Impact of COVID-19 on Financial Reporting
The evolving coronavirus disease (COVID-19) pandemic has directly affected the global economies and the daily lives of every member of the global community.
The Singapore Exchange has announced on 7 February 2020 that companies with their principal place of business in the People’s Republic of China (PRC) or have business with significant operations in the PRC, will have up to 30 June 2020 to hold their AGMs. This was in response to feedback from audit professionals about their practical difficulties in performing the statutory audits for certain affected companies. On 27 February 2020, this waiver was further extended to all companies with a 31 December financial year-end.
This article, written by Crowe Singapore's Head of Audit, Angeline Tan, and Director for Technical and Training, Lee Yan Huei, seeks to highlight the impact of COVID-19 on financial reporting and enable Directors and those charged with governance to focus on key responses as they continue to discharge their financial reporting responsibilities.