الآثار الحالية و المحتملة لتفشي فيروس كورونا على بيئة التقرير المالي في ضوء معايير المحاسبة الدولية و المصرية : دراسة استكشافية

Abstract EN

This study aimed to identify the most important current and potential consequences of an outbreak of coronavirus on the financial reporting environment in light of international and Egyptian accounting standards.

To achieve this goal, the researchers tried to discover the most important challenges that firm managers may face when applying international and Egyptian accounting standards in light of the outbreak of the virus, and suggest some mechanisms that may help them overcoming these challenges.

To conduct the exploratory study, a sample of 68 accountants was selected from companies listed on the Egyptian Stock Exchange, in addition to 107 academics of accounting from the Egyptian universities.

The study presented that the outbreak of the Coronavirus will have many current and potential accounting effects on accounting measurement and disclosure requirements, whereas the most important of which are: assessment of events that occur after the end of the financial period, going concern, accounting for contract adjustments, impairment of assets, inventory valuation, increase of expected credit losses, financial instruments classification, fair value measurement, accounting for governmental grants, assistance and taxes.

These challenges can be overcome through continuous communication between firm managers, governance officials, financial managers and auditors, with firm managers inquiring from professional organizations and financial market regulators regarding new accounting problems and formulating provisions with due professional care, in addition to adequate disclosure about consequence of the virus on the business results and its financial position, giving auditors the required time to do their job.

Financial market regulators should also consider delaying the disclosure of financial statements and other regulatory requirements.