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based on American airlines 12-30-2019 financal reports, There have been negative impacts with COVID 19, is...

based on American airlines 12-30-2019 financal reports, There have been negative impacts with COVID 19, is there any revisions or statements based on that

based on 2019 financial reports
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Answer #1

Like all other aspects of a company’s operations, financial reporting for the period ended 31 March 2020 will be significantly impacted by the global fallout from the COVID-19 pandemic.

At a fundamental level, for certain companies, the current situation casts significant doubt on their ability to continue as a going concern, particularly if large debt repayments are due within the next 12 months. Management would need to prepare detailed assessments to support the going concern assumption. These assessments may be difficult to make given the high levels of uncertainty. In certain cases, this may require disclosure in the financial statements, and even in the auditor’s report.

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