The dog days of summer generally mean that the annual budgeting process is about to be upon many entities. However, you may feel as if your organization has been in perpetual re-forecast mode for most of 2020. Feeling stuck in re-forecast mode complicates future year planning, loans and capital assistance considerations, and implementation timing of long-term strategies. It can also affect some elements of accounting that will be important for your 2020 financial statement audit.
Topics: internal control, impairment testing, COVID19, Coronavirus, cash flow
During the first quarter of 2020, the economic decline caused by the COVID-19 pandemic has raised many questions about the fair value of a variety of assets held in a broad range of industries and companies. This has been demonstrated by the significant declines in public share prices by many public companies as well as the declines noted in the broader stock market indices.
Topics: goodwill impairment, impairment testing, public company, David Lewin, ASC Topic 606, Coronavirus, COVID-19
Topics: Tests for Impairment of Intangible Assets, Paul Languirand, FASB, compliance, impairment testing
