ILLUSTRATIVE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020

Effects of COVID-19

affecting the profitability and long-term viability of many entities.  

The IASB amended IFRS 16 Leases in May 2020 to modify the requirements of that standard for lease 
modifications, however, the remaining requirements of IFRS have not changed as a result of COVID-
19.  

These illustrative financial statements reflect changes to the requirements of IFRS; however, they 
have not been modified to reflect common effects of COVID-19 (e.g. government grants, 
impairment, etc.). BDO will publish a supplementary publication in Q4 2020, with illustrative 
examples of disclosures that may arise as a result of COVID-19, including, but not limited to: 

• Going concern uncertainty; 
• Impairment of financial and non-financial assets; 
• Government assistance; and 
• Modifications of financial liabilities.