Session
Management, Business and Economics
Description
The COVID-19 pandemic has posed numerous difficulties before business entities and thus before accounting professionals. The paper summarizes the main issues financial reporting faces during the pandemic with respect to the quality of the financial information provided by the financial statements of the entities. The main quality characteristics of useful financial information are brought to light in the context of the impediments posed by the COVID-19 crisis.
Different aspects of financial reporting are discussed: the implications on the going concern principle; the effects on accounting judgements and estimates; events after the reporting period. The paper provides real-life examples for the worsened quality of the financial information caused by the COVID-19 pandemic.
Keywords:
quality of financial information, financial reporting, financial statements, judgements and estimates, going concern, uncertainty, COVID-19
Proceedings Editor
Edmond Hajrizi
ISBN
978-9951-550-47-5
Location
UBT Kampus, Lipjan
Start Date
30-10-2021 12:00 AM
End Date
30-10-2021 12:00 AM
DOI
10.33107/ubt-ic.2021.541
Recommended Citation
Markova, Maria and Hristov, Georgi, "Quality of financial information and accounting considerations during the COVID-19 pandemic" (2021). UBT International Conference. 565.
https://knowledgecenter.ubt-uni.net/conference/2021UBTIC/all-events/565
Included in
Quality of financial information and accounting considerations during the COVID-19 pandemic
UBT Kampus, Lipjan
The COVID-19 pandemic has posed numerous difficulties before business entities and thus before accounting professionals. The paper summarizes the main issues financial reporting faces during the pandemic with respect to the quality of the financial information provided by the financial statements of the entities. The main quality characteristics of useful financial information are brought to light in the context of the impediments posed by the COVID-19 crisis.
Different aspects of financial reporting are discussed: the implications on the going concern principle; the effects on accounting judgements and estimates; events after the reporting period. The paper provides real-life examples for the worsened quality of the financial information caused by the COVID-19 pandemic.