UK Year End 31 March - Corona issues

[Fidget]

We have some costs in relation to some things that were scheduled to take place before 31st March, but are now pushed back beyond that because of this corona malarkey. Technically that means they're prepayments now, but I don't intend to treat them as such on the basis that ordinarily, the services would've taken place.

Just wondering if anybody else has a similar issue and how they're approaching it. I can't think of anywhere in the standards that would give guidance on something like this.

 

[axhakantaxharma]

The whole world is heavily impacted by this Coronavirus. We were also planned a lot of activity and many vendors had been paid a part advance for the same but all these now have been postponed to uncertain future. We have to follow and comply with all the Accounting Standards and Best Practices and these will be shown as Prepaid Expenses if no refund is possible from the vendor within the accounting period ending March.

 

[Fidget]

Thanks, Ax. IFRS issued some guidance after I'd posted that and it's pretty much business as usual.