TY - CHAP
T1 - Overcoming the Effects of COVID-19, Ensuring Business Continuity and Stimulating Digitalization in Russia
AU - Valebnikova, Natalia
AU - Neelova, Natalia
AU - Babenko, Maria
AU - Ivanova, Elena
AU - Roslender, Robin
N1 - Publisher Copyright:
© 2022 Nova Science Publishers, Inc.
PY - 2022/1/1
Y1 - 2022/1/1
N2 - The chapter analyzes the global trends to handling crises, which include fiscal, regulatory, budget and fund levers. Russia has overcome a number of crises in the late 20th and early 21st century and we show that business continuity can be ensured using additional factors of public, regional and corporate governance, which explain the resiliency of the Russian economy. The work considers financial, credit, tax, administrative and rent measures taken at the federal and regional levels to support business during the COVID-19 pandemic. Regional measures are given on the example of the second most important constituent entity of the Russian Federation - city of Saint-Petersburg. The focus is on rent support as for many organizations in the time when their activities are being suspended the issue of rental payments has a critical significance. The pandemic has given a significant impetus to the digitalization of business, which in turn is changing the structure of demand for rental property. We have considered the rules according to which the changed terms of lease contracts have to be accounted by the lessor and lessee according to IFRS 16 “Lease, " analyzed in detail how the lessor can apply a practical simplification to document rent concessions due to COVID-19, and its impact on the financial statements.
AB - The chapter analyzes the global trends to handling crises, which include fiscal, regulatory, budget and fund levers. Russia has overcome a number of crises in the late 20th and early 21st century and we show that business continuity can be ensured using additional factors of public, regional and corporate governance, which explain the resiliency of the Russian economy. The work considers financial, credit, tax, administrative and rent measures taken at the federal and regional levels to support business during the COVID-19 pandemic. Regional measures are given on the example of the second most important constituent entity of the Russian Federation - city of Saint-Petersburg. The focus is on rent support as for many organizations in the time when their activities are being suspended the issue of rental payments has a critical significance. The pandemic has given a significant impetus to the digitalization of business, which in turn is changing the structure of demand for rental property. We have considered the rules according to which the changed terms of lease contracts have to be accounted by the lessor and lessee according to IFRS 16 “Lease, " analyzed in detail how the lessor can apply a practical simplification to document rent concessions due to COVID-19, and its impact on the financial statements.
KW - business’ digitalization
KW - corporate governance
KW - COVID-19
KW - IFRS 16
KW - lease
KW - measures to support business
KW - rent concessions
KW - state governance
UR - http://www.scopus.com/inward/record.url?scp=85143924533&partnerID=8YFLogxK
M3 - Book chapter
AN - SCOPUS:85143924533
VL - 2
SP - 463
EP - 473
BT - Global Challenges of Digital Transformation of Markets
PB - Nova Science Publishers
ER -