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Guidance on subsequent events owing to COVID-19

Guidance on subsequent events owing to COVID-19

In this issue of First Notes, we cast our lens on the matters relevant for management while evaluating subsequent events arising as a result of the pandemic as highlighted in the guidance.

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Financial statements of companies may be affected by certain events that occur after the date of the financial statements but before they are approved by the board of directors of the company for issue, commonly referred as ‘subsequent events’

Due to coronavirus (COVID-19) pandemic and the uncertainty that it has unleashed, it has become more important than before that management and auditors of companies are vigilant to subsequent events and provide appropriate adjustment or disclosure for these events in order to enhance the quality of financial reporting.

Recently, the Institute of Chartered Accountants of India (ICAI) and the International Accounting and Auditing Standards Board (IAASB) have issued guidance on ‘subsequent events’ arising on account of COVID-19. The guidance specifies management considerations while assessing events occurring after the date of  financial statements along with auditor’s responsibilities.

In this issue of First Notes, we cast our lens on the matters relevant for management while evaluating subsequent events arising as a result of the pandemic as highlighted in the guidance.

To access the text of the guidance issued by ICAI, please click here.

To access the text of the guidance issued by IAASB, please click here

© 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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