Guest Post: Rod Redding, Some Places to Look for Assistance in Accounting for the Coronavirus
Dr. Rod Redding received his PhD from Penn State University after working with Price Waterhouse and IBM. Presently, he presents seminars and webcasts and prepares self-study courses for Western CPE.
This alert provides accounting websites, and a list of articles, that have been written about various issues related to the impact of the coronavirus on accounting issues. Of course, one of the key issues is going concern. A future alert will address this issue. The following articles are hyperlinked for your convenience.
WEBSITES
AICPA: Coronavirus (COVID-19) Resource Center
AICPA: Coronavirus (COVID-19) audit and accounting resources
- A&A FAQs related to COVID-19 Issues
- Going concern tips for auditors during the pandemic
- Consequences of COVID-19: Potential Auditing Challenges
- Consequences of COVID-19: Illustrative Public Company Disclosures
- Remote auditing during COVID-19
- How auditors can test inventory without a site visit
- Consequences of COVID-19: Financial Reporting Considerations
PwC CFO direct: COVID-19 – Accounting and reporting resource center
EY: COVID-19 enterprise resilience
KPMG: Financial reporting impacts of coronavirus
RSM: CORONAVIRUS RESOURCE CENTER
BDO: Crisis Response Resource Center
SELECTED ARTICLES
(Not all of these articles have been reviewed for content quality.)
- How SOC reporting may be affected by the COVID-19 pandemic, EY, 5/21
- How to account for proceeds from Paycheck Protection Program loans, EY, 5/21
- Coronavirus: Financial reporting considerations, RSM, 5/20
- Updated: CARES Act: Accounting for the stimulus, PwC, 5/20
- Auditing during COVID-19: 6 areas to focus on, J of A, 5/15
- Ability to continue as a going concern amid COVID-19, PwC, 5/7
- Accounting and reporting impacts of the CARES Act, KPMG, 4/28
- Healthcare entities’ accounting for COVID-19 government aid, KPMG, 4/24
- Accounting for rent concessions related to the COVID-19 pandemic under ASC 842, EY, 4/16
- FASB Issues Staff Q&A Document on Accounting for Leases During COVID-19, FASB, 4/10
- FASB staff clarifies accounting for lease concessions and other effects of COVID-19, EY, 4/10
- Going concern tips for auditors during the pandemic, J of A, 4/3
- Relief provided by the CARES Act will affect accounting and financial reporting, EY, 4/3
- Coronavirus: Accounting considerations for your business, EY, 4/2
- Accounting effects of the Coronavirus on fair value measurements, Thomson Reuters, 3/24
- Accounting for the Coronavirus under Topic 606, Thomson Reuters, 3/23
- How the coronavirus may affect financial reporting and auditing, J of A, 3/17
DIG DEEPER:
How The $3.5 Trillion Budget Blueprint Could Impact Your Clients
The new reporting requirements on brokers are addressed in Section 80603 of the bill. “Broker,” by definition in Sec. 6045 (c)(1), is expanded to include “any other person who (for a consideration) regularly acts as a middleman with respect to property or services…A person shall not be treated as a broker with respect to activities consisting of managing a farm on behalf of another person.” In turn, the bill defines a “digital asset” as “any digital representation of value which is recorded on a cryptographically secured distributed ledger or any similar technology as specified by the Secretary.