Gediminas Ziemelis: New IFRS For Airlines With Provisions For Virus Impact?
Global Aviator|July 2020
Over the last 10 years, the world has faced two viruses with a great many deaths, consumer panic, and a huge impact on airline industries and the global economy.
Gediminas Ziemelis: New IFRS For Airlines With Provisions For Virus Impact?

In 2009, 575 000 people died from the swine flu pandemic, and from 2019 until now, 330 000 people died from Covid-19. At the beginning of 2020, some airlines announced dividends to shareholders from last year’s profit but had to ask for state aid several weeks later. Looking at history over the past 50 years it is obvious that there is a frequency in pandemics with the impact on airline businesses already anticipated. It is important to note that inaccurate provision accounting could result in significant losses for both investors and air passengers and insignificant financial problems for the company.

Global uncertainty caused by Covid-19 has had a significant impact on the economic system as well as on the ability to quickly and effectively respond to the pandemic. According to the recent study published in VOX, a weighty global output contraction will be caused by Covid-19 and more than half of it will be for the reason of economic uncertainty, which is so substantial that its costs are proportionate to the costs created by the pandemic itself.

The Covid-19 outbreak led to a halt, not only for the people of the world but also for the economy heavily affecting the whole business environment that is now experiencing major challenges and the future does not seem bright. The expectation is that the global economy will face a recession that is considered the worst since the Great Depression, according to the International Monetary Fund. However, the World Trade Organisation is more pessimistic, forecasting almost 9 percent negative growth for 2020. The effects also reached the global foreign direct investment (FDI) with the capital from emerging economies flowing out unpredictably. The downward pressure of between -30 and -40 percent in 2020-2021 is predicted for FDI.

Esta historia es de la edición July 2020 de Global Aviator.

Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.

Esta historia es de la edición July 2020 de Global Aviator.

Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.

MÁS HISTORIAS DE GLOBAL AVIATORVer todo
Edelweiss, The Sound of Music, Grossglockner And Snow, Lots And Lots Of Snow
Global Aviator

Edelweiss, The Sound of Music, Grossglockner And Snow, Lots And Lots Of Snow

Austria is a wonderland of mountains, green pastures, lakes and . . . mountains

time-read
10+ minutos  |
August 2021
Zimbabwe Air Rally 2021 Part two
Global Aviator

Zimbabwe Air Rally 2021 Part two

The following day we were up early to watch the departure air show once again, it is a large amount of razzle-dazzle to be honest.

time-read
4 minutos  |
August 2021
Boeing 727 One Crash Per 2 30 6300 Flying Hours
Global Aviator

Boeing 727 One Crash Per 2 30 6300 Flying Hours

The Boeing 727 is a narrow-body airliner. The first 727-100 rolled out 27 November, 1962, first flew on 9 February, 1963, and entered service with Eastern on 1 February, 1964.

time-read
6 minutos  |
August 2021
Taking Flight On Another World
Global Aviator

Taking Flight On Another World

The Mars Helicopter, Ingenuity, is a technology demonstration model to test powered, controlled flight on another world for the first time. It hitched a ride to Mars on the Perseverance rover. Once the rover reached a suitable "airfield" location, it released Ingenuity to the surface so it could perform a series of test flights over a 30-Martian-day experimental window.

time-read
7 minutos  |
August 2021
Thales Completes Successful First Flight Of New UAS With Range Capabilities Of Over 100 Km
Global Aviator

Thales Completes Successful First Flight Of New UAS With Range Capabilities Of Over 100 Km

• With a hybrid propulsion system for optimum safety, endurance and discretion, Thales's UAS 100 long-range unmanned air system for civil, government and military users will be able to operate at ranges of more than 100 km. • UAS 100 combines world-class flight safety performance with the compact design required for unmanned air systems, and complies with future European regulations for drone flights over populated areas. • The system will meet the requirements of a broad range of missions, including infrastructure inspection, coastal surveillance, border surveillance, event security, search-and-rescue and military operations.

time-read
2 minutos  |
August 2021
Dutch Squadron Finalises F-16 Operations
Global Aviator

Dutch Squadron Finalises F-16 Operations

The Royal Netherlands Air Force 322 squadron based at Leeuwarden air force base terminated its operations on the F-16 “Fighting Falcon” early July (2021). With the gradual ongoing new deliveries of its successor, the Lockheed Boeing F-35A “Lightning II”, it was time for the squadron to focus only on the embedding of the new jet in the unit.

time-read
3 minutos  |
August 2021
Double Ended Project: Where Is It Now
Global Aviator

Double Ended Project: Where Is It Now

Traditionally, bush and STOL aircraft have been little more than modified certified trainers, with engine and prop upgrades, or the addition of fatter tyres. However there have been attempts to improve the safety aspect of this type of flying.

time-read
2 minutos  |
August 2021
Dyke Delta Lookalike Fighter Kit Plane
Global Aviator

Dyke Delta Lookalike Fighter Kit Plane

The Dyke JD-2 Delta is an American homebuilt aircraft designed in the United States in the 1960s and marketed for amateur construction. It is a monoplane with retractable tricycle undercarriage and seating for four.

time-read
2 minutos  |
August 2021
Pratt & Whitney Canada Advances Sustainable Hybrid-Electric Propulsion Technology, Contributing to Canada's Green Recovery Plan
Global Aviator

Pratt & Whitney Canada Advances Sustainable Hybrid-Electric Propulsion Technology, Contributing to Canada's Green Recovery Plan

Pratt & Whitney Canada (P&WC), plans to advance its hybridelectric propulsion technology and flight demonstrator programme as part of a $163M CAD investment, supported by the governments of Canada and Quebec.

time-read
3 minutos  |
August 2021
Airbus showcases the A350-1000 for the first time in Russia at the MAKS 2021 International Aerospace Show
Global Aviator

Airbus showcases the A350-1000 for the first time in Russia at the MAKS 2021 International Aerospace Show

Airbus demonstrated its latest technological innovations and projects implemented in Russia at the International Aerospace Show which took place in Zhukovsky from 20 to 25 July.

time-read
2 minutos  |
August 2021