Im sorry but thats the whole case study. There are other questions before this question if you want?

Group Assignment Question (30%) The Conceptual Framework for Financial Reporting and Malaysian Financial Reporting Standards. In March 2018, the International Accounting Standards Board (Board) issued a revised Conceptual Framework for Financial Reporting (2018 Framework). Effective immediately, the 2018 Framework replaces the conceptual Framework for Financial Reporting 2010. "Presentation and Disclosure is one of the new chapters added into the 2018 Framework. This chapter defines, conceptually, the information about the elements of the financial statements to be presented and disclosed in the financial statements of a reporting entity. Case Study Aviana Hotel Sdn. Bhd. (Aviana) was incorporated in Malaysia in 2000. Aviana owns and operates hotels in Kuala Lumpur and Penang. Aviana is a wholly owned subsidiary of Aviana Holdings Bhd, a company incorporated in Malaysia and is listed on the Main Market of Bursa Malaysia Securities Berhad. Aviana closes its accounts on 30th June every year. The financial statements of Aviana have been prepared in accordance with Malaysian Financial Reporting Standards (MFRS") as issued by the Malaysian Accounting Standards Board ("MASB"). International Financial Reporting Standards ("IFRS") as published by the International Accounting Standards Board and the requirements of the Companies Act 2016 in Malaysia. In 2000, Aviana obtained a 30-year loan for the acquisition of two buildings use in hotel operations. Aviana recognised the buildings as property, plant equipment in the financial statements. On 15 March 2020, Aviana obtained a 20-year loan to acquire an office building at Sunway City. The office building was left vacant as at 30th June 2020. Based on the accounting policies of Aviana, property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. The freehold land and buildings are measured at fair value, based on valuations by external independent valuers, less accumulated depreciation on buildings and any accumulated impairment losses recognised after the date of revaluation. Freehold land has an unlimited useful life and therefore is not depreciated. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets using the following annual rates: Buildings 2% (exclude office building) Motor vehicles 20% Furniture and fittings 10% Office equipment 10% Data processing equipment 20% Electrical installation 10% The COVID-19 outbreak has developed rapidly in 2020, with a significant number of infections and leading the World Health Organization (WHO) to declare COVID-19 as a pandemic on 11th March 2020. On 16th March 2020, the Prime Minister of Malaysia, Tan Sri Muhyiddin Yassin announced a nationwide restricted movement order from 18th March 2020 until 9th June 2020 to curb the spread of Covid-19. Aviana continued to operate its hotels during the period from the commencement of the Movement Control Order ("MCO") on 18th March 2020 till 3rd May 2020 as hotel services are part of the essential services. However, Aviana is prohibited from accepting new guests and can only provide services to the existing guests who had already checked-in into the hotel before 18th March 2020. The hotel's revenue declined 80% during the MCO. Since the Conditional Movement Control Order ("CMCO"), which came into force on 4th May 2020, hotel operations have gradually restarted and time is taken for preparation before re-opening hotel operations to boost revenue back to normal. By excluding any unforeseen circumstances, Aviana expects the hotel operations to resume pre-MCO levels at the end of the financial year ending 2021. In 2020, the hotel business registered a 40% decline in total revenue against the revenue in 2019. The decrease in revenue was mainly due to the sharp decline in revenue in the 4th Quarter due to COVID-19. The Board of Directors (the Board) is concerned about the financial reporting for the year ended 30th June 2020. The Chairman of the Board requests a report detailing the impact of the COVID 19 on the financial reporting for the year ended 30th June 2020. Discuss the impact of the COVID-19 pandemic on the measurement of the property, plant and equipment. (SLO1 (SLO 3 10 This section should include a detailed analysis and discussion on: (i) The measurement of property, plant and equipment mentioned in the case study in accordance with the relevant accounting standards. (ii) The accounting implications of the impact of the COVID-19 pandemic on the measurement of the property, plant and equipment. 10 Group Assignment Question (30%) The Conceptual Framework for Financial Reporting and Malaysian Financial Reporting Standards. In March 2018, the International Accounting Standards Board (Board) issued a revised Conceptual Framework for Financial Reporting (2018 Framework). Effective immediately, the 2018 Framework replaces the conceptual Framework for Financial Reporting 2010. "Presentation and Disclosure is one of the new chapters added into the 2018 Framework. This chapter defines, conceptually, the information about the elements of the financial statements to be presented and disclosed in the financial statements of a reporting entity. Case Study Aviana Hotel Sdn. Bhd. (Aviana) was incorporated in Malaysia in 2000. Aviana owns and operates hotels in Kuala Lumpur and Penang. Aviana is a wholly owned subsidiary of Aviana Holdings Bhd, a company incorporated in Malaysia and is listed on the Main Market of Bursa Malaysia Securities Berhad. Aviana closes its accounts on 30th June every year. The financial statements of Aviana have been prepared in accordance with Malaysian Financial Reporting Standards (MFRS") as issued by the Malaysian Accounting Standards Board ("MASB"). International Financial Reporting Standards ("IFRS") as published by the International Accounting Standards Board and the requirements of the Companies Act 2016 in Malaysia. In 2000, Aviana obtained a 30-year loan for the acquisition of two buildings use in hotel operations. Aviana recognised the buildings as property, plant equipment in the financial statements. On 15 March 2020, Aviana obtained a 20-year loan to acquire an office building at Sunway City. The office building was left vacant as at 30th June 2020. Based on the accounting policies of Aviana, property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. The freehold land and buildings are measured at fair value, based on valuations by external independent valuers, less accumulated depreciation on buildings and any accumulated impairment losses recognised after the date of revaluation. Freehold land has an unlimited useful life and therefore is not depreciated. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets using the following annual rates: Buildings 2% (exclude office building) Motor vehicles 20% Furniture and fittings 10% Office equipment 10% Data processing equipment 20% Electrical installation 10% The COVID-19 outbreak has developed rapidly in 2020, with a significant number of infections and leading the World Health Organization (WHO) to declare COVID-19 as a pandemic on 11th March 2020. On 16th March 2020, the Prime Minister of Malaysia, Tan Sri Muhyiddin Yassin announced a nationwide restricted movement order from 18th March 2020 until 9th June 2020 to curb the spread of Covid-19. Aviana continued to operate its hotels during the period from the commencement of the Movement Control Order ("MCO") on 18th March 2020 till 3rd May 2020 as hotel services are part of the essential services. However, Aviana is prohibited from accepting new guests and can only provide services to the existing guests who had already checked-in into the hotel before 18th March 2020. The hotel's revenue declined 80% during the MCO. Since the Conditional Movement Control Order ("CMCO"), which came into force on 4th May 2020, hotel operations have gradually restarted and time is taken for preparation before re-opening hotel operations to boost revenue back to normal. By excluding any unforeseen circumstances, Aviana expects the hotel operations to resume pre-MCO levels at the end of the financial year ending 2021. In 2020, the hotel business registered a 40% decline in total revenue against the revenue in 2019. The decrease in revenue was mainly due to the sharp decline in revenue in the 4th Quarter due to COVID-19. The Board of Directors (the Board) is concerned about the financial reporting for the year ended 30th June 2020. The Chairman of the Board requests a report detailing the impact of the COVID 19 on the financial reporting for the year ended 30th June 2020. Discuss the impact of the COVID-19 pandemic on the measurement of the property, plant and equipment. (SLO1 (SLO 3 10 This section should include a detailed analysis and discussion on: (i) The measurement of property, plant and equipment mentioned in the case study in accordance with the relevant accounting standards. (ii) The accounting implications of the impact of the COVID-19 pandemic on the measurement of the property, plant and equipment. 10