With the recent and rapid development of the coronavirus outbreak, many
countries have required entities to limit or suspend business operations and
implemented travel restrictions and quarantine measures. These measures and
policies have significantly disrupted (or are expected to disrupt) the activities
of many entities. Disruptions are more immediate and pronounced in
certain industries such as tourism, hospitality, transportation, retail, and
entertainment, while there are also anticipated knock-on effects on other
sectors such as manufacturing and the financial sector. As the outbreak
continues to progress and evolve, it is challenging at this juncture, to predict
the full extent and duration of its business and economic impact. Consequently,
these circumstances may present entities with challenges when preparing their
IFRS financial statements.
During the next few weeks, we will be discussing in more detail, the financial implications and IFRS consideration when preparing financial statements.
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