The KPMG view

This podcast offers clear and concise points to consider on reflecting the impact of COVID-19 in year-end financial statements. Hosted by Reinhard Dotzlaw (KPMG Global IFRS leader), this episode offers insights from KPMG specialists who each share their thoughts on the key questions to ask about going concern, impairment, rent concessions, government assistance, provisions and more. 

‘IFRS®’, ‘IASB®’, ‘IFRIC®’, ‘IFRS for SMEs®’, ‘IAS®’ and ‘SIC®’ are registered Trade Marks of the IFRS Foundation and are used by KPMG IFRG Limited under licence subject to the terms and conditions contained therein. Please contact the IFRS Foundation for details of countries where its Trade Marks are in use and/or have been registered.

Many companies use benchmark interest rates – e.g. in their loan instruments, lease contracts and in hedge accounting. The replacement of some of these rates with alternative benchmark rates is expected to be mostly completed by the end of 2021.

In this podcast, Colin Martin and Stewart Hagell discuss the targeted accounting relief that has been made available to ease adoption of the new benchmark rates for banks and corporates.  

'IFRS' is a registered trademark of the IFRS Foundation and is used by KPMG IFRG Limited under licence subject to the terms and conditions contained therein. Please contact the IFRS Foundation for details of countries where its trademarks are in use and/or have been registered.

Many companies are keen to recognise the impact of COVID-19 in P&L now, but this means finding the right balance between under- and over-providing for its impacts.

In this podcast, Irina Ipatova and Ian Greenwood provide a reminder of what can and can’t be provided for.

'IFRS' is a registered trademark of the IFRS Foundation and is used by KPMG IFRG Limited under licence subject to the terms and conditions contained therein. Please contact the IFRS Foundation for details of countries where its trademarks are in use and/or have been registered.

Governments around the world have implemented a broad range of actions to help companies during the COVID-19 coronavirus pandemic. Many – but not all – of these actions can be accounted for under  IAS 20 Accounting for Government Grants.

In this podcast, Brian O’Donovan and Julia La Pointe discuss the exceptions as well as the rules to using this standard in the current unprecedented environment.

'IFRS' is a registered trademark of the IFRS Foundation and is used by KPMG IFRG Limited under licence subject to the terms and conditions contained therein. Please contact the IFRS Foundation for details of countries where its trademarks are in use and/or have been registered.

COVID-19 has completely changed the macroeconomic landscape; the level of uncertainty about the future economic outlook and the related market volatility pose significant challenges for management when making estimates.

The effective date for IFRS 17 Insurance Contracts is now 1 January 2023, following the decision to delay implementation for a year. Now that there is more certainty about the standard, this is a good time to talk about the preparation that will need to be done.

In this podcast, KPMG's global insurance accounting change lead, Mary Trussell speaks with Bob Owel, a director at KPMG’s International Standards Group, on what the new effective date means for users and preparers of financial statements.

'IFRS' is a registered trademark of the IFRS Foundation and is used by KPMG IFRG Limited under licence subject to the terms and conditions contained therein. Please contact the IFRS Foundation for details of countries where its trademarks are in use and/or have been registered.

Most companies are likely to be impacted by the COVID-19 coronavirus pandemic, either directly or indirectly, and the increased economic uncertainty and risk may have significant financial reporting implications.

Plans to move away from the London Interbank Offered Rate (LIBOR), and other IBORs, will bring significant challenges for all companies with exposures to these rates, not just banks.

In this podcast, Colin Martin, May Tiem Gillen and Sarah Kindzerske take a wider look at why the reforms have been proposed, what they are and why they are so important for all companies globally. 

'IFRS' is a registered trademark of the IFRS Foundation and is used by KPMG IFRG Limited under licence subject to the terms and conditions contained therein. Please contact the IFRS Foundation for details of countries where its trademarks are in use and/or have been registered.

Last year saw huge price volatility in cryptocurrencies and their credibility was questioned as a result. Today, much of the hype has settled down and cryptoasset markets are showing signs of maturing.

In this podcast, Brian O'Donovan, Charlotte Lo and Susanne Dixon examine some of the accounting and tax implications arising from changes in the crypto-asset landscape.

'IFRS' is a registered trademark of the IFRS Foundation and is used by KPMG IFRG Limited under licence subject to the terms and conditions contained therein. Please contact the IFRS Foundation for details of countries where its trademarks are in use and/or have been registered.

The uncertainty around Brexit may impact a company’s balance sheet and profit or loss – and therefore its KPIs. It presents challenges to many companies – both UK and non-UK – when preparing estimates and forward-looking assessments. To follow up on the last episode, Tim Copnell, Pamela Taylor and Irina Ipatova look in more detail at some of the specific international financial reporting challenges arising from Brexit.

'IFRS' is a registered trademark of the IFRS Foundation and is used by KPMG IFRG Limited under licence subject to the terms and conditions contained therein. Please contact the IFRS Foundation for details of countries where its trademarks are in use and/or have been registered.