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AQ054-3-2-AFA Individual Assignment Page 1 of 3 Instructions This is an INDIVIDUAL assignment of 2,000 words

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AQ054-3-2-AFA Individual Assignment Page 1 of 3 Instructions This is an INDIVIDUAL assignment of 2,000 words. You are expected to prepare an essay that is original from your own ability to analyze, interpret and critically evaluate relevant literatures pertinent to the question. Secondary Sources of Literature The literature sources (printed or electronic) that you will be expected to refer to when completing your assignments include ? Refereed academic journals – articles in such publications are evaluated by academic peers prior to publication to assess their quality and suitability ? Other academic journals – such publications normally have an editor and/or editorial board to select articles. The relevance and usefulness of such journals vary considerably ? Professional journals – articles included in such publications are often of a practical nature and more closely aligned to professional (practitioner) needs than those in academic journals ? Books – may be aimed at the academic market or at practicing professionals. It is likely that those with an academic slant will be of most relevance to you ? Newspapers – a good source of topical events and developments Referencing guidelines You are required to comply with the Harvard style of referencing accessible from various websites. Submission Guidelines 1. Media of submission: submit to “MOODLE TURNITIN ASSIGNMENT”. 2. The essays should: ? Times New Roman Font, and 12-point Font letter size. 1.5 line spacing, top and bottom margin @ 1.0 in, left and right margin @ 1.0 in. ? In addition to the standard Title/Cover-page as provided to your answer, you are required to include your Student ID at the TOP Right-hand Corner of the Title page. State the number of words at the bottom right corner on the cover page. APU Level 2 Asia Pacific University of Technology & Innovation 202103 AQ054-3-2-AFA Individual Assignment Page 2 of 3 Question The business and economic threats from the coronavirus outbreak continue. Travel bans have been imposed on millions of people and many countries have placed quarantine measures on their entire populations. Businesses are dealing with lost revenue and disrupted supply chains and there has been significant volatility in financial markets. (Leo, 2020) REQUIRED: (a) Discuss the financial reporting issues to consider as a consequence of COVID-19. (35 marks) (b) Under the IFRS Standards, “You cannot provide for future operating losses, but should provide for a loss-making contract.” Discuss this statement. (25 marks) (c) Discuss on how the Companies access COVID-19 events after the reporting period and other significant effects on accounting should and reporting in terms of management estimations. (30 marks) [TOTAL: 100 MARKS] APU Level 2 Asia Pacific University of Technology & Innovation 202103