Fire damage(follow ASPE)

On February 1, 2020, a fire broke out in one of WTI's manufacturing buildings. By the time the fire was contained, there was significant property damage and some manufacturing assets were unrecognizable. WTI's management has spent considerable time trying to figure out what was lost in order to quantify and support a claim for insurance purposes.

Nothing has been reflected in the 2019 financial statements because the event occurred well after year end.

what is the accounting issue?