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11 Accounting Challenges Arising from COVID-19
Posted by Mark Winiarski on Tue, Aug 18, 2020 @ 05:38 PM

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.

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Topics: goodwill impairment, going concern, income tax accounting, Revenue recognition, COVID19, Coronavirus, financial statement disclosures, SEC, PPP Loan, Payment Protection Program, credit loss

Income Tax Accounting Repercussions for Public Companies
Posted by Brad Jolie and Kevin Eagan on Fri, Apr 17, 2020 @ 02:48 PM

The $2.2 trillion economic stimulus package, the Coronavirus Aid, Relief, and Economic Security (CARES) Act includes many tax and non-tax provisions to assist individuals, businesses, and the unemployed. Tax changes in the CARES Act and other tax law changes that have come about to offset the economic impact of the COVID-19 pandemic create many potential issues to consider with accounting, from going concern evaluations to financial statement disclosures. For public companies with quarterly financial filings to prepare, there will be a number of income tax accounting implications that will need to be addressed now.

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Topics: tax, public company, Taxes, Brad Jolie, COVID-19, CARES Act, Coronavirus Aid, Relief, and Economic Security Act, SEC, Kevin Eagan, Public Companies

SEC Extends Relief for Companies Affected by COVID-19
Posted by Chrissy Hammond on Fri, Mar 27, 2020 @ 10:34 AM

Several recent updates from the Securities and Exchange Commission (SEC) may help SEC registrants meet filing requirements and navigate some key questions around their reporting requirements. The provisions in Release No. 34-88465 provide some relief and clarity during a time when many businesses are adjusting to disruption related to remote work arrangements and other significant operational and financial challenges caused by the COVID-19 virus pandemic.

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Topics: COVID19, Coronavirus, SEC

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