The Financial-Accounting Decision in the Crisis Generated by COVID-19. The Role of the Professional Accountant in the Company

Author:Isabela-Raluca Bogasiu (Anton)
Position:PhD student, Valahia University, Romania
Pages:402-408
European Integration - Realities and Perspectives. Proceedings 2020
402
The Financial-Accounting Decision in the Crisis Generated by COVID-19.
The Role of the Professional Accountant in the Company
Isabela-Raluca Bogasiu (Anton) 1
Abstract: 2020 has made its debut with an unexpected crisis: the emergence and the spread of the COVID-19
virus. It started in China, but soon it has taken over all the entire world. Sooner or later, all of us were affected
by the Coronavirus outbreak. The european countries have now a majore problem: finding solutions to fight
this comun enemy that has taken lifes and started a new economical global crisis. In this context, some
financial-accounting decisions must be taken and in this process, the accountans have a very important role.
The pro fessional accountant must be more awake than ever in these situations. Through his work, that of
accounting, financial analysis, consulting for managers, the struggle to avoid distortions in the financial
statements, the professional accountant must defend both external and internal u sers of accounting
information. More than ever, in these moments of crisis, the activities of the accountant must respond to the
fabulous appreciation that these activities have a social stake and must respond to the public interest, that is to
all.
Keywords: financial-accounting decision; COVID-19 crisis; business; accountant
Introduction
The pointing start of the corovavirus crisis began at the end of December 2019, when Chinese public
health authorities reported several cases of acute respiratory syndrome in Wuhan City, Hubei
province. The disease is now referred to as coronavirus disease 2019 (COVID-19), and the causative
virus is called Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2).2
For a while, many europeans saw the coronavirus outbreak as something happening to another
continent. Though, the virus spread so fast, that Europe became in short time the center of a global
pandemic. The first cases in Europe were diagnosed in France, on January 24. The number of cases
remained quite flat until about a month later, with the outbreak in the north of Italy. In mid-March,
over 40 percent of the confirmed cases in the EU plus the U.K. were in Italy, which was the epicenter
of the outbreak in Europe. Spain had overtaken France and Germany, which have larger populations.
In order to respond to the aggressive virus, the european countries implemented restrictions on
movement as they scramble to flatten the curve of infections.3 This response involved economic
1 PhD student, Valahia University, Romania, Address: Targoviste, Romania, Tel.: +40245206101, Corresponding author:
isabogasiu@gmail.com.
2 European Centre for Disease Prevention and Control, COVID-19, [online]. Available at:
https://www.ecdc.europa.eu/en/covid-19-pandemic, accessed: 03 April 2020.
3 Arnau Busquets Guàrdia and Hanna P awelec, “Coronavirus in Europe: Live data tracker”, Politico.eu, 2020, [online].
Available at: https://www.politico.eu/article/coronavirus-in-europe-by-the-numbers/, accessed: 03 April 2020.

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