COVID-19 related illustrative disclosures
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COVID-19 related illustrative disclosures

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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

Download the illustrative COVID 19 related disclosures

File name: CPEA-covid-19-related-illustrative-disclosures.pdf

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