On 25 March 2020, the European Securities and Markets Authority (ESMA) issued a public statement designed to promote consistent application of International Financial Reporting Standards (IFRS) in the EU and avoid divergence in practice on the application of IFRS 9 Financial Instruments in the specific context of the COVID-19 pandemic. The statement addresses in particular the accounting implications of the measures taken or proposed by national governments and EU bodies to address the adverse systemic economic impact of the pandemic.