How Is COVID-19 Affecting Your Financial Statements? Its hard to point ont anything that is nt affected by the Coronavirus Disease 2019 (COVID-19), other than, hopefully, the solace and safety of our oven homes. And ifthe virus hits any member of the family the home is affected too. Which brings ws to accounting and reporting. Yes, these areas, to, ane effected, as the financial matkets make clear almost daily with huctuating ‘valuations and unprecedented vlatility Tounderstand what the markets are telling us, we have to look at what's happening. In many jurisdictions and industries, operations have been curtailed, supply chains have been disrupted, liquidity has aken hit, and travel and freedom of movement are severely restricted, These developments rot only separate many companies from their customers affecting demand in the process, but they also erode customer purchasing power. These dynamics are prompting companies in mutiple industries to defer non-essential spending and even make concessions to customers, horrowers and lessees to hi created or exacerbated. As losses start to mount, p them through the ess. As prosp for growth diminish, business risk is nancial is is added to the That may not he the fll picture, but t's enough, How is this manifested in accounting and the underlying financial statements? In many ways, The impact by industry varies, of course, as every Finance Funetion has to consider the unique aspects ofthe company’s financial statements slong with ther ability to produce quality financial reports with workforces that may be distributed and Aisconneeted due to health and safety considerations. In some eases, the CPO thas to get the job done with an empty'building. Due tothe estimation processes inherent in nancial reporting, the eurrent envitonment has forced finance functions to take a closer look at impairment, ‘valuation, net realizable value, loss contingency and exposure considerations, to ‘nome just afew areas, To illustrat irment of goodwill — Does COVID-19 have significant dnect or indirect implications on expectations of future cash fos that could reasonably be deemed sustainable into the future? Iz, these so-called ‘twiggering events” delineated under the aecounting rules require atest of impairment in good Impairment of ced assets — A significant drop in market prices considered tobe sustained (ther thant notary), adverse changes in the use or uty of certain asets or asset clases, or negative‘changes in the business climate can trigger the need to perform an ‘impairment assessment of long-lived assets, + Inventories: net realizable value — Companies with COVID-39- related revenue declines or disrupted supply chains should evaluate whether they need to adjust the carrying valne of thelr inventory Perishables, products with shot shelf lives or expiration dates, or specific seasonal inventories are atthe mos isk ofan impairment, + Inventories: reduced manufacturing levels and exeess capacity ‘costs — Unplanned work stoppages or severe slowdowns due to labor or ‘material shortages could cause manufsctuting levels to drop below standard levels Ifs0, excess fixed overhead costs that cannot be allocated to produetion due to underutilized capacity must be expensed Inthe period they are incurred. + Impairment of receivables, loans and investments — Given the volatility in financial markets, companies need to asses the value of Investments for potential impairment, particularly debt or equity Instruments from issuers affected by COVID-19 or its ancillary outcomes. The way this s done varies for different types of instruments, + Fair value measurement — The determination of fse vale in situations where it's cled fori meh more complicated whe there is ‘uncertainty and volatility inthe markets, Nonetheless, current market prices cannot be ignored in valuation assessments + Debt modifications and loan covenants ~ Companies experiencing decreased revenues higher operating costs and/or eash low challenges {due to COVID=19 may need to obtain adltional or bridge financing, restructure existing debt agreements, or obtain waversin debt covenants, These changes may represent a debt modification, debt extinguishment ora troubled debt restructuring, and all three have Aiferent accounting and reporting implications. Ifeovenants are breached, the debt may need tobe reclassified from long-term to current ‘on the balance sheet, + Revenue recognition ~ In addition tothe obvious impacts of reduced revenue due tothe impact of COVID-19, companies also need to consider the inital and ongoing evaluation of variable consideration inherent in customer contracts, such as discounts, refunds, price concessions, performance bonuses and penalties [these isues are not enough, companies must also consider information that ‘becomes available ater the balance sheet date but before the issuance oftheir ‘Ananelal statements, Companies re required to dlseose the nature ofthe event tnd either an estimate ofthe financial statement impact ora declaration that an impact assessment cannot be made. Accordingly, depending onthe timing of ‘heir issuance, the financial statements of calendar year reporting companies ‘may have inchuded such disclosures. The financial statements of non-calendar- year reporting companies may require even more real-time consideration of ‘such disclosures. During 2020, CFOs should expect the impact of COVID-19 to affect both ‘ecounting and disclosures in their quarterly and annual ings withthe US, Securities and Eschange Commission. Full coverage and live updates on the CoronavirusCheck out my website. Sinn [see | am founding managing iector with Poti a lal consulting frm. riot tha, RELATED TORICS og, AVERAGE RETIREMENT ge, ONLINE CERTIFICATION iNoont counts 02. ust oF mveans otans 07, TOP ANIVIUS OrTWARE go, BSTWORKFROMHOME gg. aoa0 MEDICARE DENTAL yon antic a, SOCK MARKET FoR co, MEDICAL LANs bane Cmtanson chr Wom FmoM Hoste os, MORKER 10, ost vewsenvices sex also 1) mwcummanrouns > 2 ens ANCALRLASOND > + mnmuscanecawroas > 4 naascesmermamare > + pone xo poet sume > So Bbscsrrmiowssases By Bheestrniowsronsizersc o Bhoesr neo mowsosunse D drumsossice o 8 Of The Best Silk Pillowcases For A Better Night’s Sleep Forbes fortes pron Shopper Se being smooth and silky to lay your head on, silk plloweases are | murmow roman also touted as being beneficial for both your hair and skin. Because silk provides a smooth surface with litle fetion, it doesnt snag your ha or tg o ne people 3 RESTHERA FILTER your skin, which can help to minimize friza and even vrnkles also say sleeping ona sik pillowcase can help keep your skin hydrate, a the ‘aber doesn't absorb as mach moisture as other materialsIfyou want to ty out «silk pllowease for yourself, make sur to check the ‘material used to make the product. For best results, youl want to find & pillowease that's made from 300 percent ska trons natura iber created by silkworms-not polyester or another synthetic material. Mulberry silks one ofthe most popular varieties ofthe flber used for pilloweases, a i's smoother, lighter and stronger than other types of silk (6 most wna BLaNers 02029 > With these consideration are some of the best sik pilloweases to buy al of which wil help you redefine the term “beauty sleep” Slip Silk Pillowcase 1, the ftlowi Slip Silk Pillowcase - Standard/Queen $29 Se “The Slip Silk Piloweaseis th epitome of laxury as it's made from 100 percent high-end mulberry silk These pillowcases are available in 10 pretty colors, and theyre designed to it standard or queen-size pillows, Thanks to the high- quality material of this pillowease, your skin and hair wil glide over the surface during the night, helping to reduce frizziness and split ends while leping your skin hydrated, ‘The natural silk is hypoallergenic and resistant to dust mites and it's also fee from toxic dyes that might istate your skin. You can wash the Slip Silk Pillowcase on a gentle eycle, preferably in a care ag, and reviewers say the expensive pllowease s worth it as it delivers better results than cheaper products. The only complaint people have about this pllowease is that itean be tough to get stains ont. Brooklinen Mulberry Silk Pillowcase 1. isreasesrveN > sues 2 esr LOW RAND > oon 3. DECORATIVE PILLOW PATTERNS > Mulberry Silk Pillowcase 4 squmesconermion > oO 4 isreepmuiowsomne > > Eine ¢.| ERAN ETP Brooklinen offers another luxurious silk pillowcase tht wil make you fe ike ‘youre sleeping ona cloud, The brand's Mulberry Silk Pilloweaseis erated from 100 percent mulberry silk, an it comes in five plain colors, aswell as standatd snd king sizes, Tis pillowcase features an envelope closure to keep your pillow in place, and the fabric i breathable, so you won't overheat, a sleping on “To keep ths pillowcase in perfect condition, youl want to hand wash itin cold water using pH-neutral detergent, and then line dry it According to reviewers thi sik pllowease fs comfortable and Tuxurious, ad it’s gentle on ‘you fae, leaving hat smooth and fizz-fve. ZIMASILK 100% Mulberry Silk PilloweaseZIMASILK 100% Mulberry Silk Pillowcase for Hair and Skin $24 Ifyou want more color options, consider the ZIMASILK Mulberry Silk Pillowease. This budget-friendly option comes in an impressive array of 26 coors, inluding several trendy patterns. Adltionally, you ean choose between standard, queen, king and body pllo sizes, allowing you to outfit just about any pillow in a usurious sik ease. ‘This product is made from 100 pereent Mulberry Silk with «600 thread count, nd it features a hidden zipper to keep your pill securely in place. The fabric is lightweight and comfortable to sleep on, and when you need to clean the pillowease, i's recommended yon wash it by hand with a gentle detergent. Reviewers rave about the quality and performance ofthe ZIMASILK SIIk Pilloweases, noting that theyre inereby sof, xu hi. isand gentle on your Alaska Bear Natural Silk Pillowcase ALASKA BEAR Natural Silk Pillowcase $26 ere ‘The Alaska Bear Natural Silk pllowease is another affordable option that comes ina wide range of colors. Tis pllowease is ve rom 100 pereent pure ruber silk thats soft and breathable, and you can opt for standard, queen oF king sizes to fit any pillow. In terms of colors, this pilloweas is available in a wide range of hues, including neutrals and pastels, as well as afew patterns and even several options that feature cute sayings. It has hidden aipper, and it shouldbe hana washed to keep iin good condition. BLISSY Mulberry Silk Pillowcase BLISSY Mulberry Silk Queen Pillowcase $80 $400 swe $20 20%) “The BLISSY Mulberny Silk Pllowoase is handerafted from 300 percent high- andi’ available fn 40 bold colors, including black, red, bled patter. The sleek surface is allnatual and quality mulberry SQUARE ACCENT LOW A “COMPANY FINANCIAL STATEMENTS > UANCIAL STATIMENTEOLE > PERSONAL ARANCALALANSING > BESTPNANEIAL HANGING TOOLS > swancesmermma > INCOME ANDEXPENSESUATEQENT > FERSONAL ANANCIAL STATEMENThypoallergenic, ane the pillowense wi fit on queen-size pillows, You can ‘machine-wash and line dry this pillowease for ensy maintenance, and reviewers say the material stays cool throughout the night, giving you visibly smoother hale in the morning, Elizabeth Few Studio Botanically Dyed Silk Pillowcase Botanically Dyed Silk Pillowcase $105 fyom want the best of the bes, the lisbeth Few Studio Hotanially Dyed Silk Pillowcase is an extremely high-end, ny produc. This expensive pillowcase Iscrate fe botanieally dyed print 100 percent silk and it sports a stn that features a subtle orange leaf moti. “These pilloweases are available in standard vd king sizes, and they're designed tobe hypoallergenic and cool othe touch, keeping you from getting hot at night. The smooth susface minimizes friction as you shift round, benefiting {your hair nd skin, and the cases handl-teamed with seeded eucalyptus, so you have peace of mind that its fee of any harmful chemicals SLPBABY Silk Pillowcase SLPBABY Silk Pillowcase for Hair and Skin 39 Eicon For silk pillowease with a pretty patter, consider one from "BABY. The brand offers standard, queen and king-size pillowcases, and you can choose from an impressive selection of patterns including a varety of oral and botanical motifs, geometric patterns and afew plain colors. The eases are made from 100 percent mulberry silk, which is smooth soft and: bed pes nicely on your ‘The SLPBABY Pillowcases feature «hidden zipper to keep your pillow in place, and they have bwin hemstitching for improved durability You can ether hand- ‘wash the pllowease or pti through the washing machine on a gentle cyl, tnd you should ang it up to dry, Buyers are typically pleased with these affordable pilloweases, writing that theyre soft and the patterns are Beautiful and vibrant, Sleep Is My Beauty Secret Vegan Pillowcase Awake Beauty Sleep Is Mv Beautv Secret Vegan Expat Living in Indonesia? + Health insurance for Expat indonesia, Get the Best ‘Quote & Save Now!Pillowcase $40 Emcee ead Ifyou adhere toa vegan lifestyle, traditional silk pillowcases are ot of the ‘question, a the fibers ereated by silkworms. The next best thing tote ik pillowease is this Sleep Is My Beauty Seeret Vegan Pillowease from Awake eauty. While the company calls the material “vegan silk," it' really just polyester woven into a satin weave, which mimics the lok and fel of sik. While not quite as effective as traditional silk, this material will still minimize hair snagging compared to cotton plloweases, Awake Beauty ia cruelty-free brand, so you ean feel good about utchasing from the company. This pillowcase can be machine washed on a delicate cycle, tnd they recommend using a pH-neutral detergent for optimal rests, According to reviewers, the sky surface minimizes fizz andis cool to the touch, making it a worthwhile option for vegans. Deals, Roundups and Reviews in Tech, Home ‘and Fashion ‘Gt the best four shopping content, curated by the Forbes Stopping tam. Follow me on Twitter, Check out my website Emr CameynRabidens RELATED TOPICS 1, BEST AIR PURIFIERS FOR 6, OFFERS ON THROW ALLERGIES PILLOWS BEST RATED HOME AIR 02. 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