Conditions Of Economic Uncertainty Research Articles

ЦИРКУЛЯРНА СТІЙКІСТЬ ПІДПРИЄМСТВА ЯК ІНДИКАТОР ОЦІНКИ ЕФЕКТИВНОСТІ ТЕХНОЛОГІЙ РЕЦИКЛІНГУ

The concepts of circular economy and sustainable development are recognized as the biggest challenges of today. Under such conditions, the issue of expanding the focus of the circular economy to the micro level, encouraging enterprises to transition from a linear model of the economy to circular (circular) one in conditions of economic uncertainty, is becoming actualized. Thus, the development of the theoretical basis of the concept of the circular economy of the enterprise and the formation of the definition «circular sustainability of the enterprise» as an indicator of the evaluation of the efficiency of recycling technologies. To solve the set goal, the main criteria of the circular economy were revealed in the course of the study, the differences between the circular sustainability of the enterprise, the circularity of the enterprise and the circular economy of the enterprise were characterized, the concept of the circular sustainability of the enterprise was developed, and the relationship of economic theories underlying the concept of circular sustainability was characterized enterprises. For greater thoroughness, the author investigated the following close categories: «circular economy of the enterprise», «circularity of the enterprise» and proposed a new category «circular sustainability of the enterprise». It is justified that these concepts are closely related, but not identical. The similarity between the categories is that they all aim to optimize the use of resources, reduce waste and increase efficiency in terms of environmental sustainability. The differences between the studied categories are determined by the level of application and concentration on specific aspects of management and strategy. It is substantiated that the «circular economy of the enterprise» focuses more on internal processes, the «circularity of the enterprise» covers interaction with the external environment, and the «circular sustainability of the enterprise» focuses on the long-term perspective and the inclusion of circular practices in the overall sustainability strategy. The theoretical basis of the circular sustainability of the enterprise as a symbiosis of economic theories was studied: systems theory, supply chain theory, product life cycle concepts, sustainability theory, closed loop economy theory, social responsibility theory, and innovation theory. Based on the results of the research, the author's concept of «circular sustainability of the enterprise» was developed

DIGITIZATION FUNCTIONS OF MARKETING RESOURCES AT THE ENTERPRISE IN CONDITIONS OF ECONOMIC UNCERTAINTY

The article examines the complex of digitization functions of marketing resources in conditions of economic uncertainty, their interrelationship, and the proven direct impact of the digitization process on the efficiency of enterprise management. It is concluded that modern business structures use digital technologies as a competitive advantage in all areas of their activity: operational processes, business processes, finance, marketing and interaction with market stakeholders. On the basis of the positive correlations summarized by the authors, it can be assumed that the efforts aimed at the digitization of processes can be considered as a managerial innovation that ensures the growth of innovations and increases the efficiency of the functioning of the business structure. On the basis of a systemic approach, the authors substantiated and built a complex functionality of the process of digitization of the company’s marketing resources. In the architecture of complex functionality, the digitization process is determined by the digitization functions of marketing resources, in particular: analytical (data collection and analysis), communication (Internet advertising), sales (sales via the Internet), and the function of regulation and control (regulates and controls the digitization processes of the marketing department). The synthesis of the theory of random processes together with the systemic approach enabled the authors to define marketing resources for enterprise activities as a complete functional dynamic system with a discrete state, in which for each moment of time the economic security of the enterprise in the future depends on the current state of digitization and does not depend on how this state was reached. The prognostic and transformational probabilistic method for determining the effectiveness of digitization of marketing resources of an enterprise’s activities is proposed, which combines the potential of the enterprise’s marketing resources and the functions performed by marketing and allows for taking into account factors of the internal and external environment, the influence of which causes the emergence of risky situations that lead to unjustified losses of the enterprise. The authors have proven the effectiveness of using digital marketing tools within the scope of each marketing function to prevent the occurrence of risky situations in the company’s activities. Within the framework of the analytical function of marketing, a study of the competitive environment has been carried out, the market share of the enterprise has been recognized, an estimate of costs for marketing research has been prepared. Indicators of the communication functionality of marketing activities in the total amount of marketing expenses complement and justify its decisive influence on the general state of not only marketing, but also the entire economic activity of the enterprise. Indicators of the sales function of marketing determine the elasticity of demand for manufactured products, as well as other sales costs. The marketing functionality of regulation and control allows to analyze the relationship between the costs of ensuring the movement of goods and the received income. The markers defined by the authors of each element of the architecture of the process of digitization of the marketing business structure contribute to increasing the efficiency of evaluating the company’s activity in accordance with the main goal and purpose of the company operating in a structured market space and supporting the marketing concept of development, obtaining profit (income) and satisfying the most demanding needs of consumers.

DILEMMAS OF BANK ACTIVITIES UNDER ECONOMIC UNCERTAINTY – SELECTED EXAMPLES FROM THE POLISH MARKET DURING THE PANDEMIC PERIOD

The paper discusses the issue of identifying selected aspects of banking sector activity in Poland under conditions of economic uncertainty. In terms of time scope, the conditions of the pandemic were taken into account, including the years 2018-2020. In an attempt to identify the most important business dilemmas of banking, the case study of PKO BP bank has been selected for analysis. Based on its own research, it was noted that the year 2020, precisely because of the coronavirus pandemic, somehow forced sectoral changes in the financial enterprise management. The study verified the hypothesis that the bank’s overall financial performance is affected not only by management decisions, but also by external factors that are difficult to predict. Institutional decisions of the central bank and the government are also a consequence of macroeconomic uncertainty. It was noted that as a result of the National Bank of Poland’s monetary policy in 2020, the evaluated bank PKO BP reported, compared to 2019, a financial loss (almost -3.0 billion PLN), including: a decrease in general revenues (-9.05%), as well as a decrease in interest income due (-6.90%). Finally, based on the descriptive analysis and the discussion of the study results, the most important conclusions and recommendations were formulated.

An approach to forecasting promising areas of development of the robotics industry based on statistical reports of the International Federation of Robotics (IFR) in conditions of economic uncertainty

A simple method of forming a forecast rating of the most promising directions of robotics development at the mo-ment is proposed, depending on the current market situation affected by unstable economic factors. The ad-vantage of the considered methodology is that, firstly, a relevant-processed array of data regularly published in the annual statistical collections of IFR - World Robotics is used as the basis of the analysis, secondly, the availability of varying preferences of factors affecting the economic situation, and, thirdly– simplicity. The results obtained can be used by interested organizations both for the development of conceptual documents on the development of robot-ics, and for the development of proposals for the initiation of commercial projects.

FEATURES OF STAFF INCENTIVES IN A COMMERCIAL ORGANIZATION

The article discusses the features of staff incentives in a commercial organization. A feature of a commercial organization is the need to achieve commercial goals that are associated with making a profit. This article touches upon the topic of staff incentives as one of the most important components of labor productivity, achieving the goals of the enterprise, as well as increasing the profits of the organization. In today's conditions of economic uncertainty, the most important and key point of doing business is the competent, rational and efficient use of all available resources of the enterprise and, first of all, human resources. The top management of most commercial organizations focus on the management of marketing, economics and finance, production, product quality, while improving the forms of staff motivation remains devoid of attention. In this regard, the topical issues of management are the problems of motivation and stimulation of personnel. The article discusses in detail the forms of staff incentives in a commercial organization and their features, as well as general theoretical aspects of material incentives for staff, the opinions of various authors on the concept of staff incentives are given. Measures to create an effective system of staff incentives are given. Conclusions are drawn about the appropriate form of staff incentives for a commercial organization

Digitalization of the Economy of Small Businesses — From Business Process Assessment to Goal Setting

The purpose of this article is to study and structure the identified problems in business processes in small business entities (hereinafter referred to as small business entities) that limit the implementation of measures during the transition period to the digital economy. The transition from traditional business to the digital economy format is currently associated with a number of systemic problems in the business processes of enterprises of the subjects of small and medium-sized businesses. The objects of the study were enterprises of small businesses of the Russian Federation in various industries: medical centers, private training centers and manufacturing enterprises. The subject of this research is the business processes within the enterprises under study. Its methodological basis is provided by the following methods: empirical, theoretical, sociological, psychological. As part of the research in the field of the problems in the economy and finance of enterprises of the subjects of small businesses and the transition to the digital economy in conditions of economic uncertainty, the authors of the article carried out research, analysis and evaluation of business processes. At this stage of the study, key business processes at enterprises have been identified within the framework of joint consulting projects at small businesses to assess the possibilities of transition to digitalization of the economy. The main problems in business processes hindering such a transition to the digital format of doing business are identified and classified, the points of business growth in the activities of enterprises are determined by the authors. We have studied and structured the identified problems of digitalization of business processes and proposed ways in order to solve them.

Resource base of Russian banks in modern conditions: factors of influence and actual tasks of funding

An important factor in the stable functioning of the banking sector is the quality of bank liabilities. The financial position of each credit institution, its liquidity, financial stability and efficiency, directly depend on the state of the resource base (the composition of sources of financing banking activities, the parameters of their urgency and payment), and therefore the task of ensuring the optimal structure of bank liabilities is one of the key tasks of banking management. In conditions of economic uncertainty, the achievement of optimal characteristics of the resource base is complicated due to structural shifts that cause an increase in the cost of funding, which indicates the relevance of improving the policy of forming bank liabilities. The subject of the research in the article is the state of the resource base of Russian banks, the specifics and problems of the formation of bank liabilities in modern conditions. The research results consist in determining trends in the formation of bank liabilities, identifying promising areas and tools for the development of the mechanism for the formation of the resource base of Russian banks. The authors substantiate that in the conditions of economic turbulence, it is important for commercial banks to ensure a balanced formation of a diversified structure of liabilities based on a more complete analysis and consideration of the system of risk factors and the potential of credit and investment activities.

Адаптивное развитие системы управления предприятиями российской автомобильной промышленности в условиях экономической неопределенности

The article analyzes the current economic situation in the Russian automotive industry. Possible solutions to the problems of the industry are considered. Different points of view on the definition of the essence of adaptive development of production management system are presented. The analysis of managerial measures, models of adaptive development implemented in the automotive industry under the conditions of anticonvolutionary restrictions and economic sanctions is offered. The first results of the domestic automotive industry in overcoming the negative effects of economic uncertainty are presented. The aim of the work is to determine the optimal approach in the adaptive development of automobile production in conditions of economic uncertainty. To implement the goal of the research, the following tasks were set: to analyze the current situation in the Russian automotive industry, to identify the main problems in its development, to consider ways of implementing adaptive development of auto production management and its results.

Father-Child (dis)connections: Expectations and Practices of Young un(der)employed Fathers in Johannesburg

Despite a growing body of research on fathers and fatherhood in South Africa, we know relatively little about un(der)employed Black fathers’ experiences, perspectives and patterns of involvement in their children’s lives. This article uses Johnson-Hanks’ concept of ‘vital conjunctures’ to examine the divergent ways in which young Black men practice fatherhood under conditions of profound economic uncertainty. Three modes of father-child (dis)connections are presented to show how different patterns of paternal involvement are steered by men’s economic conditions, the complex relational dynamics they occupy, as well as shifting cultural expectations and gender norms. The article shows how the quality of men’s relationships with the mothers of their children plays an important role in differentiating fatherhood practices. Ultimately, this article argues that being a respectable father in conditions of economic uncertainty is a complex and convoluted endeavour involving intense negotiation and improvisation.

ВЛИЯНИЕ СТРУКТУРЫ ИНВЕСТИЦИОННЫХ ОТРАСЛЕЙ НА УРОВЕНЬ ЭКОНОМИЧЕСКОЙ БЕЗОПАСНОСТИ

An integrated understanding of investment security as security (of the state, national economy, investors, enterprises and other interested parties) in investment relations is given, based on the concept of economic security. By ensuring the maintenance of the investment climate, investment security presupposes real guarantees for the protection of investments and investors, minimization of risks and threats, formation and maintenance of political and economic stability; loyal public opinion, stability of the institutional environment, including the totality of rights inherent in the circumstances under consideration, minimization of criminal manifestations, stability of the exchange rate and the corresponding legal regime. The concept of the quality of the technological structure of investments is given, improving the quality of which can strengthen economic security. The need to increase spending on applied scientific developments and the restoration of industrial science is substantiated. The results of the study show that to strengthen economic security it is necessary to increase the share of capital acquisitions of an innovative nature in the technological structure of investments. The article identifies and systematizes five stages of the algorithm for implementing investment projects with an innovative focus. The systematization of the stages, structure and composition of investment projects made it possible to identify the main sectors in which the main executors of Russian investment projects operate. Investment sectors include: science, design, mechanical engineering and construction. The construction sector is represented as the main structural element of all investment industries, as well as the main consumer of their financing, which determines and ensures the execution of budget investments, implementing capital-intensive capital works. A feature of the domestic construction sector, inherent in the Russian economy as a whole, is highlighted and explained - the presence of a significant and sometimes excessive number of intermediaries in intra-industry markets. It is concluded that in conditions of economic uncertainty, the instability of construction orders provokes market participants to minimize their resources, replacing them with a strategy of maximizing the involvement of subcontractors. At the same time, the intermediary segment of the construction market is dynamically and even creatively adapting to sectoral government pricing. This is how discrepancies arise between the volumes of state (municipal) property put into operation and the cost of consumed resources.

СОЦИАЛЬНО-ЭКОНОМИЧЕСКОЕ РАЗВИТИЕ РЕГИОНА: СУЩНОСТЬ, СТРУКТУРА, ФАКТОРЫ

The article clarifies approaches to understanding the concepts of “socio-economic development”, “region”, “factors of socio-economic development of the region”, and also analyzes the main scientific and theoretical approaches to understanding the region as a territory with a clearly separate economy and internal structure of society and the social system. It is justified that the region must be considered not only as an administrative entity, but also as an economic unit characterized by identified and accepted local socio-economic and political characteristics. The characteristic features that define a region as a socio-economic system are described, including territorial integrity, orientation towards sustainable and positive socio-economic processes, and the presence of basic social, economic and legal institutions. The structural characteristics of the socio-economic development of the region are also presented and the economic processes affecting the social development of individual territories in conditions of economic uncertainty, socio-economic imbalance and the role of regions and regions in improving the economic situation are considered. As a result of the analysis, key factors influencing the socio-economic development of individual regions were identified.

ОСНОВНІ КРИТЕРІЇ УПРАВЛІННЯ ЛОГІСТИЧНИМ СЕРВІСОМ ВАНТАЖНИХ ПЕРЕВЕЗЕНЬ

In the conditions of economic uncertainty, more and more people are paying attention and taking into account the optimization processes that occur in logistics activities. This is especially true for cargo transportation that must be delivered to the destination at a certain time. At the same time, the route and force majeure are calculated at the time of transportation. A huge contribution is made by the logistics service during the transportation of goods, because the transportation of goods is not only its transportation, but also a range of actions that are the driving force for the implementation of a logistics operation. The article examines the main criteria for the management of the logistics service of cargo transportation, which are revealed through the prism of indicators for evaluating the effectiveness of the logistics service of cargo transportation: labor productivity; quality of transportation; simple under load – unloading (ramp); expenses for transport and forwarding services; transportation information service; work of logistics centers. Each performance indicator has an impact on the consumer when choosing a company and must be transformed when the environment changes. The technological development of countries leads to the development of every industry and enterprise, and logistics also includes new technologies that help to improve customer service and improve the logistics process both in and out of production. At the same time, the demand for domestic and international freight transportation continues to grow, as within the country, because the consumption of goods increases, as the new generation will have more pleasure and opportunities to purchase goods and use an efficient service. Consumers also demand to receive logistics services quickly and with high quality, which refers to the main criteria of logistics service, and this trend is emphasized by the availability of information and technologies. New trends allow users to determine the types of services they need, effectively integrate their needs (problems) and make choices for cargo transportation.

Regional features of the agrarian sector development in conditions of economic uncertainty

Regional features of the agrarian sector development in conditions of economic uncertainty

MESOECONOMIC MARKET ANALYSIS BASED ON SELECTED BIG DATA TOOLS – THE CASE OF WOOD MARKET TRENDS IN POLAND UNDER ECONOMIC UNCERTAINTY

The paper discusses selected trend changes in the Polish wood-based products market under conditions of economic uncertainty. From a mesoeconomic approach, using Big Data resources and online e-commerce tools, the wood market was analyzed from the perspective of demand and online user activity. In terms of time scope, the research covered the period 2019-2021, including the pandemic year. Secondary data based on Google Ads and Google Analytics were analyzed. The study used selected open-source analytical tools, including Google Keyword Planner and Data Studio. The controversial hypothesis, which assumes that potential demand for wood and wood-based products shows a sustainable trend even under economic uncertainty, was verified. The findings were visualized and discussed. As a result, although the rationale for confirming the assumed hypothesis was not obtained. However, the results of the research proved to be interesting, out of the box. It turned out that the popularity and multifaceted use of wood is not limited by typical barriers. The consequence of the market situation is a growing demand for wood, but at the same time a supply deficit. This is a challenge for the wood market benchmarking and formulating practical recommendations for economic policy in the wood-based sector in Poland.

Поведінкові фактори у прийнятті фінансово-економічних рішень суб’єктами економіки в умовах невизначеності

Introduction. Due to the high dynamism and unpredictability of economic processes, caused by the factors of institutional and pandemic uncertainty, the inability of the theory of rational economic behavior to fully explain their course and predict the financial and economic decisions of economic subjects is manifested. This leads to the increasing popularity of the cognitive approach in economic research. Problem Statement. Study of the influence of behavioral factors on the financial and economic decision-making of economic entities in conditions of economic uncertainty, in particular under the influence of the COVID-19 pandemic. The financial and economic behavior of economic entities cannot be considered in isolation from their individual characteristics, behavioral factors, and the influence of the external environment. The purpose of the study is to identify behavioral factors and justify their role in making financial and economic decisions by economic subjects in conditions of economic uncertainty. Methods. A set of methods of scientific knowledge, general scientific and special principles, methods, in particular structural and logical, comparative analysis, systematic approach, historical and statistical methods, classification method, etc. Results. The financial and economic behavior of economic entities cannot be considered in isolation from their individual characteristics, behavioral factors, and the influence of the external environment. The identification of behavioral factors influencing financial and economic decision-making by economic entities in conditions of uncertainty was carried out in the following areas: consumer behavior of the population; entrepreneurial activity, credit and investment activity of economic entities. It was found that when making financial decisions, they are faced with an insufficient amount of information, limited possibilities of perceiving and processing information, the influence of stereotypes and emotions formed in society. It was revealed that during the spread of the COVID-19 pandemic, changes in the behavior of economic entities occurred due to the increase in the uncertainty factor. Conclusions. Behavioral factors of financial decision-making by subjects of the regional economy are systematized, with three components being singled out: cognitive biases, emotions, framing. It is proposed to reduce the influence of behavioral factors on financial and economic decision-making using such tools as discussion, alternative, collective discussion, nudge technology, group thinking management.

ФОРМУВАННЯ СИСТЕМИ УПРАВЛІННЯ РИЗИКАМИ НА ПРОМИСЛОВИХ ПІДПРИЄМСТВАХ

The presence of a significant number of different risks, which are influenced by the management of industrial enterprises and taking into account which they are forced to make management decisions has determined the relevance of the chosen research topic. Numerous theoretical and, as a consequence, practical aspects of managing various risks that accompany the operation of industrial enterprises were considered in the works of B. Barkley, R. Dembo, S. Drew, M. Frenkel, P. Hopkin and other foreign researchers, and soon also in works of numerous domestic scientists V. Danchuk, V. Nemchenko, T. Pismena, A. Sviderska, K. Semenova, K. Tarasova and other researchers. The need to implement an integrated approach to risk management makes sense not only within a single business entity, but also in the totality of established sectors and sectors of economic and industrial activities. The vast majority of characteristics that determine the nature of risk, associate it with the probability of implementation and the possibility of inflicting damage, which correlates with the definition of risk as part of the uncertainty. All actions that take place during the risk management process must be subject to continuous monitoring and be under the constant control of the company’s management. Risks must be assessed taking into account the specifics of not only the entity but the economic system in which it is integrated. Risks should be considered as a dynamic quantity that can affect the subject in both negative and stimulating ways. Risk management in industrial enterprises should be focused on identifying the causes of various risks, and the use of all factors that ensure optimal development of industrial enterprises in conditions of economic uncertainty. The existence of two concepts of risk management is substantiated: traditional and modern. The traditional concept is characterized by the fragmentary nature of risk management, episodic risk management. The modern concept is based on an integrated approach to management and continuous risk management. The implementation of dynamic models involves the use of various methodologies, such as: the use of a system of balanced scores (Balanced Score Card), the application of logistics principles in the management of certain types of risks, the transition to integrated risk management systems. Approaches to risk management at industrial enterprises are defined. The key conditions in the field of risk management are formulated, under which this process will be the most effective between the various elements of the system. Statistical and dynamic models are singled out within the approaches to risk management, the peculiarities of their application are considered. The principles of logistics are considered, based on general approaches to the procedures of response and regulation of the probability of threats in the management of risks in the enterprise, which aim to ensure the coordination of logistics functions. The concept of integrated risk system at enterprises is highlighted, the advantages of its use are determined. The common methodology of risk management COSO ERM (Enterprise Risk Management - Integrated Framework Committee of Sponsoring Organizations of the Treadway Commission) is analyzed. The model of integrated risk management and its stages are presented.

INCREASING THE EFFICIENCY OF MARKETING MANAGEMENT IN «APPLE» COMPANY UNDER ECONOMIC RISKS

Every large international company or new project inevitably faces certain difficulties along its way that threaten its existence. It is very important for an entrepreneur to be able to anticipate such difficulties and develop in advance how to increase the company’s efficiency in regional markets under conditions of uncertainty. It is necessary to assess the degree of risk and identify the problems that the business may face. In this article, we have proposed ways to improve the efficiency of managing large companies in conditions of economic uncertainty, where success in the business world is crucially dependent on the correctness and validity of the chosen business strategy. In this case, the probabilities of critical situations should be taken into account. It would be highly naive to think that entrepreneurial activity without risk is possible.

Marketing in conditions of economic uncertainty

The article substantiates the situation of uncertainty (unpredictability, ambivalence), as characteristic of the Ukrainian economy since the beginning of the pandemic and intensified in the conditions of war. It is shown that the world economy and the economy of Ukraine, in particular, face the need to operate in conditions of uncertainty caused by COVID-19, and in 2022 - russia's military aggression against Ukraine. The main negative consequences of the pandemic and martial law on the economy and, in particular, on the field of marketing have been determined. It has been proven that the At the same time, the effect of uncertainty should not only destabilize, but also become a driving force for change. The role of the crisis as an activator of innovative shifts in marketing is substantiated, and the possibility of various types of marketing to adapt in conditions of uncertainty is investigated. The strengthening of the role of Digital - marketing for the development of the Ukrainian economy is substantiated. The existing ambivalence of the market requires increased flexibility of marketing processes. In such case, digital marketing should become a protection of interaction with customers and leaders, the basis of modern communication policy of enterprises, to actively develop and adapt to today's realities. The possibilities of marketing personnel potential in the future development of the marketing sphere are emphasized. Ukrainian marketers are able to successfully operate in domestic and international markets, are in demand in their profession during military action, and have the opportunity through special agencies to work and work in uncertainty, gain new experience, improve skills, develop marketing as an art and philosophy of modern business.

Исследование практики применения интегрированного мышления при формировании корпоративной отчетности

In conditions of economic uncertainty, issues related to the disclosure of information in corporate reporting focused on a wide range of stakeholders are of paramount importance, which requires analysis and generalization of best practices in this area. The process of improving corporate reporting, associated with numerous criticisms of the value of financial and various types of non-financial reporting, has led to the emergence of integrated reporting. Today, corporate reporting of large companies includes a wide range of financial and non-financial reports, a number of companies form integrated reporting. The emergence of integrated reporting is associated with the requirements for companies to provide information on financial performance, corporate governance and sustainability, aimed at various stakeholders. Integrated reporting acts as a means to an end within the company’s strategy, while the integrated report discloses financial and non-financial information regarding the company’s value creation process and the use of six types of capital, as well as aspects related to sustainable development. Integrated reporting is the highest level of corporate reporting maturity, involving the use of integrated thinking not only for reporting purposes, but also in a much broader context. The article is aimed at studying the current practice of applying integrated thinking in the formation of corporate reporting in foreign companies. The study of the practice of applying integrated thinking in the formation of corporate reporting in foreign companies was aimed, firstly, at identifying the factors that prompted the use of integrated thinking, and secondly, to generalize the features of the formation of corporate reporting based on integrated thinking; thirdly, to review the tools used in order to form corporate reporting based on integrated thinking; fourthly, to summarize the results of using integrated thinking in the preparation of corporate reporting. The study can be useful for specialists who form the corporate reporting model of the organization, managers and decision makers aimed at implementing the Concept of sustainable development, achieving sustainable development goals, and ensuring inclusive economic growth.

Financial risk management in the accounting system

The article is devoted to the study of financial instruments in conditions of economic uncertainty. Based on a study of national and international statistics and theoretical resources related to the restructuring of socio-economic and geopolitical ties, due to the rapid spread of the COVID-19 pandemic, its implications for accounting for financial instruments and disclosure of financial statements in accordance with International Financial Standards Reporting.
 A combination of factors such as rising unemployment, falling demand for goods, bans and restrictions on doing business, severance of international ties, reorientation of markets to domestic consumption, rising risks of bankruptcy and default have led to the formation of economic uncertainty, which is most threatened by business initiative. Economic uncertainty, which gradually changes from sudden to prolonged, has a direct impact on the business activity of enterprises, in particular, on their financial instruments.
 The pandemic caused by the COVID-19 virus has become a great challenge for participants in economic relations, who during the years of stability have managed to get used to stable market relations. The pandemic, which humanity has been struggling with for almost two years, has affected the entire system of social relations. At the beginning of the deployment of anti-epidemiological measures, the world economy was not ready to distance the production process. Economic indicators, which are an indicator of the development of individual states, demonstrate the vulnerability of sustainable socio-economic relations that existed before the COVID-19 pandemic.
 The potential impact of the coronavirus outbreak on financial instruments has been assessed in such areas as increased expected credit losses, modification of financial assets and liabilities, losses under financial guarantee agreements accounted for in accordance with International Financial Reporting Standards, and reduced hedge effectiveness.