The Impact of Covid-19 on Accounting Standards, Business Practices and Regulation

Business Adaptation to the Covid-19 Pandemic

1. Critically evaluate the idea that businesses have changed and that the global pandemic has created a new 'normal

2. Critically evaluate the idea that the use of digital assets and block-chain is increasing. Also research the need for global accounting standards convergence in relation to the trans-border's nature of digital business operations and contemporaneous digital products and services.

3. Critically evaluate the need for more stringent regulation around environmental and social accounting by considering the theoretical and other aspects pertinent to this area

It could be argued that businesses have been changing and adapting over the years without a corresponding change in ‘traditional’ accounting and the covid-19 pandemic has changed the course of how businesses operate across the world and the old ‘normal’, seemingly, is not likely to return.

In addition, digital assets and the blockchain are becoming increasingly popular and again, it would appear that the regulators are not setting relevant accounting standards to be able to properly account for these new business transactions.

As far as accounting is concerned, there is a growing concern that the global regulatory landscape for digital assets is lacking and accountants in practice will increasingly encounter issues for which no accounting standard currently exists.

Also, it could be argued that there is a growing sensitivity of multiple stakeholders, which means business organizations must chart ways forward which also benefit the environment and society as a whole. Perhaps there should be more stringent regulation in these areas.

Required

You are to write an individual report clearly identifying the following:

1. Critically evaluate the idea that businesses have changed and that the global pandemic has created a new ‘normal’ – Research this by week 3

2. Critically evaluate the idea that the use of digital assets and blockchain is increasing. Also research the need for global accounting standards convergence in relation to the trans-border’s nature of digital business operations and contemporaneous digital products and services – Research this byweek 7

3. Critically evaluate the need for more stringent regulation around environmental and social accounting by considering the theoretical and other aspects pertinent to this area – Research this by week 10

4. Produce a conclusion to your report – to be done by week 11

Could you, please answer the following questions and attach to your coursework report

What in your opinion is a fair mark for this individual coursework?

What do you think is the element that you did best in this coursework?

If you had the chance to do this coursework again from scratch, how (if at all) might you decide to go about it differently?

What did you find the hardest aspect of this coursework?

Please jot down 3 short questions that you would like the marker to answer in relation to your coursework