Effects of COVID-19 in the Financial Statements of Selected Companies Listed in Warsaw Stock Exchange

Stanisław Hońko · Marzena Remlein · Małgorzata Rówińska · Katarzyna Świetla

13 citations0/0 files storedEUROPEAN RESEARCH STUDIES JOURNAL

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Auditing, Earnings Management, Governance Accounting Theory and Financial Reporting COVID-19 Pandemic Impacts

Abstract

Purpose: The objective of this article is to evaluate the quality of the presented content concerning the impact of the COVID-19 pandemic on continuing activities of selected companies listed in Warsaw Stock Exchange.Design/Methodology/Approach: In the first part we applied critical review of subject literature and the monographic method.In the second part, the content analysis method was used, and the basic source material were the financial statements -annual for 2019 and interim for 2020.Findings: Research demonstrates that disclosures of events following the balance sheet date did not allow users of financial statements to assess the risk associated with the impact of COVID-19.Some companies completely ignored the risk related to the pandemic in their financial statements, and in some cases the scope of disclosures is symbolic.Practical Implications: Indicating the gap between the expected and actual scope of disclosures regarding the consequences of the pandemic in financial statements, which are the primary source of information about a listed company that are further authenticated by an auditor.Originality/value: Demonstration of the insufficient level of disclosures regarding the impact of the pandemic on the financial condition and performance of the entities audited, including a lack of numerical analyses of its impact on the entity's ability to continue operations, and the valuation of its assets and liabilities.

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2001A Conceptual Framework for Financial Reporting 2017The conceptual framework for financial reporting 2010Understanding financial crisis through accounting models 2020The Impact of COVID-19 on Malta and its Economy and Sustainable Strategies 2020The Impact of COVID-19 on Malta and its Economy and Sustainable Strategies 2011Effect of the global financial crisis on accounting convergence 2010Did Fair-Value Accounting Contribute to the Financial Crisis?

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