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Challenges for corporate reporting after COVID-19

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May 29, 2020

In May 2020, Accounting Today released the following articles on the pandemic.

Your firm and the pandemic: Better after broken

During stressful times like these, it’s natural to feel like everything around you is broken. Everyone is out of sorts. The economy seems frozen. Your clients’ personal and business finances are in disarray. The headlines are nothing but doom and gloom. But at times like these, when it seems like we’re in a war zone, it’s a great opportunity to rebuild.

Has coronavirus changed bookkeeping forever?

The global health and economic crisis triggered by coronavirus is a heavy burden for businesses. Even those for whom remote working is possible had to solve the problem of accessing the data they need in order to stay operational. Traditional bookkeeping software is typically installed on a dedicated computer drive, only accessible by a licensed user through a desktop application on their machine.

The challenges for corporate reporting after COVID-19

Businesses have already been grappling with the very real risks and opportunities posed by climate change. And now, it appears inevitable that COVID-19 will have a permanent impact on the way businesses think and communicate about human, social and manufactured capital as well.

Coronavirus affecting plans at IAASB

The International Auditing and Assurance Standards Board released its 2020-2023 strategy and 2020-2021 work plan, while acknowledging that the COVID-19 pandemic could throw those plans out of whack. Both the strategy and work plan were developed before the outbreak of the pandemic, but the IAASB said the strategic objectives remain relevant. With the advent of the coronavirus, the work plan is subject to change. The IAASB is now developing guidance on audit considerations in response to the pandemic. The IAASB is also improving its interactions with national audit standard-setters, regulators and independent audit oversight regimes.

Using data to orchestrate a stronger coronavirus recovery

What is the economic forecast for businesses in the foreseeable future? The lockdown that has been damaging our economy will come to an end, which means businesses need to start planning how they intend to recover. The U.S. government has tried to jumpstart the economy with a $2 trillion stimulus package. The great unknown is whether it will be enough. The good news is that before COVID-19, most organizations were collecting data about their businesses — data that can now provide insights into their recovery.

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