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This paper identifies key areas of financial reporting that need to be considered when determining the impact of the pandemic on the companies’ financial position, the performance and disclosure of material information. The article collected and analyzed experts’ opinions among the representatives of the academic environment, the professional community and the reporting enterprises from the economic sectors which were influenced by the pandemic. In the practical part of our research we have analysed financial reports of companies from different sectors over the first quarter of the year 2020 with a view to identifying practical cases of the disclosure of COVID-19 impact consequences. For analysis we chose companies’ reports from the sectors which were affected strongly by the pandemic: air transportation, online travel and related services, retail, metallurgy. Based on the analysis performed, we made recommendations on the disclosure of material information in the financial statements. These disclosures should be correlated with companies’ social and environmental responsibility reporting. |
