Research background: The article presents a problem in the field of financial reporting. “Going concern” is the basic concept and principle in the preparation of the financial statements of enterprises. Purpose of the article: The purpose of this article is to present the global impact of COVID 19 on the concept of “going concern”, which is used as a basis for the development of the financial statements of the companies. The essence of the “going concern” concept is clarified. The key factors provoking a crisis in the capital cycle of the enterprises and possible scenarios of manifestation of a “going concern” in conditions of uncertainty are presented. Methods: The research methodology is based on a systematic approach with appropriate methodological tools for analysis, generalization, and graphic visualization of the achieved results. Empiric research of the information on revenues, profitability, and net cash availability of non-financial enterprises - issuers on the Bulgarian Stock Exchange was conducted, based on published interim financial statements for the first quarter of 2020. Findings & Value added: The content of the research is useful for potential investors who are interested in non-financial companies - issuers on the Bulgarian Stock Exchange. It provides important knowledge into understanding the economic nature of the ‘going concern’ concept applied in the globalizing economy as a basis for preparing financial statements.

Accounting standards and variance in their application is one of the current topics in economic research. Standardization in accounting represents the accepted organization of financial reporting and being aware of it contributes to making effective business decisions. The purpose of the study is to present the applicable accounting standards for publicly traded companies and for enterprises which do not issue securities, from a global standpoint in general, and for Bulgaria in particular. The results are based on data about the monitored jurisdictions of the International Financial Reporting Standards Foundation and Bulgaria. The research methodology is based on the methods of analysis and synthesis, comparison and generalization, study of literature and empirical data. The assertions are that the applicable accounting standards have a theoretical nature of working principles, rules, and approaches to financial reporting, and that basic accounting standards are elementary components of methodological accounting tools. It has been established that publicly traded companies apply the International Financial Reporting Standards (IFRS) in almost 75% of the states worldwide, while enterprises which do not issue securities adopt IFRS for small and medium-sized enterprises or national accounting standards as a basis for accounting, which constitutes grounds to conclude, that the differences in accounting across the world are not large, and that it is appropriate to perceive the applicable accounting standards as a macroeconomic characteristic. In Bulgaria, the standardization and legal regulation of accounting are in accordance with internationally accepted regulations and established practices of the European Union. The establishment and adoption of global accounting standards is a contribution of accounting to the modern development of mankind.

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