KPMG reports on major accounting and financial reporting developments that could affect companies in the current period and near term. This quarter’s publication features the implications of COVID-19 on accounting and financial reporting, SEC headlines, financial reporting reminders for 2020 and FASB developments.
- The COVID-19 pandemic is causing major disruption to business operations and worldwide markets as the virus spreads.
- In response to the coronavirus, the SEC has made certain accommodations for registrants, which includes extending filing deadlines for companies operating or located in regions affected by the coronavirus.
- The SEC staff is monitoring the sufficiency of disclosures – including risk factor disclosures in MD&A, Form 10-K and 10-Q – not just for the coronavirus, but for other events such as Brexit and reference rate reform.
- Most public companies completed their Year 1 accounting under the new leases standard and also adopted the credit losses standard on January 1, 2020.
- Current quarter financial reporting matters
- New standards and guidance
- Projects and agenda priorities
- Recommended reading and CPE opportunities
Financial reporting impacts of coronavirus
COVID-19: Responding with resilience and readiness
Resource page: SEC matters
Resource page: Leases
Resource page: Financial instruments