Financial Impacts of COVID-19 on Tourism

2021 ◽  
pp. 45-68
Author(s):  
Derya Üçoğlu
Keyword(s):  
Infectious Diseases ◽  
Natural Disasters ◽  
Financial Statements ◽  
Listed Companies ◽  
Financial Impact ◽  
Terrorist Attacks ◽  
First Year ◽  
Financial Position ◽  
And Performance ◽  
Financial Impacts

Tourism is a vulnerable sector to risk-related events such as natural disasters, terrorist attacks, economic crises, or infectious diseases. After the outbreak of COVID-19 being confirmed a pandemic in March 2020, the operations of tourism companies decreased sharply due to the restrictions and measures imposed as the virus was being transmitted easily between people through droplets or particles that float in the air. Therefore, this chapter focuses on the financial impacts of COVID-19 on tourism by examining the financial statements and disclosures of some listed companies. Although there are some studies on the potential effects of the COVID-19 on the economy or the businesses, there are hardly any concerning the financial impact of the pandemic on tourism companies as of the end of pandemic's first year. This study identifies the effect of COVID-19 on the financial position and performance of tourism companies, COVID-19 related risks, the strategies implemented by companies and their possible impact on operations.

scholarly journals Howzat? The Financial Health of English Cricket: Not Out, Yet

2019 ◽  
Vol 7 (1) ◽  
pp. 11 ◽  
Author(s):  
Daniel Plumley ◽  
Rob Wilson ◽  
Robbie Millar ◽  
Simon Shibli
Keyword(s):  
Structural Changes ◽  
Financial Statements ◽  
Financial Health ◽  
Financial Problems ◽  
England And Wales ◽  
Financial Position ◽  
General Terms ◽  
Revenue Streams ◽  
And Performance

In 1997 a review of the financial health of English county cricket highlighted strategic weaknesses within the professional game, principally an over-reliance by clubs on the annual grants provided to them by the England and Wales Cricket Board (ECB). Without such grants the teams, in general terms, would be insolvent. Using the financial statements of the First Class Cricket Counties, this paper explores how the financial position and performance of the county game has changed, 20 years on from the seminal study. A series of structural changes to the game had been made, yet financial problems are still evident. Counties are as reliant on central grant income as they were in 1997, although there are cases where clubs have made strategic enhancements and are becoming self-sustainable as going concerns. Rather than the ECB directly funding county revenue it should be working in collaboration with individual clubs to achieve developments in the game from the grassroots upwards, in order to help clubs grow their own revenue streams.

scholarly journals Accounting Policies in the Function of Quality Assessment of Financial Statements

2021 ◽  
Vol 59 (3) ◽  
pp. 357-373
Author(s):  
Jelena Raičević
Keyword(s):  
Quality Assessment ◽  
Financial Statements ◽  
Relevant Information ◽  
Cash Flows ◽  
Business Decisions ◽  
Financial Position ◽  
And Performance ◽  
Complex Relationships ◽  
A Company

Abstract Financial statements represent an instrument by which relevant information about a company is passed on to its users. Based on the information presented in the financial statements, i.e. information on the financial position and performance of the company, and generated cash flows and capital, users make business decisions. Specific accounting policies serve as the basis for the preparation of quality financial statements. Management is responsible for the preparation and presentation of financial statements and selects accounting policies. Although simple, the issue of choosing the accounting policies can be extremely delicate and complex. Besides management, there are other stakeholders who may be affected by this issue. As a consequence, there are complex relationships that affect the choice of accounting policies, and thus the quality of financial statements.

Organizational Effectiveness of Listed Companies in Food & Beverages sector Sultanate of Oman

2012 ◽  
Vol 02 (10) ◽  
pp. 26-30
Author(s):  
Taslim Khan ◽  
G.P. Mishra
Keyword(s):  
Organizational Effectiveness ◽  
Economic Condition ◽  
Secondary Data ◽  
Financial Statements ◽  
Listed Companies ◽  
Current Paper ◽  
Security Market ◽  
Sultanate Of Oman ◽  
Financial Conditions ◽  
And Performance

The financial conditions of Omani firms may have been the closest approximation to learn the influential effect of the country’s economy. In order to evaluate the organizational effectiveness of the Omani companies in Food and Beverages sector, the current paper is following concept on different ratio analyses to measure the company’s performance for a period of the year 2008 to year 2011. The paper clearly focuses on MSMS listed companies of Oman which are listed at the Muscat Security market (MSM) Oman, to note the level of effectiveness and performance of the Omani food & beverages companies, the paper is dependent on secondary data concerning the financial statements of various listed companies on MSM Oman. Other variables are obtained from the general economic condition of the country. Approximately 19 listed companies’ were found to be listed in the sector of food & Beverages, on The MSM website, from 19 firms 3 firms were completely into loss. The data is considered for the span of 4 years and the data of the companies which were in loss was not considered.

scholarly journals The Effects on Financial Leverage and Performance: The IFRS 16

2018 ◽  
Vol 11 (8) ◽  
pp. 76
Author(s):  
Francesca Magli ◽  
Alberto Nobolo ◽  
Matteo Ogliari
Keyword(s):  
Balance Sheet ◽  
Financial Statements ◽  
Listed Companies ◽  
Accounting System ◽  
Financial Leverage ◽  
Reporting Standard ◽  
International Financial Reporting Standard ◽  
Accounting Standard ◽  
And Performance ◽  
The Impact

This paper analyses the potential impacts of the introduction of a new accounting standard, International Financial Reporting Standard 16 (IFRS 16) – Leases, on financial leverage and performance of entities. This new accounting standard was introduced on 13 January 2016, and will become effective on 1 January 2019; it will have material impacts on the financial statements of listed companies adopting IFRS and change the basic principles of the current accounting system. Our aim is to estimate the impacts of the application of IFRS 16 on listed issuers of financial statements and the different impacts that the new standard could have in different activity sectors. This research estimates the effects of IFRS 16 on the ratios of debt/total assets, EBITDA/revenues and debt/equity. The conclusions summarize the effects on entity performance and net financial position. The research shows that in the financial statements of the lessee, there will be important changes. In particular, in the balance sheet, there will be an increase in lease assets, an increase in financial liabilities and a decrease in equity, while in the income statement, there will be an increase in EBITDA and an increase in finance costs. The impact of the application of IFRS 16 will be different depending on the use of operating lease contracts among the different business sectors. Leases are an important and flexible source of financing; listed companies, using IFRS and U.S. GAAP, are estimated to have around US$ 3.3 trillion in lease commitments. Finally, this study aims to analyse the possible impacts of communication of entities, focusing on alternative performance measures.

ShoppingWithoutDropping.com, Inc.

2002 ◽  
Vol 17 (2) ◽  
pp. 197-209 ◽  
Author(s):  
Michael F. Peters ◽  
Kenneth W. Shaw ◽  
Robert B. Thompson
Keyword(s):  
Accounting Standards ◽  
Financial Statements ◽  
Financial Accounting ◽  
Grocery Shopping ◽  
Order Entry ◽  
Future Earnings ◽  
Financial Position ◽  
Customer Order ◽  
And Performance ◽  
The Impact

This case, based on the activities of a fictional online grocery shopping and delivery service startup, introduces beginning M.B.A. students to financial accounting. The case write-up provides cash inflows and outflows and other detailed information about the firm's first three years of operations, which include sizable expenditures to develop customer order-entry software. Using this information, you are required to prepare comparative accrual-basis financial statements and to explore the impact of alternative accounting treatments on these financial statements for software development expenditures. The purpose of this case is to provide you with an appreciation for financial statements as a device for communicating the firm's financial position and performance, to illustrate some of the problems and ambiguities that arise in implementing accrual accounting, to expose you to the interpretation of actual accounting standards, and to introduce you to the use of historical financial statements in predicting future earnings.

scholarly journals   Models of the realistic reporting of subsidies in the farm accounting

2012 ◽  
Vol 58 (No. 1) ◽  
pp. 34-40
Author(s):  
J. Sedláček ◽  
J. Kouřilová ◽  
J. Pšenčík
Keyword(s):  
Financial Statements ◽  
Income Taxes ◽  
Review Of Literature ◽  
Economic Data ◽  
Tax Base ◽  
Financial Position ◽  
Purchase Cost ◽  
And Performance ◽  
Positive Effect

 The paper deals with subsidies in the agriculture and their sources from the perspective of their recipients. The review of literature points out the significance of subsidies for the economics of agriculture and also for the evaluation of the financial position and performance of entrepreneurial entities. The current national and supranational approaches to reporting subsidies within the farm accounting and financial statements are analyzed. The result of the analysis is an identification of distortions in the reported production power and the value of the company property, caused by the yield method which is based on the matching principle. This is also negatively reflected in the income tax base of the entities. Therefore, for a more real view of the situation in financial statements, two models suitable for reporting subsidies were proposed. These are based on the capital approach. The new approaches represent a transparent reporting of subsidies by their recipients in the form of a long-term financial source; they do not allow them to report unearned yields and, on the other hand, they do allow them to report a subsidized property at an unreduced purchase cost. Thus it is possible to compare economic data of the particular companies. This also has a positive effect on the burden of the subsidy recipients laid by income taxes.  

scholarly journals Differences Between New Ifrs and Us Gaap Lease Standards and their Effects on Publicly Listed Companies

e-Finanse ◽  
2020 ◽  
Vol 16 (2) ◽  
pp. 14-23
Author(s):  
Karolina Winiarska
Keyword(s):  
Stock Exchange ◽  
Balance Sheet ◽  
Financial Statements ◽  
Listed Companies ◽  
Global Scale ◽  
International Accounting Standards ◽  
Financial Metrics ◽  
Warsaw Stock Exchange ◽  
And Performance ◽  
The Impact

Abstract Leases are quite relevant to a large number of enterprises. Due to the fact that a lease reduces an entity’s exposure to risks inherent in asset ownership, it is a widely used method of obtaining access to property, plant and equipment. At the beginning of this article sources of existence of various international accounting standards as well as primary incentives (estimation of unrecognized lease obligations) to change the previous widespread lease standards used by publicly listed companies are mentioned. The IASB and FASB aware of the importance of this issue, put forward new similar accounting solutions. Despite the joint effort, there are some discrepancies between promulgated IFRS 16 and ASC 842. In the article they are divided into three groups of differences (basic, accounting and other lease issues). The main objective of this article is to point out those differences between new lease standards, as well as their distinct effects on the reporting entities’ financial statements and crucial financial metrics. In particular, the impact of operating lease capitalization on the Warsaw Stock Exchange entities’ assets by sector indices, as well as on EBITDA by industries on the global scale are presented. The article involves research methods such as: analysis of literature, global accounting regulations and financial statements, as well as comparison and deduction methods. The new lease standards have significant impact on those reporting entities with a great number of previous off balance sheet leases. Therefore, Polish sectors such as WIG-ODZIEZ, WIG-TELKOM and WIG-MOTO as well as global industries such as retail, airline and health care are the most affected. This paper may be useful for many users of financial statements (e.g. potential investors), because it provides information about effects of changed lease standards on financial position and performance of the most affected reporting entities.

Relationship of stress and performance among first-year dental students

1986 ◽  
Vol 50 (5) ◽  
pp. 264-267 ◽  
Author(s):  
GH Westerman ◽  
TG Grandy ◽  
JV Lupo ◽  
RE Mitchell
Keyword(s):  
Dental Students ◽  
First Year ◽  
And Performance ◽  
Relationship Of

scholarly journals Natural Disasters Intensity Analysis and Classification Based on Multispectral Images Using Multi-Layered Deep Convolutional Neural Network

Sensors ◽  
2021 ◽  
Vol 21 (8) ◽  
pp. 2648
Author(s):  
Muhammad Aamir ◽  
Tariq Ali ◽  
Muhammad Irfan ◽  
Ahmad Shaf ◽  
Muhammad Zeeshan Azam ◽  
...  
Keyword(s):  
Neural Network ◽  
Convolutional Neural Network ◽  
Natural Disasters ◽  
Deep Convolutional Neural Network ◽  
Multispectral Images ◽  
Learning Techniques ◽  
Proposed Model ◽  
Disaster Intensity ◽  
And Performance

Natural disasters not only disturb the human ecological system but also destroy the properties and critical infrastructures of human societies and even lead to permanent change in the ecosystem. Disaster can be caused by naturally occurring events such as earthquakes, cyclones, floods, and wildfires. Many deep learning techniques have been applied by various researchers to detect and classify natural disasters to overcome losses in ecosystems, but detection of natural disasters still faces issues due to the complex and imbalanced structures of images. To tackle this problem, we propose a multilayered deep convolutional neural network. The proposed model works in two blocks: Block-I convolutional neural network (B-I CNN), for detection and occurrence of disasters, and Block-II convolutional neural network (B-II CNN), for classification of natural disaster intensity types with different filters and parameters. The model is tested on 4428 natural images and performance is calculated and expressed as different statistical values: sensitivity (SE), 97.54%; specificity (SP), 98.22%; accuracy rate (AR), 99.92%; precision (PRE), 97.79%; and F1-score (F1), 97.97%. The overall accuracy for the whole model is 99.92%, which is competitive and comparable with state-of-the-art algorithms.

scholarly journals Investigation of Nanogrids for Improved Navy Installation Energy Resilience

2021 ◽  
Vol 11 (9) ◽  
pp. 4298
Author(s):  
Alissa Kain ◽  
Douglas L. Van Bossuyt ◽  
Anthony Pollman
Keyword(s):  
National Security ◽  
Natural Disasters ◽  
Systems Engineering ◽  
Critical Loads ◽  
Electrical Energy ◽  
Terrorist Attacks ◽  
Military Bases ◽  
Specific Interest ◽  
The Military

Military bases perform important national security missions. In order to perform these missions, specific electrical energy loads must have continuous, uninterrupted power even during terrorist attacks, adversary action, natural disasters, and other threats of specific interest to the military. While many global military bases have established microgrids that can maintain base operations and power critical loads during grid disconnect events where outside power is unavailable, many potential threats can cause microgrids to fail and shed critical loads. Nanogrids are of specific interest because they have the potential to protect individual critical loads in the event of microgrid failure. We present a systems engineering methodology that analyzes potential nanogrid configurations to understand which configurations may improve energy resilience and by how much for critical loads from a national security perspective. This then allows targeted deployment of nanogrids within existing microgrid infrastructures. A case study of a small military base with an existing microgrid is presented to demonstrate the potential of the methodology to help base energy managers understand which options are preferable and justify implementing nanogrids to improve energy resilience.

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