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<strong>Damage to non-financial assets </strong>
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Non-financial assets must be tested for damage at the end of each reporting period when this is a pointer of impairment. Intangible assets having unlimited useful lives and goodwill are exempted from this regulation and must be tested for damage at least annually. 
Coronavirus-related events can adversely impact non- financial assets' performance. For instance, a manufacturing facility may be closed temporarily because of the pandemic, changing the extent to which, and/or perhaps the way, the facility is used. This would require an impairment test to be done whereby the recoverable asset amount is compared with and determined by its carrying value. If the carrying value exceeds the asset's recoverable amount, the damage must reflect in profit or loss. 
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