COVID-19: Financial reporting considerations

The novel coronavirus (COVID-19) pandemic is spreading around the globe rapidly, while measures are being taken to control this health crisis. The virus has taken its toll on not just human life, but businesses and financial markets too, the extent of which is currently indeterminate.

While the outbreak has had an impact on almost all entities either directly or indirectly, some of the worst hit sectors are aviation, hospitality and retail with more and more sectors coming under its radar with widespread lockdowns being enforced across the world.

This publication highlights some of the key financial reporting  implications that businesses need to consider in preparation of their financial statements during COVID-19 crisis.