When organizations are financially struggling or affected by external events, several accounting considerations come into play. External events arising from the COVID-19 pandemic and its disruption could intersect with several components of accounting. A brief summary of possible considerations are described below.
Topics: goodwill impairment, going concern, income tax accounting, Revenue recognition, COVID19, Coronavirus, financial statement disclosures, SEC, PPP Loan, Payment Protection Program, credit loss
By Patrick Quinn, CPA and David Lewin, CPA
Topics: financial reporting, financial statements, going concern, COVID19, Coronavirus, financial statement disclosures
