The Grant Thornton International IFRS team has published COVID-19: Hedge Accounting Insights.
There are several accounting considerations the COVID-19 pandemic has triggered in relation to IFRS 9, Financial Instruments. One of the most significant is in relation to hedge accounting and highly probable cash flows. A key criterion relating to cash flow hedges over forecast transactions relates to the requirement for the hedged cash flows to be highly probable.
During the COVID-19 pandemic, an entity therefore may need to consider if the hedged cash flows still meet the highly probable assessment.
The publication COVID-19: Hedge Accounting Insights explains the highly probable assessment and what entities should do if the cash flows are no longer highly probable.