Many entities will need to assess the financial and business repercussions of the pandemic on their operations and the financial statement areas that are impacted to determine the disclosures required by U.S. generally accepted accounting principles (U.S. GAAP). The example disclosures in this report were adapted from various public company filings.
These illustrative disclosures are intended to help accountants and practitioners develop disclosures that meet the unique circumstances of an individual entity. Individuals must exercise professional judgment in using these examples as a basis for developing disclosures. These examples should be used as a general guide and should be tailored based on entity-specific information. Disclosures are provided covering the following areas:
General disclosures about the COVID-19 pandemic and its impact on an entity
Asset impairments
Going concern
Use of estimates
Lease concessions
Restructuring
Paycheck Protection Program (PPP) loans and Economic Injury Disaster Loans (EIDL)
Income taxes
Subsequent events