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Question The COVID-19 pandemic crisis and its economic effects mean that investors and other stakeholders...

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Accounting

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Question The COVID-19 pandemic crisis and its economic effects mean that investors and other stakeholders need high-quality financial information more than ever. To this end, accountancy firms, regulators, IFAC member organizations and others have quickly made available advice and guidance on the accounting and financial reporting requirements that will need to be considered in addressing the financial effects of COVID-19 when preparing financial statements (Gould and Amold, 2020). REQUIRED: (a) Discuss on how the Companies access COVID-19 events after the reporting period and other significant effects on accounting should and reporting in terms of management estimations. (35 marks) (b) Discuss on how Companies access Going concern during COVID-19. (35 marks) (c) Discuss when the impairment implications of COVID-19 should be recognised (30 marks) GRAND TOTAL: 100 MARKS END OF QUESTION PAPER

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