Quick Summary
Covid-19 Disruptions - ICAI Advisory on Accounting and Assurance related issues for F.Y - 2019-20 COVID-19, an infectious disease caused by a novel Coronavirus is exponentially spreading illness throughout the globe and has been recognized as a global pandemic by the WHO. The various governments
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FAQ :
The ICAI advisory aims to guide preparers of financial statements and auditors on accounting and auditing considerations due to disruptions caused by COVID-19 for the financial year 2019-20.
The advisory covers areas like inventory measurement, impairment of non-financial assets, financial instruments, leases, revenue, provisions, going concern assessment, income taxes, and consolidated financial statements.
Auditors are advised to evaluate prevailing circumstances, assess risks, and apply the advisory's concepts. They need to consider aspects like inventory valuation, audit of consolidated financial statements, subsequent events, and going concern.
The advisory is for entities to whom Indian Accounting Standards (Ind AS) are applicable, and for entities to whom general Accounting Standards (AS) are applicable, including companies and non-corporate entities.
No, the advisory draws attention to important requirements of Indian Accounting Standards and Accounting Standards but is not exhaustive. It may differ based on specific facts, circumstances, and the business of respective preparers.
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