Page 136 - Annual Report 2019

133 ANNUAL REPORT 2019 QFC REGULATORY AUTHORITY FINANCIAL STATEMENTS

19. Events after the Balance Sheet Date

The outbreak of Novel Coronavirus (COVID 19) continues to progress and evolve.
Therefore, it is challenging now, to predict the full extent and duration of its
business and economic impact. The outbreak of Covid-19 has had an impact
on demand for oil and petroleum products. Recent global developments in
March 2020 have caused further volatility in commodity markets.

The extent and duration of such impacts remain uncertain and dependent
on future developments that cannot be accurately predicted at this time,
such as the transmission rate of the coronavirus and the extent and
effectiveness of containment actions taken. Given the ongoing economic
uncertainty, a reliable estimate of the impact cannot be made at the date
of authorisation of these financial statements. These developments could
impact our future financial results, cash flows and financial condition.