The impact of COVID-19 on the accounting (financial) statements and audit approach

The 2019 coronavirus disease pandemic (COVID-19) keeps developing rapidly. The first case of COVID-19 in Belarus was officially confirmed on February 28, 2020. Rising incidence of coronavirus disease cases has been observed since the end of March 2020.

In March 2020, the crisis had a major impact on global financial markets. Together with other factors, this led to a significant decrease in oil prices and exchange rates, which, in turn, led to a weakening of the Belarusian ruble by about 15%.

It is expected that this crisis will have significant economic consequences for companies, for example, due to restrictions on production, trade and consumption, or because of travel bans. These and other economic consequences affect the accounting, reporting and audit of accounting (financial) statements of Belarusian companies in 2020.


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