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Author
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Mashoko, Alistair
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Title
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Analysis of Accounting and Financial Reporting Measures to Mitigate the Impact of Infectious Disease Outbreak Environment: Study of Delta Beverages Pvt Ltd during Covid-19 Pandemic.
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Abstract
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As a result of the coronavirus pandemic, they were significant disruptions around the world, with supply chains being broken and many business activities being scaled down or drastically altered. The protracted crisis had a huge negative financial impact on businesses. The main objective of this study is to provide frameworks for the resurgence of companies during and after crises like the coronavirus outbreak and other catastrophic disasters. It also looked at financial reporting implications that were brought about by COVID-19 outbreak. The article also discusses efficient procedures from accounting and business management perspectives that can assist organizations adjust to unforeseen disruptions during an infectious disease outbreak. A case study of Delta Beverages (Pvt) Ltd was used. 52 questionnaires were distributed to the targeted population of Delta Beverages (Pvt) Ltd employees from the following departments, credit control, costing, cash book, debtors control, internal auditor, human resources and reporting. 46 were returned indicating an 88% response rate. Interviews were also used to gather data. Secondary and primary were used. Data was collected, analysed and presented on pie charts graphs and tables. The main findings of this research revealed various financial reporting and accounting measures such as cutting variable costs, developing liquidity and cash management policies, focusing on inventory management, revenue recognition reevaluation, frequent going concern assessment and frequent fair value assessment of assets. The research also examined how crucial it is to continuously involve important stakeholders during times of crisis, efficient liquidity management prioritize people’s safety, and practice good business continuity management as a means of preparing an organization for the new normal and sustainability. The findings further showed the relationship between financial reporting, accounting measures and business survival both during and after an infectious disease outbreak like COVID-19. Based on the findings of this study, the researcher recommended that, COVID-19's effects on reporting, accounting and company’s internal controls should be carefully taken into consideration by management. To re-establish confidence, it is very important to provide timely and insightful disclosures with regards to the potential impact of the pandemic on the company's financial performance, condition, and viability and also the measures taken to keep risk at its minimum.
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Date
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2023
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Publisher
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BUSE
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Keywords
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Covid-19 pandemic
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Implications of Covid-19 pandemic
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Supervisor
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Mr Ngwende
