Company accounting

Assignment Weight : 10% Topic : Accountability & AASB Framework Length : 2,500 words Scenario Refer to the article published by Forbes on 23 March 2020, titled 'How is COVID-19 affecting your financial statements?' 1. The article states that 'The impact by industry varies, of course, as every finance function has to consider the unique aspects of the company's financial statements along with their ability to produce quality financial reports with workforces that may be distributed and disconnected due to health and safety considerations.' You are the accountant of a Company whose operations are adversely impacted by the COVID-19 situation. Making reference to the qualitative characteristics of financial reporting, do you believe that the disclosure or non-disclosure of this inherent influence of COVID-19 is necessary. Provide justifications for your answer. 2. The article mentions that 'Due to the estimation processes inherent in financial reporting, the current environment has forced finance functions to take a closer look at impairment, valuation, net realizable value' You are the accountant of a Company with the following assets: vehicles, land, property, publishing rights, goodwill, investments, receivables and cash. You are required to explain to management whether the Company needs to take a closer look at impairment, valuation and revaluation of its assets, as a result of 'the current environment'. Provide justifications for your answer. 3. You are the accountant of a Company whose operations have been largely impacted by COVID-19 and is consequently facing cash flow issues. (a) The Company will be receiving government subsidy to cover some of its employee costs for the