SHS Web of Conf.
Volume 92, 2021The 20th International Scientific Conference Globalization and its Socio-Economic Consequences 2020
|Number of page(s)
|Global Impact of COVID 19 on Economy and Society
|13 January 2021
Global Impact of COVID 19 on the Concept of “Going Concern”
University of National and World Economy - Sofia, Bulgaria, Department of Accounting and Analysis
* Corresponding author: firstname.lastname@example.org
Research background: The article presents a problem in the field of financial reporting. “Going concern” is the basic concept and principle in the preparation of the financial statements of enterprises.
Purpose of the article: The purpose of this article is to present the global impact of COVID 19 on the concept of “going concern”, which is used as a basis for the development of the financial statements of the companies. The essence of the “going concern” concept is clarified. The key factors provoking a crisis in the capital cycle of the enterprises and possible scenarios of manifestation of a “going concern” in conditions of uncertainty are presented.
Methods: The research methodology is based on a systematic approach with appropriate methodological tools for analysis, generalization, and graphic visualization of the achieved results. Empiric research of the information on revenues, profitability, and net cash availability of non-financial enterprises - issuers on the Bulgarian Stock Exchange was conducted, based on published interim financial statements for the first quarter of 2020.
Findings & Value added: The content of the research is useful for potential investors who are interested in non-financial companies - issuers on the Bulgarian Stock Exchange. It provides important knowledge into understanding the economic nature of the ‘going concern’ concept applied in the globalizing economy as a basis for preparing financial statements.
Key words: going concern / interim financial statements / revenue / money balance / Bulgaria
© The Authors, published by EDP Sciences, 2021
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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