Global Impact of COVID 19 on the Concept of “Going Concern”

Savova, Kameliya

doi:10.1051/shsconf/20219201045

Cited by 10 publications

(7 citation statements)

References 12 publications

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“…Armed aggression as an extreme form of social conflict, as well as disasters, brings about one more important consequence for companies -going concern issue. This is corroborated by recent studies performed by T. Baskan [17] & K. Savova [18] dedicated to the impact of COVID-19 pandemic on the concept of going concern that underpins the development of the financial statements. In terms of conflicts, disasters and crisis management have to address the going concern uncertainty by assessing the ability of company to recurring conduct operating over next year or operating cycle and corroborate such assessment with reliable business plans and budgets.…”

Section: Literature Reviewsupporting

confidence: 78%

Documenting, Accounting, and Valuing Material Damages Caused by Armed Aggression to the Non-Current Assets of the Company

KULYK¹

2022

Scientific Bulletin of Mukachevo State University Series “Economics”

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Apart from massive losses in human capital, armed aggression in Ukraine commenced in the late February 2022 has brought about significant negative material consequences to the business. These include interruptions or termination of operations, damages non-current and other assets, disruptions in supply chains, etc. This in turn aggravated certain accounting and valuation challenges as well. In Ukrainian practice, for such matters as documentation, accounting, and valuation of damages, there were no established and generally accepted approaches and algorithms. The purpose of this study is to explore theoretical and methodological, as well as empirical aspects of documenting, accounting, and valuing of material damages caused by armed aggression to the non-current assets of the business. Methods of theoretical cognition and empirical research constitute a methodological basis of the study, particularly systematization and generalization, induction and deduction, comparison and measurement, analysis, and synthesis. The paper systematises the opinions of the local experts on recording the damages, namely provides a joint step-by-step algorithm for identification of affected assets and documentation of damages. The analysis outlines key accounting treatment issues related to affected non-current assets such as necessity to conduct impairment and revaluation, loss of control or significant influence over assets, going concern uncertainty and provided the basis for further more detailed investigation of each of the matters in next research. The practical significance of the study is to present extent and nature of disclosures provided regarding the impact of armed aggression by Ukrainian companies in their interim financial reports. Such empirical analysis is possible to repeat and broaden later in the next studies after publication of annual financial statements

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Section: Literature Reviewsupporting

confidence: 78%

Documenting, Accounting, and Valuing Material Damages Caused by Armed Aggression to the Non-Current Assets of the Company

KULYK¹

2022

Scientific Bulletin of Mukachevo State University Series “Economics”

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“…Financial Report Council (FRC) dalam guidance on audit issues menyebutkan bahwa pelaksanaan pemeriksaan saat ini harus memberikan perhatian penuh terhadap pengungkapan yang berhubungan dengan keberlangsungan usaha. Transparansi pengungkapan asumsi going concern sangat diperlukan oleh seluruh pengguna laporan keuangan, karena menyangkut pengambilan keputusan yang akan dilakukan (Savova, 2021).…”

Section: Going Concernunclassified

Memahami Penilaian Going Concern Entitas Pada Masa Pandemi-19

Darmayasa

Dayani

2022

JAAP

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Penelitian ini bertujuan untuk memahami penilaian going concern entitas pada masa pandemi. Institut Akuntan Publik Indonesia (IAPI) telah mengeluarkan Technical Newsflash pada bulan April 2020 sebagai panduan dan tanggung jawab auditor yang mengaudit pada masa pandemi. Penelitian ini menggunakan metode kualitatif melalui wawancara dengan auditor yang sedang mengaudit pada periode Januari-April 2021. Hasil penelitian mengindikasikan bahwa pertama, implementasi pemerolehan data oleh auditor pada masa pandemi mengalami kesulitan, terkait dengan penyiapan dan penyesuaian untuk melaksanakan remote audit. Kedua, dipandang perlu mengevaluasi panduan berdasarkan permasalahan yang dihadapi sepanjang implementasi di lapangan. Ketiga, penilaian going concern entitas sepanjang pandemi membutuhkan penilaian kembali risiko yang mengacu pada kondisi khusus sebagai alternatif tambahan prosedur pemerolehan data. Penelitian ini berkontribusi secara praktis pada IAPI dan anggotanya sebagai suatu evaluasi pelaksanaan Technical Newsflash

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“…Taking matters a step further, Savova [29] analyzed the impacts of Covid-19 on the prospect of the going concern assumption. Covid-19 has certainly increased the degree of uncertainty around companies as far as their ability to continue to operate as a functioning entity is concerned.…”

Section: Financial Statements Datamentioning

confidence: 99%

The Effects of Covid-19 on Financial Statements: Some Insights from Italy through an International Literature Review

Tibiletti¹,

Marchini²,

Bertacchini³

2021

ujaf

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The uncertainty generated by the Covid-19 pandemic has influenced countless aspects of business management. In order to deal with the pandemic, managers had to make particularly complex choices regarding, for example, the cash management activities, investment decisions and workplace safety procedures. At the same time, the instability related to the performance and solvency of companies has made it necessary for companies to have adequate information disclosure, even more than that in the past. The Covid-19 pandemic has in fact increased the need for an effective communication about the main corporate events with all corporate stakeholders. Based on this premise, this study aims to highlight the main scientific contributions regarding the impact that the Covid-19 pandemic has had on accounting and on corporate financial reports. The analysis carried out led to the identification of five thematic areas: Policy, Corporate Social Responsibility, Disclosure, Financial Statements Data and Audit. Moreover, considering the importance of providing adequate disclosure in a period of great uncertainty, this paper proposes an analysis on the disclosure about the Covid-19 pandemic provided by the companies belonging to the FTSE MIB index of the Italian Stock Exchange. Following a preliminary quantitative analysis of the performance of these companies, a content analysis was carried out on the financial statements and the main documents attached to it, in order to verify the presence of references to the Covid-19 pandemic. It will be shown that the companies analyzed have made adequate disclosure of information regarding the emergency situation arising from the pandemic.

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Global Impact of COVID 19 on the Concept of “Going Concern”

Cited by 10 publications

References 12 publications

Documenting, Accounting, and Valuing Material Damages Caused by Armed Aggression to the Non-Current Assets of the Company

Documenting, Accounting, and Valuing Material Damages Caused by Armed Aggression to the Non-Current Assets of the Company

Memahami Penilaian Going Concern Entitas Pada Masa Pandemi-19

The Effects of Covid-19 on Financial Statements: Some Insights from Italy through an International Literature Review

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