The Expected Effects on the Financial Statements According to Requirements of the IAS (10) in Light of the Coronavirus Crisis (Analytical Study)

Abstract

The appearance of the Coronavirus affected the global economy and its effects varied according to the nature of companies and may reach in some sectors to the declaration of bankruptcy, as those interested in this field began to develop solutions to reduce its economic effects, as well as finding remedies for events after the date of preparing the financial statements, this is what the international standard (10) treat it, and from here the research problem came: is the financial statements modified or are changes only disclosed? and the research aims to find treatments for the events following the date of preparing the financial statements, and among the conclusions that the effects that the virus left on the financial statements must be disclosed such as declining assets, declining stock prices and stopping production, as well as ensuring the appropriateness of continuity assumption.

Keywords

• Coronavirus
• Global Economy
• Financial Statements
• International Accounting Standard (10)