As companies navigate this crisis during their current reporting quarter, here are some accounting and disclosure topics to keep in mind:

1. Impairment: consider any trigger events for impairment affecting assumptions in your FV models related to long-lived assets, goodwill and other intangible assets
2. Revenue: consider updating estimates for changes in variable consideration & collectability
3. Insurance Recoveries: assess accounting for insured losses and business interruption
4. Lease/Rent Concessions: evaluate lease modification accounting when receiving rent abatement or incentives
5. Debt: monitor for compliance, defaults, re-classification and modifications/extinguishments
6. Income Taxes: expected impact to forecasts affecting valuation allowance, NOLs and tax rate
7. Disclosure: consider updating the following:
   • Risk factors, MD&A, description of business & changes in ICFR
   • Risks & uncertainties
   • Subsequent events
   • Going concern

Contact us to discuss these or other issues that may be impacting your company during this difficult time.