Bloomberg Tax
Feb. 1, 2021, 9:46 AM

Preparing Year-End Reports Shaken by ‘Fundamental Uncertainty’

Nicola M. White
Nicola M. White

Accountants: good luck putting a bow on 2020.

Companies in the thick of finishing their year-end financial reports have all the typical challenges of capturing the ups and downs of any year. But 2020 wasn’t normal. Then layer on an extra headache: providing insight to what could lie ahead when so much remains uncertain.

The unknowns touch almost all aspects of a company’s annual financial statement, from the discussion of risks to estimating the value of assets and customer contracts. Companies in sectors hit hard by the ongoing pandemic will have to make sensitive, fraught assessments about the viability of ...

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