COVID-19 and Financial Reporting

Much has been addressed regarding the evolving tax consequences of the coronavirus pandemic (COVID-19), and justifiably so. Not to be overlooked, however, are the financial reporting considerations resulting from the effects of COVID-19. The AICPA’s Center for Plain English Accounting has published a Special Report, “Consequences of COVID-19: Financial Reporting Considerations,” providing financial reporting guidance. This Plain English report addresses topics such as subsequent event reporting, asset impairment, market declines, accounting estimates, loss contingencies and going concern. The Special Report can be accessed from the AICPA’s website at:

https://www.aicpa.org/content/dam/aicpa/interestareas/centerforplainenglishaccounting/resources/2020/cpea-covid-alert-20200318.pdf

We’re closely monitoring the COVID-19 situation as it evolves so we can provide up-to-date guidance and support. For more information on how the coronavirus may impact your business, please contact us.

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