Financial reporting issues to consider post COVID 19
Businesses and financial markets are dealing with increased volatility as the horrors of the coronavirus outbreak continue. Travel bans and quarantine measures have resulted in a loss of revenue and halted supply chains for global organizations . Health and safety is the top priority during this difficult time, however, providing support for struggling businesses is also necessary. Governments have announced several plans to assist the affected businesses. During these unprecedented times, there is a dire need of reliable information and transparency. A huge chunk of this reliable information will be carried out via financial reporting. This is an important challenge for auditors and financial reporters as businesses need to regularly monitor updates and analyze the potential impact of covid-19 . Following are the few issues that are of utmost importance and need to be addressed on a priority basis. Revenue Recognition The principl...