Evaluating potential going concern issues was a hot topic for companies and their auditors for 2020 year-end reporting. As many chief financial officers and accounting executives are preparing for first-quarter 2021 reporting, they find the business disruptions and uncertainties from the COVID-19 pandemic and its economic impacts are still with them and continue to pose reporting challenges.

Maria L. Murphy, CPA, is a regular contributor to Compliance Week. She is a senior content management analyst, accounting and auditing products, CCH tax and accounting North America for Wolters Kluwer....