Hot Topic | February 2020

 

Insight

SEC Chair advises on coronavirus impact on disclosures

KPMG provides considerations for companies conducting business with or in China as they assess impacts of coronavirus.

Timothy Brown

Timothy Brown

Partner, Dept. of Professional Practice, KPMG US

+1 212-954-8856

Lisa Blackburn

Lisa Blackburn

Executive Director, Dept. of Professional Practice, KPMG US

Lindsey Freeman

Lindsey Freeman

Managing Director, Dept. of Professional Practice, KPMG US

+1 212-954-3519

Erin McCloskey

Erin McCloskey

Partner, Dept. of Professional Practice, KPMG US

+1 212-872-5718

SEC Chairman advises companies to monitor current and potential effects of coronavirus on disclosures. KPMG provides reporting considerations for companies conducting business with or in China as they assess the impact of coronavirus on their SEC reporting obligations.

Applicability

  • All companies

Relevant dates

  • Effective immediately

Key impacts

  • Companies need to continuously assess the impact the coronavirus outbreak may have on: 
    • Required reporting, including periodic disclosures
    • Accounting and financial reporting, including subsequent events 
    • Access to information in China
    • Internal controls over financial reporting 
    • Filing deadlines.
  • On February 19, 2020, the SEC issued a public statement on financial reporting considerations and the potential availability of regulatory relief related to the impact of the coronavirus.
  • Companies should continue to monitor information coming from the SEC staff.

Report contents

  • Background and SEC Chairman statement
  • What should companies consider? 
  • Evolving information

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