Impacts of COVID-19 on the financial reporting and audit (კორონავირუს COVID-19-ის გავლენა ფინანსურ ანგარიშგებასა და აუდიტზე)
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Date
2021
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
Ivane Javakhishvili Tbilisi State University Press
Abstract
The New Covid19 pandemic caused economic crises since the beginning
of the year and created global challenges in the world. The enterprises have
faced severe problems in preparing the financial reporting for 2019. The crisis
seems to continue for the 2020 financial year. Serious challenge has been
posed to auditors and audit companies. This paper proposes ways to solve
these issues as specified by current international standards and regulations.
Enterprises faced considerable challenges during unforeseen pandemics.
The challenges are especially apparent in the preparation of valid financial
statements. Due to the existing conditions, it is difficult to understand
whether the use of the going concern of accounting in the financial statement
will be adequately perceived and useful for the interested stakeholders.
The paper elaborates on the key topics that the industries should
consider while preparing financial reporting, as well as auditors - while
auditing financial reporting.
Description
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Keywords
Auditor Opinion, Financial Reporting, Going Concern, Presentation of Financial Statements, Subsequent Events
Citation
Economics and Business, №2, 2021, pp. 134-147