This study was carried out to determine the effects of the Covid-19 pandemic on International Financial Reporting Standards (IFRS) policies and the extent of its impact on sustainable development. During the Covid-19 pandemic there have been changes in these policies to adjust the financial risk caused by the pandemic. Similarly, the International Accounting Standards was studied to evaluate the effects on reporting of Expected Credit Loss Assessment. The International Accounting Standards revealed the impact of contract revenue reporting. The International Accounting Standards were investigated to determine the effect on reporting and disclosure of Fair Value Measurements (FVM). Similarly, it was found that the reporting mechanism of equity and debts has also been changed to adjust to the situation caused by Covid-19. To meet the objectives of the study, online qualitative data was accessed and used. To study the various changes in financial reporting standards caused by Covid-19 to mitigate the risk, online data was randomly selected and evaluated as discussed in the methodology section.