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2011 | 2011(62(118)) |
Article title

The impact of crisis on continuation of entities’ operations and the role of accounting

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EN
Globalization of economic processes entails increased risk of the occurrence of factors which threaten the continuation of business operations. The threats may be caused by external and internal factors. Information generated by the accounting system is needed to reduce the possibility of occurrence of risk factors. Accounting information can serve two purposes in the context of crisis – it can protect a company against its harmful effects (the creation of reserves) and can help to diagnose and overcome it (hazard prediction methods, restructuring).In the case of discontinuation of business operations accounting information ought to be used in such a way as to maximally satisfy the claims of the enterprise’s creditions (valuation, forecasting revenues from sale of bankrupt’s estate, proper management of the costs of the bankruptcy process).
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