COVID-19 COMBAT: IMPACT ON FINANCIAL STATEMENT

The adverse impact of this global pandemic can vary from nation to nation, industry to industry and above all entity to entity. The effect depends upon the nature and extent of business connectivity of the individual entities with the nations more seriously affected by this pandemic. Apart from the health and safety of mankind, COVID-19 has unfavourably affected the economic environment which in turn has consequential impact on the results in the financial statements and reporting.

There is also a need to advise the preparers of financial statements to ensure that thepotential impact ofCOVID-19 is suitably considered in preparing and reporting their financial statements for the year ended March 31, 2020.