This is a White Paper on some of the more significant effects of the coronavirus outbreak on financial statements of entities with periods ending December 31, 2019 and earlier. There is a GAAP progression at work here and remember that entities preparing their financials on another comprehensive basis of accounting (OCBOA) must follow GAAP when it comes to disclosures.
For Atlanta entities that have not yet issued their financial statements for periods ending December 31, 2019 and earlier, the coronavirus is most likely a type II event. For financial statements for periods ending in 2020, it is most likely a type I event.
