Significant development and spread of the coronavirus did not take place until January 2020. At December 31, 2019, only certain events and associated actions had taken place, such as the Wuhan Municipal Health Committee’s issue on December 30, 2019.
Although cases were reported to the World Health Organization (WHO) on December 31, 2019, the WHO did not announce the coronavirus as a global health emergency until January 30, 2020, which prompted national governments to begin putting actions in place to slow the spread of COVID-19. In addition, significant measures taken by the Chinese government and by private sector organizations did not take place until early 2020. Subsequent market disruptions in February 2020 confirmed the significance of the January developments.
Based on the timing of these events, for calendar year-end companies, the effects of the coronavirus represent a subsequent event that is not expected to impact amounts recognised in the year-end financial statements (i.e., a non-adjusting subsequent event). Accordingly, forecasts, projections, and associated assumptions used for aspect like impairment review while preparing financial statements as of December 31, 2019 is expected to reflect either little or no change solely as a result of the COVID-19 outbreak.