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Due to the ongoing effects of the COVID-19 pandemic, 2020 year-end financial reporting may be more challenging than previous years. Multiple, normally infrequent situations may have arisen that require special accounting and reporting considerations. This article contains a summary of existing guidance on common issues that companies might encounter for 2020 financial statements, including impairment of nonfinancial assets, debt concessions, balance sheet classification of debt, and going concern.

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