Regulatory Response to Tackle the Anticipated Repercussions of Covid-19

Authors

  • N. J. Subhashruthi Analyst, PwC, Chennai
  • Latha Chari Professor, NISM, Mumbai

DOI:

https://doi.org/10.33516/maj.v55i5.39-42p

Keywords:

No Keywords.

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.

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Published

2020-05-31

How to Cite

Subhashruthi, N. J., & Chari, L. (2020). Regulatory Response to Tackle the Anticipated Repercussions of Covid-19. The Management Accountant Journal, 55(5), 39–42. https://doi.org/10.33516/maj.v55i5.39-42p

Issue

Section

Special Article

References

Impact of Coronavirus on Financial Reporting and the Auditors Consideration, a joint initiative of Accounting Standards Board & Auditing and Assurance Standards Board issued by the Institute of Chartered Accountants of India (ICAI).

SEBI relaxation - https://www.sebi.gov.in/legal/circulars/apr-2020/relaxation-in-adherence-to-prescribed-timelines-issued-by-sebi-due-to-covid-19_46511.html - URL Accessed on 18.03.2020

RBI notification - https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11835&Mode=0 – URL Accessed on 18.03.2020

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