Valentina Bineva
The Effects of COVID-19 Pandemic and Military Conflict between Russia and Ukraine, Presented in Application of IFRS 9, IFRS 15 and IFRS 16
Summary:
The aim of this study is to perform a summary analysis of the impact of the Covid – 19 pandemics and the military conflict between Russia and Ukraine, in application of IFRS 9 – Financial Instruments, IFRS 15 – Revenue from Contracts with Customers and IFRS 16 – Leases, which is part of a more extensive detailed study of the effect of these extremely significant events on the information in the public reports of a group of tourist enterprises in Bulgaria
The study goes through a commentary on the initial implementation of the standards (first-year implementation) and arrives at a discussion on the changes in their content and manner of implementation that occurred as a result of the above two major events
The analysis shows that the changes as a result of the economic shocks for the world and for Bulgaria as well, as a result of these two exceptional events in their nature and impact, significantly change the picture of the functioning and survival of economic entities in such a stressful environment. The tourism industry is undoubtedly going through a significant challenge trying to survive in such an unfavorable atmosphere.
The development and adaptation of the standards from 2017 (the year before their introduction) to the present moment (the end of 2022) was observed and analyzed in order to get an adequate idea of the effects of the implementation, amendment and addition of IFRS 9, IFRS 15 and IFRS 16, in relation to the Covid – 19 pandemic and the military conflict between Russia and Ukraine.
