IMPACT OF COVID-19 VIRUS ON FINANCIAL REPORTING
DOI:
https://doi.org/10.5937/Rev2090039BKljučne reči:
financial reporting risk assessment of COVID-19, asset and liability valuation, internal controlApstrakt
The current COVID-19 virus outbreak will have a significant impact on various business aspects of off a large number of organizations and, and consequently, on financial reporting.. The financial statements shall include any materially significant current or potential effects of the COVID-19 pandemic. In this regard, entities must carefully consider their unique circumstances and risk exposures to determine how current events related to the pandemic affect and how they may affect their financial reporting. Depending on the nature of the activity and the business model, the effect of the pandemic on specific balance sheet items also changes. A review of information on the impact of the COVID-19 virus on financial reporting, which the most well-known associations of accountants and auditing companies display on their websites, shows that a large number of topics relate to the issues of business continuity and valuation of positions in financial statements.
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