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#WeatheringtheStorm – Part 7 – Accounting & Reporting for the Quarter
As companies navigate this crisis during their current reporting quarter, see the thread below for some #accounting and #disclosure topics to keep in mind:
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As companies navigate this crisis during their current reporting quarter, see the thread below for some #accounting and #disclosure topics to keep in mind:
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1. #Impairment: consider any trigger events for impairment affecting assumptions in your #FairValue models related to long-lived assets, goodwill and other intangible assets
2. #Revenue: consider updating estimates for changes in variable consideration & collectability
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2. #Revenue: consider updating estimates for changes in variable consideration & collectability
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3. #InsuranceRecoveries: assess accounting for insured losses and business interruption
4. Lease/Rent Concessions: evaluate #lease modification accounting when receiving rent abatement or incentives
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4. Lease/Rent Concessions: evaluate #lease modification accounting when receiving rent abatement or incentives
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5. #Debt: monitor for compliance, defaults, re-classification and modifications/extinguishments
6. Income #Taxes: expected impact to forecasts affecting valuation allowance, NOLs and tax rate
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6. Income #Taxes: expected impact to forecasts affecting valuation allowance, NOLs and tax rate
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7. Disclosure: consider updating the following:
- Risk factors, MD&A, description of business & changes in ICFR
- Risks & uncertainties
- Subsequent events
- Going concern
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- Risk factors, MD&A, description of business & changes in ICFR
- Risks & uncertainties
- Subsequent events
- Going concern
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Contact us to discuss these or other issues that may be impacting your company during this difficult time.
#SEC #financialreporting #impairment #COVID #compliance #accounting
https://www.linkedin.com/posts/atlantix-partners_sec-financialreporting-impairment-activity-6658377606850760704-ouPw
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#SEC #financialreporting #impairment #COVID #compliance #accounting
https://www.linkedin.com/posts/atlantix-partners_sec-financialreporting-impairment-activity-6658377606850760704-ouPw
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