1.It has
initially influenced almost all supply chains and goods production one country after the other until all
relative activities came to almost a total halt.Procedures taken to improve the probability of containing the COVID-19 outbreak have
affected the economic activity around the globe, which in turn had a lot of negative implications on
financial reporting since accounting is the main method of communication of economic events of an
organization, that reflects both the economic and social changes of a nation or its level of development
(IFRS bulletin from PWC, 2020).Introduction
The globe has always witnessed pandemics, plagues and influenza epidemics from ancient times till
present, which negatively impacted a great part of the world on both the economic and social levels.