Financial Reporting Alert 22-1 — Financial Reporting Considerations Arising From the Russia-Ukraine War
This Financial Reporting Alert discusses key accounting and financial reporting challenges arising from the Russia-Ukraine war, including, but not limited to, those related to SEC reporting and disclosures, forecasting, supply-chain disruptions, recoverability and impairment of assets, loss of control, the ability to exercise significant influence, cessation of operations, foreign currency matters, subsequent events, and going-concern considerations.
Updated 31 March 2022: The publication has been updated to address additional considerations related to asset seizure, potential effects of deconsolidation on the cumulative translation adjustment of a foreign entity, and the possible impacts of the conversion of contracts to Russian rubles.
Updated 7 May 2022: The publication has been updated to reflect the SEC’s May 3, 2022, sample letter to companies regarding disclosures about the financial impact of the Russia-Ukraine war and related supply-chain issues.
