The Impact of COVID-19 on Accounting and Financial Reporting: An Analysis of Global Contributions
Authors: Helmy Gomaa Ahmed , Saleh Almoataz Ehsan 
Published: September 2022

The purpose of the study: Explain the impact of COVID-19 on accounting and financial reporting by describing the analysis and evaluation of the global contributions of organizations, bodies, institutes, commissions, European banks and professional accounting firms and firms and in light of the application of IFRSs and the pandemic conditions, which are likely to last for a longer period. Design / Methodology / Approach: This study is based on the use of the inductive deductive approach, as the study looks at the accounting issues most affected by the Covid-19 pandemic by describing, analyzing and evaluating the reality of studies, bulletins and alerts issued by organizations and bodies, institutes, committees, European banks and international professional accounting offices and companies, with the aim of extrapolating the effects of pandemic events Covid-19 on accounting and financial reporting, in light of IFRSs and pandemic conditions that may last for longer accounting periods. Findings: Analysis and evaluation of the effects of the Covid-19 pandemic on accounting and financial reporting, and their implications for the application of IFRSs and the work of financial reporting prepareing, revealed the following: (1) There is a very significant impact on leasing contracts, which necessitated the IASB to introduce amendments to the IFRS (16) and there is also a significant impact of pandemic events Covid-19 on events after the financial reporting period, whether events that require adjust or not that require adjust but require disclosure, and management’s assessment of the company’s going concern to the prolonged period of the pandemic and uncertainty as basic factors and also on measuring fair values and the Impirment in the value of non-financial assets, especially financial instruments and investments Real Estate to ensure that the values reflect conditions at the balance sheet date based on unobservable inputs, and also on expected credit losses of lenders and borrowers. (2) There is, to some extent, an effect on revenue recognition due to the modification of rights or obligations applicable under a contract with a client International Journal of Accounting and Management Sciences ISSN: 2832-8175 (Special Issue – Arabic – September 2022) https://scipubhouse.com/?page_id=1035 تأثير جائحة كوفيد 91 على املحاسبة واعداد التقاريراملالية……………………………… جمعة واملعتاز )ص 46 – 19) 65 as a price concession due to the pandemic, taking into account that the IASB has voted for a general extension to all private companies and non-profit companies that have not yet issued their financial statements and the effective date of application will be for fiscal years beginning after 15 December 2021. (3) There is little impact on hedging transactions as the Covid-19 pandemic may reduce the likelihood of an expectation of a hedging transaction or affect its timing, and also on deferred taxes on assets where there are some doubts or uncertainty at the end of the year in estimating whether there is Sufficient future profits are subject to tax, as well as government support, possibly due to the conditions that the state may set for obtaining support. Originality / value: This paper sheds light on the current and expected effects of the events of the Covid-19 pandemic on accounting and financial reporting in listed companies by describing, analyzing and evaluating the accounting contributions of organizations, bodies, councils, institutes, committees, professional associations, European banks and international professional accounting offices or companies since the time of the pandemic at the end The year 2019 and the beginning of 2020 – until now – and in light of the application of IFRSs issued by the IASB and the pandemic circumstances that may last for a longer period.