Regulatory Response to Tackle the Anticipated Repercussions of Covid-19

Abstract

Covid 19 pandemic has disrupted work and working environment across the globe. In most economies the industry and services sector has borne the brunt of lockdown and shutdown. Thankfully, the banking sector and capital markets have been functioning without disruption. In order to ensure business continuity, various regulations have been relaxed and the flow of information to the markets is expected to be delayed. The same will be further complicated by the fact that the last quarter results of financial year 2019-20 and the at least first quarter results of the year 2020-21 is expected to be affected by the pandemic and hence make it difficult for analysts to compare, evaluate and predict. Similarly accountants are expected to face various problems in application of the accounting standards while finalizing the accounts and auditors while providing their audit reports.

This article attempts to provide an overview of some of the regulatory responses and ways to tackle the anticipated challenges to disclosures and other accounting related issues.