IMPACT OF THE COVID-19 PANDEMIC ON FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS

Abstract

The COVID-19 pandemic has caused an economic crisis that has had an impact on financial reporting. During this period, there were many discussions and uncertainties about how to correctly present information in financial statements, based on International Financial Reporting Standards, since IFRS did not specify the guidelines according to which financial statements should be prepared in the period of COVID-19. Two companies were analyzed in this study: UAB "Ignitis" and UAB "Enefit Green". The financial reports of these companies were analyzed during the period of COVID-19 and it was determined what these companies could not present in their financial reports and what information about the COVID-19 pandemic was provided. The following methods were used to conduct the research: analysis and synthesis of scientific literature, summarization and comparison; data grouping, systematization, content analysis of company financial statements, financial analysis of relative indicators.