The coronavirus epidemic is principally a human catastrophe, affecting millions of people worldwide. The coronavirus 2019 (COVID-19) pandemic has brought major disruptions worldwide, with further impacts yet to be felt. For many businesses, operations are curtailed or dramatically shifted, and supply chains are disrupted (Charles, 2020). The COVID-19 pandemic has advanced rapidly since January 2020, with overwhelming consequences to people and businesses throughout the world. The Institute of Chartered Accountant of England and Wales (ICAEW, 2020) reports that COVID-19 is not just a world health emergency; it is an economic one too. Also in the view of the audit giant Ernst & Young (2020), businesses are dealing with lost revenue and disrupted supply chains and there has been significant volatility in financial markets. As the number of cases of the COVID-19 increases, the focus of companies must be on limiting the direct impact on employees and customers while also supporting efforts to limit the spread of the virus. The healthcare sector, airlines, travel firms, and supermarkets are experiencing the immediate impact, and face a huge challenge over the coming weeks to respond effectively to the emerging crisis. The outbreak of COVID-19 since December 2019, we have seen the significant economic impact of the coronavirus on financial markets and vulnerable industries such as manufacturing, tourism, hospitality and travel. Travel and tourism account for 10% of the global GDP and 50 million jobs are at risk worldwide (John, 2020). Global tourism, travel and hospitality companies closing down affects SMEs globally. This, in turn, affects many people, typically the least well-paid and those self-employed or working in informal environments in the gig economy or in part-time work with zero-hours contracts (John, 2020). As at March, 2020 the International Labour Organization (ILO) projected that almost 25 million jobs could be lost worldwide as a result of COVID-19. Currently, It may be too early for traditional macroeconomic indicators to projects the magnitude of the economic loss owing to the novel COVID-19. The Economic Commission for Africa (ECA, 2020) warned the unfolding COVID19 crisis could seriously dent Africa‘s already stagnant growth with oil exporting nations losing up to US$ $65 billion in revenues as crude oil prices continue to tumble. The ECA assessments revealed that COVID-19 could lead to Africa‘s export revenues from fuels falling at around US$ 101 billion in 2020. Several measures have been taken by governments and businesses all over the world to prevent transmission of the virus which include limiting the movement of people, restricting flights and other travel, temporarily closing businesses and schools, and cancelling events. John Scott in his publication in the World Economic Forum (2020) opined that ―as business close to help prevent transmission of COVID-19, financial concerns and job losses are one of the first human impacts of the virus. There are broad implications on accounting effects on business which includes: the ability to forecast cash flows and the related going concern assessment; debt covenants; hedging and financing; impairment of assets; onerous contracts; and recognition of revenues. The COVID-19 is novelty pandemic that has brought the global economy to its knees. The magnitude of the economic loss owing to the novel coronavirus will runs into several trillion of Dollars in 2020 and beyond. The root cause of the 2020 global economic crisis was novel in modern history. The COVID-19 activated a new-fangled sort of economic crisis that was different from the past. To the best of our knowledge there is no systematic research that has looked into post COVID-19 impact on business activity particularly from accounting perspective. It was at this backdrop that the study explores the roles of accounting in responding to business disruption and revival during and post COVID-19 era respectively. Formulate the aim/major objective of the study Develop FOUR (4) specific objectives Formulate the statistical hypothesis
The coronavirus epidemic is principally a human catastrophe, affecting millions of
people worldwide. The coronavirus 2019 (COVID-19) pandemic has brought major
disruptions worldwide, with further impacts yet to be felt. For many businesses,
operations are curtailed or dramatically shifted, and supply chains are disrupted
(Charles, 2020). The COVID-19 pandemic has advanced rapidly since January 2020,
with overwhelming consequences to people and businesses throughout the world. The
Institute of Chartered Accountant of England and Wales (ICAEW, 2020) reports that
COVID-19 is not just a world health emergency; it is an economic one too. Also in the
view of the audit giant Ernst & Young (2020), businesses are dealing with lost revenue
and disrupted supply chains and there has been significant volatility in financial markets.
As the number of cases of the COVID-19 increases, the focus of companies must be on
limiting the direct impact on employees and customers while also supporting efforts to
limit the spread of the virus. The healthcare sector, airlines, travel firms, and
supermarkets are experiencing the immediate impact, and face a huge challenge over
the coming weeks to respond effectively to the emerging crisis.
The outbreak of COVID-19 since December 2019, we have seen the significant
economic impact of the coronavirus on financial markets and vulnerable industries such
as manufacturing, tourism, hospitality and travel. Travel and tourism account for 10% of
the global GDP and 50 million jobs are at risk worldwide (John, 2020). Global tourism,
travel and hospitality companies closing down affects SMEs globally. This, in turn,
affects many people, typically the least well-paid and those self-employed or working in
informal environments in the gig economy or in part-time work with zero-hours contracts
(John, 2020).
As at March, 2020 the International Labour Organization (ILO) projected that almost 25
million jobs could be lost worldwide as a result of COVID-19. Currently, It may be too
early for traditional macroeconomic indicators to projects the magnitude of the economic
loss owing to the novel COVID-19. The Economic Commission for Africa (ECA, 2020)
warned the unfolding COVID19 crisis could seriously dent Africa‘s already stagnant
growth with oil exporting nations losing up to US$ $65 billion in revenues as crude oil
prices continue to tumble. The ECA assessments revealed that COVID-19 could lead to
Africa‘s export revenues from fuels falling at around US$ 101 billion in 2020. Several
measures have been taken by governments and businesses all over the world to
prevent transmission of the virus which include limiting the movement of people,
restricting flights and other travel, temporarily closing businesses and schools, and
cancelling
opined that ―as business close to help prevent transmission of COVID-19, financial
concerns and job losses are one of the first human impacts of the virus. There are
broad implications on accounting effects on business which includes: the ability to
forecast cash flows and the related going concern assessment; debt covenants;
hedging and financing; impairment of assets; onerous contracts; and recognition of
revenues.
The COVID-19 is novelty pandemic that has brought the global economy to its knees.
The magnitude of the economic loss owing to the novel coronavirus will runs into
several trillion of Dollars in 2020 and beyond. The root cause of the 2020 global
economic crisis was novel in modern history. The COVID-19 activated a new-fangled
sort of economic crisis that was different from the past. To the best of our knowledge
there is no systematic research that has looked into post COVID-19 impact on business
activity particularly from accounting perspective. It was at this backdrop that the study
explores the roles of accounting in responding to business disruption and revival during
and post COVID-19 era respectively.
- Formulate the aim/major objective of the study
- Develop FOUR (4) specific objectives
- Formulate the statistical hypothesis
- Suggest an appropriate research approach, design and data analysis procedure
to carry out the research study. Justify your choice of the methodology, design
and data analysis procedures
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