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Accounting implications of the COVID-19 outbreak

As Coronavirus is becoming more widespread, it is important that businesses consider the accounting implications of the ever-changing situation.

This alert considers the impact of the Coronavirus outbreak when preparing FRS 102 financial statements for the year end 31 December 2019. However, given a large number of companies will have 31 March reporting dates which have now passed we also consider the impact the pandemic has had on preparation and audit of financial statements at this date, particularly concerning stock take attendance.