The current economic crisis is a direct consequence of the health crisis. This crisis has appeared suddenly, is evolving unpredictably, and vulnerability and uncertainty are much more strongly felt economically and socially than in the past economic and financial crises. The aim of the paper is to highlight the merits and risks of accounting during the COVID-19 pandemic. Fundamental questions can be asked about the contribution of accounting to mitigating the negative effects of the health crisis on financial reporting. Through techniques that have the effect of smoothing revenues and avoiding losses, accounting plays a significant role in reducing the impact of the crisis on financial position and performance.