The COVID-19 pandemic, coupled with the current stock market volatility, has created an economic environment likely to have significant accounting consequences. Our COVID-19 accounting and reporting resource center, and PwC's COVID-19 navigator, provides insights to help you navigate these uncertain times.
Here's a selection of COVID-19 accounting and reporting news we're following from the standard setters and regulators. Receive this news along with our insights in your inbox each Friday by subscribing to PwC's Accounting weekly news.
On April 28, the FASB staff issued a Q&A document addressing the application of the cash flow hedge accounting guidance in ASC 815 to circumstances impacted by the COVID-19 pandemic.
On April 21, the FASB issued an exposure draft that would defer the effective date of ASC 606, Revenue from Contracts with Customers, and ASC 842, Leases, for certain entities. Comments on the proposal are due by May 6.
Listen in to our series of podcast episodes addressing frequently asked questions in accounting and reporting areas impacted by COVID-19 and the current economic environment, including fair value, goodwill impairment, CECL and market conditions.