The Impact of COVID-19 on the Accounting Industry

The accounting profession has witnessed many dramatic intellectual and professional changes, which have increased in frequency with the financial crises that afflicted the economies of many countries. The pace of these changes increased during Corona pandemic, which posed an additional real challenge that required the need to adapt the accounting profession and its response to these challenges and keep pace with the changes of the new business environment imposed by the nature of work during the pandemic by considering new accounting treatments appropriate to the new circumstances. This study aims to explore the impact of Covid-19 on the various aspects of the accounting industry, represented in cash flows, inventory, financial reporting, going concerned, fair value measurements, auditing of financial statements and other aspects. The study depends on the analytical description and in-depth analysis of many studies related to this field. Thus, the Covid-19 pandemic affected accounting aspects without exception, with a different degree of impact on each of these aspects. The results show that most accounting policies and procedures have been affected by covid-19 pandemic. The study recommended the need to learn from the crises lessons and work to find flexible accounting policies and procedures that allow facing any potential crises.