Abstract
The uncertainty generated by the Covid-19 pandemic has influenced countless aspects of business management. In order to deal with the pandemic, managers had to make particularly complex choices regarding, for example, the cash management activities, investment decisions and workplace safety procedures. At the same time, the instability related to the performance and solvency of companies has made it necessary for companies to have adequate information disclosure, even more than that in the past. The Covid-19 pandemic has in fact increased the need for an effective communication about the main corporate events with all corporate stakeholders. Based on this premise, this study aims to highlight the main scientific contributions regarding the impact that the Covid-19 pandemic has had on accounting and on corporate financial reports. The analysis carried out led to the identification of five thematic areas: Policy, Corporate Social Responsibility, Disclosure, Financial Statements Data and Audit. Moreover, considering the importance of providing adequate disclosure in a period of great uncertainty, this paper proposes an analysis on the disclosure about the Covid-19 pandemic provided by the companies belonging to the FTSE MIB index of the Italian Stock Exchange. Following a preliminary quantitative analysis of the performance of these companies, a content analysis was carried out on the financial statements and the main documents attached to it, in order to verify the presence of references to the Covid-19 pandemic. It will be shown that the companies analyzed have made adequate disclosure of information regarding the emergency situation arising from the pandemic.
Highlights
The spread of the Covid-19 pandemic has affected health, the economy, transport, and numerous supply chains in various sectors and areas of the world [1], profoundly changing our economic and social life [2]
The purpose of the research was to study how the management of the companies in the sample had perceived the dangers deriving from the Covid-19 pandemic, comparing the information disclosure provided in the financial statements as of 31.12.2019, with the corporate performance measured as of 30.06.2020
Despite the timely countermeasures implemented by companies and the governments of various countries, the protracted health emergency has led to considerable uncertainty regarding the economic results of companies and their future solvency
Summary
The spread of the Covid-19 pandemic has affected health, the economy, transport, and numerous supply chains in various sectors and areas of the world [1], profoundly changing our economic and social life [2]. In April 2020, the International Monetary Fund had forecast a reduction in GDP in the Euro Area amounting to -7.5%1. In October 2020, this estimate was revised, bringing the contraction in the GDP of the Euro Area down to -8.3%2. In both of the Outlooks mentioned, Italy and Spain were the countries with the largest percentage contraction of IMF, World Economic Outlook, April 2020: The Great Lockdown, 2020. In both of the Outlooks mentioned, Italy and Spain were the countries with the largest percentage contraction of IMF, World Economic Outlook, April 2020: The Great Lockdown, 2020. 2 IMF, World Economic Outlook, October 2020: A Long and Difficult Ascent, 2020
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