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The business and operations of many entities have already been seriously affected by the rapid global spread of COVID-19 and related government actions. Unfortunately, many businesses will continue to be affected for some time. This has consequences for their value and the value of many of their commercial assets.

The COVID-19 pandemic is having a tremendous impact on the world’s economy. Many businesses are struggling to stay afloat and doing whatever they can right now to rationalise costs and preserve any cash surpluses they have in order to bridge future cash flow needs. Around the world, governments are stepping in to try and limit the impact of the pandemic by providing financial support in numerous ways from direct cash payments through to the deferral of tax payments.

IFRS requires that all the material effects of COVID-19 are appropriately recognised, measured and disclosed at the entity’s reporting date; be it interim or at year-end. Here are ten questions entities should be asked to ensure that those financial statements not yet issued are presented fairly. These questions are by no means exhaustive, or indeed listed in any order of priority, because their applicability will depend on facts and circumstances.

The health crisis brought by the COVID-19 virus has suddenly paralyzed many sectors of the economies in CEE. The impact will be long-lasting. In these times, our clients need support and guidance across their business, however the immediate priority is to manage short to mid-term cash and liquidity needs. The adage that cash is king needs to be communicated not only to the finance departments but also across all business units.

Across the globe, the spread of the coronavirus is having a significant humanitarian impact and increasingly, an economic impact from stock markets to global supply chains. As governments move rapidly to contain the spread of the virus, global employers are also working to address how to manage employees in affected areas while continuing business operations. The daily developments in the spread of the virus have prompted the U.S. Center for Disease Control to note that the need to contain its advance could cause serious disruptions in work for employees. For multinational companies with global operations, the increased potential for employees to relocate across international borders, whether as part of business continuity strategies or for personal reasons, presents a range of unexpected tax issues to also address. By reviewing how governments are responding relating to individual tax compliance, employers can understand and address the tax risk areas they should consider as they formulate policies for working arrangements during the coming months.

Across the globe, the spread of the coronavirus is having a significant humanitarian impact and increasingly, an economic impact from stock markets to global supply chains. As governments move rapidly to contain the spread of the virus, global employers are also working to address how to manage employees in affected areas while continuing business operations.

The global spread of the corona virus presents major challenges for internationally active companies. A regularly updated overview of measures adopted in the various countries as a result of COVID-19 can be found on the Grant Thornton International website.

The novel coronavirus (COVID-19) pandemic is spreading around the globe rapidly. The virus has taken its toll on not just human life, but businesses and financial markets too, the extent of which is currently indeterminate. Entities need to carefully consider the accounting implications of this situation.

Measures taken in connection with the rapid spread of the corona virus have completely changed the daily operations of most companies. In addition to the introduction of short-time work, many companies have enabled their employees to work from their home office in order to minimize the risk of infection of their employees. Since the nearest national border in Austria is often not far away, enabling employees to work from their home offices in foreign countries can quickly lead unintended tax consequences for both employees and their employer. Below, we would like to point out selected aspects in connection with the corona measures.

The spread of the Coronavirus is impacting businesses around the world. Entities need to carefully consider the accounting implications of this situation. This IFRS Update considers the impact of the Coronavirus on 31 December 2019 year ends.

Well-prepared crisis management is the basis for successfully navigating a company through a crisis. Find our 10 tips for successful crisis management here.

We have compiled some questions about payroll and employment law for you.

Considering both the situation at home and abroad, it is our absolute responsibility to reduce any risk of infection and to minimize the consequences for our employees and clients. From Monday onwards, most of our employees will work from home. We have taken the following measures to ensure that you, our valued customers, continue to receive your services on a complete and timely manner.

Over the last 12 months, our women in business research has drilled down into the gender diversity stats of mid-market organisations around the world, looking at how the numbers are changing, and most importantly, what businesses are doing to make them change.

Every year the requirements of International Financial Reporting Standards (IFRS) change. New Standards, Interpretations and Amendments are published that will affect companies’ future financial reporting.

From 1 March 2020 all foreign employers, who are located in the EU and Switzerland, will have to report in advance that their staff will work physically in the Netherlands.