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ALERT! The spread of Coronavirus (COVID-19) may affect your financial report!
18 February, 2020
Did you know?
Coronavirus (COVID-19) may affect not only yourself, your family, your community, but also your ... financial report for December 2019 year end. If you have business in China or with Chinese-based entities, this is a must read.
What's the issue?
The biggest question is whether coronavirus (COVID-19) should be accounted for an adjusting or non-adjusting event.
The conditions that existed at 31 December 2019 was:
- A limited number of cases of an unknown virus had been reported to the World Health Organisation.
- No explicit evidence of human-to-human transmission.
The subsequent spread of the virus and its identification as a new coronavirus (COVID-19) does not provide additional evidence about the situation that existed at 31 December 2019, and it is therefore a non-adjusting event.
To learn more about how to treat assets and liabilities in this situation and the potential business impacts of coronavirus (COVID-19), please contact one of our experts below or schedule a meeting with us.
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