The consequences of the Covid-19 pandemic on financial statement reporting and audit engagements are complex and have resulted in challenges for management, those charged with governance (TCWG) and auditors. There is an unprecedented level of uncertainty about the economy, future earnings and many other inputs that represent fundamental elements of financial reporting. There will likely be substantial and multiple financial reporting implications to be considered by preparers of financial statements for the purposes of reporting in the short and potentially medium term. Culled from IFAC News. Click to read full texts.