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In the first quarter of 2020, the Covid-19 health crisis affected the whole world. A period of closure and restrictions impacted the business of companies in many sectors including hotels, entertainment, construction, and sport.
This thesis analyses the impact of the crisis on the financial statements of ten listed companies in Europe. Specifically, we examine the application of IAS 36 and IAS 38 over the years 2018 to 2021 financial years.
The study found that the health crisis has caused a deterioration in operating profit through reduced sales as well as the recognition of impairments. These impairments were mainly recorded after the emergence of impairment indicators related to the Covid-19 crisis.
The findings show that the application of the standards is homogeneous regarding the accounting principles. But companies follow the principles set out by the IASB with varying degrees of rigour. Not all the entities disclose their financial information with as many details and precision as possible.
The priorities of the ESMA for the 2020 and 2021 financial statements were followed by the preparers as regards to transparency of the impacts of Covid-19 and external indicators of impairment.
The health crisis clearly impacted the application of the IAS 36 with it being an exceptional event. However, it did not impact IAS 38 because the standard consists of accounting principles already adopted by the companies and those are not supposed to change with the economic environment.

Immobilisations incorporelles --- Dépréciations d'actifs --- Crise sanitaire --- États financiers --- IAS 38 --- Intangible assets --- Impairment of assets --- IFRS --- IAS --- Covid-19 --- Health crisis --- Financial statements --- IAS 36 --- Sciences économiques & de gestion > Comptabilité & audit

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In recent years the term "fear of floating" has been used to describe exchange rate regimes that, while officially flexible, in practice intervene heavily to avoid sudden or large depreciations. However, the data reveals that in most cases (and increasingly so in the 2000s) intervention has been aimed at limiting appreciations rather than depreciations, often motivated by the neo-mercantilist view of a depreciated real exchange rate as protection for domestic industries. As a first step to address the broader question of whether this view delivers on its promise, the authors examine whether this "fear of appreciation" has a positive impact on growth performance in developing economies. The authors show that depreciated exchange rates appear to induce higher growth, but that the effect, rather than through import substitution or export booms as argued by the mercantilist view, works largely through the deepening of domestic savings and capital accumulation.

Capital Accumulation --- Central Bank --- Currencies and Exchange Rates --- Debt Markets --- Depreciations --- Domestic Savings --- Economic Theory and Research --- Emerging Markets --- Exchange Rate --- Exchange Rate Regimes --- Exchange Rates --- Finance and Financial Sector Development --- Growth Performance --- Import --- Macroeconomic Management --- Macroeconomics and Economic Growth --- Private Sector Development --- Real Exchange Rate