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Recognizing insurance claims related to COVID-19

Hot Topic | April 2020

Guidance on when to recognize insurance recoveries, as well as measurement, presentation and disclosure requirements.

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Companies may hold business interruption, event cancellation or workers' compensation insurance policies. KPMG highlights when insurance recoveries can be recognized, as well as measurement, presentation and disclosure guidance.

Applicability

  • All companies

Relevant dates

  • Effective immediately

Key impacts

  • Not all insurance policies may cover COVID-19 related losses and costs. 
  • Insurance recoveries are recognized only when specific criteria have been met, which can be as late as when the claim is settled.

Report contents

  • Background
  • Understand policy coverage
  • Determine when to recognize recoveries and gains
  • Other accounting considerations

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Coronavirus

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Broad disclosure impacts of COVID-19

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

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Financial reporting impacts of COVID-19

Guidance, updates and news covering financial reporting impacts of COVID-19

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Meet our team

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Valerie Boissou
Partner, Dept. of Professional Practice, KPMG US
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Rika Tanaka
Managing Director, Dept. of Professional Practice, KPMG US
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Valerie Boissou
Partner, Dept. of Professional Practice, KPMG US
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Rika Tanaka
Managing Director, Dept. of Professional Practice, KPMG US
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Accounting Research Online

Access our accounting research website for additional resources for your financial reporting needs.

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