Key Highlights :-
- Requirements of the accounting and auditing standards with illustrative examples.
- COVID-19 related extracts from published financial statements of companies.
- Following key aspects impacted by COVID-19 for financial reporting:
– Asset impairment;
– Inventory valuations and write downs;
– Revenue recognition;
– Debt covenants and debt servicing;
– Foreign exchange accounting and losses/gains due to extreme volatility;
– Litigation resulting from contractual defaults, invocation of force majeure clauses and potential exposure;
– Insurance claims for losses during shutdown period or loss of lives; and
– Going concern.