Dear Tutor, please see the questions and points below. Based on this, please assist to prepare the answer based on mark allocation:

Question 2 (30 marks)

Identify and explain in detail FIVE (5) issues to consider during financial reporting due to the impact of COVID-19 pandemic.

1)Going concern and liquidity

Survival

cash flow

loan

planning

financial statement

2)Impairment assessment

Time

Assessment

Judgement

3)Contract modification

Lost revenue

Willing to accept / not

Take time

Best loan portfolio

4)Fair value measurement

Market participants

Disclose

5)Government grants/ assistance / income tax

Subsidies

Tax exemptions

Rental reduction

Deferred tax