I don’t want to go into too much detail of what’s happening in the world right now and whether something is right or wrong, but what I do want to stress is that such events do have their effect on accounting.

Something to note is that the effect is only then there if you’re actually dealing with companies from the countries involved. So let’s say that you’ve got just customers from there and no other activities, stores etc. What should one watch out for? 

The value of your receivables is under question as at the balance sheet date (whether or not they’re collectable) and not only, depending on the extent your revenues come from the country, it could be you need a new market for your activities. And remember that it’s worth mentioning all of that in your annual report for those interested in the future of company. It’s not a requirement but best practice.

If you’ve got more than just money coming from there, but you also have some assets located in an unstable country, I would be more worried and consider all factors and possibilities of relocating everything while there’s still a chance. Obviously it’s dependent on many things so I would not go as far as to say that you should do it, but it is a thought.

And as you guess, instability creates uncertainties, which means the currencies fall thus creating losses in other companies outside from the country in question.

So yeah, there are impacts on your accounting and your business activities, which you may not even see coming. Note that in the light of this, the list brought here is definitely not a complete list of possible impacts.