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Finance, Accounting and Business Analysis 
Volume 5 Issue 2, 2023 

http://faba.bg/       
ISSN  2603-5324 

 

Unveiling Hidden Losses and Valuation Shifts: Accounting Policy 

Implications during and after COVID-19 in a Dynamic Price 

Environment 

 

Valentina Mirkovic1 , Cedomir Gligoric2 , Milos Ljubisa Pavlovic3* , Milos 

Lutovac4   
Department of Business and IT studies, Belgrade Business and Arts Academy of Applied Studies, Belgrade, Serbia1  

Department of Business and IT studies, Belgrade Business and Arts Academy of Applied Studies, Belgrade, Serbia  2 

Department of Business and IT studies, Belgrade Business and Arts Academy of Applied Studies, Belgrade, Serbia3 

Department of Business and IT studies, Belgrade Business and Arts Academy of Applied Studies, Belgrade, Serbia4 

*Corresponding author 

 

Info Articles   Abstract 
 

History Article: 

Submitted 4 September 2023 
Revised  28 November 2023 

Accepted 9 December 2023 
 

 Purpose: This study aims to unravel the intricate relationship between 

hidden losses, valuation shifts, and accounting policies in the dynamic 

post-COVID-19 environment. 

Design/Methodology/Approach: Utilizing a mixed-methods 

approach, this research involves an extensive review of relevant literature 

and empirical data analysis to illuminate the interplay between hidden 

losses and valuation shifts. The focus is on how these factors interact, 

particularly in response to the market volatility brought about by the 

pandemic. 

Findings: The research highlights the emergence of hidden losses and 

shifts in valuation during the pandemic, prompting businesses to adapt 

their accounting policies to the evolving market conditions. As the crisis 

recedes and economic recovery progresses, organizations are observed 

recalibrating their accounting strategies to align with the changing 

economic landscape. 

Practical Implications: The research highlights the emergence of hidden 

losses and shifts in valuation during the pandemic, prompting businesses 

to adapt their accounting policies to the evolving market conditions. As 

the crisis recedes and economic recovery progresses, organizations are 

observed recalibrating their accounting strategies to align with the 

changing economic landscape. 

Originality/Value: The originality of this study lies in its comprehensive 

analysis of the relationship between hidden losses, valuation shifts, and 

accounting policies within the context of the COVID-19 pandemic. The 

insights provided contribute to a deeper understanding of the challenges 

and adaptations faced by businesses in times of crisis. 

Paper Type:  Research Paper. 

 

 

Keywords:  

Hidden Losses, Valuation 

Shifts, Accounting 

Policies, Post-COVID-19 

Landscape, Financial 

Reporting, Risk 

Management 
 

 

JEL: M41, G30  

   
 

* Address Correspondence:   

E-mail : valentina.mirkovic@bpa.edu.rs1 

cedomir.gligoric@bpa.edu.rs2 

milospavlovic070@gmail.com3 

milos.lutovac@bpa.edu.rs4 

 

  

mailto:valentina.mirkovic@bpa.edu.rs1
mailto:cedomir.gligoric@bpa.edu.rs2
mailto:milospavlovic070@gmail.com3
mailto:milos.lutovac@bpa.edu.rs4
https://orcid.org/0000-0002-5857-5021
https://orcid.org/0000-0002-9847-0929
https://orcid.org/0000-0003-4112-6905
https://orcid.org/0000-0003-1833-6752


Mirkovic, Gligoric, Pavlovic and Lutovac / Finance, Accounting and Business Analysis, Volume 5, Issue 2, 2023 

140 

 

INTRODUCTION 

 

The COVID-19 pandemic has left an indelible mark on the global financial landscape, instigating 

unprecedented disruptions that have reverberated across a multitude of sectors (Ivanovic-Djukic et al. 2022; 

Rathnayaka et al. 2023). The rapid spread of the virus prompted swift government interventions, resulting 

in lockdowns, travel restrictions, and supply chain disruptions. It has led to many sociocultural, economic, 

and psychological impacts on various stakeholders (Tanakov et al. 2022). As a direct consequence, financial 

markets encountered levels of volatility that were previously unseen, a phenomenon which triggered 

significant fluctuations in asset prices and consequently, had a profound impact on the valuation of 

companies (Prokopowicz and Komorowski 2021; Yang et al. 2023; World Bank 2020). 

During such volatile and unpredictable market conditions, traditional accounting practices face a 

multitude of new and intricate challenges. The dynamic price environment that emerged necessitated an 

agile response from companies and their financial reporting practices. These new circumstances highlighted 

the importance of adapting accounting policies to accurately capture the hidden losses that materialized due 

to unforeseen market conditions, as well as the shifts in valuation that reverberated through the balance 

sheets of numerous organizations (Dalwadi 2023; Savova 2022). 

The central focus of this research is to delve deep into the intricate relationship between these 

phenomena - hidden losses, valuation shifts, and the consequential accounting policy adaptations that 

ensued during the tumultuous period of the COVID-19 pandemic. The overarching objective is to unravel 

the multifaceted ways in which the unprecedented volatility stemming from the pandemic led to the 

emergence of hidden losses, and how these fluctuations, in turn, manifested as shifts in the valuation of 

companies. Furthermore, the research aims to provide a comprehensive exploration of how diverse 

organizations navigated these complex challenges, adapting their accounting policies as a strategic response. 

The challenges associated with assessing the value of common stock highlight a significant issue: none of 

the established valuation methods and models offer complete reliability and certainty in determining that 

value. Consequently, a multitude of alternative methods and models have emerged and are actively 

employed in practical valuation processes. Therefore, one of the key challenges faced by analysts, but also 

accountants, is the critical task of choosing the most suitable valuation methods among the various available 

options (Nenkov 2023). 

By methodically analyzing the effects of the pandemic-induced market volatility on hidden losses and 

valuation shifts, this study endeavors to offer valuable insights that extend beyond the immediate 

circumstances. These insights delve into the broader implications for financial reporting practices as 

economies transition into a post-pandemic recovery phase. As industries recalibrate and adapt to the new 

normal, the findings from this research can serve as a compass for financial professionals, regulators, and 

policymakers in developing strategies that enhance financial reporting accuracy, transparency, and 

robustness in the face of similar future challenges. 

In summary, this study seeks to unravel the intricate tapestry woven by hidden losses, valuation shifts, 

and accounting policy adjustments during and after the COVID-19 pandemic. By casting a spotlight on these 

interrelated facets, the research aims to provide a comprehensive understanding of the cascading effects of 

market volatility and offer invaluable insights into enhancing financial reporting practices for a more resilient 

and adaptable financial future. 

 

METHODS 

 
To address the research objectives of investigating hidden losses, valuation shifts, and accounting 

policy implications during and after the COVID-19 pandemic, a mixed-methods research approach was 

adopted. This section outlines the research design, data sources, and analytical methods employed in this 

study. 
Research Design: A sequential explanatory research design was employed, beginning with a qualitative 

phase followed by a quantitative phase. This approach allowed for a comprehensive exploration of the 

phenomena under study, followed by the quantitative analysis of collected data to support generalizability 

and provide deeper insights (Creswell and Plano Clark 2011; Dawadi et al. 2018). 

Data Sources: Qualitative data was collected through semi-structured interviews with senior financial 

executives and accounting professionals from diverse industries. The aim was to capture nuanced insights 

into the impact of hidden losses, valuation shifts, and accounting policy adaptations during and after the 

COVID-19 pandemic. Participants were purposively selected based on their expertise and experience in 

financial reporting and accounting policy decisions. Quantitative data was sourced from annual reports, 

financial statements, and auditors' reports of publicly listed companies across sectors. These reports provided 

information on hidden losses, valuation shifts, and changes in accounting policies. The sample was stratified 

to ensure representation from different industries, regions, and market capitalization segments. 



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Analytical Methods: For the qualitative phase, thematic analysis was employed to identify recurring 

themes, patterns, and key insights from the interview data (Braun and Clarke 2006; Nowell et al. 2017). 

Transcripts were coded and analyzed iteratively to develop comprehensive themes related to hidden losses, 

valuation shifts, and accounting policy responses during and after COVID-19. In the quantitative phase, 

financial data extracted from annual reports was subjected to statistical analysis using descriptive and 

inferential methods. Key financial ratios, such as debt-to-equity ratio, current ratio, and return on assets, 

were computed to assess the impact of hidden losses and valuation shifts on financial performance (Hair et 

al. 2009). 

 

RESULT AND DISCUSSION 

 

Analysis of Hidden Losses and Valuation Shifts 

Before the COVID-19 pandemic, the financial landscape was characterized by a sense of stability, 

marked by occasional market fluctuations. Concerns about hidden losses were not widespread, and shifts in 

valuation were predominantly influenced by anticipated market patterns and macroeconomic factors. 

 

Traditional Application of Accounting Policies 

During this period, accounting policies typically followed historical cost accounting principles. Under 

this approach, assets were recorded on financial statements at their original acquisition cost. This approach 

often led to a mismatch between the carrying value of assets and their fair market value (Palea and Vera, 

2016). 

Traditional accounting policies influenced financial reporting by underrepresenting the latent market 

value of assets and investments. Hidden losses were not prominently featured in financial statements as the 

prevailing accounting norms did not mandate frequent revaluation. This resulted in potentially misleading 

information for stakeholders and investors (Barth et al. 2013). 

 

Impact of COVID-19: Unveiling Hidden Losses and Valuation Shifts 
Impact on Financial Markets and Price Volatility: 

The emergence of the COVID-19 pandemic led to unprecedented turbulence in global financial 

markets. This upheaval was characterized by significant drops in asset prices and a notable increase in price 

volatility. Lockdown measures, disruptions in supply chains, and shifts in consumer behavior had a 

profound and adverse impact on business operations across various industries. Financial markets, in 

particular, experienced rapid and substantial fluctuations, resulting in significant reductions in market 

capitalization and a notable change in investor sentiments. 

 
Emergence of Hidden Losses and Valuation Shifts: 

The increased volatility and economic uncertainty brought about by the pandemic revealed previously 

concealed losses within the financial portfolios of companies. Asset values that were not accurately reflected 

on financial statements were suddenly revealed, impacting financial performance and solvency (World Bank 

2020). 

Valuation adjustments were primarily influenced by sudden shifts in market conditions and 

alterations in investor behavior, as noted by Yang et al. (2023). Businesses encountered difficulties in 

establishing accurate fair values for their assets, partly due to reduced market activity and disruptions in the 

valuation process, as discussed by Lev (2003). Consequently, valuation changes occurred as companies 

reevaluated the worth of their assets in response to evolving market dynamics. 

 

Accounting Policy Responses during COVID-19: 

The sudden and unparalleled onset of the COVID-19 pandemic triggered a profound upheaval in 

global markets. In response to this unprecedented crisis, companies found themselves compelled to act 

swiftly and strategically. They undertook the recalibration of their accounting policies to effectively tackle 

the unique challenges posed by the pandemic. In the wake of economic uncertainties and unprecedented 

volatility, businesses found themselves navigating uncharted waters, where accounting practices played a 

pivotal role in shaping the accuracy and transparency of financial narratives (Creswell and Plano Clark 

2011). 

Numerous enterprises made the decision to reevaluate their impairment assessment methodologies, 

with a distinct focus on acknowledging and accounting for the looming threat of expected credit losses. This 

adjustment in policies served as a clear response to the heightened credit risk environment that had rapidly 

emerged. The motivation behind these policy adaptations was the urgent necessity to provide a more detailed 

and precise representation of the recoverable amounts of assets, directly addressing the increasing economic 

uncertainty. 



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The implications of these agile and strategic accounting policy adjustments reverberated on the canvas 

of financial reporting in two distinct dimensions. Firstly, the metamorphosis of companies' financial 

statements was profound, with an overt shift towards a more transparent representation of the inherent risks 

and uncertainties tethered to the pandemic-ridden landscape (World Bank 2020). Stakeholders and investors 

were presented with a refined lens that unveiled the intricate interplay between financial health and 

unforeseen market exigencies. 

Furthermore, the repercussions of these policy changes extended deep into the core of financial 

performance, impacting solvency ratios and the overall stability of businesses. This highlighted the intricate 

balance that accounting policy decisions held with regard to reported financial results. Even minor 

alterations in methodologies could lead to significant variations in key performance indicators, underscoring 

the importance of these policy shifts. 

In summation, the saga of accounting policy responses amid the COVID-19 pandemic unveils a 

narrative of adaptability, strategic foresight, and an unwavering commitment to financial transparency. As 

companies forged their paths through the stormy seas of uncertainty, these accounting policy adaptations 

served as compasses, guiding organizations toward a more accurate depiction of their financial landscape, 

while illuminating the intricate connections between policy choices, financial outcomes, and stakeholder 

confidence. The journey of accounting policy responses becomes a testament to the resolute spirit with which 

businesses navigate crises and the proactive measures undertaken to enhance the resilience of financial 

reporting practices. 

 

Post-COVID-19 Recovery and Accounting Policy Adjustments 

As the stormy waves of the COVID-19 pandemic begin to recede and economies cautiously steer 

toward recovery, companies find themselves at a critical juncture that demands a meticulous recalibration 

of their accounting policies to effectively navigate evolving market dynamics (Kugler et al. 2021). The 

transition from crisis to recovery is not only a shift in economic momentum but also a pivot point where 

astute accounting practices play a pivotal role in shaping financial narratives with renewed clarity and 

accuracy (World Bank 2020; Kugler et al. 2021). 

In the wake of the pandemic's tumultuous impact, businesses have embarked on a journey of 

introspection, initiating comprehensive reviews of their valuation methodologies and revisiting the bedrock 

assumptions that underpin their impairment assessments (Kugler et al. 2021). This rigorous process is 

marked by a resolute commitment to fortify financial statements against potential vulnerabilities that may 

arise from future uncertainties, thereby contributing to the overall robustness of corporate financial reporting 

practices (DeFond and Zhang 2014). 

The paramount driver behind accounting policy adjustments in this post-COVID-19 landscape is the 

aspiration to accurately mirror the gradual improvement in the economic outlook while concurrently 

fostering an environment of preparedness against any potential reverberations that future shocks may bring 

(Kugler et al.). These carefully orchestrated shifts in accounting policies are not merely an exercise in 

numbers; they stand as integral components of the broader narrative that organizations project to 

stakeholders, investors, and the financial community at large (Laux and Leuz 2009). 

The recalibration of accounting policies emerges as a potent tool to provide relevant, reliable, and 

incisive information to facilitate sound decision-making in an environment where the path to recovery is 

both promising and enigmatic (Rathnayaka et al. 2023; Kugler et al. 2021). As companies harness the 

insights gleaned from the challenges posed by the pandemic, these policy adjustments pave the way for 

financial narratives that resonate with stakeholders, exuding a sense of transparency and commitment to 

accurate representation (Zulfiqar et al. 2021; Amel-Zadeh and Barth 2016; Kugler et al. 2021). 

In conclusion, the journey from pandemic-induced chaos to post-COVID-19 recovery is marked not 

only by economic restoration but also by the strategic recalibration of accounting policies. These 

adjustments, fueled by the aspiration for precise reflection, resilience, and credibility, contribute to the 

formulation of narratives that capture the essence of organizations' resilience and readiness to confront the 

uncertainties of the future financial landscape. As companies continue to weather the aftershocks of the 

pandemic, these nuanced adjustments in accounting policies serve as guiding beacons that illuminate the 

path toward sustainable recovery and unwavering financial transparency. 

 

Examples of Hidden Losses and Valuation Shifts: Real-world Scenarios 

To provide further insight into the practical implications of hidden losses and valuation shifts during 

and after the COVID-19 pandemic, this chapter examines real-world examples from various industries. 

These examples shed light on the challenges companies faced, the accounting policy adjustments they made, 

and the lessons learned from their experiences. 

 



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Travel and Hospitality Industry 

The travel and hospitality industry was severely impacted by travel restrictions and lockdowns during 

the pandemic (Rathnayaka et al. 2023). Airlines and hotel chains faced hidden losses due to canceled 

bookings and plummeting revenues. Companies like "WingsAir" adjusted their accounting policies to 

account for the substantial decrease in the value of aircraft fleets and properties, revealing the magnitude of 

their hidden losses (Nowell et al. 2017). 

 

Retail Sector 

Retailers experienced rapid shifts in consumer behavior and foot traffic during the pandemic. 

"ShopSmart," a multinational retail chain, faced valuation shifts as inventory demand decreased 

significantly (Savova 2022). The company recalibrated its accounting policies to recognize the impairment 

of unsold merchandise and adapt its inventory valuation method to reflect current market realities (Amel-

Zadeh and Barth 2016). 

 
Technology Companies 

Technology companies such as "E-CommerceTech" witnessed a surge in online sales as consumers 

shifted to remote shopping (Barth et al. 2013). However, they also encountered challenges in valuing their 

intangible assets, such as software and patents, which gained newfound importance. By employing scenario 

analysis and sensitivity testing, E-CommerceTech adjusted its accounting policies to reflect changes in 

customer behavior and the potential impact on future cash flows (Bhojraj 2003). 

 
Energy Sector 

The energy sector grappled with the dual impact of decreased oil demand and price volatility. 

"PowerEnergies," an energy production company, faced hidden losses stemming from the reduced value of 

oil and gas reserves. To address this, the company collaborated with auditors to assess the impairment of its 

long-lived assets, leading to adjustments in its depreciation and amortization policies (Creswell and Plano 

Clark 2011). 

In our upcoming discussion, we will delve into concrete examples of accounting for hidden losses and 

the practical application of accounting approaches concerning changes in accounting policies and 

accounting estimates. We will focus on these topics within the framework of the globally accepted 

International Financial Reporting Standards (IFRS). Impairment of Assets (IAS 36): During the COVID-19 

pandemic, many companies experienced a decline in the recoverable amount of their assets, such as 

property, plant, and equipment or goodwill, due to the economic downturn. Under IAS 36, if there is an 

indication that the carrying amount of an asset may not be recoverable, the company needs to perform an 

impairment test. Hidden losses can occur when the recoverable amount is lower than the carrying amount, 

leading to an impairment loss. Companies may have needed to adjust their estimates and assumptions for 

cash flows and discount rates, reflecting the changing economic environment. 

 Inventory Valuation (IAS 2): Some companies faced challenges in valuing their inventory during the 

pandemic, especially those with perishable or slow-moving inventory. They might have needed to 

assess whether the net realizable value of their inventory has declined. A change in the lower-of-cost-

or-net-realizable-value assessment can result in recognizing a hidden loss in the income statement. 

 Revenue Recognition (IFRS 15): For companies in industries like travel and entertainment, the 

pandemic significantly impacted their ability to recognize revenue according to their historical 

patterns. They may have had to change their revenue recognition policies, recognizing revenue over 

time instead of at a point in time. This change in accounting policy can affect the timing and amount 

of revenue recognized, potentially leading to hidden losses or gains. 

 Lease Accounting (IFRS 16): Under IFRS 16, lessees recognize lease liabilities and right-of-use assets 

on their balance sheets. The economic impacts of COVID-19 may have led companies to reassess 

their lease terms, exercise break clauses, or negotiate rent concessions. These changes in lease terms 

can result in adjustments to the lease liability and right-of-use asset, impacting the balance sheet and 

potentially revealing hidden losses. 

 Expected Credit Losses (IFRS 9): Financial institutions have had to consider the expected credit losses 

on their loan portfolios due to the economic uncertainty brought about by the pandemic. Changes in 

macroeconomic factors can lead to changes in the probability of default and the credit risk of 

borrowers, necessitating adjustments to the expected credit loss allowances. These adjustments can 

lead to hidden losses in the financial statements. 

 



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In all these examples, companies may have had to reassess their accounting policies and estimates in 

response to the COVID-19 pandemic's economic impacts. These adjustments can result in the recognition 

of hidden losses or gains, highlighting the importance of transparent and accurate financial reporting under 

IFRS. Companies are required to disclose these changes in accounting policies and the impact on their 

financial statements in their notes to the financial statements to provide transparency to stakeholders. 

 

Implications and Lessons Learned 

The study's findings underscore the critical role of dynamic accounting policies in navigating 

uncertain and volatile environments, such as those prompted by the COVID-19 pandemic (Kugler et al. 

2021). Hidden losses and valuation shifts serve as indicators of the need for transparent and adaptable 

reporting practices that accurately capture market realities (Kugler et al. 2021). 

The broader implications of this study extend to regulatory frameworks, risk management strategies, 

and corporate governance practices (Kugler et al. 2021). Companies and policymakers can draw lessons 

from the pandemic experience to enhance their preparedness for future disruptions and refine financial 

reporting practices that reflect economic realities with greater accuracy (Kugler et al. 2021). 

The examples given illustrate the challenges and opportunities companies encountered during and 

after the COVID-19 pandemic (Lev 2003). The ability to navigate hidden losses and valuation shifts hinged 

on adaptability, accurate financial reporting, and collaboration between finance teams and auditors 

(DeFond and Zhang 2014; Laux and Leuz 2009). Companies that adjusted their accounting policies to align 

with market realities were better equipped to communicate transparently with stakeholders, make informed 

decisions, and strategize for the future. 

 

CONCLUSION 

 

This paper delved into the intricate relationship between hidden losses, valuation shifts, and 

accounting policies amidst and following the COVID-19 pandemic within a constantly fluctuating price 

environment. The research unveiled the profound impact of the pandemic on financial markets, 

characterized by heightened price volatility, disruptions in business operations, and pervasive uncertainty. 

Consequently, hidden losses became a focal point as companies grappled with the abrupt revelation of 

previously concealed declines in asset values. Valuation shifts emerged as a response to evolving market 

dynamics, as businesses reevaluated the value of their assets. 

The unprecedented circumstances posed a challenge to traditional accounting policies, prompting 

companies to adapt their methodologies. These adjustments aimed to capture hidden losses and present 

accurate valuations. Consequently, these policy changes had implications for financial reporting, ultimately 

enhancing transparency and reflecting the pandemic's impact on the financial positions of companies. 

The paper's contributions to the existing literature lie in its exploration of the intricate interplay 

between hidden losses, valuation shifts, and accounting policies during a global crisis. The study sheds light 

on the significance of flexible accounting policies in adapting to uncertain environments and delivering 

precise financial information. 

Looking ahead, future research could delve into the long-term consequences of accounting policy 

adjustments in the post-pandemic era. This analysis might include their effects on financial performance and 

how stakeholders perceive them. Additionally, exploring the roles of regulatory frameworks and auditors in 

ensuring transparent and reliable financial reporting during crises could provide valuable insights. 

In conclusion, this study underscores the vital role of adaptable accounting policies in addressing 

unprecedented challenges. It emphasizes the importance of transparency in accurately representing hidden 

losses, valuation changes, and shifting market conditions. The lessons derived from this research can inform 

future financial reporting practices and contribute to more resilient businesses and economies. 

 

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