COVID-19 has caused many businesses to face significant financial difficulties. In turn, this may result in concerns surrounding financial reporting by such entities. There is expectation from investors and other stakeholders that entities to provide clear disclosures about the impact of COVID-19 on the businesses, the risks and uncertainties faced that effects on asset values and financial position. Information must be reliable and all material financial information relevant to the financial position or performance of the company should be appropriately disclosed.

REQUIRED:

Discuss the potential implications of COVID-19 pandemic that may impact on capitalization of borrowing costs, classification on financial assets, business combinations and consolidation, as well as restructuring plan of the group which should be considered to disclose in the financial statements for the year ended 31 December 2020.