Improvement of Accounting of Certain Assets and Provisions in the Conditions of the Global Covid-19 Pandemic Impact: Example of Ukraine

Abstract

The global pandemic due to the spread of coronavirus COVID-19 has caused an economic crisis that mankind has not known since the Great Depression of the 1930s. The post-pandemic crisis has affected all areas of socio-economic life in all countries of the world. Under these conditions, it is especially important to study such transformational effects, the source of which should primarily be the data of accounting and financial reporting of business entities. The article is devoted to the study of the transformational impacts of the global COVID-19 pandemic on accounting of certain types of assets and provisions and the development of the directions of its improvement in the conditions of such impacts, focusing on the example of Ukrainian business. The article focuses on the role of the accounting and business disclosure in reporting on the conditions of the global COVID-19 pandemic; the objects of the accounting sensitive to the influence of COVID-19 have been carried out. Possible directions for improving the accounting of inventories, accounts receivable, financial investments (debt instruments), and provisions for future payoffs and payments due to the effects of the global COVID-19 pandemic have been given. The prospects for further research are to improve the proposals and practical recommendations presented in the research, as well as the development and practical testing on their basis of accounting and analytical models for assessing possible future risks of the COVID-19 pandemic for management purposes and to disclose risk assessment in financial reporting.