IAS 1 Presentation of Financial Statements requires management to assess a companys ability to continue as a going concern. The going concern assessment needs to be performed up to the date on which the financial statements are issued. The assessment relates to at least the first twelve months after the Statement of Financial Position date, or after the date the financial statements will be signed, but the timeframe might need to be extendedMaterial uncertainties that cast significant doubt on the , for example, the coronavirus effects companys ability to operate under the going concern basis need to be disclosed in the financial statements. It is highly likely that many companies large and small, and particularly in certain sectors, will have issues relating to the coronavirus that need to be co nsidered by management. There will be a wide range of factors to take into account in going concern judgments and financial projections including travel bans, restrictions, government assistance and potential sources of replacement financing, financial hea lth of suppliers and customers and their effect on expected profitability and other key financial performance ratios including information that shows whether there will be sufficient liquidity to continue to meet due. You have bee is obligations when they are n hired to advise management of two companies: one is an airline company and the other in the pharmaceutical industry existing and anticipated effects of COVID appropriat19 on on how m each of anagement should assess the the companys activities and the eness of the use of the going concern basis.