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Broad disclosure impacts of COVID-19

Hot Topic | June 2020

Updated: Subsequent events, going concern, unusual items, risks and uncertainties evaluation and disclosures.

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Updated: The COVID-19 outbreak is impacting how companies evaluate and disclose subsequent events, going concern, unusual items, and risks and uncertainties in their financial statements.

Applicability

  • All companies

Relevant dates

  • Effective immediately

Report contents

  • Background
  • Subsequent events (ASC 855)
  • Going concern (ASC 205-40)
  • Unusual items (ASC 220-20)
  • Risks and uncertainties (ASC 275)
  • Considerations for SEC issuers
  • Appendix A: Examples of business risks relevant to the subsequent events and going concern analysis
  • Appendix B: Examples of financial statements estimates potentially affected by COVID-19

Download the document:

Coronavirus Broad Disclosure Considerations

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Valerie Boissou
Partner, Dept. of Professional Practice, KPMG US
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Jon Baker
Partner, Dept. of Professional Practice, KPMG US
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Rivka Grund-Sender
Managing Director, Dept. of Professional Practice, KPMG US
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Rika Tanaka
Managing Director, Dept. of Professional Practice, KPMG US
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Image of Valerie Boissou
Valerie Boissou
Partner, Dept. of Professional Practice, KPMG US
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Image of Jon Baker
Jon Baker
Partner, Dept. of Professional Practice, KPMG US
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Image of Rivka Grund-Sender
Rivka Grund-Sender
Managing Director, Dept. of Professional Practice, KPMG US
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Image of Rika Tanaka
Rika Tanaka
Managing Director, Dept. of Professional Practice, KPMG US
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