Financial reporting considerations in response to the COVID-19 pandemic: empirical evidence from the UAE accounting professionals

Riham Muqattash, Mohamed Chakib Kolsi and Ahmad Al-Hiyari

International Journal of Accounting, Auditing and Performance Evaluation, 2025, vol. 21, issue 1/2, 1-17

Abstract: The COVID-19 pandemic and its economic ramifications have heightened the need for investors and other stakeholders to have access to higher quality financial information. In this study, we explore the impact of the current pandemic on firm value and financial reporting in relation to the International Financial Reporting Standards (IFRS) from the viewpoint of accounting professionals in UAE. Mainly, we use a survey-based questionnaire targeting auditing firms. We adopt a qualitative approach based on the principal component analysis (PCA). Results indicate that the COVID-19 pandemic significantly delayed financial reporting and releases (both annual and interim reports), and adversely impacted revenues recognition, net profit, borrowing terms including credit rates, and going concerns. Finally, our findings also reveal a negative impact on most of the income statement and financial position rubrics. However, no significant impact is observed on off-balance sheet assets and liabilities due to their uncertainties and contingencies.

Keywords: COVID-19 pandemic; financial reporting delay; firm market value; financial position and net income impact; off-balance sheet items; stakeholders relationship; UAE. (search for similar items in EconPapers)
Date: 2025
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