FAQs - Coronavirus and your company accounts

We have pulled together some of the frequently asked questions we have received about how to account for the financial effects of the Coronavirus.

All these questions are included in our Challenges section, but for convenience are listed below so that you can quickly go to the most relevant issue that affects your accounts.

The list will expand over time as more questions surface.

Frequently Asked Questions

Job Retention Scheme

• How do I correctly account for the Coronavirus Job Retention Scheme (CJRS)?

Audit Reports

• Will my audit report contain any modifications as a result of COVID-19?
• My audit report was qualified last year because no one could attend my stock take
• I normally sign my accounts off on the basis the company is a going concern but what do I need to bear in mind now?

Accounting for costs

• I’ve taken out new loans to cover COVID-19 issues; there’s no interest to pay in the first year. How do I account for this?
• I’ve got lots of additional costs, how should I present this in my accounts?
• I've breached my finance covenants - what are the implications on my accounts?

Stock takes

• Our company year end is coming up - what do I do about my scheduled stocktake?

Property

• I have a property on my balance sheet at fair value which the directors estimate. What should I do about valuing it this year?

If you have a question about your accounts that is not covered above, please contact your usual Bishop Fleming advisor.