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The Quality of Goodwill Disclosures and Impairment in the Financial Statements of Energy, Mining, and Fuel Sector Groups during the Pandemic Period—Evidence from Poland

Energies (Basel), 2022-08, Vol.15 (16), p.5763 [Peer Reviewed Journal]

COPYRIGHT 2022 MDPI AG ;2022 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https://creativecommons.org/licenses/by/4.0/). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License. ;ISSN: 1996-1073 ;EISSN: 1996-1073 ;DOI: 10.3390/en15165763

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  • Title:
    The Quality of Goodwill Disclosures and Impairment in the Financial Statements of Energy, Mining, and Fuel Sector Groups during the Pandemic Period—Evidence from Poland
  • Author: Gierusz, Maciej ; Hońko, Stanisław ; Strojek-Filus, Marzena ; Świetla, Katarzyna
  • Subjects: Accounting ; Consolidated financial statements ; Consolidation ; Coronaviruses ; COVID-19 ; Economic change ; Energy ; Energy industry ; energy sector ; Environmental policy ; Epidemics ; Financial disclosure ; Financial statements ; Frequency analysis ; fuel ; Fuel industry ; Geopolitics ; Goodwill ; Hypotheses ; Impairment ; impairment of goodwill ; International Financial Reporting Standards ; Literature reviews ; Loss recognition ; Medical research ; mining ; Mining industry ; Pandemics ; Poland ; quality of financial statements ; Quality standards ; Research methodology ; Stock exchanges
  • Is Part Of: Energies (Basel), 2022-08, Vol.15 (16), p.5763
  • Description: The COVID-19 pandemic has strongly affected the economic situation of many countries, which is worth considering not only globally but also in the context of specific industries. An asset that is particularly sensitive to negative economic changes is goodwill. The aim of this study is to assess the impact of the pandemic on the quality of financial disclosures concerning goodwill in consolidated financial statements of groups of chosen strategic sectors in Poland. We investigated the implications of the pandemic on the frequency and scale of goodwill impairment in relation to 23 companies listed on the Warsaw Stock Exchange from the Energy, Mining, and Fuel Index. We identified the research gap in this area. For the purposes of this study, two research hypotheses were formulated: (H1) during the COVID-19 pandemic, there has been a slight improvement in the quality of goodwill disclosures in the consolidated financial statements of groups in the energy, fuel, and mining sectors; (H2) The COVID-19 pandemic caused a decrease in goodwill due to impairment losses in the consolidated financial statements of groups in the energy, fuel, and mining sectors. The hypotheses were verified on the basis of the above research sample. In order to verify the first hypothesis, we tested 81 consolidated financial statements for the years 2018–2021 based on a self-developed index of the quality of disclosed information. To verify the second hypothesis, we analyzed the frequency and scale of the estimated loss of goodwill during the COVID-19 pandemic and its impact on the deterioration of the financial condition of the same research sample. The conducted research shows that the quality of disclosures regarding the goodwill in the examined sample has changed slightly. Contrary to our expectations, the pandemic did not materially reduce the value of goodwill. This means that the first hypothesis was verified positively, while the second hypothesis had to be rejected.
  • Publisher: Basel: MDPI AG
  • Language: English
  • Identifier: ISSN: 1996-1073
    EISSN: 1996-1073
    DOI: 10.3390/en15165763
  • Source: DOAJ Directory of Open Access Journals
    Geneva Foundation Free Medical Journals at publisher websites
    AUTh Library subscriptions: ProQuest Central
    ROAD
    Coronavirus Research Database
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