Natural Resources Financial Reporting Update June 2020 - Part One

20 May 2020

The Natural Resources Financial Reporting Update which will be split into two webinars this year. Part One will cover the impacts of COVID-19 on the Natural Resources sector and Part Two will focus on the Accounting Standards Update.

Part 1 COVID-19 Update

30 June 2020 is fast approaching and for many companies in the natural resources sector financial reporting will be significantly affected by the coronavirus outbreak.

The assessment of going concern and impairment of asset models for those in the Natural Resources Sector needs to incorporate unprecedented shocks to forecasts. The key areas of impact from COVID-19 that you need to consider are:

  • Impairment of assets
  • Recognition of provisions
  • Modifications to leases
  • Modifications to share based payments and employee entitlements
  • Going concern determination
  • Assumptions surrounding compliance with covenants
  • Revenue recognition ( bill and hold )
  • Renegotiating convertible notes
  • Impact on “own use” exemption.

View part 2 below:


This accounting update, run by BDO IFRS Advisory experts Wayne Basford and Susan Oldmeadow-Hall, will assist you in preparing your 30 June 2020 year-end and half-year accounts.