US GAAP Accounting and Reporting Impacts of COVID-19
The global COVID-19 pandemic has created an economic environment with significant accounting consequences. Nearly all businesses are experiencing conditions often associated with a general economic downturn, including, but not limited to, financial market volatility, liquidity concerns, increasing unemployment, government intervention, decreased consumer demand and supply constraints, and other restructuring events. This program will focus on certain accounting and financial reporting considerations as a result of the pandemic, including asset impairments, debt restructuring, and lease/rent concessions. The session will also include discussion over reporting and disclosure matters specific to a reporting entity’s evaluation of going concern and consideration of new risks and uncertainties highlighted by the economic events of COVID-19.
After this program attendees will be able to:
- Discuss accounting implications from economic events of COVID-19 related to asset impairments, debt restructuring, and lease concessions
- Identify common challenges and lessons learned in accounting for COVID-19 related events
- Describe reporting and disclosure considerations specific to evaluating going concern and identifying new risks and uncertainties due to COVID-19
Presented by: David McGuire, Strategic Accounts Practice Leader, Embark and Adam Olsen, Senior Director, Embark
David McGuire Bio
I am proud to be born in Green Bay, grow up in the Dallas area, and graduate from the University of Texas at Austin with a Master’s degree in Accounting.
My professional experience in public and industry brings added perspective to our clients. I spent 14 years with EY in their audit and financial accounting advisory practices in both Dallas and Houston, specializing in public clients across several industries, including transportation, manufacturing, retail and oilfield services. I recently spent my last four years as the Deputy CFO and Chief Accounting Officer for a public specialty financial services company in Austin.
As our Strategic Accounts Practice Leader, I am excited to partner with our talented consultants serving our clients and supporting business development across all markets. I strive to make our clients successful by leveraging my professional experience and passion for solving complex problems.
I currently live in the Dallas area and am married to my wife, Melissa, and have three kids, Olivia, Gianna and Dominic. My family is what I work for. We enjoy our quality time together watching the kids grow up fast. In my spare time, you can catch me running in my quest to run a half marathon in all 50 states.
Adam Olsen Bio
I was born and raised during my early years in Chicago but ultimately ended up relocating with my family to the DFW area. I attended and earned my bachelor's and master's degrees in accounting from the University of Texas at Austin.
After my time in Austin, I moved north to Dallas and had a boomerang career with the Big Four. I started my career with Deloitte in the audit practice. From there, I took a position as a fund accountant for a Dallas-based hedge fund before finding my way back to public accounting at PwC in the assurance practice. Over the course of 11 years at PwC, I served not only my clients but also held various internal firm leadership and quality roles.
The clients I served and provided insights to include many different types of companies, including those with private equity investment or ownership, multinational companies, and family-owned businesses. I also have significant experience navigating through the complexities of a variety of technical accounting topics including business combinations, reorganizations, revenue recognition, asset impairments, refinancing, and stock-based compensation to name a few.
At Embark, I utilize my years of accounting, finance, and auditing experience to help our clients solve problems, provide insight, and design solutions that best meet their needs.
In my free time, I’m often found doing any and all things fitness-related, traveling, or dabbling with newly found hobbies like photography and cooking. I also enjoy spending time with friends, family, and my two favorite four-legged companions – Buddy and Grace.
Embark is a new kind of professional services company. Our people and culture are at the center of every decision we make, and we mean that when we say it. We’ve created an environment that has every bit the adrenaline, drive, and stimulation of a startup, just without the fads and pretension.
We specialize in financial consulting and focus on clients in the public and private worlds. We don’t work 80-hour weeks, but we do take amazing care of our clients. We love letting people do what they do best and don’t think it’s old fashioned to enjoy the people you work with on a daily basis. We’re growing quickly, but not at the expense of our culture or people.
ROBERT GRISAFFE, CPA
Oklahoma Market President
M / 918.809.5803
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VP of Business Development
M / 918.798.4125
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