Now that U.S. companies have experienced two fiscal quarters in the midst of the novel coronavirus pandemic, quarterly reporting for the third quarter doesn't seem to be getting any simpler, according to a new report from Big Four firm Deloitte. The report found that companies should still be vigilant about treating Q3 reporting the same way as Q2, despite the leeway that the Securities and Exchange Commission and the Financial Accounting Standards Board granted them at the start of the pandemic earlier this year. The third quarter, and probably the fourth as well, will still provide plenty of new challenges as long as COVID-19 is having a measurable impact on the market. While some issues such as forecasting and stakeholder communications will persist from Q1 and Q2 of this year, companies are finding that adjustments to stock compensation and modifications to contractual agreements will be needed, thanks to prolonged uncertainty and growth concerns for at least the remainder of this year, and probably next year as well.
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