AICPA issues COVID-19 financial reporting guidance

Financial statement preparers, accountants and auditors are actively working to adapt to the unique issues and challenges presented by the coronavirus (COVID-19). The Association of International Certified Professional Accountants, the global voice of the American Institute of CPAs (AICPA) and the Chartered Institute of Management Accountants (CIMA), recently made several resources available to the profession at no cost. Additionally, Baker Tilly is pleased to share a special report from the AICPA’s Center for Plain English Accounting, titled “Consequences of COVID-19: Financial Reporting Considerations.” The AICPA report is a leading resource on COVID-19 financial reporting questions, and contains actionable guidance in several key financial statement areas, including subsequent events evaluation and disclosure, impairment considerations and going concern evaluation, among other topics. A list of other AICPA updates is available on their website.

Baker Tilly is actively monitoring updates from the AICPA, Internal Revenue Service (IRS), and other professional and regulatory organizations. Visit our Coronavirus Preparedness Resource Center for the latest news and insights to help you stay on top of current developments, care for your customers and employees, and manage your organization through this unprecedented time.

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