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COVID-19: What are the implications for financial reporting

Marianne Mau outlines the key considerations of the coronavirus pandemic for preparers of financial statements.

COVID-19 is having a devastating effect on people’s health, way of life and on the economy. COVID-19: what are the implications for financial reportingMany businesses, but not all, are suffering from the consequences of the disease as it affects their ability to trade as normal. Directors will need to consider how to reflect the impact of COVID-19 on not just the numbers but also the disclosures in the financial statements.

In these times of significant uncertainty, it has never been more important to be transparent about risks faced and the assumptions used, and to make the disclosures as specific to the business as possible.