We understand the challenges involved with our current situation - balancing personal and professional lives, working remotely, and many others - particularly now that it is the time of year when thoughts turn to matters like quarterly reporting. With that in mind, we offer this quarter’s edition of The quarter close, including the latest on accounting for the impacts of the COVID-19 outbreak. In addition, topics for the first quarter of 2020 include:

• adoption of the new credit losses standard
• the FASB’s release of guidance to mitigate the impact of reference rate reform
• considerations when applying the simplified goodwill impairment model

We are also introducing two new sections beginning in this edition of The quarter close: “Inside scoop” will help you stay ahead of a developing technical accounting trend while “Ask the National Office” dives deeper into an accounting issue through an interview with one of our National office consultants.