Covid-19 pandemic: Impacts on the accounting profession and practices
Waseem Idir, Hana Sulieman
The emergence of COVID-19 has resulted in extensive economic and financial disruptions across many industries. This has been severely impacting global business activity and the long-term survival of many companies. This paper discusses the impacts of COVID-19 on the accounting industry and its practices by reviewing some of the recently published work on this topic and offering some further insights. General impacts that are common across all industries are first discussed. These include the mental, emotional and health well-being of employees, upper management’s challenges to adapt to the sudden changes, and the economic and financial difficulties faced by many firms. Further, the paper elaborates on the impacts specific to the accounting practices, which involves variations in the traditional way of performing work commitments, disclosures in financial reporting and assessment of the “going concern” assumption.
Waseem Idir, Hana Sulieman. Covid-19 pandemic: Impacts on the accounting profession and practices. International Journal of Multidisciplinary Research and Development, Volume 8, Issue 7, 2021, Pages 171-175