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Purpose

This study aims to identify and analyze the impact of the COVID-19 pandemic on the financial statements of Brazilian companies classified in B3’s differentiated levels of corporate governance from 2019 to 2021.

Design/methodology/approach

The method employed content analysis of the Notes to the financial statements and the examination of financial indicators using the non-parametric Wilcoxon test.

Findings

The study reveals that the financial statements and respective financial indicators of the studied companies faithfully reflected the course of the COVID-19 pandemic, especially in reducing operational activities, financial losses and indebtedness.

Practical implications

This study highlights the role of accounting information in capturing the distinct phases of the COVID-19 pandemic, demonstrating how financial reporting adapted to evolving circumstances. The analysis of Subsequent Events Notes, in conjunction with the actual developments that followed and the trajectory of key financial indicators, offers a comprehensive depiction of the global crisis and its economic ramifications.

Originality/value

The originality of the study lies in identifying the expectations of companies about the COVID-19 crisis and their outcomes; thus, highlighting the decline and recovery of the economic scenario and the predictive capacity of managers. This study covers the period before and after the initial contagion period, which allows a comparison of economic and financial expectations and achievements in a broader pandemic context. Embedding the context of that period into accounting information provided a valuable reference point for understanding the behavior of managers, the preparers of financial reports and public policy regulators.

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