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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Main Author:	World Bank
Format:	Report
Language:	English
Published:	Washington, DC: 2022
Subjects:	EQUITABLE GROWTH FINANCE & INSTITUTIONS; FINANCIAL IMPACT OF COVID-19 FINANCIAL STATEMENT STATE-OWNED ENTERPRISE SUSTAINABILITY OF GOVERNMENT FINANCE PUBLIC SECTOR BALANCE SHEET POST-COVID FINANCIAL REPORTING LATIN AMERICA ECONOMIC SHOCK FINANCIAL REPORTING TRANSPARENCY
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

id	okr-10986-37094
recordtype	oai_dc
spelling	okr-10986-370942022-05-18T05:10:31Z Impact of COVID-19 on Financial Reporting in Latin America and the Caribbean World Bank EQUITABLE GROWTH FINANCE & INSTITUTIONS; FINANCIAL IMPACT OF COVID-19 FINANCIAL STATEMENT STATE-OWNED ENTERPRISE SUSTAINABILITY OF GOVERNMENT FINANCE PUBLIC SECTOR BALANCE SHEET POST-COVID FINANCIAL REPORTING LATIN AMERICA ECONOMIC SHOCK FINANCIAL REPORTING TRANSPARENCY 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. 2022-03-08T16:49:34Z 2022-03-08T16:49:34Z 2022 Report 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 English EQUITABLE GROWTH, FINANCE & INSTITUTIONS INSIGHT; CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank Washington, DC: Economic & Sector Work :: Other Financial Sector Study Latin America & Caribbean Latin America
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	EQUITABLE GROWTH FINANCE & INSTITUTIONS; FINANCIAL IMPACT OF COVID-19 FINANCIAL STATEMENT STATE-OWNED ENTERPRISE SUSTAINABILITY OF GOVERNMENT FINANCE PUBLIC SECTOR BALANCE SHEET POST-COVID FINANCIAL REPORTING LATIN AMERICA ECONOMIC SHOCK FINANCIAL REPORTING TRANSPARENCY
spellingShingle	EQUITABLE GROWTH FINANCE & INSTITUTIONS; FINANCIAL IMPACT OF COVID-19 FINANCIAL STATEMENT STATE-OWNED ENTERPRISE SUSTAINABILITY OF GOVERNMENT FINANCE PUBLIC SECTOR BALANCE SHEET POST-COVID FINANCIAL REPORTING LATIN AMERICA ECONOMIC SHOCK FINANCIAL REPORTING TRANSPARENCY World Bank Impact of COVID-19 on Financial Reporting in Latin America and the Caribbean
geographic_facet	Latin America & Caribbean Latin America
relation	EQUITABLE GROWTH, FINANCE & INSTITUTIONS INSIGHT;
description	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.
format	Report
author	World Bank
author_facet	World Bank
author_sort	World Bank
title	Impact of COVID-19 on Financial Reporting in Latin America and the Caribbean
title_short	Impact of COVID-19 on Financial Reporting in Latin America and the Caribbean
title_full	Impact of COVID-19 on Financial Reporting in Latin America and the Caribbean
title_fullStr	Impact of COVID-19 on Financial Reporting in Latin America and the Caribbean
title_full_unstemmed	Impact of COVID-19 on Financial Reporting in Latin America and the Caribbean
title_sort	impact of covid-19 on financial reporting in latin america and the caribbean
publisher	Washington, DC:
publishDate	2022
url	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
_version_	1764486439660158976

Impact of COVID-19 on Financial Reporting in Latin America and the Caribbean

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