Bober: Resources Available for COVID-19 Impact on Financial Reporting

John Bober, chair of the Equipment Leasing and Finance Association’s Financial Accounting Committee, managing member of IXL Lease Advisory Services and Monitor Editorial Board member, shared a post with ELFA members regarding financial reporting amid COVID-19:

Almost every event that impacts business has a financial reporting implication for a company and the changes COVID-19 has wrought on the business environment is no exception.

When there is an economic downturn, questions naturally turn to whether or not a company’s assets are impaired. Given the severity of the broad COVID-19 impacts on the economy, industries and individual businesses, the major accounting firms have been publishing guidance on some of the accounting and reporting implications that companies need to consider in 2020. The issues addressed are related to loan and lease impairments, lease modifications, securities valuations, subsequent event reporting and other topics.

Below is a list of some of the publications that have been issued by firms that are members of the ELFA Financial Accounting Committee along with the related links:

Each of these firms also have general and industry specific information on issues that companies are facing available on their websites.

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