REQUIREMENTS FOR THE RECOGNITION AND ACCOUNTING MEASUREMENT OF EXPECTED CREDIT LOSSES IN LIGHT OF THE CORONA CRISIS

Abstract

The COVID-19 pandemic crisis and its economic implications mean that investors and other stakeholders need high-quality financial information more than ever before. To this end, accounting firms, regulators, members of the International Federation of Accountants and others are rapidly providing advice and guidance on accounting and reporting requirements. Financials to be taken into account in addressing the financial implications of COVID-19 when preparing financial statements. There will be problems to consider in reporting this year as well as in the coming years. Some companies may first report financial implications in interim financial statements (in accordance with IAS 34 - Interim Financial Reporting), which is likely to include a greater use of accounting estimates. However, the information must be reliable and all financial information relevant to an understanding of the financial position or performance of the company must be disclosed. There may also be differences as to whether the financial statements are prepared using IFRSs or generally accepted accounting principles. Therefore, the aim of the current study is to identify the accounting measurement of expected credit losses in light of the Corona crisis.
 Keywords: IFRS, COVID-19, ECLs, Hedge Accounting.