Complex Accounting Rules During COVID-19

Accounting Rules and How to Report COVID-19-related Debt Restructuring Today, many banks are working with struggling borrowers on loan modifications. As recent guidance from the Financial Accounting Standards Board (FASB) confirms.  Short-term modifications due to the COVID-19 pandemic won’t be subject to the complex accounting rules for troubled debt restructurings (TDRs). Here are the details.…

Financial Statements in Times of Crisis

Your financial statements and on-time financial reporting is key Financial Statements.  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 how your business has weathered…

Disaster Recovery Plan – Got One?

3 steps to “stress test” your business Disaster recovery plan.  During the COVID-19 crisis, you can’t afford to lose sight of other ongoing risk factors, such as cyberthreats, fraud, emerging competition and natural disasters. A so-called “stress test” can help reveal blind spots that threaten to disrupt your business. A comprehensive stress test requires the…

Reporting CAMs in the COVID-19 era

Reporting CAMs in the COVID-19 era Starting in 2019, auditors’ reports for certain public companies must contain a new element: critical audit matters (CAMs). The requirement was in effect for audits of large accelerated filers.  With market values of $700 million or more in fiscal years ending on or after June 30, 2019. It goes…

Financial Statements and Revenue Recognition

Financial statements, revenue recognition, and leases: FASB gives certain entities more time Private companies and most nonprofits were supposed to implement (in their financial statements) updated revenue recognition guidance in fiscal year 2019, and updated lease guidance in fiscal year 2021. In the midst of the novel coronavirus (COVID-19) crisis, the Financial Accounting Standards Board…