On or about 13 January 2021, the IFRS Foundation has published an educational material to support consistent application of IFRS Standards, brings together the requirements in IFRS Standards relevant for going concern assessments, and does not change, or add to, existing requirements.
Companies preparing financial statements using IFRS Standards are required to assess their ability to continue as a going concern.
In the current stressed economic environment arising from the covid-19 pandemic, deciding whether the financial statements should be prepared on a going concern basis may involve a greater degree of judgement than usual.
Further educational materials published by the IFRS Foundation in relation to the covid-19 pandemic can also be accessed from the IFRS website.
Source: IFRS, 14 January 2021