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Financial Reporting Alert 20-2 — Financial reporting considerations related to COVID-19 and an economic downturn

Published on: 07 May 2020

This Financial Reporting Alert discusses key accounting and financial reporting considerations related to conditions that may result from the COVID-19 pandemic as well as various industry-specific considerations. Entities may find this publication particularly useful as they address some of the more pervasive and difficult accounting and reporting challenges stemming from the pandemic, including the preparation of forward-looking cash flow estimates; the recoverability and impairment of assets; the accounting for financial assets, contract modifications, and subsequent events; going-concern issues; and SEC reporting considerations.

Originally issued on 25 March 2020, this alert has been updated:

  • to reflect changes as a result of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) as well as other accounting and financial reporting developments associated with the COVID-19 pandemic. [13 April 2020]
  • to add new content, expand on several discussions, and insert cross-references to additional resources. [24 April 2020]
  • to reflect recent accounting and financial reporting developments associated with the COVID-19 pandemic. [7 May 2020]

Appendix D lists content that has been added or amended in this and previous updates to this publication.


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