Get help reporting modifications during COVID-19

In times of economic uncertainty, financial reporting for modifications becomes a challenge. The number of modifications to report generally increases, as does the complexity of each, with errors and oversights becoming more common.

Consult with our experienced accounting professionals who can help you avoid mistakes. We bring an in-depth understanding of the accounting for modifications to debt, leases, revenue contracts, and employee terminations and compensation.
Accounting for contract modifications in a COVID-19 environment
Learn the financial reporting implications of modifications to debt, lease arrangements, employee agreements, customer contracts, and more.

Gain clarity before you act

Before recording the effects of a contract modification, you must first determine the correct accounting model to apply to your circumstances. Different types of modifications are accounted for in different ways. You need a clear understanding of the modification terms and accounting guidance to map out the right approach and generate documentation and disclosures that are audit-ready. 

Your business should also understand the reporting and disclosure implications of modifications before engaging with a lender, landlord, supplier, employee, or customer. 

Set up repeatable processes

Financial reporting for modifications requires tremendous attention to detail. Incorrect application of U.S. GAAP could lead to material misstatements in your financial statements. 

It is also critical to establish strong financial reporting processes and controls to minimize the risk of errors and noncompliance.

Modification guidance tailored to your needs

Our financial reporting specialists can provide detailed accounting guidance and support to help you appropriately capture modifications in your financial reporting.

Financial reporting review
We can review your contracts to determine the appropriate accounting treatment for your modifications.
Financial reporting review
Process improvement
Let us develop or refine your accounting policies, processes, and related internal controls.
Process improvement
Disclosures advice and preparation
Receive timely assistance in preparing the required disclosures for your financial statements.
Disclosures advice and preparation

Look to our experienced team for reporting assistance with any type of modification:

  • Lease concessions
  • Debt modifications
  • Revenue contract modifications
  • Employee compensation and terminations

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We’re ready to share our financial reporting expertise

Crowe accounting professionals have deep expertise in all types of modifications. We can integrate seamlessly with your team to provide guidance and support all of your modification accounting and reporting needs.