Effect of pandemic caused by Covid-19 on company’s financial accounting and reporting (Covid-19-ით გამოწვეული პანდემიის გავლენა საწარმოს ფინანსურ აღრიცხვასა და ანგარიშგებაზე)

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Ivane Javakhishvili Tbilisi State University Press
Loss of key markets and clients, decrease of revenue and employees, significant reduction of cash generating asset's value, delayes in production and service providing, unfavorable fluctuations in exchange rates and other significant factors caused the need of adjustments in financial statements. Such adjustments provide users of financial statements with transparent and useful information about going concern issues, material changes in supply-demand chain, current state and expected growth of credit risk and other uncertainties related to business activity. In decision making process by financial information users, it is important to consider results of change in fair value measurement methods caused by pandemic, restrictive actions taken by regulatory bodies and company restructuring
1. Grant Thornton. (January 2021 г.). https://www.grantthornton-bq.com/publications/bonaire/covid-19-impact-on-2020- financial-statements/. 2. Oliver Köster; Samuel Igoe. (27 January 2022 г.). https://www2.deloitte.com/ch/en/pages/audit/articles/financial-reportingsurvey-q1-2020.html. 3. ბასს 1. (30 დეკემბერი 2021 г.). https://www.saras.gov.ge/ka/Ifrs/Pdf/584. 4. ბასს 10. (24 იანვარი 2022 г.). https://www.saras.gov.ge/ka/Ifrs/Pdf/588. 5. ბასს 37. (27 დეკემბერი 2021 г.). https://www.saras.gov.ge/ka/Ifrs/Pdf/604.
Pandemic, Going Concern, Fair Value, Restructuring
International Scientific Conference Dedicated to the Establishment of the University and the 100th Anniversary of the Faculty of Economics and Business “Covid 19 Pandemic and Economics”, Tbilisi, 2022, pp. 458-463