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Accounting for the Impact of COVID-19: How the Coronavirus Affects Going Concern Evaluations
Posted by Chrissy Hammond on Wed, Apr 15, 2020 @ 11:09 AM

The COVID-19 pandemic has resulted in one of the most rapid changes to the current economic environment the world has ever experienced. Restrictions on travel abroad as well as stay-at-home orders from a significant number of states and local jurisdictions within the United States have been implemented to reduce the spread of the virus. These restrictions are also affecting the business operations of entities throughout the country. The significant volatility in the stock market provides a frequent visual depiction of the rapidly changing future expectations for public companies as well as their privately owned peers.

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Topics: going concern, Financial Statement, COVID19, Coronavirus, financial statement preparation

It’s Not Too Early to Start Thinking About 2019 Financial Statement Reporting
Posted by Peter Gold on Mon, Mar 18, 2019 @ 10:39 AM

As you wrap up your 2018 financial reporting and move into 2019, you may want to take stock of the changes that will come into effect in 2019. For public companies, the long awaited changes to revenue recognition are being applied. Private companies have several small modifications that may make their reporting a little easier.

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Topics: private company, FASB, public company, Financial Accounting Standards Board, Peter Gold, Financial Statement

Financial Statement Changes Coming in the Wake of ’Wayfair’
Posted by Patrick Quinn on Thu, Aug 30, 2018 @ 02:27 PM

The Supreme Court recently ruled that a physical presence in a state is not required for a state's sales and use tax requirements. In response to South Dakota v. Wayfair, Inc., states are rapidly updating their policies to collect state sales taxes from companies that conduct business remotely.

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Topics: economic nexus, Patrick Quinn, Sales Tax, Accounting Issues, Wayfair, South Dakota vs Wayfair, Financial Statement

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