Impact of COVID-19 on IFRS financial statements of financial sector institutions

The COVID-19 created an exceptional and uncertain economic environment with significant impact on the financial sector, throwing down challenges to financial institutions in preparing their financial statements.

During the webinar Malgorzata Pek – Partner, Audit and Advisory for Financial Sector and Joanna Orłowska - Director, Audit and Advisory for Financial Sector at Mazars in Poland analyzed the potential implications of COVID-19 on IFRS financial statements of financial sector institutions.

Watch the recording of the webinar

Agenda:

Impact of COVID-19 under IFRS 9 1.1. Overview of the EU regulators’ publications 1.2. Impact on ECL 1.3. Loans’ payment moratoria
Rent concessions under IFRS 16
Other IFRS vs COVID-19
Impact of COVID-19 on disclosures

The webinar was addressed to key personnel, including Management Board members that are responsible for finance, credit risk and reporting of such financial institutions as banks, brokerage houses, asset management, leasing and factoring companies, as well as auditors and anyone interested in the subject.

_{The webinar took place on 20th May 2020.}

Our expertise

Banking

The banking sector is currently undergoing some of the most significant changes in its history. Recent events are creating market conditions in which financial institutions will have to focus on both fundamental balance sheet management and innovative approaches to capturing funding and ensuring profitability. An already complex regulatory environment will almost certainly become even more demanding.

Banks’ response to climate change risk

Sustainable finance is expected to be a crucial factor in the post Covid-19 economic recovery period and regulators are encouraging banks to actively embed climate-related risks in their business operations and risk management frameworks. Against this backdrop, Mazars has analysed how 30 of the largest banks worldwide have been responding to climate-related financial risks.