Coronavirus crisis: Implications on reporting and auditing
The coronavirus (SARS-Cov-19) pandemic continues to spread in many countries, including in Europe. This crisis also has significant economic effects on companies, for example due to restrictions in production, trade and consumption or due to travel bans.
These economic effects have an impact on accounting, reporting and auditing financial statements of the companies or groups concerned. We highlight some of these potential implications in our publication ‘Coronavirus crisis: Implications on reporting and auditing’. However, the impact on companies will differ and companies, and their auditors have to consider how it affects their business and review them regularly. The further development, duration and impact of the coronavirus cannot be predicted. In any case, accountants and auditors should remind companies of the various national initiatives for relief to companies.
We explore coronavirus’ effects on:
- Accounting and reporting for companies as of 31 December 2019
- Accounting and reporting for companies with year-ends in 2020
- Auditing financial statements on 31 December 2019 and beyond
- Practical matters for the audit of financial statements
We have also collected relevant coronavirus resources for European accountants and we keep adding new ones to the list. Read more
Our latest addition are resources for financial institutions, mainly covering the impact of the coronavirus outbreak on financial reporting (including IFRS 9 Financial Instruments) and regulatory reporting, and the related audit considerations. Read more
In the meantime, we continue working on further material on the implications for reporting and audit and aim to make this available on our website shortly.