- 8 Marks
CR – May 2023 – L3 – Q5a – Emerging Trends in Corporate Reporting
Discuss four financial reporting issues companies should consider due to COVID-19.
Question
Most regulatory authorities in Nigeria, such as the Securities and Exchange Commission (SEC), Central Bank of Nigeria (CBN), and Federal Inland and State Internal Revenue Services, issued conditional relief for meeting reporting deadlines for filing annual and other returns required by law during the pandemic.
However, companies still need to monitor further reporting updates and evaluate the current and potential effects that COVID-19 could have on their financial reporting.
Required:
Discuss FOUR financial reporting issues that should be considered by companies as a consequence of COVID-19. (8 Marks)
Find Related Questions by Tags, levels, etc.
- Tags: COVID-19, Expected Credit Losses, Going Concern, Impairment, Revenue Recognition
- Level: Level 3
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