On the heels of recent COVID-19-prompted SEC staff guidance and SEC Chair Jay Clayton and Division of Corporation Finance Director Bill Hinman's joint statement urging forward-looking disclosure, Weil's “Q1 Reporting: Addressing the Uncertainties of COVID-19" addresses key questions concerning Q1 earnings releases and Form 10-Qs in the form of a reader-friendly checklist of considerations associated with each of these topics:
The memo also suggests sound practices and principles to guide the company's stepped-up forward-looking disclosure or its determination that it is unable to provide more forward-looking information that are consistent with SEC informal and formal guidance and will mitigate disclosure risks.
Access numerous additional resources on our Financial Reporting page under Coronavirus (COVID-19). This post first appeared in the weekly Society Alert!