Fourth Quarter 2020 Financial Services Update

Happy New Year! We hope that you and your family are safe and healthy. We know the current state of the economy and markets creates challenges for your financial institution. We will continue to serve you with advice and insight to help you navigate this challenging environment.

In this edition of our quarterly communication, we have provided information about all of the financial reporting and accounting issues that we are currently aware of that will impact your quarterly reporting. These include discussion on critical topics, such as:

  • Loan Considerations as of December 31, 2020
  • PPP and Credit Related Disclosures
  • SEC and PCAOB Update
  • Operational Risks, SOC Reporting, and the Impacts of COVID-19
  • Coronavirus Response and Relief Supplemental Appropriation Act
  • Temporary Relief from Part 363 Audit and Reporting Requirements

We have also compiled a list of financial reporting and disclosure items for your consideration for the fourth quarter, as well as a summary of recently issued accounting pronouncements (see Appendices for summary of recently issued accounting pronouncements and the related effective dates).  Our goal is for you to have up-to-date information available to you prior to finalizing your financial reporting deliverables.

Please review and feel free to contact one of your Elliott Davis engagement team members with any questions. We look forward to working with you throughout the financial reporting process.

 

Click here for PDF