THE IMPACT OF THE COVID-19 PANDEMIC ON FINANCIAL STATEMENTS PREPARED ACCORDING TO INTERNATIONAL FINANCIAL REPORTING STANDARDS

Abstract

In the modern business environment, financial statements are the primary tool for analyzing a company’s financial and asset position, as well as making informed decisions about its operations and stability. International Financial Reporting Standards (IFRS) ensure consistency, transparency, and comparability between different countries and companies, helping investors and other stakeholders make decisions. However, the COVID-19 pandemic highlighted the importance and challenges that companies faced in ensuring accurate and reliable financial information. During the pandemic, companies were required to clearly define the financial impact, indicate changes in asset value, liabilities, and the future outlook of their operations. A study on the impact of the COVID-19 pandemic on financial statements prepared under IFRS shows how various sectors, such as energy and food retail, responded to the uncertainty and risks associated with the global crisis. In this context, it was analyzed how the pandemic affected specific companies, such as AB “Ignitis Group” and UAB “Maxima Group,” and how their financial statements revealed important information about the impact of the pandemic on their operations and financial results.