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Financial Reporting Closure 2020-21

Foreword

Reporting in the current year of the pandemic will require business leaders to evaluate their corporate model and its future sustenance. Technology has been an enabler in ensuring companies stay unperturbed as commerce goes digital. From the perspective of financial reporting, the year is characterized by extraordinary items. Work from home had a puzzling impact on accounting functions including like auditing, which was never envisaged to be executed in a physically disconnected environment. The clock is now ticking towards the closure of financial reporting for 2020-21.

We have identified three areas critical to the financial reporting process that have been impacted by the pandemic followed by regulatory pronouncements and amendments. In this series, we shall provide refreshers, updates and suggest the way forward to manage these key aspects to provide support and add value to the financial reporting closure process.

In Part 1, we shall discuss:

  1. Physical Asset Verification and Reporting; and
  2. Internal Controls

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In Part 2, we will provide an updated about the amendments pronounced in 2020-21 in Generally Accepted Accounting Principles (GAAP) and their implications. We shall conclude the series with the third part to provide an overview of important amendments pronounced in 2020-21 by the Ministry of Corporate Affairs, Security and Exchanges Board of India and other relevant regulatory bodies.