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Unpacking the IFRS Implications of COVID-19 for Travel and Leisure Companies Listed on the JSE

Faculty of Economic and Management Sciences, Northwest University, Potchefstroom 2531, South Africa
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Academic Editors: Walter Leal Filho, Marius Dan Gavriletea and Đula Borozan
Sustainability 2021, 13(14), 7942; https://doi.org/10.3390/su13147942
Received: 27 May 2021 / Revised: 6 July 2021 / Accepted: 7 July 2021 / Published: 16 July 2021
(This article belongs to the Special Issue Challenges in Overcoming Current and Future Sustainability Crises)
Purpose: The main purpose of this article is to study the IFRS implications of COVID-19 for selected travel and leisure companies listed on the JSE. The article investigates how these selected companies disclose financial information regarding the going concern, or in other words; the sustainability of the company, revenue of the company, how the companies made estimations, and more, to account for the impact of the coronavirus pandemic on their financial information. Design/methodology/approach: content analysis was used to analyse the financial statements of ten travel and leisure companies listed on the JSE. This analysis indicated what additional disclosures these companies have in the light of COVID-19. Findings: even though there is no specific IFRS standard providing guidance on the impact of COVID-19, the findings reveal that the companies took utmost care in disclosing information and the impact of COVID-19 in the financial statements. Companies cautiously considered the impact of the coronavirus on their financial results and provided the users of these financial statements with transparent financial information, regarding going concern and sustainability of the company, revenue, estimations, and more. Originality/value: a new economic crisis, different from any other economic crises, emerged as a result of COVID-19 and the IFRS implications such as, the effect on sustainability and going concern, impact on revenue of companies, financial estimations during the coronavirus pandemic, the effect of COVID-19 on the financial subsequent events and other financial statement disclosures is still unclear. This study is deemed of vital importance as the users of financial statements require all the necessary information about how COVID-19 has affected these companies, and whether or not these companies will be sustainable in the foreseeable future, as to enable the financial statement users to make informed financial decisions. View Full-Text
Keywords: COVID-19 impact; financial statements disclosure; going concern; IFRS; sustainability; travel and leisure companies COVID-19 impact; financial statements disclosure; going concern; IFRS; sustainability; travel and leisure companies
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MDPI and ACS Style

da Silva, D.; Schutte, D.; Surujlal, J. Unpacking the IFRS Implications of COVID-19 for Travel and Leisure Companies Listed on the JSE. Sustainability 2021, 13, 7942. https://doi.org/10.3390/su13147942

AMA Style

da Silva D, Schutte D, Surujlal J. Unpacking the IFRS Implications of COVID-19 for Travel and Leisure Companies Listed on the JSE. Sustainability. 2021; 13(14):7942. https://doi.org/10.3390/su13147942

Chicago/Turabian Style

da Silva, Diana, Danie Schutte, and Jhalukpreya Surujlal. 2021. "Unpacking the IFRS Implications of COVID-19 for Travel and Leisure Companies Listed on the JSE" Sustainability 13, no. 14: 7942. https://doi.org/10.3390/su13147942

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