Hot Topic | June 2020

 

Insight

Broad disclosure impacts of COVID-19

Updated: Subsequent events, going concern, unusual items, risks and uncertainties evaluation and disclosures.

Valerie Boissou

Valerie Boissou

Partner, Dept. of Professional Practice, KPMG US

+1 212-954-1723

Jon Baker

Jon Baker

Partner, Dept. of Professional Practice, KPMG US

+1 212-954-2914

Rivka Grund-Sender

Rivka Grund-Sender

Director, Dept. of Professional Practice, KPMG US

+1 212-872-3805

Rika Tanaka

Rika Tanaka

Managing Director, Dept. of Professional Practice, KPMG US

+1 212-954-6291

Updated: The COVID-19 outbreak is impacting how companies evaluate and disclose subsequent events, going concern, unusual items, and risks and uncertainties in their financial statements.

Applicability

  • All companies

Relevant dates

  • Effective immediately

Report contents

  • Background
  • Subsequent events (ASC 855)
  • Going concern (ASC 205-40)
  • Unusual items (ASC 220-20)
  • Risks and uncertainties (ASC 275)
  • Considerations for SEC issuers
  • Appendix A: Examples of business risks relevant to the subsequent events and going concern analysis
  • Appendix B: Examples of financial statements estimates potentially affected by COVID-19

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