Second-quarter reporting is when most companies will have to deal with the significant impacts of the coronavirus on their current financial reporting and the uncertainty about its future effects. The pandemic has resulted in conditions that frequently occur during economic downturns, including closures, layoffs, reduced demand, and liquidity issues.

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....