The pandemic of the novel coronavirus (COVID-19) is spreading quickly across the world. The virus has taken a huge toll not only on human life, but also on companies and financial markets, the magnitude of which is ambiguous at present. Entities ought to consider the accounting consequences of this case carefully. Although the epidemic has had an effect either implicitly or explicitly on almost all entities, some of the worst-hit industries are aviation, tourism, and retail, with more and more industries coming under its radar with extensive lockdowns being implemented worldwide. This paper reviews key aspects of financial disclosure that companies need to address when assessing the effect on their organization and their financial reports on results, financial condition and disclosures.
COVID-19, Financial reporting, Pandemic, Industries, Disclosure, Lockdown
