The following measures should be taken now if you are experiencing financial difficulties:

The Federal Government and the Federal States have launched a package of economic measures to support companies in the Coronavirus crisis. These include making it easier to grant deferrals, facilitating the adjustment of advance payments and temporarily waiving enforcement measures or default surcharges. In the following, we provide you with an overview of the details of these measures.

In response to companies facing financial difficulties as a result of the coronavirus pandemic, the German government has decided to facilitate access to short-time working benefits.

The coronavirus pandemic has turned into a crisis of historic proportions. Companies have to deal not only with the effects of the pandemic on their operations, but also on their annual financial statements as at 31 December 2019 as well as their 2019 management report. In a recent statement issued at the beginning of March 2020, the Institute of Auditors in Germany e.V. (Institut der Wirtschaftsprüfer in Deutschland e.V. - IDW) has commented on the effects of the coronavirus on accounting.