The Effects of COVID-19 on the Financial Statement 2019 and 2020

The outbreak of COVID-19 has affected not just the health of people but also the health of the global economy: governments and private entities, had to take significant measures to contain the spread of the virus, including quarantine and limiting the movement of the people, restricting flights and travel and lastly schools, stores, plant and border closures.

Consequently, most of the companies, belonging to different sectors such as healthcare, finance, real estate, motor vehicles, pharmaceuticals, tourism and retail entertainment have been affected directly or indirectly, which in turn caused a significant impact on financial reporting.

This article considers the impacts of COVID-19 spotted on the reporting periods ending 31 December 2019 and provides some insight on the key accounting implications, that the management needs to consider for the financial statements 2020 of Hong Kong companies.

If you have any enquires or would like to have our assistance in reviewing your financial statement, please feel free to contact us.

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Marzio Morgante
Chartered Accountant, LL.M.
Managing Partner
Tel: (852) 3102 1995

Erika Mingrino
Head of Accounting, Finance & Reporting
Tel: (852) 3102 1995

Rooms 501-2, Wilson House
19-27 Wyndham Street
Central, Hong Kong

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