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Accounting and financial reporting implications of the military conflict in Ukraine
We summarize some accounting and financial reporting implications of the military conflict in Ukraine for audit committees’ consideration.
We highlight some of the accounting and financial reporting implications of the military conflict in Ukraine for the consideration of audit committees (ACs).
On 24 February 2022, the military conflict between Russia and Ukraine started. As a result, a number of countries, including Singapore, have imposed new sanctions against Russian government entities, state-owned enterprises and certain specified entities and individuals linked to Russia anywhere in the world. Sanctions have also been imposed on Belarus. These events have far-reaching effects on trade, capital markets and company operations, and companies need to take into account the accounting and financial reporting implications of the military conflict and its ripple effects.
ACs play an important oversight role in ensuring that these implications are adequately considered and appropriately disclosed in the financial statements where relevant.
In this issue, we highlight some implications for ACs’ consideration.