COVID 19 Disclosures: Relevant Extracts from Published Annual Financial Statements

Since early 2020, the COVID19 pandemic has been in evaluation, causing major economic difficulties. The pandemic has had a negative impact on not only individual health but also company financial health, which has extensive implications for financial reporting.

With the end of the financial year approaching, it has become increasingly difficult for financial statement preparers and the auditors to provide adequate disclosures in the financial statements relating to going concern assumptions, inventory valuation, liquidity constraint, supply chain issues, and so on.

Taxmann (Accounts and Audit) has begun a new series of papers in order to inform the stakeholders and practitioners about how various organizations have reported their financials for the fiscal year ending 2020-2021. The impact of COVID 19 on the financial accounts will be revealed in this series of articles.

It will address several scenarios of COVID 19’s potential risk and related uncertainties, as well as various disclosures about property, plant and equipment, investments, and subsequent occurrences, among other things. We have covered the pertinent extracts of Annual Financial Statements of three organizations in our first set of article:-

1. ITC Limited

2. Tata Motors Limited

3. Indian Hotels Corporation Limited

The detailed extracts of Published Annual Financial Statements can be accessed here

To view the complete Published Annual Reports of various entities following the reporting regime under Indian Accounting Standards (Ind AS), Click here