Accounting standards from IAS

Mc Robert Sparks, the managing director of Hi-Five Ltd was thankful to you for preparing the "Statement of Changes in Equity and the Cash Flow Statement" and also providing him useful information to evaluate company survival in the next couple of months during this unprecedented times in the assessment 2 - assignment that you have prepared. Now Robert and the team are finalising financial statements that should be ready for authorisation for issue in two weeks' time. However, they are very concerned about the effects of the COVID-19 pandemic on the financial statements. Since you have studied about several accounting standards on assets (PPE, Inventories, Impairments), Provisions, accounting policies, changes in estimates and errors, events after the reporting period, and Revenue, Robert seeks your advice on potential areas affected by the current pandemic situation for them to consider before authorisation of financial statements. Outline five potential areas to be affected by COVID 19 with reference to relevant accounting standards (Potential areas must be identified from the accounting standards that are covered in lecture materials Weeks 6-11). (10 marks)