Covid 19 still evolving and uncertainty in future. It will affect most of the companies in the world. In preparing the financial statements, the management will need to consider the impact to the company. A disclosure note on the Covid 19 as a subsequent event for year ended 31 December 2019 may be required.
The auditor may need to consider if an emphasis of matter on the disclosure of subsequent event is necessary.
When there was a judgement made in prior year without concrete evidence of support. The audit should have qualified it. When in subsequent year, the judgement is changes with the intention to correct
Under US GAAP, the carrying amount of the assets is compared to the undiscounted future cash flow of the assets generated. If the amount of undiscounted cash flow is highr than carrying amount, no im
When apply discount on lack of marketability (DLOM) and lack of control (DLOC) on enterprise value (EV), it is a multiple of EV x (1-DLOM) x (1-DLOC). But apply the discount on Equity value would lowe