Any new note is required to add in financial of FY 2019-20, due to Corona pandemic?
If yes pls provide any of format of it or any link for that. And if partnership firm then also require to add such note.
Pls help on this matter.
Regards
Important topics:
Discount rates which includes effect of inflation.
Historical cost or current cost, what is used for reporting?
Foreign exchange differences and tax impact.
General price index which measures the changes in price of goods and services.
Profit reduction summary.
Impairment review.
Any excess assets or liabilities due to purchasing power differences.
the above are general topics where notes can be included. India had not declared any recession officially yet. Once declared, go through IAS 29 reporting standards if your company is reporting IndAS. Even if not, there is no problem in using that standard as it is one of industry’s prominent practices when there no tax regulations. IndAS, on the other hand, must be following the same during recession times. But no such standard prevails in IndAS right now to treat COVID in the financial statement I think. Scan caclub, you might get auditor notes somewhere and use common sense to detect abnormal transactions.
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