POSSIBLE EFFECTS OF A NEW TYPE OF CORONAVIRUS (COVID-19) ON FINANCIAL STATEMENTS

Abstract

Author(s): Sami KARACAN

Covid-19, which emerged in Wuhan, China in the last days of 2019 and has become the most important agenda item in the world since then, has once again reminded us that human health is above everything. Covid-19 activities and measures taken against the epidemic significantly affect our daily lives. The states of the world have been alone in the creation of effective measures against the epidemic and have almost entered a race. However, effective measures have not been brought to the agenda yet, and the rate of spread of the epidemic has not been prevented. All states and political authorities made new statements every day and tried to take measures to minimize the economic and social effects of the epidemic. Almost all over the world, a new social life, a new economic life style has emerged. Uncertainties have increased in every aspect of life, and people are trapped in an unknown labyrinth in a state of panic. Despite all the precautions to be taken, it is obvious that the behavior that will provide the most benefit for humanity will be achieved by consciously warning each other, acting together and obeying health measures. As the epidemic has spread rapidly since 2019 / March, it is a fact that negative economic developments around the world will affect the financial statements of companies. In addition to many cautionary prohibitions, the introduction of intercity travel bans and the suspension of flights, the closure of shopping centers, the introduction of online ordering in many areas of commercial life, the health sector, which could / had to continue its activities, albeit partially, during the pandemic period, It would not be wrong to say that commercial activities in many sectors have come to a halt, except for those who have the ability to make distance sales. It is inevitable that this picture will affect the financial statements of companies.

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