Accounting for UK Government Support Measures during COVID-19
ICAS has produced guidance to assist preparers on how to account for some of the Government support measures that have been introduced during COVID-19
Although specifically targeted towards preparers applying FRS 102, the Financial Reporting Standard applicable in the UK, the guidance also considers some of the accounting treatment of these support measures under International Financial Reporting Standards (IFRS) and the Financial Reporting Standard applicable to the Micro-entities regime (FRS 105).
The guidance describes the accounting treatment of some of the key Government support packages announced to support businesses and the third sector during the COVID-19 crisis including the Coronavirus Job Retention Scheme, (CJRS), the Self-employment Income Support Scheme, (SEISS) and the Coronavirus Business Interruption Loan Scheme (CBILS). The guidance is supplemented by illustrative examples of the accounting treatment of many of these support measures.
It is envisaged that this will be an evolving document and will be updated as more information becomes available.