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2020 Year-End Checklist

Ten Focus Areas For Preparing 2020 Financial Statements

2020 has been a tough year. While there are many challenges that financial statement preparers must work through this season, the ten identified in this checklist address areas likely to be top of mind for many companies at year end.

Certain accounting and reporting issues, such as impairment and going concern, are not unfamiliar to financial statement preparers. COVID-19, however, has introduced more complexity and urgency that require greater time and attention this year. As a result, the 2020 filing season will likely be one of the most challenging in recent memory. Although many December 31 year-end public companies have been dealing with the accounting and reporting impacts of COVID-19 since their Q1 filings, preparing for the year-end financial reporting cycle and the rigor of an audit brings these areas into sharper focus.

This checklist is designed to assist you in assessing the readiness of your company for the more challenging aspects of the 2020 filing season. For each topic, we have included questions to ask yourself and recommendations to consider when going into this unusual financial reporting season.