COVID-19 Resource Center

COVID-19 is affecting us all. PKF O’Connor Davies is committed to supporting our staff, clients and the community in grappling with the effects of this global pandemic. Below you’ll find information and resources that may help you make sound, fact-based decisions. We will post updates as news arises that may affect your financial situation, business operations and strategic planning. We encourage you to reach out to PKF O’Connor Davies professionals for ongoing guidance and assistance.

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While the pending Paycheck Protection Program Flexibility Act of 2020 does increase the amount of funds that can be spent on non-payroll costs from 25 percent to 40 percent, it appears to do so by creating a cliff.

In response to feedback received from various stakeholders, the Financial Accounting Standards Board (FASB or Board) voted on May 20, 2020 in favor of a one-year deferment of the implementation of the Revenue Recognition (ASC 606) and Leases (ASC 842) standards for private companies that have yet to issue their financial statements. This is a result of the continuing struggle private companies are facing carrying out daily accounting tasks in light of the COVID-19 pandemic.