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Financial reporting in a COVID-19 environment: Practical considerations for your Not for Profit organisation
As COVID-19 continues to sweep the globe, the measures taken to contain it have severely impacted financial and economic activity. These uncertain times mean that there are many accounting ramifications that charities need to consider when preparing their Annual Reports for 2019 and 2020-year ends.
Grant Thornton’s New Zealand and UK member firms have produced a guide to help NFPs [ 5172 kb ] identify key areas to consider when analysing and reporting the impact COVID-19 has had on their organisation including:
- Financial reporting and regulatory impact of operational challenges
- Significant financial reporting issues
- Government support schemes and the accounting implications
- Cyber-crime issues in the current climate
- Audit work and the external scrutiny process
- Early engagement with key stakeholders
