Description

Sadly, on March 12, 2020, World Health Organization (WHO) declared coronavirus outbreak (COVID-19) a pandemic; since then, the virus is rapidly spreading around the world. Such unusual circumstances have its significant impact on global trade and business operations of various sectors such as reductions in sales, earnings, or productivity, closure of facilities and stores, inability to raise funds, increments in credit risk exposures, increased volatility in the asset’s value, etc. Consequently, these challenges may raise financial reporting considerations for some entities when preparing their financial statements.

This course provides a reminder of the existing accounting requirements that should be considered when addressing the economic effects of the coronavirus pandemic when preparing financial statements, highlighting the going concern assumption. The impacts of this pandemic are considered adverse events that shall be taken into consideration when assessing entities’ ability to continue as a going concern, and whether the going concern assumption is appropriate.

Course Key Concepts: Coronavirus, pandemic, COVID-19, Going Concern, Subsequent events, Fair value measurement, Impairment of Property, plant, and equipment, Impairment of intangible assets and goodwill, Losses from uncollectible receivables.