Date posted: 13/07/2020 2 min read

Impacts of COVID-19 on annual report disclosures

CA ANZ, AICD and CPA Australia have published a guide helping directors and preparers disclose the impact of COVID 19 on their annual report disclosures.

Many Australian entities, and the directors who manage them, will face unique challenges this reporting season when it comes to their financial reporting and disclosure obligations. Much financial information requires the use of a range of forward looking estimates with underlying assumptions, especially around cash flows, which are proving difficult to develop in these uncertain times. This complexity makes applying the accounting and auditing standards more challenging and also complicates the decisions about what information needs to be disclosed in order to provide sufficient information to users of financial reports but not unfairly disadvantage them in the marketplace.

As the professional bodies representing directors, preparers of financial reports, accountants and auditors the AICD, CA ANZ and CPA Australia have recognised these challenges and used our collective expertise to prepare a new guide that helps readers address these issues.

The AICD, CA ANZ and CPA Australia wish to acknowledge the following firms who assisted with the preparation of this Guide: Corrs Chambers Westgarth, Herbert Smith Freehills, Gilbert + Tobin, KPMG and Deloitte.

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