As we shift to the new “normal”, we hope that you are safe and healthy. We continue to be available to you to serve you and your company. Financial reporting continues to be particularly challenging for the second quarter based on continued unprecedented market and economic volatility. In this edition of our Quarterly Update, we address specific topics that may impact your upcoming quarterly reporting.

In the Coronaviruses Disease 2019 section, we have included the following resources and articles for your consideration:

• Borrower Accounting for PPP Loans

• Insights on Revenue Recognition (ASC 606)

• Goodwill Analysis in Today’s Environment

• Stock Compensation Considerations

• Families First and CARES Act Tax Update

We have also compiled a list of items for your consideration in your financial reporting and disclosures for the second quarter and 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.

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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 during the audit and throughout the financial reporting process.

Join us on Wednesday, July 8th, for a one-hour webcast designed to provide insight into recent discussions, actions and pronouncements from the FASB and other accounting regulatory bodies. Find more information and register at: