Universities and other higher education institutions across the country are working in an environment that is completely different to the one they were in just months ago with empty campuses, research projects paused and students learning online.
There are also many students, both from the UK and abroad, considering whether to defer their courses due to the uncertainty around safety, ability to travel and the potential for online learning to continue into the next academic year.
Coronavirus and measures taken to contain it have undoubtedly impacted the higher education sector both operationally and financially. This has several accounting ramifications that will need to be carefully considered for 2020 university financial reporting year-ends.
In the video above, our sector specialists took our audience through some of the financial reporting challenges, sharing some sector insights, highlighting key considerations for preparers and providing practical guidance on the financial reporting ramifications of coronavirus on the sector.
Specific areas covered in our webinar included:
- strategic reports and narrative reporting, including principal risks and uncertainties
- going concern, including liquidity, forecasting and disclosures
- significant judgments and estimates considerations and disclosures
- impairment - indicators and assessment
- impact of coronavirus on the timing of research income
- property valuations - valuation uncertainties affecting pension property assets, investment properties and properties held under revaluation model
- government grant accounting for various support schemes
- audit challenges.
To discuss your higher education financial reporting challenges, get in touch with Debbie Watson.
