customer-First Approach During Unprecedented Times Applying IFRS Accounting Considerations of the Coronavirus Outbreak. March 2020 Update Applying IFRS Accounting Considerations of the Coronavirus Outbreak. February 2020 COVID-19 Cyber Security Implications for Businesses Tackling Fraud Opportunities Arising from Working Remotely The Twin Shocks (Covid-19 Pandemic & Oil Price War) and Implications for the Banking Sector COVID-19: A Business Impact Series. Economic Impact & Pandemic Planning COVID-19: A Business Impact Series. Financial, Tax and Regulatory Considerations to Manage COVID-19 Disruptions COVID-19: A Business Impact Series. Going Concern Considerations COVID-19: Staff Audit Practice Alert