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Deloitte Barbados: Financial Reporting Standards & Business Recovery

Missed our webinar on 17 July?

Our presenters explored strategies for responding to challenges and focused on certain key accounting and financial reporting considerations related to conditions that may result from the COVID-19 pandemic.

RBC Royal Bank and Deloitte collaborated to deliver an insightful presentation on the implications for financial reporting and business recovery during this period.

As we continue to battle the effects of COVID-19, companies are experiencing conditions often associated with a general economic downturn, ranging from liquidity and credit concerns and broad declines in consumer discretionary spending, to challenges with inventory, supply and restructuring issues.

The continuation of these circumstances could have a prolonged negative impact on an entity's financial condition and performance.

Download the Business Impact Impairment Considerations Factsheet

Financial Reporting Business Recovery webinar document 

Outlooks on the economy, society, and more for resilient leaders

The COVID-19 pandemic challenges business leaders to stabilize amid a crisis and prepare for a newly uncertain future. These economic case scenarios inform short and mid-term strategic, operational, and financial planning. The COVID-19 pandemic challenges leaders to stabilize amid a crisis and prepare for a newly uncertain future. The decisions businesses make in the near term will most likely drive how the entity is sustained in the long term. Now is the time for resilient leaders to take decisive action to soften the shocks yet to come, and at the same time prepare for what may change in the months ahead.

This document, Recover/economic cases, is designed to guide leaders in strategic, financial, and operational planning over, the next 18–24 months, as the Respond time frame emerges into Recover.

In the wake of COVID-19, Deloitte and Salesforce hosted a dialogue among some of the world's best-known scenario thinkers to consider the societal and business impact of the pandemic. What might life be like after the crisis passes, and what will it take to thrive in a world remade? Let’s explore four possible scenarios. The World Remade by COVID-19 offers a view of how businesses and society may develop over the next three to five years as the world navigates the potential long-term implications of the global pandemic.

Our view is based on scenarios—stories about the future designed to spark insight and spot opportunity—created by some of the world’s best-known scenario thinkers.

Economics, pandemic, stimulus, moratorium and recovery have become buzz words in recent weeks. COVID-19 has impacted all countries both healthwise and economically and has quickly changed life as we know it to be.

To give a perspective for the unassuming countries with deep-seated reserves and hitherto strong economies have been left scrambling to decipher and determine how to save sectors from totally collapsing. The fragile nature of industries such as travel, tourism, entertainment and sports has been swiftly exposed. How governments, companies and countries survive this crisis will largely depend on their ability to adapt to the initial turmoil, while not wasting the opportunities that will be presented for a recalibration of focus and strategies and finding innovative ways to transact.

COVID-19: A tale of pandemics, economics and realities