Pacific Accounting Review 33(2),161-164.DOI 10.1108/PAR-04-2021-200.
Posted: 24 Feb 2022
Date Written: 2021
The COVID-19 pandemic is expected to create the worst economic recession in our lifetime and generate “enormous damage to our health, jobs, and well-being” (OECD, 2020). This special issue focuses on the lessons for accounting and finance policy-makers, practitioners, and academics as a result of the social and economic turmoil that arose in the immediate period following the World Health Organization’s declaration of a pandemic (WHO, 2020). Governments responded to support businesses and economies using various policy tools to support markets, businesses and individuals impacted by the pandemic. It is timely to consider the extent to which policymakers and standard-setters have succeeded in addressing these problems, and to consider to what extent accounting and finance tools available were “fit-for-purpose”. Different countries reacted in different ways to the COVID-19 pandemic and experienced different infection and fatality rates. For example, the New Zealand government announced an alert level system on 21 March 2020 . New Zealand moved immediately into Alert level 2, two days later into Alert level 3, Alert level 4 another two days later. New Zealand therefore used a very strict lockdown implemented quickly, with the aim of eliminating the virus from the community as soon as possible. Other countries followed different approaches. The New Zealand approach worked well in terms of the demographics and relative isolation of the country. It is therefore of interest to consider the implications of COVID-19 across countries both within this special issue with views from different Pacific Basin countries and across COVID-19 special issues in different accounting and finance journals around the world. Full paper available at http://dx.doi.org/10.1108/PAR-04-2021-200
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