Lakhasly

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.

1. 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.
   Nowadays, the world has been the scene of the detection of an outbreak of respiratory illness which is a
   result of a novel Coronavirus (COVID-19). This outbreak which initiated in the Chinese city of Wuhan
   has expanded rapidly in 2020 to more than 200 nations around the world, causing a fast deterioration in
   the global economy. COVID-19 has made an instantaneous negative impact on various non-industrial
   businesses, specifically entertainment, transportation, retail sales, schooling, and tourism. 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. In certain industries such as health and groceries, there
   exist high demand and supply chain concerns, while in other industries with lower economic activity
   there exists a decrease in demand for a lot of goods and services. Financial services businesses such as
   banks that lend to organizations, insurance companies that provide services to individuals and entities
   affected, and investors and other funds that invest in affected entities are also likely to be negatively
   impacted. 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).