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COVID-19: Potential impact on financial reporting

COVID-19: Potential impact on financial reporting

The rapid outbreak of the coronavirus (COVID-19) presents an alarming health crisis that the world is grappling with.

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Background

The rapid outbreak of the coronavirus (COVID-19) presents an alarming health crisis that the world is grappling with. The impacts of the COVID-19 pandemic are unfolding in real time. The COVID-19 outbreak has already had a significant effect on the economies of affected countries and international financial markets. As the companies in India approach their year-end, there is an urgent need to evaluate the impacts of the outbreak on their accounting and financial reporting.

The financial reporting impacts of the COVID -19 outbreak will depend on facts and circumstances, including the degree to which a company’s operations are exposed to the impacts of the outbreak.

This issue of First Notes discusses key accounting and financial reporting impacts of COVID-19 to be considered by companies.

© 2020 KPMG Assurance and Consulting Services LLP, an Indian Limited Liability Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

KPMG (Registered) (a partnership firm with Registration No. BA- 62445) converted into KPMG Assurance and Consulting Services LLP (a Limited Liability partnership firm) with LLP Registration No. AAT-0367 with effect from July 23, 2020.

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