COVID 19 pandemic and its impact on revenue recognition (COVID 19 პანდემია და მისი გავლენა შემოსავლების აღიარებაზე)

Abstract
There is no doubt that the scale and speed of the coronavirus impact on the world economy is unprecedented. As COVID-19 continues to develop rapidly, entities should consider whether events have occurred that have had a material impact on the financial statements. With regard to revenue recognition, when dealing with situations and circumstances such as a crisis caused by a pandemic, this may call into question the ability of organizations to comply with the terms of the contracts. Companies therefore need to re-evaluate their ability to receive cash flow related to contracts. When recognizing revenue, businesses may need significant judgment and reassessment of variable payments, in order to determine the impact of pandemic uncertainties. In addition, the accounting and disclosure of current and future contracts can also be affected by decisions made in response to a pandemic, such as contract changes, benefits for customers who have difficulties in repayments, price revisions, etc.
Description
1. ფასს 15 „ამონაგები მომხმარებლებთან გაფორმებული ხელშეკრულებებიდან https://saras.gov.ge/ka/Ifrs/Pdf/515; 2. ფასს 9 - ფინანსური ინსტრუმენტები; https://saras.gov.ge/ka/Ifrs/Pdf/509 3. Accounting Considerations Related to Coronavirus Disease 2019, IFRS in Focus, March 2020, file:///C:/Users/Mariami/Downloads/ifrs-in-focus-covid.pdf 4. 3. APPLICATION OF IFRS STANDARDS IN LIGHT OF THE CORONAVIRUS DISEASE (COVID-19) UNCERTAINTY IFRS 15 Revenue from Contracts with Customers; April 2020; https://www.accountancysa.org.za 5. Особенности учета по МСФО в условиях пандемии коронавирусного заболевания; Ноябрь 2020 года; https://assets.ey.com 6. Руслана Віліївна. Київ, 23.04. 2020; COVID – 19 VS Міжнародні стандарти фінансової звітності; https://www.apu.com.ua › uploads › 2019/11
Keywords
ამონაგები, სახელშეკრულებო აქტივი, ცვალებადი ანაზღაურება, კონტრაქტი
Citation
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. 121-127
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