COVID-19: Interim disclosure questions, answered

04/07/20

To help navigate uncertain times, hear PwC discuss interim disclosure considerations as companies look ahead to their quarterly filings.

If you’re unsure about how COVID-19 might impact your financial reporting, you're not alone. In response to the COVID-19 crisis, this podcast is the next episode in a series that will address questions received surrounding the impacts to financial statements. Heather Horn is joined by Eric Sullivan, a PwC director, to focus on key impacts that COVID-19 could have on Form 10-Q filings, as well as other disclosure updates relevant for Q1 2020.

Topics include:

1:12 - SEC filing relief. We begin by reminding listeners about recent filing relief available for companies affected by the COVID-19 crisis.
4:10 - SEC disclosure guidance. The SEC recently issued guidance to consider when evaluating how COVID-19 might impact disclosure. Eric walks through key areas of disclosure within the financial statements and MD&A and discusses non-GAAP considerations.
14:58 - Internal controls. Companies are having to think through how their controls operate in the current environment. What do they need to consider from a 10-Q perspective? Eric explains.

17:46 - Other Q1 2020 considerations. Even while COVID-19 is top of mind, don’t lose sight of a few other important topics for Q1 reporting. Eric highlights SEC rule updates, leasing disclosures, and the adoption of the cloud computing and CECL standards.
23:26 - Final thoughts. We close with reminders about the importance of early communication with auditors and encourage listeners to reach out to the SEC with questions related to the deadline relief, disclosure guidance, or other concerns regarding the impacts of COVID-19.

View full podcast series

About our guest

Eric Sullivan is a Director in PwC’s National Office specializing in SEC financial reporting matters. With over a decade of accounting and auditing experience, Eric has served public and private clients in the technology and media industries.

About our host

Heather Horn is PwC's National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.