Hot Topic | March 2020

 

Subsequent events, going concern and risk disclosure impacts of COVID-19

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

Applicability

  • All companies

Related dates

  • Effective immediately

Report contents

  • Background
  • Subsequent events (Topic 855)
  • Going concern (Subtopic 205-40)
  • Risks and uncertainties (Topic 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

 

Spotlight on contributors

Jon Baker

Jon Baker

Partner, Dept. of Professional Practice, KPMG US

Valerie Boissou

Valerie Boissou

Partner, Dept. of Professional Practice, KPMG US

Rivka Grund-Sender

Rivka Grund-Sender

Director, Dept. of Professional Practice, KPMG US

Rika Tanaka

Rika Tanaka

Managing Director, Dept. of Professional Practice, KPMG US

 

 

Subscribe to our newsletter

Receive timely updates on accounting and financial reporting topics from KPMG.