Question

COVID-19, the global health pandemic has however affected every aspect of our existence today without exception. Accounting and financial reporting and those charged with governance now have to address the mitigation of additional financial risks as they relate to the well-being of their businesses. Discuss three (3) accounting and financial reporting risks and their implications that have been heightened by the current pandemic situation. At least 2 relevant accounting standards (IASs /IFRSs) must be incorporated in your discussion. Use APA referencing style and a minimum of three appropriate sources

Criteria
Identification of Risk
Explanation of Risk
Implication of Risk #1
Implication of Risk #2
Implication of Risk #3
Incorporation of IASs / IFRSs

Answer 1

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it y Accounting and Financial reeporting Risk for Should consider the need to adjust other assumption al Financial Assets compuney potential impairment, well as the Cash How fuojections and used to quoreó fincuicul instrumento Financial assestts reported at on the balance sheet may result cu cealized and cun realized losses. non- mou Sus fair value usual bad Debts and cuen t may also be b) Receivables & the situation could result in additional credit and liquidity Risk, higher than impaniment and write offs. Cash flows fom operation affected c) alef ewred Taux assets it estimates of earnings of foreign subsidacies Change, companies may hawe their tax Strategies they may not be all defewned fux do o consider some able assets. to realize Goodwill and AIDUAL GA tangible other indefinite R Lined 2020-09-20 09:14 Shot by Kumkum eri tangible assets.