Although tariffs are not new, recent U.S. actions to impose baseline and reciprocal tariffs have reignited concerns over escalating trade tensions. These developments introduce fresh economic uncertainty that may significantly impact the operations, financial performance, and reporting obligations of many entities.

Part 1: This section includes illustrative disclosures on non-adjusting event after reporting period for items such as loan covenants, fair value impacts, impairment assessments, and expected credit losses.

Part 2: This section includes illustrations on current period event and adjusting event after reporting period for items such as loan covenants, fair value impacts, impairment assessments, and expected credit losses.

Part 3: A set of Frequently Asked Questions (FAQs) addressing practical issues such as going concern assessments, capitalisation of tariff-related costs, impairment indicators, expected credit loss adjustments, and onerous contract evaluations.