Shuttered operations. Production stops. Supply chains interrupted. Each of these could have a significant impact on businesses and nonprofit organizations, including their cash flow and revenues. Many organizations have financial statements about to be issued that may need to disclose how these issues are impacting them.
On March 18, 2020, the AICPA put out a report Consequences of COVID-19: Financial Reporting Considerations which addresses several considerations for businesses and financial statements. (AICPA’s Center for Plain English Accounting)
The report covers:
- Subsequent events
- Accounting estimates
- Asset impairment
- Loss contingencies
- Going concern
- Variable consideration under FASB ASC 606, Revenue from Contracts with Customers
Learn more in this report, which has been made public under these unique circumstances.
Our team understands these new concerns and we are here as your trusted advisor to help you navigate the road ahead. Call or email us and we’ll get back with you soon.