United States

Coronavirus: Financial reporting considerations

WHITE PAPER

March 19, 2020 (Updated August 6, 2020)
 

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The effects of the coronavirus are evolving rapidly and are unique for each entity’s circumstances. In addition to addressing the serious operational impacts of the coronavirus, it is important that all entities consider how the coronavirus affects their financial reporting. Our white paper provides an overview of several matters for consideration during this critical time, including the following:

  • Asset impairment
  • Fair value
  • Sales of held-to-maturity debt securities
  • Lease considerations
  • Loan and debt modifications and classification
  • Business interruption insurance considerations
  • Obligations for exit or disposal costs and contingencies
  • Revenue recognition 
  • Hedge accounting and derivative valuation
  • Stock compensation
  • Tax considerations
  • Consolidation
  • Paycheck Protection Program loans and other government assistance
  • Going concern, risks and uncertainties
  • Certain SEC and regulatory reporting considerations
  • GASB activities and resources

The financial reporting considerations related to the coronavirus pandemic are continuing to evolve. This white paper will continue to be updated periodically as developments warrant. For additional resources related to the coronavirus pandemic, visit our Coronavirus Resource Center.

 


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