Financial Areas For Consideration due to COVID-19
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Financial Areas For Consideration due to COVID-19
The outbreak of COVID-19, being an infectious disease has been labelled as pandemic and has been declared as a Global Public Health Emergency by the World Health Organization.
Our government is taking drastic measures both in general parlance as well as for corporates to reduce its impact. However, apart from affecting the health of the people across the globe, these disruptions are extremely affecting the economic environment, thereby having a significant impact on the corporates. Therefore, this situation has brought several issues and challenges for both, the preparers of the financial statements as well as for the auditors on various aspects concerning preparation and audit of financial statements.
Our government is taking drastic measures both in general parlance as well as for corporates to reduce its impact. However, apart from affecting the health of the people across the globe, these disruptions are extremely affecting the economic environment, thereby having a significant impact on the corporates. Therefore, this situation has brought several issues and challenges for both, the preparers of the financial statements as well as for the auditors on various aspects concerning preparation and audit of financial statements.
At this stage, it is uncertain for anyone to predict as to when these crises are going to end, therefore, here is a compilation, which majorly focusses on key financial reporting areas, requiring special consideration by the corporates, basis the requirements of various Indian Accounting Standards (Ind AS) and Accounting Standards (AS), while preparing their financial statements. However, this compilation does not focus on the industry-wise impact of COVID-19 and is not meant to be an exhaustive guidance for corporates.
