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Almost all companies have been impacted by COVID-19 and the related volatility in financial markets and changes in the economic environment. The extent of the impact may be both direct and indirect and will vary based on a variety of facts and circumstances, including a company’s industry, location, customer and supplier diversification, and the duration of the pandemic.
This In depth answers specific questions about a range of accounting topics that may be impacted by the pandemic and the economic environment. It was originally issued in March 2020 and updated several times in the following months. In this refreshed version, we have reorganized the document to better support research by reordering the FAQs and grouping all FAQs on the same topic. Although renumbered, substantive changes were not made to the content unless a question is specifically noted as being updated in January 2021. Certain questions that are no longer applicable have been deleted.
We have also added additional questions related to the accounting for lease concessions and the impairment of right-of-use assets.
Also see our FAQ on the CARES Act, which has been updated for the December additional stimulus package.
Additionally, listen to a team of PwC partners discuss how the coronavirus may impact areas like revenue recognition, asset impairments and more.