Publication: Research Paper on Financial Reporting of Covid-19 Impact - Sector-wise Analysis

The coronavirus COVID-19 outbreak has significantly disrupted the activities of many business entities. The impact on the banking and financial sector in terms of non-performing assets and reduced economic activity will only be known once the situation returns to normalcy. At the same time, there are certain sectors which have been positively impacted such as information technology and digital businesses, e-commerce businesses, pharma & life sciences businesses, healthcare and insurance businesses. Given the way COVID-19 outbreak is evolving, it is challenging at this juncture, to predict the full extent and duration of its business and economic impact. These circumstances are presenting entities with challenges while preparing their financial statements and reporting their results. Ind AS contains several areas involving application of significant judgments and financial reporting is based on significant management estimates. It is pertinent to examine the financial reporting of COVID-19 impact and implementation issues under Ind AS. Disclosures and discussion around accounting issues such as, impairment provision, inventory write down, lease restructuring, appropriateness of going concern assumption and employee benefits have been reported in the financial statements/ results of several companies.


In our research report Financial Reporting of COVID 19 Impact: Sector-wise Analysis, we endeavor to bring out significant sector-wise financial reporting implication due to COVID-19 outbreak along with related issues that are emerging in practice. This would also help companies to benchmark their current financial reporting with that of their industry peers as also with other leading companies. There is also a separate chapter on the key Ind AS amendments that are effective for financial year ending 31 March 2021, and, therefore, need to be applied by listed companies for the purpose of their quarterly interim financial results.

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