The Effects of COVID-19 Pandemic and Military Conflict between Russia and Ukraine, Presented in Application of IFRS 9, IFRS 15 and IFRS 16

Authors

Keywords
Covid – 19 pandemic, Military conflict, , Russia – Ukraine war, IFRS 9, IFRS 15, IFRS 16, Tourist enterprises/companies, Events before the balance sheet date

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.

JEL: L83, M41, F51
Pages: 20
DOI: 

More titles

  • Preliminary Evaluation of the Effect of the European Green Deal on the Agricultural Sector in the EU

    The European Green Deal is a new strategy for the overall development of the EU, which horizontal nature leads to the creation of regulations and requirements simultaneously affecting several economic sectors and policies. Assessing the effect of the Green Deal on the agricultural sector requires looking at the overall situation created since its ...

  • Modelling Uncertainty During the COVID-19 Crisis

    The study analyses the levels and the dynamics of uncertainty as a fundamental element of the macroeconomic environment during the COVID-19 crisis. The focus is on the modelling of uncertainty on the basis of the market approach for quantifying it. The process of modelling results in the calculation of indicators through which a comparative ...

  • Development of Motor Third Party Liability Insurance in Bulgaria

    The main objective of the study is to assess the current state and prospects for the development of the insurance "Motor Third Party Liability" in Bulgaria. The dynamics of the realized gross written premium income generated by insurers and the insurance payments made by them during the period 2010-2021 are tracked in the study. The state of the ...