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Expert Briefing Series: Accounting and Tax 2021 – Part I

The Impact of COVID-19 on Accounting According to US GAAP

On February 18, 2021, AmCham Germany and Warth & Klein Grant Thornton, one of the leading medium-sized auditing firms in Germany, hosted the first webinar in a series of two on the particular challenges presented to companies that need to prepare a financial statement or report according to US GAAP during the pandemic.

In an insightful presentation, Alina Murphy and Arndt Krüger, both respected experts at Warth & Klein Grant Thornton for US GAAP, shed light on how to manage indefinite-lived intangibles impairment, asset impairment, credit losses, leases, revenue recognition, income taxes, contingent losses and disclosures.

Mr. Krüger and Ms. Murphy vividly showcased the importance of internal control over financial reporting as well as general requirements and the potential COVID impact. They gave in-depth information on how businesses can best establish crisis planning and manage fraud risk during the ongoing crisis. They rounded up the presentation with the following advice: Do not simply have a crisis plan in place – practice it!

The webinar was moderated by Frank Christian Schmid, Partner and Head of Warth & Klein Grant Thornton’s US Desk for audits of process and control systems according to US requirements at WKGT’s main office in Düsseldorf.

Founded in 1958 in Düsseldorf, Warth & Klein has been supporting clients in achieving their business goals. In 2011, Warth & Klein became a German member of the Grant Thornton International network and has been operating as Warth & Klein Grant Thornton AG since then.