SOLUTION: ACCY903 – Assessment Task | My Assignment Tutor

ACCY903 – Assessment Task 1 Part B: Template Name: Rameez, Syed Student No: 6770241 Source of Information Rationale/Relevance (200 – 300 words) This paper demonstrates the requirement of disclosures due to covid 19 in financial statement also emphasize on going concern of entity. Further this study has demonstrated whether companies have consistent in following IAS/IFRS accounting standards and specific to IAS 1 principle about the presentation of financial statement. This source illustrated me the first effect of covid 19 pandemic by a sample of listed companies by distinguishing the companies according to their sectors, after a thorough study it was found that in 50% of cases the information was inconsistent. Moreover, companies have underestimated the effect of covid 19 on management performance, additionally this study provide a conclusive evidence to problem or weakness in going concern was not reported in financial statement. This study was carried out to verify the consistence and faithful representation of financial statement, by using a method of interaction between actual data and disclosures in financial statement. Having significant doubt on going concern by entity’s directors, this information was to be reported on ‘Notes of comment’, however on the other hand if there is no doubt about going concern but just the risk then this must be reported in management report. This report helps me understanding, how different companies have responded to covid 19 impact in their financial statement, the methods used in this paper help me evaluate financial statement. Direct Quote and in-text citation (2-3 sentences) In regard to these factors, it was concluded, in terms of going concern, that the companies did not show particular problems or weaknesses and that they were consistent with what was reported in their financial statements. Therefore, considering the exceptional nature of the event and the impossibility of putting in place reliable forecasts – being in the presence of an exogenous variable – it would certainly have been appropriate to give greater emphasis to the qualitative characteristics of the accounting information, and, above all, to prudence. (Tibiletti, Marchini, Gamba and Todaro, 2021) Paraphrase and in-text citation (2-3 sentences) It can be noted due to covid 19 the going concern would have affected for many small organisations and large organisations which were not performing well prior to covid 19, to this effect no proper disclosure in the financial statements were made. It is time to put higher emphasis to the qualitative characteristics of the accounting information with the present situation which is not under control which is of exceptional nature. Bibliographic Reference Tibiletti, V., Marchini, P., Gamba, V. and Todaro, D., 2021. The Impact of COVID-19 on Financial Statements Results and Disclosure: First Insights from Italian Listed Companies. Universal Journal of Accounting and Finance, 9(1), pp.54-64. file:///E:/Trimstar%204/ACCY903/Assessment%201%20Part%20B/The_Impact_of_COVID_19_on_Financial_Stat.pdf Annotation 1 Annotation 2 Source of Information Rationale/Relevance (200 – 300 words) Firstly, this journal explains me the impact of Covid 19 on Firm’s performance operating in different industrial sectors such as Health care, Airlines, and hospitality, also effect on stock price at firm level. Secondly, evaluating Covid 19 negatively impact on gross domestic product of countries compare to previous period. By using the Differences-in- Differences (DID) model it could be found that the out-break has resulted in a decline in corporate performance both by industry and region dimension. Whereas most investment and income may reduce the negative impact of covid 19. We consider propensity score matching (PSM) and alternative dependent variables for strong tests where the results are constant with the main ones. However, the economic impact on crude oil price and stock price fluctuation in economic shows the problem from the macro perspective study. Although the development of transportation infrastructure helped in spreading this virus more efficiently in people. The quarantine measure however was able to reduce the speed of spread let to a sluggish market. Organization must adapt to the current changes in the environment to restore proper operations which will help investor to have a correct view in the fluctuation of return in this pandemic and help to understand the risk associated with it. While evaluating the effect of covid 19 to the selected companies by corelating the area of analysis with this article. Also, this will help me understand the areas to focus. Direct Quote and in-text citation (2-3 sentences) The pandemic has a negative impact on the production, operation, and sales of these industries, which is eventually reflected in the negative return rate. The negative impact of the pandemic on the global economy is severe, while the prevention and control of the COVID-19 pandemic are at a crucial stage. (Huayu Shen (0000-0003-4093-1515), 2021) Paraphrase and in-text citation (2-3 sentences) The Covid 19 has a negative impact on firm’s operation around the world. Each process of operations has been affected such as production and sales activities, this negative impact has been proven by the negative return rate of industries. Global economy is affected due to covid 19 pandemic, right now it is a critical phase to organizations operating in this pandemic time. (Huayu Shen (0000-0003-4093-1515), 2021) Bibliographic Reference Orcid.org. 2021. Huayu Shen (0000-0003-4093-1515). [online] Available at: [Accessed 16 March 2021]. https://www.tandfonline.com/doi/full/10.1080/1540496X.2020.1785863