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