A Quick Guide to Impact of COVID 19 on Financial Reporting

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Description

Key Highlights :-

Covering:

  • 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.

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