Kontynuacja działalności w raportach finansowych spółek giełdowych w okresie pandemii COVID-19 – wyniki badania empirycznego
Going concern in the financial reports of listed companies during the COVID-19 pandemic – the results of an empirical study

Summary/Abstract: Purpose: The objective of this article is to assess how many entities have faced going concern problems and to identify what uncertainties may affect a going concern, especially during the COVID-19 pandemic.Methodology/research approach: The subject of the research was financial reports of companies listed on the main market of the Warsaw Stock Exchange in the following sectors: clothing and cosmetics, recreation and leisure, and transport and logistics. Thirty-three (out of 37) reports for the first half of 2020 were examined. We analysed the content of full versions of the descriptive parts of financial statements, reports on the auditor’s review and management comment letters.Results: Nearly half of the surveyed entities that declared they were a going concern disclosed going concern uncertainties. The pandemic affected the scope of disclosures presented in the reports. The variety of presentation styles and the selectivity of the place of the disclosure may hinder stakeholders when drawing conclusions.Research limitations/implications: Only three sectors were examined, and the sector analysis was conducted only in listed companies with complete and available reports. We analysed half-yearly reports that were reviewed by statutory auditors. The reports were analysed early in the pandemic. The article may be an inspiration for further research, including comparative research, in companies from the same and other sectors. The issue is vital, all the more so as the impact of the pandemic may change over time.Originality/Value: The article is a practical study of going concern disclosures during the pandemic. The study reveals the multifaceted nature and complexity of the issues related to continuation assessment.

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