Subject. The paper explores the analytical capabilities of information disclosed in financial statements in the context of the COVID-19 pandemic. Objectives. The purpose is to identify the impact of the pandemic on financial statements and their analytical capabilities for investment decision-making. Methods. The study draws on methods of logical, statistical, comparative, and linguistic analysis. We analyze financial statements of Russian and foreign companies, paying special attention to the completeness of disclosed information on the impact of the pandemic on business and financial performance. We review annual financial statements for 2019, and interim reports for 2020. Results. We unveil the areas of disclosures that are most critical for the investment community and investment decision making, and vital for the analysis of financial performance and cash flows, given the unprecedented impact of the COVID-19 pandemic. The findings may be applicable to financial reporting preparation by economic entities in terms of disclosure on various forms of transformation and adaptation of businesses to the new crisis conditions; modernization of accounting rules at the level of external and internal standards in the direction of coordinating financial and non-financial reporting information; enhancement of analytical capacity of disclosures. Conclusions. The study confirms the scientific hypothesis that investors require detailed disclosure in all areas of the pandemic impact. To evaluate the going concern assumption and to forecast cash flows, users need disclosures on business strategy, the business model and its adaptability to the conditions of the new normality, sources of cash flow generation, and their use areas.
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