The COVID -19 pandemic continues to spread in most countries. This crisis has significant economic effects on companies business, for example, due to restrictions in production, trade and consumption or due to travel bans. These economic effects have an impact on accounting, reporting and auditing financial statements of the companies or groups concerned. Moreover, its economic effects mean that investors and other stakeholders need high-quality financial information than ever. The information must be reliable, and all material financial information relevant to the financial position or performance of the company should be appropriately disclosed.

As a group accountant, you are required to identify and highlight to the Chief Financial Officer, a summary of key areas to consider, the impact and the potential implications before finalizing the financial statements of the company and the group for the year ended 31 March 2020. (Total: 25 marks)