Weathering the Storm Part 7: Accounting & Reporting for the Quarter
Atlantix Partners | June 3, 2020

As companies navigate this crisis during their current reporting quarter, here are some accounting and disclosure topics to keep in mind:
- Impairment: consider any trigger events for impairment affecting assumptions in your FV models related to long-lived assets, goodwill and other intangible assets
- Revenue: consider updating estimates for changes in variable consideration & collectability
- Insurance Recoveries: assess accounting for insured losses and business interruption
- Lease/Rent Concessions: evaluate lease modification accounting when receiving rent abatement or incentives
- Debt: monitor for compliance, defaults, re-classification and modifications/extinguishments
- Income Taxes: expected impact to forecasts affecting valuation allowance, NOLs and tax rate
- 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.
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