Among the many consequences of COVID-19, impacts such as business and production disruptions, supply-chain interruptions, negative impacts on customers, volatility in the equity and debt markets, reduced revenue and cash flows, and other economic consequences may occur. The entities whose operations are negatively affected by COVID-19 may need to consider testing their assets for impairment.
Goodwill[1]
Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 350-20 provides guidance on accounting and reporting for goodwill and requires that goodwill be