ACT205 Financial Accounting.
Task: Financial reporting implications of Coronavirus COVID-19.
The coronavirus (COVID-19) pandemic has significantly affected businesses around the globe. This include interruption of production, businesses closures, reduced demands, and disruption to supply chains and to financial markets. These effects will have some impacts on financial reporting especially in the application of some IFRS/IAS/AASP standards.
In this assignment you are required to answer the following questions:
- List Eight accounting considerations that are impacted by the Coronavirus 2019 disease.
- Choose Five of the Eight you listed above and provide a brief explanation for each of these Five considerations.
- Choose Two of these Five and discuss them in detail as they relate to a public company of your choice. This means, you are to choose a public company and go through its financial report to understand its operations. Then, discuss the coronavirus impact on these two accounting considerations as they apply in the chosen company.