Reporting COVID-19-Related Debt Restructurings

Today, many banks are working with struggling borrowers on loan modifications. Recent guidance from the Financial Accounting Standards Board (FASB) confirms that short-term modifications due to the COVID-19 pandemic won’t be subject to the complex accounting rules for troubled [...]

By |2020-09-18T15:18:44-04:00September 18th, 2020|Categories: Audit, Blog|Tags: , , , , , |Comments Off on Reporting COVID-19-Related Debt Restructurings

On-Time Financial Reporting Is Key In Times Of Crisis

Many companies are struggling as a result of shutdowns and restructurings during the COVID-19 crisis. To add insult to injury, some have also fallen victim to arson, looting or natural disasters in 2020. Lenders and investors want to know [...]

By |2020-09-21T12:39:02-04:00September 11th, 2020|Categories: Audit, Blog|Tags: , , , |Comments Off on On-Time Financial Reporting Is Key In Times Of Crisis

Levels Of Assurance: Choosing The Right Option For Your Business Today

The COVID-19 crisis is causing private companies to re-evaluate the type of financial statements they should generate for 2020. Some are considering downgrading to a lower level of assurance to reduce financial reporting costs — but a downgrade may [...]

By |2020-08-28T13:44:47-04:00August 28th, 2020|Categories: Audit, Blog, GAAP, Uncategorized|Tags: , , , , |Comments Off on Levels Of Assurance: Choosing The Right Option For Your Business Today

Asset Impairment is Expected to Hit 2020 Financial Statements

Some companies are expected to report impairment losses in fiscal year 2020 because of the COVID-19 crisis. Depending on the nature of your operations and assets, the pandemic could be considered a “triggering event” that warrants interim impairment testing. [...]

By |2020-06-19T13:42:33-04:00June 19th, 2020|Categories: Audit, Blog, COVID-19, GAAP|Tags: , , , , |Comments Off on Asset Impairment is Expected to Hit 2020 Financial Statements

Beware: Coronavirus may affect financial reporting

The coronavirus (COVID-19) outbreak — officially a pandemic as of March 11 — has prompted global health concerns. You may also be worried about how it will affect your business and its financial statements for 2019 and beyond. Close up on financial [...]

By |2020-03-25T18:15:12-04:00March 18th, 2020|Categories: Audit, Blog, COVID-19|Tags: , , , |Comments Off on Beware: Coronavirus may affect financial reporting