Impact of COVID-19 on Financial Reporting in Latin America and the Caribbean
The COVID-19 pandemic represents the largest economic shock the world economy has witnessed in decades, causing a collapse in global activity. Nevertheless, there are signs that global activities are stabilizing, and have picked up in many large em...
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| Format: | Report |
| Language: | English |
| Published: |
Washington, DC:
2022
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| Online Access: | http://documents.worldbank.org/curated/en/955661644425911704/Impact-of-COVID-19-on-Financial-Reporting-in-Latin-America-and-the-Caribbean http://hdl.handle.net/10986/37094 |
| Summary: | The COVID-19 pandemic represents the
largest economic shock the world economy has witnessed in
decades, causing a collapse in global activity.
Nevertheless, there are signs that global activities are
stabilizing, and have picked up in many large emerging
markets and developing economies (EMDEs). Global growth is
set to reach 5.6 percent in 2021, however, growth will be
uneven and concentrated in a few major economies, with most
of the EMDEs lagging behind. The Latin America and the
Caribbean (LAC) region has been one the most severely
affected in economic and social terms. Its estimated decline
in GDP exceeds both that of advanced and developing
economies. This study on the impact of COVID-19 on financial
reporting in LAC was conducted with the following
objectives: (i) Analyze whether the financial impact of
COVID-19 is reflected in the financial reports of a sample
of countries of the LAC region; (ii) assess whether the
balance sheet of the countries included in the sample can
convey the long-term fiscal sustainability of the
government, reflecting the fiscal risks associated with the
financial performance and financial position of the
government in the context of the COVID-19 pandemic; and
(iii) determine whether the notes to the financial
statements are being used to present the financial
information in a transparent manner by explaining materially
large figures and significant changes caused by the COVID-19 pandemic. |
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