The IASB published COVID-19-Related Rent Concessions beyond 30 June 2021, amendments to IFRS 16 Leases on 31 March 2021. The Amendments extend the practical expedient available to lessees in accounting for COVID-19 related rent concessions by one year ie reduction in lease payments could only affect payments originally due on or before 30 June 2021 is extended to 30 June 2022.   

The stressed economic environment caused by the COVID-19 pandemic has resulted in the assessment of going concern even more judgmental and challenging than usual. Accounting standard setting bodies globally are paying close attention to this hot topic. Recently the IFRS Foundation has published education material to support companies to consistently apply the requirements in IFRS standards... 

The global pandemic has resulted in many different types of concessions being agreed between lessors and lessees, including rent deferrals, rent abatement/forgiveness and many other types of relief. The amendments to HKFRS/IFRS 16 simplify the lessee accounting requirements for rent concessions. BDO has released HKFRS/IFRS Update 2020/06, which discusses the amendments to HKFRS/IFRS 16... 

The outbreak of COVID-19 pandemic has caused widespread and unprecedented impact on business operations of companies from various sectors. Some companies experienced significant revenue loss, partial business closure or suspensions, liquidity problem, etc. The survey revealed that, in order to overcome these difficult situations, listed companies have taken different measures for sustaining... 

As Hong Kong continues to grapple with COVID-19, many of us have already got used to social distancing and meeting online by now. It is amazing how we have all found new ways to adapt to this new normal – we continued to stay in touch with friends and relatives virtually, even our grandparents were taught how to use videoconference facilities such that everyone can continue to stay connected.  

The Government unveiled on 18 August, 2020 details concerning the application of the 2nd tranche of subsidy under Employment Support Scheme (ESS), which employers and self-employed persons will be able to apply the subsidy under ESS online...  

23 January 2020: This is the date when the very first case of COVID-19 was confirmed in Hong Kong. The pandemic has spread rapidly all over the city, and now placed significant emotional and financial strains to global civilians and businesses operations, respectively – we are all hearing a burning signal that it's time for us to make a change on how we make a living!   

On 28 May 2020, the IASB issued amendments to IFRS 16, which provide relief forlessees in accounting for rent concessions granted as a direct consequence of COVID19. HKICPA approved the equivalent amendments to HKFRS 16 on 4 June 2020. Accounting for rent concessions has resulted in numerous questions. This Update includes responses to several FAQs BDO has encountered in practice as they relate... 

In addition to impairment assessment requirement of HKFRS/IFRS 36 (see our Update 2020/05),  expected credit loss (ECL) accounting of HKFRS/IFRS 9 is another topic that COVID-19 is expected to  bring challenges to entities in preparing their financial statements. In its newsletter published recently,  BDO Global highlights reminders and considerations that would help you get over these... 

As the coronavirus continue to spread, many countries have implemented different level of restrictions in the cities. Governments in many countries have banned their international travelling, ordered their citizens to stay home or will face the penalty if they breach the social distancing requirement. Shops, retail malls and restaurants are mostly closed, and the cities are effectively being... 

Further to our Update 2020/04 to give you a heads up on the proposed amendments to IFRS 16 allowing  practical expedient for lessees to account for COVID-19 related rent concession, the IASB finalised the  amendments on 28 May 2020. Based on the feedbacks received on the exposure draft, the IASB finalised  the amendments with some changes to the proposed amendments as in the exposure draft... 

The Government unveiled on 18 May, 2020 details concerning the application of the 1st tranche of subsidy under Employment Support Scheme (ESS), which employers and self-employed persons will be able to apply the subsidy under ESS online starting from 25 May, 2020 till 14 June, 2020.  

Have you considered how to minimise business disruption when facing challenges amid the COVID-19 pandemic? Whilst technological solutions become more important for companies to retain its business amid COVID-19, BDO Business Services & Outsourcing team provides you useful information on applying IT-related government grants and subsidies as well as strengthening ability to face business... 

The Chief Executive of Hong Kong SAR Government has announced on May 12, 2020 about details of the procedures and documentation requirements for application of the subsidy under Employment Support Scheme (ESS) as follows:  

The negative effects of COVID-19 on business activities and economies may cause more entities to perform impairment assessment under HKAS/IAS 36 as indicators of impairment are expected to exist for many entities. The level of uncertainty created by COVID-19 and t  

COVID-19 related measures implemented by the governments over the world have tremendous impacts on global economy. Because of these measures and the economic downturn, "rent holidays" or "rent concessions" to lessees is occurring. Under HKFRS/IFRS 16, lessees should assess and determine whether a rent concession is a lease modification which is defined in HKFRS/IFRS 16.   

In view of the COVID-19 pandemic, many of our face to face meetings and presentations have been replaced with video conferences or virtual presentations. This guide provides you some tips on prepare for and act in virtual meetings to keep them engaging and effective.   

In response to the unprecedented challenges caused by COVID-19, the Hong Kong government announced on 8 April 2020 a HK$137.5 billion package of relief measures aimed to help businesses stay afloat, keep employees in employment and relieve financial burdens of individuals and businesses as Hong Kong's economy is seriously affected by COVID-19 pandemic.  

The 2019 Novel Coronavirus infection (coronavirus) or 'COVID-19' outbreak poses a serious public health threat. It has interrupted the movement of people and goods throughout the world, and many levels of government are instituting restrictions on individuals and businesses. The resulting impact on financial reporting may be significant.  

This interactive map provides an overview of the key measures being introduced by governments in relation to the COVID-19 pandemic. It is compiled from information provided by BDO Tax specialists for jurisdictions where we have this information.  

This guide aims to provide insights into the relevant impacts of COVID-19. It gives general risk response guidance for companies to consider when deploying business continuity planning (BCP) measures to combat the epidemic and, more importantly, to maintain the agility to overcome the difficulties faced.  

In view of the potential risk of spreading COVID-19, some of you may need to work from home for a period of time. This guide provides you some tips on how to work from home effectively and efficiently.  

The Coronavirus Outbreak poses a serious public health threat. In response, the PRC central government has taken a number of actions, including the isolation of certain cities in areas most significantly affected, an extension of public holidays, and restrictions on the movement of people. A number of businesses have reduced or suspended operations and have instructed employees to stay at... 

The extent and severity of the novel coronavirus pandemic is unprecedented. Over the past few months, every country in the world has been intensively focusing its efforts on countering and mitigating the effects of the epidemic, including by reinforcing medical and healthcare services and boosting economic activities. While this viral outbreak prevails, will businesses be more susceptible to...