EDN: BWPEQM
Authors:
BURTSEVA Kseniya Urevna, VOLKOVA Karina Andreevna
Abstract.
In 2019, the world faced a new test that affected all spheres of human life – coronavirus infection, which made significant adjustments to the activities of all companies in the world. This situation clearly demonstrated the imperfection of accounting regulations in situations where most commercial organizations were either on the verge of stopping their activities or could not maintain their positions and closed. Even if the organization does not experience the direct consequences of the coronavirus pandemic, the indirect consequences will ultimately affect it. For some organizations, these consequences will not be serious, and for some, the risk of non-profit or even bankruptcy becomes high. Companies are trying to adapt to new conditions: uncertainty of doing business, government strategies, new legislative acts. This article explores the problems of accurately reflecting the impact of the pandemic in the company's accounting (financial) statements and possible ways to solve them. The impact on accounting and reporting of the organization of the pandemic of coronavirus infection was also studied. The peculiarities of the content and the procedure for compiling accounting (financial) reports that are relevant during the pandemic period are reflected. A key feature of pandemic reporting is the importance of taking into account the business continuity of the organization. This article highlights three areas of influence of the pandemic of coronavirus infection on the company's reporting: the growth of the organization's expenses (especially those that were not previously), the reduction of economic benefits from the expenses that were made in the past and the uncertainty of the environment in which the company will exist and operate.
Keywords:
accounting and reporting, pandemic, coronavirus, international financial reporting standards, accounting principles, expenses, accountant judgment
