An Exploratory Study of the Impact of the Corona Crisis on Accounting Disclosure in Financial Reports

The global Corona crisis affected on financial performance of companies, as a result of negative economic effects of this crisis on all sectors, and its financial effects were reflected in financial reports prepared after events of global Corona crisis, and a important effect of this global crisis is expected on results of companies' and their financial position on December 31 / 2020.
There are also potential effects of global Corona crisis on financial reports, starting with financial reports prepared for the first quarter of 2020, and business organizations must evaluate and review all financial operations that are subject to judgment and estimates, and are related to the state of uncertainty, including the evaluation of company's going concern, and its impairment of  Financial and non-financial assets value, expected credit losses, recoverability of deferred tax assets, assessment of conditions for revenue recognition, fair value measurement assumptions, hedge accounting, leases, and other financial operations.
This study aims to show impact of the Corona crisis on accounting disclosure in financial reports, the researcher used the inductive approach by depending on previous studies, and deductive approach through An exploratory study to show the opinions of those interested in financial reports, given the novelty of research topic in the Egyptian environment, and lack of actual data on the ending fiscal year On 12/31/2020 until to date of preparing this research, the researcher dealt with the intellectual framework of research topic in light of International Financial Reporting Standards IFRS, and previous studies that related to research topic in 2020, and a survey was designed to test the hypothesis of the study, and the survey instrument was a questionnaire to To show the opinions of those interested in financial reports, it was distributed on a sample consisting of (223) Egyptian university professors, External auditors, and financial managers in Egyptian joint stock companies, the study data were analyzed using statistical program SPSS.
The researcher found that important effect of global Corona crisis is expected on accounting disclosure policies, and disclosure of risks, and that it is expected that global Corona crisis will affect on accounting disclosure of assets, liabilities, revenues, expenses, losses, future cash flows and accounting disclosure of company's going concern in future the financial reports.