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Guest editorial

Guest editorial Accounting and finance lessons in the time of COVID-19 – views from the pacific basin 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 [1]. 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, http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Pacific Accounting Review Emerald Publishing

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Publisher
Emerald Publishing
Copyright
© Emerald Publishing Limited
ISSN
0114-0582
eISSN
0114-0582
DOI
10.1108/par-04-2021-200
Publisher site
See Article on Publisher Site

Abstract

Accounting and finance lessons in the time of COVID-19 – views from the pacific basin 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 [1]. 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,

Journal

Pacific Accounting ReviewEmerald Publishing

Published: Aug 10, 2021

References