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Accounting implications of the conflict in Ukraine
10 Mar 2022The issue
As the conflict in the Ukraine progresses, it is important that businesses consider the accounting implications resulting from the impact it is having on their operations and activities. The most immediate and visible accounting implications might be direct implications which result from investments in Ukraine and/or Russia (the exposure to the conflict is directly linked to the net investment the entities might have in those countries), and to the existence of a volume of businesses with and within those two areas. However, there might also be other significant indirect implications associated with more global economic consequences that result from the conflict on other areas, for example the possibility of disruptions to commodity flows that will impact the price of those commodities (e.g. gas, petrol, cereals, iron and steel) which may affect the overall value chain of entities that are even not located in those countries.
Is the impact of the conflict in Ukraine an adjusting event in the
31 December 2021 year end financial statements?
Entities should consider IAS 10 ‘Events after the reporting period’ to determine if the impact of the conflict is an adjusting event or a non adjusting event.
IAS 10 describes an adjusting event as one which ‘provides evidence of conditions that existed at the end of the reporting period’.
In our view, the current conflict started on 24 February 2022 and while the Russian troops were likely planning their attack and building up at the frontier with the Ukraine in the year ending 31 December 2021, this should not be considered a critical event for determining the conflict was obvious at that point. Given this, we believe no further adjustments to 31 December 2021 financial statements need to be taken into consideration and the current conflict should be considered a non adjusting event.
