Accounting issues arising from recent market conditions

Author:Miroslaw SZMIGIELSKI, PwC Romania

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Keywords:active market, disclosures, fair value, financial instruments, going concern, IFRS, impairment, provisions, subsequent events

Abstract:
This article presents briefly the key issues that need to be specifically addressed by the preparers of the IFRS financial statements during the current economic downturn. Certain accounting areas such as measurement of fair values of financial assets, impairment of financial assets, impairment of non financial assets, provisions for restructuring or onerous contacts, going concern problems and disclosures should be more on focus nowadays. The above list is not complete as there are more areas, like recoverability of deferred tax and others to focus on. In addition each entity has been differently affected by the current economic situation, so the magnitude of problems vary.\r\n

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