Volume 12 - Issue 64
/ April 2023
291
http:// www.amazoniainvestiga.info ISSN 2322- 6307
DOI: https://doi.org/10.34069/AI/2023.64.04.30
How to Cite:
Mуkhalchenko, M., Zhuravlova, I., Zhalinska, I., Saienko, V., & Ovander, N. (2023). Digital tools for anti-crisis management of
enterprises: the Ukrainian case. Amazonia Investiga, 12(64), 291-299. https://doi.org/10.34069/AI/2023.64.04.30
Digital tools for anti-crisis management of enterprises: the Ukrainian
case
Herramientas digitales para la gestión anticrisis de las empresas: el caso Ucraniano
Received: February 2, 2023 Accepted: May 23, 2023
Written by:
Hanna Mуkhalchenko1
https://orcid.org/0000-0003-2616-9499
Iryna Zhuravlova2
https://orcid.org/0000-0001-7341-1183
Iryna Zhalinska3
https://orcid.org/0000-0003-1054-7803
Volodymyr Saienko4
https://orcid.org/0000-0003-2736-0017
Nataliia Ovander5
https://orcid.org/0000-0002-4917-8876
Abstract
The political and economic situation in Ukraine
has led to an increase in the likelihood of crisis
phenomena at enterprises, which is manifested in
a decrease in financial results or even losses,
reduced financial stability and production
volumes, deteriorating quality of services and
products. Many enterprises, which have become
uncompetitive, unfortunately, are now bankrupt.
The ability of business entities in time to analyze
the financial condition and develop anti-crisis
measures, as well as the implementation of
necessary anti-crisis solutions help to reduce the
likelihood of bankruptcy or crisis phenomena,
which will allow businesses to restore their
solvency, improve financial stability and emerge
from this state with the lowest major tasks of
crisis management Given the presentation, the
main purpose of the work is to summarize the
theoretical material and develop right Business
process modeling according to IDEF.0 standard
was used as the main digital toolkit. Modeling of
business processes with the use of these digital
1
Doctor of Economic Sciences, Ph.D., Associate Professor, The head of Department of Economics of Enterprises and Management,
Educational-scientific professional-pedagogical institute (Bakhmut), Ukrainian Engineering Pedagogics Academy, Donetsk region,
Ukraine.
2
D.Sc. (Economics), Professor, Head of Finance Department, Faculty of Finance and Accounting, Simon Kuznets Kharkiv National
University of Economics, Kharkiv, Ukraine.
3
Ph.D. in Economics, Associate Professor, State University “Zhytomyr Polytechnic” Department of Management, Business and
Marketing Technologies, Ukraine.
4
Professor, DSc. (In organization and management) Department of Innovation Management, Faculty of Social Sciences, Academy of
Applied Sciences – Academy of Management and Administration in Opole, Poland.
5
Ph.D., Associate Professor, Department of Finance and Digital Economics, Faculty of Business and Services, Zhytomyr Polytechnic
State University, Ukraine.
292
www.amazoniainvestiga.info ISSN 2322- 6307
tools will allow to take into account all potential
factors of anti-crisis management of Ukrainian
enterprises, focusing on the flow of information,
the validity of decisions, and the direct
effectiveness of crisis management.
Keywords: crisis management, digital tools,
sustainable development, business process,
management decision-making.
Introduction
The process of crisis management for modern
enterprises comes first in the context of general
financial management, since today in the world
there are more and more risks and threats to
business entities, which determines the
importance of both classical crisis management
and preventive management. The article
considers approaches to crisis management in a
sequential manner. The first stage was to identify
the signs of a crisis in order to determine whether
there are threats to the financial balance of an
enterprise and its further stable development. The
author also specifies the sequence of stages of
analysis to identify a crisis at an enterprise, which
will also allow for determining the causes of the
existing crisis and taking a more balanced
approach to the problem of forming an anti-crisis
program. The next step in the work is to analyze
the business processes of crisis management
using the IDEF0 standard, which allows for a
clear identification of the sequence of stages of
crisis management at an enterprise. Further,
approaches to building an anti-crisis strategy for
an enterprise that is able to ensure the stable
development of the enterprise in the long term
with a focus on overcoming crisis phenomena
were identified.
The article develops a comprehensive approach
to the implementation of anti-crisis financial
management for Ukrainian companies, which
will allow identifying the manifestations of the
crisis at an early stage and determining the ways
to overcome it.
Theoretical Framework or Literature Review
In modern literature, the concept of “crisis at the
enterprise” is interpreted as various negative
factors: from existing problems that worsen the
financial condition of the enterprise to the
impossibility of normal functioning and
bankruptcy.
Analysis of scientific sources, namely: Emilova
(2022), Aleksieienko & Poltinina (2020), Buriak,
Petchenko (2021), Katamadze (2022), Loginov
et al., (2021), Nani & Safitri (2021), Zinisha,
Kharchenko, Avdeev, Pavlova, & Maltsev
(2021), Khalina, Bazyliuk, Chornenka, Krasilych
& Korzh (2019), Mocanu (2018), Usova et al.,
(2021) Voskolupov, Balanovska, Havrysh,
Hohulia & Drahnieva (2021) and Ihnatenko
(2022) showed that the most relevant to the
presented research is to understand the essence of
the concept of crisis as an objective process that
can be both an impetus to optimize the work of
the enterprise and lead to fatal consequences in
case of inability to adapt to new conditions and
develop. The analysis of the works of domestic
and foreign scientists has demonstrated the
existence of two approaches to the definition of
the term “crisis”, namely: positive and negative.
The content of the positive approach is to
perceive the crisis as a turning point in the
development of enterprises and an objective
process that is characteristic of each life cycle.
Supporters of this method are: Bieńkowska &
Tworek (2022), Feshina, Konovalova &
Sinyavsky (2019), Sylkin et al., (2019), Melnyk,
Shuprudko, Kolosovska, Berest & Pasichnyk
(2020) and Starosta (2014). In turn, Akhmetshin,
Brager, Pokramovich, Andreyko & Alenikova
(2018), Christa & Kristinae (2021), Lobova,
Bogoviz & Alekseev (2022), Lowe (1971),
Popova (2020) and Yessenbekova & Turezhanov
(2021) adhere to a negative approach and believe
that the crisis is a serious threat to the viability of
enterprises and, as a result, an increase in the risk
of possible bankruptcy. Thus, the concept of
“crisis” is associated with such categories as a
contradiction, loss, danger, threat, critical period,
completion or turning point in any process, etc.
In our opinion, the point of view of Metelenko
(2018) on the unpredictability of the crisis is
controversial, since the crisis process is preceded
by a number of negative factors, actions, and
Mуkhalchenko, M., Zhuravlova, I., Zhalinska, I., Saienko, V., Ovander, N. / Volume 12 - Issue 64: 191-299 / April, 2023
Volume 12 - Issue 64
/ April 2023
293
http:// www.amazoniainvestiga.info ISSN 2322- 6307
factors; no global crisis was foreseen. Therefore,
it is logical to state that the crisis is an objective
process, but the occurrence of which can
adversely affect the activities of the enterprise
and be an obstacle to adapting to new conditions
and opportunities for development.
For the activity of the enterprise, crisis
phenomena have a double meaning, but usually,
it is a negative impact, which often leads to
bankruptcy. Crisis phenomena are moments of
aggravation that arise in the correlation between
individual elements of the enterprise as a system
and with its environment. Fig.1. shows the signs
of the crisis state of the enterprise
For forecasting and timely detection of crisis
phenomena at the enterprise, the probability of
bankruptcy is first diagnosed, if the results of the
study revealed unsatisfactory results, then the
causes of this situation are analyzed (Fig. 2).
The next step should be the analysis of losses
from the consequences of the crisis and the
development and justification of an anti-crisis
program based on the resource capabilities of a
particular enterprise.
Signs of a crisis
state of the
enterprise
Decrease
profitability and volume
of profit
Unprofitable
production
Insolvency
Depletion or lack
of reserve funds
Increase in accounts
payable
Deficit of working
capital
Figure 1. Signs of the crisis of the enterprise.
Source: created by authors
Analysis of the probability of a crisis at the
enterprise
Determination of the causes of the crisis
situation and their ranking
Assessment of expected costs from the
consequences of the crisis Analysis of resource possibilities for
crisis prevention
Development of an anti-crisis program
Figure 2. Sequence of analysis to identify the crisis at the enterprise.
Source: created by authors
The crisis is a complex phenomenon and requires
multidirectional and corrective actions and,
above all, preventive ones. There is no single best
way out of the crisis. Each enterprise should have
its own crisis prevention strategy, use a set of
complex actions and efforts of different parts of
294
www.amazoniainvestiga.info ISSN 2322- 6307
the enterprise which should be adapted to the
causes and symptoms of crisis. The important
attention at the enterprise should be paid to the
construction of an effective system of anti-crisis
management. Anti-crisis financial management
is a comprehensive system of management, the
purpose of which is to prevent a financial crisis
at the enterprise, as well as elimination of
negative consequences. According to the authors,
the process of implementation of crisis
management at the enterprise should be defined
as a system of measures, which is developed for
each enterprise separately, taking into account
the specifics of activity, organizational form,
stage of crisis process, and aimed at preventing
the crisis and eliminating threats to the normal
functioning and development of enterprises. The
crisis management mechanism involves the
following: the object (crisis phenomena arising
under the influence of changing internal and
external environment and expressed in a
deviation of the actual performance of the
enterprise from the planned, normative) and the
subject of management (responsible bodies of
crisis management, depending on the specific
organizational structure of the enterprise), the
formation of target management processes, its
resource provision (material, labor, financial,
information resources, etc.), choice of measures
The object of crisis management is the crisis
itself, resulting from the influence of external and
internal factors on the activities of the enterprise.
Subjects are competent employees or bodies who
study and eventually decide on a crisis
management program which one to choose
depending on the specifics of activity, purpose,
chosen methods, and level of resources of the
enterprise. The objectives of crisis management
are to get out of the crisis, to avoid or neutralize
the consequences.
Methodology
In conditions of market uncertainty, one of the
primary tasks of management is to identify, form
and analyze the current and future opportunities
of the enterprise. This process requires the
processing of significant amounts of information,
which can only be achieved by using modern
digital tools, among others which include the
construction of business models detailed in
Aleksieienko, Leliuk & Poltinina (2020). One of
the most common methods of modeling today is
the use of the structural-functional method,
whose task is to establish the elements required
to perform the functions of a particular system,
identifying the relationship between them. The
structural-functional analysis focuses on
identifying the overall flow of information, its
typification, selection from a large array of
qualitative and quantitative sides of the
phenomenon the most essential, important, and
outstanding. This method according to the
IDEF.0 standard is described in detail in
Aleksieienko, Poltinina & Leliuk (2020). The
peculiarity of the IDEF0 standard is that it allows
to present the improvement algorithm by means
of a diagram, to visualize the sequence of actions
of forming the main directions. The structural
and functional model is an approach in
describing and explaining systems, in which their
elements and dependencies between them within
a single whole are studied, individual social
phenomena perform a certain function in
maintaining and changing social systems.
Results and Discussion
As a result of the study, the model of the anti-
crisis management business process for
Ukrainian enterprises was built using digital
tools, namely the Ramus software environment -
fig. 3.
Volume 12 - Issue 64
/ April 2023
295
http:// www.amazoniainvestiga.info ISSN 2322- 6307
Figure 3. Context diagram of the business process model of crisis management for Ukrainian enterprises.
Source: created by authors
As can be seen from Fig. 3, today the enterprises
carry out the anti-crisis financial management,
guided by methodological recommendations to
analyze the financial condition based on financial
statements data and information on the state of
development of the industry. In this case, the
result of implementing the process of crisis
financial management is the formation of anti-
crisis strategy of the enterprise, which, in turn, is
one of the components of the development
strategy of the enterprise.
Directly the process of crisis management,
implemented at the enterprise, needs to be
detailed in order to be able to identify its
advantages and disadvantages, and in the future
to consider its advantages and disadvantages and
to optimize, in accordance with the needs of the
market.
To detail the stages of crisis management, the
context diagram decomposition approach is used
(Fig. 4).
Figure 4. Decomposition of the AS-IS context diagram “Anti-crisis management in the enterprise”
Source: created by authors
296
www.amazoniainvestiga.info ISSN 2322- 6307
From Fig. 4 shows that the process of anti-crisis
financial management consists of four blocks:
Creation of the information base of the research
(A1);
coefficient analysis of the financial condition of
the enterprise (А2);
development of anti-crisis measures to improve
the financial condition of the enterprise (A3);
development of anti-crisis strategy at the
enterprise (А4).
In Fig. 4 the aspect that is important is that it is
proposed to perform crisis management
functions not only to the accountant but also to
the financial analyst, who is able to understand
the financial problems of the enterprise more
comprehensively and make more informed
financial decisions. In general, crisis
management significantly differs from
traditional management, has its own specifics
associated with significant changes in the
operating environment of the enterprise, as well
as the unpredictability of the situation and new
management problems that arise in the
environment of functioning of Ukrainian
enterprises, in particular under martial law.
The task of overcoming of crisis and the financial
and economic stability of enterprises cannot be
considered as one-time business practice
compressed in time, or as a set of necessary
active actions of enterprise specialists with the
application of tools for the elimination of debtor's
insolvency. This is a dynamic process in which
the management of the enterprise after the crisis
has a separate functional purpose, therefore, it is
not logical to carry it out exclusively at the level
of accounting functions, that's why in the
business process financial analyst is shown as a
full-fledged participant of anti-crisis
management, that is considered in Yankovskaya,
Mustafin, Endovitsky & Krivosheev (2022). The
next step is to proceed to the decomposition of
the business process to develop an anti-crisis
strategy of the enterprise - Fig. 5. In general,
diagnosis of crisis phenomena is carried out at
the first stage to determine the need for anti-crisis
management, as well as to clarify its form and
type. The main tools of diagnostics are: express-
diagnostics; monitoring and evaluation of
general indicators of financial situation;
diagnostics with the application of financial
analysis and methods of evaluation of the
probability of bankruptcy; methods of evaluation
of enterprise potential (competitiveness of
enterprise); implementation of other additional
measures.
Figure 5. Decomposition of the block “Development of anti-crisis strategy of the enterprise” within the
business process of anti-crisis management of the enterprise
Source: created by authors
After all stages of assessment and analysis the
development of the anti-crisis strategy of the
enterprise is carried out - fig. 5, focused on the
system development of the enterprise and its
adaptation to the unstable external environment.
In general, the main goal of anti-crisis measures
is an improved financial condition in the future,
which is possible to change in relation to the
Volume 12 - Issue 64
/ April 2023
297
http:// www.amazoniainvestiga.info ISSN 2322- 6307
present and worth, desirable or necessary to
achieve. However, today it is very difficult to
predict the potential state of the enterprise, as it
is also very difficult to predict the prospect of
military action in Ukraine and its impact on the
national economy and domestic enterprises.
Development and adoption of management
decisions are made in accordance with the
purpose of anti-crisis measures - prevention,
neutralization (stabilization), or overcoming
(elimination) of crisis phenomena in the
enterprise.
At the prevention of crisis, the key direction of
strategic decisions is realized within the
framework of the strategy of formation of
financial resources, financial support of
accelerated growth, financial maintenance of
stable growth, achievement of financial safety.
Herewith orientation of management measures is
focused on support of investment into production
processes; motivation of shareholders;
substantiation of the feasibility of investment
projects; support of solvency by means of control
of payments of customers; optimization of
production costs; revision of money management
system; formation of reserve funds of
accumulation of financing of necessary increase
of current and non-current assets for providing of
high rates of production volume growth; control
of dynamics of short-term liabilities. The
development of a complex anti-crisis strategy
can become a key direction of the formation of
optimal measures, aimed at overcoming of crisis
or preventing its occurrence.
The preparation and subsequent implementation
of an anti-crisis financial strategy involves the
implementation of the following basic measures:
• Diagnosis of processes and trends leading to
crisis states;
• Forecasting the emergence, development,
and possible consequences of crisis
situations
• Anti-crisis support (revealing of processes
and tendencies that lead to crisis situations)
• making preparations in advance for
emergencies (crisis prevention);
• organization and coordination of effective
actions to overcome crisis situations and
their consequences.
Consequently, when developing an anti-crisis
strategy, it is the directions and measures that
should be taken into account. And further
implementation of the strategy will be aimed at
the most effective use of the potential of the
enterprise and the implementation of effective
measures to minimize external and internal
threats.
Thus, in modern conditions, the introduction of
crisis management in the practice of domestic
enterprises becomes a necessary condition for
bringing them out of the financial crisis.
Successful anti-crisis management requires the
use of different methods. According to the causes
of the crisis, the enterprise should choose the
method that best helps to eliminate the internal
causes of the crisis or neutralize external ones. In
addition, when implementing an anti-crisis
policy, it is necessary to refer to foreign
experience and to take measures which would
help the leading countries' economies to come
out of the crisis. And it is extremely important to
observe a certain mechanism of anti-crisis
measures, which will allow not only to react to
crisis phenomena in time but also to prevent their
development.
Conclusions
The analysis of the essence of crisis management
allowed to determine that the process of
implementation of crisis management at the
enterprise should be understood as a system of
measures developed for each enterprise
separately, taking into account the specifics of its
activities, organizational form, stage of the crisis
process and aimed at preventing the crisis and
eliminating threats to the normal functioning and
development of enterprises.
In order to improve the process of anti-crisis
financial management of the enterprise,
implemented the use of digital tools implemented
for modeling business process according to
standard IDEF0, built a model which reflects the
basic direction of optimization of the crisis
management process. The uniqueness of the
model consists that anti-crisis management at the
enterprise is offered to carry out through the
construction of an anti-crisis financial strategy
which provides realization of such basic
measures, as: diagnostics of processes and
tendencies which lead to crisis conditions;
forecasting of occurrence, development, and
possible consequences of crisis situations;
realization of anti-crisis support (discovery of
processes and tendencies which lead to crisis
situations); carrying out the advance preparation
for the case of occurrence of anti-crisis
situations; realization of the anti-crisis strategy.
The improved model allows, based on complex
research of the crisis development level at the
enterprise, to develop a strategy of anti-crisis
298
www.amazoniainvestiga.info ISSN 2322- 6307
financial management and form a system of
measures to overcome the crisis at the enterprise.
That's why the implementation of the anti-crisis
strategy will allow to realize the complex
approach of anti-crisis management.
Bibliographic references
Akhmetshin, E., Brager, D., Pokramovich, O.,
Andreyko, M., & Alenikova, M. (2018).
Modern theoretical and methodological
approaches to personnel management in
manufacturing enterprises. Revista Espacios.
39(31), 11–15.
https://www.revistaespacios.com/a18v39n31
/18393111.html
Aleksieienko, I., Leliuk, S., & Poltinina, O.
(2020). Information and communication
support of project management processes and
enterprise value. Development
Management, 18(3), 1–13.
https://doi.org/10.21511/dm.18(3).2020.01
Aleksieienko, I., Poltinina O., & Leliuk S.
(2020). Information support of the
management process of the economic entity.
Modern science: problems and innovations:
II Intern. scientific-practical. conf. (3-5 May
2020, Stockholm). Stockholm, 2020.
http://repository.hneu.edu.ua/bitstream/1234
56789/26133/1/15.pdf
Ayu Nani, D., & Dina Safitri, V. A. (2021).
Exploring the relationship between formal
management control systems, organisational
performance and innovation: The role of
leadership characteristics. Asian Journal of
Business and Accounting, 14(1), 207–224.
https://doi.org/10.22452/ajba.vol14no1.8
Bieńkowska, A., & Tworek, K. (2022).
Controlling and its influence on
organizations’ functioning under conditions
caused by the COVID-19
pandemic. Sustainability, 14(24), 16644.
https://doi.org/10.3390/su142416644
Buriak, I., & Petchenko, M. (2021). Analysis of
the dilemmas of building an accounting
system for the needs of future economic
management. Futurity Economics & Law,
17–23.
https://doi.org/10.57125/fel.2021.03.25.3
Christa, U. R., & Kristinae, V. (2021). The effect
of product innovation on business
performance during COVID 19
pandemic. Uncertain Supply Chain
Management,151-
158. https://doi.org/10.5267/j.uscm.2020.10.
006
Emilova, I. (2022). The Anti-Crisis Management
in The Process of Global
Integration. LUMEN Proceedings, 18, 45-50.
https://doi.org/10.18662/lumproc/gidtp2022/
05
Feshina, S. S., Konovalova, O. V., &
Sinyavsky, N. G. (2019). Industry 4.0—
transition to new economic reality.
In Industry 4.0: Industrial Revolution of the
21st Century (pp. 111–120). Springer
International Publishing. Doi: 10.1007/978-
3-319- 94310-7_11
Ihnatenko, R. (2022). Technologies of targeting
advertising: the essence and
effectiveness. Financial and Credit Activity
Problems of Theory and Practice, 1(42),
428–435.
https://doi.org/10.55643/fcaptp.1.42.2022.37
15
Katamadze, G. (2022). Business entity’s
preventive-anti-crisis strategy model and
possibilities of its implementation in
Georgia. Economics. Ecology. Socium, 6(2),
38–45. https://doi.org/10.31520/2616-
7107/2022.6.2-4
Khalina, O., Bazyliuk, V., Chornenka, O.,
Krasilych, I., & Korzh, M. (2019). Formation
of organizational support for the management
of the economic security of engineering
enterprises: Methodical and practical
aspects. Business: Theory and
Practice, 20(0), 317–328.
https://doi.org/10.3846/btp.2019.30
Lobova, S. V., Bogoviz, A. V., &
Alekseev, A. N. (2022). Sustainable AI in
environmental economics and management:
Current trends and post-COVID
perspective. Frontiers in Environmental
Science, 10.
https://doi.org/10.3389/fenvs.2022.951672
Loginov, M., Usova, N., & Nedorostkova, E.
(2021). Developing digital retail services as a
tool of ensuring consumer market sustainable
development in the Sverdlovsk region. SHS
Web of Conferences, 94,
01028. https://doi.org/10.1051/shsconf/2021
9401028
Lowe, E. A. (1971). On the idea of a management
control system: Integrating accounting and
management control. The Journal of
Management Studies, 8(1), 1–12.
https://doi.org/10.1111/j.1467-
6486.1971.tb00833.x
Melnyk, S., Shuprudko, N., Kolosovska, I.,
Berest, I., & Pasichnyk, M. (2020). Anti-
crisis personnel management in the process of
ensuring the economic security of the
enterprise. Business: Theory and
Practice, 21(1), 272–281.
https://doi.org/10.3846/btp.2020.11438
Metelenko, N. (2018). Conceptual model for
assessing financial safety in the system of
Volume 12 - Issue 64
/ April 2023
299
http:// www.amazoniainvestiga.info ISSN 2322- 6307
economic security of industrial
enterprise. Management and
Entrepreneurship Trends of
Development, 4(06), 95–110.
https://doi.org/10.26661/2522-1566/2018-
4/06-11
Mocanu, N. (2018). Implementation of anti-crisis
management technologies. International
Journal of Innovation in the Digital
Economy, 9(4), 11–23.
https://doi.org/10.4018/ijide.2018100102
Popova, Y. (2020). Economic or financial
substantiation for smart city solutions: a
literature study. Economic Annals-
ХХI, 183(5–6), 125–133.
https://doi.org/10.21003/ea.v183-12
Starosta, A. (2014). Anti-crisis Management
Strategies. The case of companies in the
Greater Poland
Voivodeship. Management, 18(1), 255–266.
https://doi.org/10.2478/manment-2014-0019
Sylkin, O., Kryshtanovych, M., Zachepa, A.,
Bilous, S., & Krasko, A. (2019). Modeling
the process of applying anti-crisis
management in the system of ensuring
financial security of the enterprise. Business:
Theory and Practice, 20, 446–455.
https://doi.org/10.3846/btp.2019.41
Usova, N.V., Loginov, M.P., &
Nedorostkova, E.E. (2021). Anti-crisis
strategies of the digital retail services market
development. Benefit, 4(41), 23-29.
Voskolupov, V., Balanovska, T., Havrysh, O.,
Gogulya, O., & Drahnieva, N. (2021).
Marketing management as a tool for
preventing crisis of agricultural
enterprises. Financial and Credit Activity
Problems of Theory and Practice, 5(40),
410–417.
https://doi.org/10.18371/fcaptp.v5i40.24519
2
Yankovskaya, V. V., Mustafin, T. A.,
Endovitsky, D. A., & Krivosheev, A. V.
(2022). Corporate social responsibility as an
alternative approach to financial risk
management: Advantages for Sustainable
Development. Risks, 10(5), 106.
https://doi.org/10.3390/risks10050106
Yessenbekova, Z., A., & Turezhanov, S. (2021).
Circular bioeconomics: conceptual
aspects. Economic Annals-ХХI, 193(9–10),
45–53. https://doi.org/10.21003/ea.v193-05
Zinisha, O., Kharchenko, E., Avdeev, Y.,
Pavlova, N., & Maltsev, I. (2021). Features of
application of International Financial
Reporting Standards (IFRS) by international
companies. Economic Annals-ХХI,
188(3–4), 188–194.
https://doi.org/10.21003/ea.v188-22