In the early days of New Zealand’s COVID-19-induced lockdown, market commentators speculated on the likely impact on financial reporting. Many of this country’s largest businesses have now reported their full-year earnings and released financial statements. In this overview the authors examine the implications of the pandemic on financial reporting and how auditors have responded. 

Key Findings

• 14 businesses on the NZX50 have now completed their financial reporting
• 5 businesses utilised the NZX’s 30 day extension on reporting requirements
• 1 business had a qualified audit report
• 10 businesses included a detailed COVID-19-related note in the financial statements
• 8 reporters with investment property highlighted material uncertainty clauses included by the registered valuers in their valuations
• 2 reporters did not declare a dividend as a result of COVID-19 uncertainty.