How pandemic has changed accounting, financial reporting

by Noel Wandera-People Daily

STANDARDS: The coronavirus pandemic has revolutionized the way accounting in the country is reported, the Institute of Public Accountant of Kenya (ICPAK) said yesterday. Chief executive Edwin Makori said unlike before where reporting was focused on requirement of standards, the advent of the pandemic has shifted focus on the practicality of applying accounting standards.

“Over the years, our focus has been on the requirements of the standards. This year, our focus is on the practical
challenges of applying the accounting standards amidst Covid-19 pandemic,” he said. Makori was speaking during the launch of the 19th Financial Reporting (FiRe) Awards at a Nairobi hotel yesterday.

Capital Markets Authority CEO Wycliffe Shamiah, said though Covid-19 still posed risks to regulated entities, relaxation of the containment measures has resulted in positive signs of economic recovery, which is expected to lead to improved profitability for the listed and regulated entities’ Geoffery Odundo, NSE chief executive and chairman of the Award’s Executive Committee said heightened turmoil in global financial markets, precipitated by the ongoing pandemic calls for a sound reporting and disclosure framework. This, he added, would ensure that investment decisions are based on accurate and timely information and enhance confidence in the capital markets.



Leave a Reply

Your email address will not be published. Required fields are marked *