Overcoming the Effects of COVID-19, Ensuring Business Continuity and Stimulating Digitalization in Russia

ABSTRACT

The chapter analyzes the global trends to handling crises, which include fiscal, regulatory, budget and fund levers. Russia has overcome a number of crises in the late 20th and early 21st century and we show that business continuity can be ensured using additional factors of public, regional and corporate governance, which explain the resiliency of the Russian economy. The work considers financial, credit, tax, administrative and rent measures taken at the federal and regional levels to support business during the COVID-19 pandemic. Regional measures are given on the example of the second most important constituent entity of the Russian Federation - city of Saint-Petersburg. The focus is on rent support as for many organizations in the time when their activities are being suspended the issue of rental payments has a critical significance. The pandemic has given a significant impetus to the digitalization of business, which in turn is changing the structure of demand for rental property. We have considered the rules according to which the changed terms of lease contracts have to be accounted by the lessor and lessee according to IFRS 16 "Lease, " analyzed in detail how the lessor can apply a practical simplification to document rent concessions due to COVID-19, and its impact on the financial statements. © 2022 Nova Science Publishers, Inc.