Covid 19 – Impact on Financial Reporting and Auditing
- Year of Publication: 2020
- Edition: 1st
- ISBN: 978-93-89859-26-3
World Health Organisation (WHO) declared the novel Coronavirus (COVID-19) a pandemic. The financial reporting and auditing impacts due to COVID 19 outbreak will depend on facts and circumstances, including the degree to which a company’s operations are exposed to the impacts of the outbreak. Many regulators have already pronounced relaxations in the time limits for meeting the compliances and some more relaxations are about to follow in the next few days.
There are number of auditing and financial matters, which are impacted due to COVID-19. The author has covered these impacts on financial reporting and auditing in detail. The book has covered the impact under Accounting and Auditing separately under the various topics like: Classification into current and non-current items, Materiality, Events after reporting periods, Going concerns, Inventory Valuation , Fixed Asset issues, Revenue, Employee Benefits, Financial Instruments, Provisions & Contingent liabilities, Leases, Govt. Grants, Income Taxes, Interim Financial Reporting, Internal Control, and Electronic Means of Communication for auditor. Impact on auditing has been analysed with reference of Auditing Standards, Companies Act, 2013, CARO 2016 Reporting, Guidance Notes issued by ICAI and followed by illustrative reporting paragraphs. All the topics mentioned above have been further accompanied with the illustrative reporting paras under KAM. Impact on Financial reporting issues have been thoroughly discussed as per AS and Ind AS and other applicable provisions. All possible disclosures in notes of financial statement of a company are covered, which are relevant for investors, lenders and other users.
Key features
- Discussion of COVID-19 impact on Financial Reporting and Auditing
- Accounting impact discussed with AS & IND AS and Schedule III of Companies Act, 2013
- Auditing impact analyzed with Auditing Standards, Companies Act, 2013, CARO, 2016 and ICAI Guidance Notes
- Specimen reporting paragraphs for audit reports for AS and Ind AS compliant companies
- Specimen KAM and EOM reporting paragraphs
- Re SEBI-LODR implications/ Electronic Audit Evidence/ Digitally Signed Audit Report
- Specimen reporting paragraphs under CARO, 2016
- Relevant Circulars/Notifications/Releases issued by SEBI/MCA/RBI
CA. Kamal Garg is a Fellow Member of The Institute of Chartered Accountants of India (ICAI) and a First Class Commerce Baccalaureate from Deen Dayal Upadhyaya College, University of Delhi and an academic resource partner in KGMA, Delhi. He has also qualified post qualification course on Diploma in Information System Audit (DISA) conducted by ICAI. Besides this he is also an Insolvency Professional registered with Insolvency and Bankruptcy Board of India (IBBI). He was also the member of Board of Studies (BOS) Study Material Research Group (2009-2010) of NIRC of ICAI and a special invitee member of Accounting Standards Board (ASB) [2012-2013 and 2020-2021] and Ind- AS (IFRS) Implementation Committee [2014-2015] of ICAI. He was also nominated as a special invitee member to the Committee on Banking, Insurance and Pension (2014-2015) of NIRC of ICAI. He is also the faculty resource of Ethical Standards Board (ESB) and Peer Review Board (PRB) of ICAI. He is also a key resource person for development and review of various study contents and webcasts for BOS of ICAI, such as study material and practice manual on Advanced Auditing for CA Final, eLectures for CA IPCC and CA Final studies, etc.
Besides being a regular guest speaker for IFRS and Management Development Programmes at various forums including ICAI and ICSI, he is also an author of over dozens of book(s) and commentaries on company and commercial laws including Ind AS. He possesses a rich industry experience in the areas of Corporate Laws (like Companies Act, FEMA, Taxation, Foreign Collaborations, Joint Ventures, etc.), Audits and Management Consultancy.
Wolters Kluwer Tax & Accounting in India (www.cchifirm.co.in), provides publishing, software and services that deliver vital insights, intelligent tools and guidance of subject-matter experts as well as offer subscription-based products with high quality content in areas including direct and indirect taxation, international taxation, corporate law and several other related topics. Wolters Kluwer Tax & Accounting (a Wolters Kluwer business) is part of the Wolters Kluwer Group, a leading global information service provider for professionals. Wolters Kluwer Tax & Accounting publications cover a wide range of topics such as tax, accounting, law, financial planning, human resources and training.
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- Year of Publication: 2020
- Edition: 1st
- ISBN: 978-93-89859-26-3
World Health Organisation (WHO) declared the novel Coronavirus (COVID-19) a pandemic. The financial reporting and auditing impacts due to COVID 19 outbreak will depend on facts and circumstances, including the degree to which a company’s operations are exposed to the impacts of the outbreak. Many regulators have already pronounced relaxations in the time limits for meeting the compliances and some more relaxations are about to follow in the next few days.
There are number of auditing and financial matters, which are impacted due to COVID-19. The author has covered these impacts on financial reporting and auditing in detail. The book has covered the impact under Accounting and Auditing separately under the various topics like: Classification into current and non-current items, Materiality, Events after reporting periods, Going concerns, Inventory Valuation , Fixed Asset issues, Revenue, Employee Benefits, Financial Instruments, Provisions & Contingent liabilities, Leases, Govt. Grants, Income Taxes, Interim Financial Reporting, Internal Control, and Electronic Means of Communication for auditor. Impact on auditing has been analysed with reference of Auditing Standards, Companies Act, 2013, CARO 2016 Reporting, Guidance Notes issued by ICAI and followed by illustrative reporting paragraphs. All the topics mentioned above have been further accompanied with the illustrative reporting paras under KAM. Impact on Financial reporting issues have been thoroughly discussed as per AS and Ind AS and other applicable provisions. All possible disclosures in notes of financial statement of a company are covered, which are relevant for investors, lenders and other users.
Key features
- Discussion of COVID-19 impact on Financial Reporting and Auditing
- Accounting impact discussed with AS & IND AS and Schedule III of Companies Act, 2013
- Auditing impact analyzed with Auditing Standards, Companies Act, 2013, CARO, 2016 and ICAI Guidance Notes
- Specimen reporting paragraphs for audit reports for AS and Ind AS compliant companies
- Specimen KAM and EOM reporting paragraphs
- Re SEBI-LODR implications/ Electronic Audit Evidence/ Digitally Signed Audit Report
- Specimen reporting paragraphs under CARO, 2016
- Relevant Circulars/Notifications/Releases issued by SEBI/MCA/RBI
CA. Kamal Garg is a Fellow Member of The Institute of Chartered Accountants of India (ICAI) and a First Class Commerce Baccalaureate from Deen Dayal Upadhyaya College, University of Delhi and an academic resource partner in KGMA, Delhi. He has also qualified post qualification course on Diploma in Information System Audit (DISA) conducted by ICAI. Besides this he is also an Insolvency Professional registered with Insolvency and Bankruptcy Board of India (IBBI). He was also the member of Board of Studies (BOS) Study Material Research Group (2009-2010) of NIRC of ICAI and a special invitee member of Accounting Standards Board (ASB) [2012-2013 and 2020-2021] and Ind- AS (IFRS) Implementation Committee [2014-2015] of ICAI. He was also nominated as a special invitee member to the Committee on Banking, Insurance and Pension (2014-2015) of NIRC of ICAI. He is also the faculty resource of Ethical Standards Board (ESB) and Peer Review Board (PRB) of ICAI. He is also a key resource person for development and review of various study contents and webcasts for BOS of ICAI, such as study material and practice manual on Advanced Auditing for CA Final, eLectures for CA IPCC and CA Final studies, etc.
Besides being a regular guest speaker for IFRS and Management Development Programmes at various forums including ICAI and ICSI, he is also an author of over dozens of book(s) and commentaries on company and commercial laws including Ind AS. He possesses a rich industry experience in the areas of Corporate Laws (like Companies Act, FEMA, Taxation, Foreign Collaborations, Joint Ventures, etc.), Audits and Management Consultancy.
Wolters Kluwer Tax & Accounting in India (www.cchifirm.co.in), provides publishing, software and services that deliver vital insights, intelligent tools and guidance of subject-matter experts as well as offer subscription-based products with high quality content in areas including direct and indirect taxation, international taxation, corporate law and several other related topics. Wolters Kluwer Tax & Accounting (a Wolters Kluwer business) is part of the Wolters Kluwer Group, a leading global information service provider for professionals. Wolters Kluwer Tax & Accounting publications cover a wide range of topics such as tax, accounting, law, financial planning, human resources and training.
