Accounting implications in both 2019 & 2020 FINANCIAL STATEMENTS
The emergence and expansion of the coronavirus in early 2020 has affected not only China's economic and commercial activities, but also, on a broader scale, the global economic environment and, of course, Peru.
According to the OECD, COVID - 19 represents the greatest danger to the world economy since the financial crisis and, therefore, most companies may be affected. This requires that all companies must analyze the possible consequences of this crisis considering all the facts and circumstances.
The impact is uneven but serious in all sectors of activity. The main reason is the slowdown in economic growth worldwide that can even turn into a recession. Therefore, there is no company immune to the virus.
In this note we summarize the accounting consequences of this pandemic for the financial statements as of December 31, 2019 and 2020.
