The boards of several struggling companies are set to face the unenviable task of having to certify whether their companies can continue as going concerns as they sign off on their annual financial statements amid businesses coming to a standstill.
The uncertainty around how demand for goods and services will pan out in the coming months, and how their liquidity situation evolves amid fears of a global recession, apart from several accounting requirements are posing a collective nightmare to boardrooms.
Also, with the existing accounting and auditing requirements, which do not provide any special accounting treatment or concession in a pandemic, auditors may be forced to take a very narrow view of the affairs of the company without regard
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