The COVID-19 pandemic has significant impact on businesses and financial markets.

A large number of companies would face a challenging financial reporting period ahead as COVD-19 related evolving events and uncertainty would impact financial position, earnings, cash flows and disclosures. Therefore, it is important to carefully consider the financial accounting and reporting implications of the COVID-19.

To facilitate you in identifying and responding to key accounting implications and preparing financial statements in present uncertainties and complexities, the Institute’s Technical Services team on the advice of the Accounting Standards Board has prepared the publication ‘Preparation of Financial Statements under the COVID-19 Circumstances’.

With answers to over 55 questions you would find responses to the significant COVID-19 financial reporting implications. You will also get a snapshot of industry-specific financial reporting impacts and the financial reporting regulatory reliefs granted by Securities and Exchange Commission of Pakistan and State Bank of Pakistan to dampen the adverse effects of COVID-19.

The publication can be accessed at: https://www.icap.net.pk/wp-content/uploads/2020/04/Preparation-of-Financial-Statements-under-the-COVID-19-Circumstances.pdf

We hope you find this publication helpful while preparing financial statements under the COVID-19 circumstances.

Circular 4 – Publication of ‘Preparation of Financial Statements under the COVID-19 Circumstances’