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Special session: COVID-19 – Potential financial reporting impacts

Special session: COVID-19 – Potential financial

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.

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Introduction

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. This has led to a significant impact on the economies of various 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.

Recently, the Securities and Exchange Board of India (SEBI) and the Ministry of Corporate Affairs (MCA) have decided to provide temporary relaxations in regulatory compliance requirements to companies.

Additionally, the Finance Minister announced various relief measures on 24 March 2020 such as postponement of the applicability of Companies (Auditor’s Report) Order, 2020 (CARO 2020) from the financial year 2019-20 to 2020-21.

In view of this, Voices on Reporting special sessions focussed on the key concern areas due to COVID-19 outbreak. In the session, we discussed some of the key accounting and financial reporting considerations for the companies and relaxations provided by SEBI and MCA.

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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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