The quarter’s top accounting news in less than 20 minutes. PwC partners tell you what you need to know as you prepare for the March 31 quarter close.
Clearly there’s a lot going on in the world as the first quarter of 2020 comes to a close. PwC partners Heather Horn and Cody Smith focus on the accounting questions that are top of mind as companies think about their March 31 reporting.
0:45 - Recent COVID-19 developments. Constant change seemed to be the theme for the end of the first quarter. Cody begins by highlighting the most current events that closed the quarter, including the SEC’s order extending filing deadlines, the SEC staff's disclosure guidance, and the CARES Act.
7:57 - Impairments. Top of mind—and concerning all asset categories, is impairment. Cody addresses questions regarding different impairment models, particularly related to goodwill, and fair value.
8:46 - Subsequent events. As companies look ahead and consider what may happen in April, Cody provides reminders about the subsequent events framework.
10:43 - Other quarter-end considerations. Beyond the COVID-19 impacts, there are a number of other accounting-related topics that companies will need to consider at the March 31 close. Cody discusses CECL, LIBOR, and tax simplification.
16:15 - SEC updates. Cody shares some of the SEC’s new rules aimed at simplifying reporting and reducing the related cost burden.
Cody Smith is a partner in PwC’s National office with over 20 years experience who specializes in the accounting for business combinations and related areas, such as consolidations, disposals, impairments, and segment reporting.
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.
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