COVID-19 has already disrupted most of the business. As it has been said by many professional colleagues it will have a great impact on financial statements as well in terms of assumptions, disclosures, etc.
One of the areas which will have numerous impact is the Impairment of Financial Instruments especially for Banks, NBFCs and Financial Institutions. Impairment requirement under Ind AS 109 Financial Instruments required to compute Expected Credit Loss (“ECL”). I have prepared a comprehensive summary of approaches of ECL for all of your references.