World Health Organisation (WHO) declared the novel Coronavirus (COVID-19) a pandemic. The financial reporting and auditing impacts due to COVID 19 outbreak will depend on facts and circumstances, including the degree to which a company’s operations are exposed to the impacts of the outbreak. Many regulators have already pronounced relaxations in the time limits for meeting the compliances and some more relaxations are about to follow in the next few days.
There are number of auditing and financial matters, which are impacted due to COVID-19. The author has covered these impacts on financial reporting and auditing in detail. The book has covered the impact under Accounting and Auditing separately under the various topics like: Classification into current and non-current items, Materiality, Events after reporting periods, Going concerns, Inventory Valuation , Fixed Asset issues, Revenue, Employee Benefits, Financial Instruments, Provisions & Contingent liabilities, Leases, Govt. Grants, Income Taxes, Interim Financial Reporting, Internal Control, and Electronic Means of Communication for auditor. Impact on auditing has been analysed with reference of Auditing Standards, Companies Act, 2013, CARO 2016 Reporting, Guidance Notes issued by ICAI and followed by illustrative reporting paragraphs. All the topics mentioned above have been further accompanied with the illustrative reporting paras under KAM. Impact on Financial reporting issues have been thoroughly discussed as per AS and Ind AS and other applicable provisions. All possible disclosures in notes of financial statement of a company are covered, which are relevant for investors, lenders and other users.
Key Features :-
- Discussion of COVID-19 impact on Financial Reporting and Auditing
- Accounting impact discussed with AS & IND AS and Schedule III of Companies Act, 2013
- Auditing impact analyzed with Auditing Standards, Companies Act, 2013, CARO, 2016 and ICAI Guidance Notes
- Specimen reporting paragraphs for audit reports for AS and Ind AS compliant companies
- Specimen KAM and EOM reporting paragraphs
- Re SEBI-LODR implications/ Electronic Audit Evidence/ Digitally Signed Audit Report
- Specimen reporting paragraphs under CARO, 2016
- Relevant Circulars/Notifications/Releases issued by SEBI/MCA/RBI