Overcoming the Effects of COVID-19, Ensuring Business Continuity and Stimulating Digitalization in Russia

Natalia Valebnikova, Natalia Neelova*, Maria Babenko, Elena Ivanova, Robin Roslender

*Corresponding author for this work

Research output: Contribution to book/anthology/report/conference proceedingBook chapterResearchpeer-review

Abstract

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.

Original languageEnglish
Title of host publicationGlobal Challenges of Digital Transformation of Markets : Volume II
Number of pages11
Volume2
PublisherNova Science Publishers
Publication date1 Jan 2022
Pages463-473
ISBN (Electronic)9781685079895
Publication statusPublished - 1 Jan 2022

Bibliographical note

Publisher Copyright:
© 2022 Nova Science Publishers, Inc.

Keywords

  • business’ digitalization
  • corporate governance
  • COVID-19
  • IFRS 16
  • lease
  • measures to support business
  • rent concessions
  • state governance

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