The article examines the impact of the COWID-19 pandemic on the financial system. The consequences and problems in some main areas of accounting are substantiated. The author notes that the impact of COVID-19 has led to a significant deterioration in economic conditions for many companies and increased economic uncertainty for others, and thus may be an event that may lead to a decrease in utility.
The COVID-19 outbreak and the risks associated with it have a material impact on companies’ accounting and financial reporting. At the same time, the impact is not limited to companies in the most vulnerable industries, as the impact on the economy is significant, and a high degree of uncertainty significantly complicates forecasting the future.
There are recommendations for further research and use in practice of specialists in accounting, control and taxation.