Given the current business and market conditions amid the coronavirus pandemic, companies are likely to be faced with many accounting and reporting challenges depending on where they are in the fiscal year. These challenges come in the form of practical considerations, like the ability of a company to “close its books,” apply complex and judgment-based accounting concepts, meet regulatory expectations and filing deadlines, and address investor expectations.
Considering this rapidly evolving environment, audit committees will want to consider the following guidance as they exercise their critical oversight role.
Here is a glimpse of what to expect:
Closing the books and SEC filing deadlines
Risk factors, MD&A
Revenue recognition and receivables
Impairment of goodwill, indefinite-lived intangibles and long-lived assets