Question
The article mentions that 'Due to the estimation processes inherent in financial reporting, the current environment has forced finance functions to take a closer look
The article mentions that 'Due to the estimation processes inherent in financial reporting, the current environment has forced finance functions to take a closer look at impairment, valuation, net realizable value'. THE ARTICLE IS ABOUT HOW IS COVID-19 AFFECTING YOUR FINANCIAL STATEMENT.
You are the accountant of a Company with the following assets: vehicles, land, property, publishing rights, goodwill, investments, receivables and cash. You are required to explain to management whether the Company needs to take a closer look at impairment, valuation and revaluation of its assets, as a result of 'the current environment'. Provide justifications for your answer.
PLEASE EXPLAIN TO ME MORE DETAILED AND SPECIFIC. THANK YOU
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