The Effects of COVID-19 on Goodwill Impairment Testing

Illumeo Customer Success's Profile

For many companies there is a strong chance that one of the effects of the COVID-19 virus will be considering it as a triggering event requiring the performance of goodwill impairment testing.

Lease Standard Changes Arising from COVID-19

Illumeo Customer Success's Profile

The Financial Accounting Standards Board’s (FASB) newest lease accounting standard, Accounting Standards Codification (ASC) 842, is facing implementation delays and challenges due to the COVID-19 crisis.  

Examining COVID-19 Fraud Risks through the Concept of the Fraud Triangle

Illumeo Customer Success's Profile

The theory behind the fraud triangle is one of the most basic concepts an accounting student learns in his or her introductory auditing college coursework.

FAQs Keeping Pace With COVID-19 Questions

Vicki Lambert's Profile

As questions pour into the Department of Labor and the Internal Revenue Service from employers on the Families First Act and the CARES Act, both agencies are updating their respective FAQs.  Here are the latest updates:

Audit Challenges in the Wake of COVID-19

Illumeo Customer Success's Profile

There are many challenges for auditors in the wake of the COVID-19 virus.  Auditors are finding new creative ways to ensure they are still meeting audit standards requirements while conducting test work during this quarantine phase.  This level of remote auditing is new for the public accounting profess

IRS Reminder of COVID-19 Credits

Vicki Lambert's Profile

In their latest issue, IR-2020-89, the Internal Revenue Service is reminding businesses of the three new credits that are available to many businesses hit by COVID-19. To recap, these are:

Managing Staff Remotely

ArLyne Diamond's Profile

Does it feel like a loss of control?   A loss of knowing whether your staff is working or goofing off? 

Ask yourself:  Does it matter what time the work gets done, or that it gets done well?

Ask yourself:  How can I assign work that makes both me – and my staff comfortable that we both know what is expected and when?