Coronavirus disease 2019 (COVID-19) is a respiratory illness that can spread from person to person. What started with a pneumonia of unknown cause detected in Wuhan, China on December 31, 2019, is now rapidly spreading around the world, with cases now being reported in 67 countries. Airlines are cancelling routes. Companies are curtailing non-essential travel. And hand sanitizer is nowhere to be found!

The image above is a transmission electron microscopic image of an isolate from the first U.S. case of COVID-19 reported on January 21, 2020, available on the CDC website. It may look like a Jackson Pollock painting, but it can be deadly.

According to the most recent Situation Report published by the World Health Organization on March 2, 2020, there are nearly 89,000 confirmed cases of COVID-19, with over 3,000 deaths worldwide as a result of the outbreak. Here in the United States, it was recently reported that we’ve got 100 cases and 6 fatalities. We express our condolences to the families of those that have passed and prayers of healing to those still battling the virus.

The impact of COVID-19 has been a dominant theme in the earnings releases and conference calls of S&P 500 companies according to this MarketWatch article. Apple is not expecting to meet second-quarter financial guidance due to the spread of the virus. It’s even affected GAAP Dynamics. We had our first cancellation, a training in Taipei, Taiwan scheduled for later this month. Hopefully, as the weather warms and our training season ramps up, the spread of this nasty virus will dissipate as quickly as it has spread. That said, if it does not, we stand ready to ensure your professionals still receive their training this year.

Regarding development projects currently underway for our clients, they are not in jeopardy. Half of our company already works remotely, with the other half located in our headquarters of Midlothian, Virginia. If it gets bad, everyone from GAAP Dynamics has the capability of working from home and will ensure that your training materials are delivered on time.

Regarding instructor-led training (ILT) that is currently scheduled, if need be, we will work with our clients to reschedule their gigs for later in the year. Alternatively, we have other delivery options like our live webinars. We can even convert live webinars into CPE-compliant self-study courses, as we’re currently doing for a big 4 firm. Finally, we have over 40 online, self-study courses available on our online learning platform, the Revolution. Even though travel may grind to a halt because of this virus, we’re there to help your organization find alternative training solutions for your professionals.

According to the CDC, Americans should be prepared for the possibility of a COVID-19 outbreak in their community, as a vaccine is currently not available. The CDC recommends everyday preventive actions to help prevent the spread of respiratory diseases, including:

• Avoid close contact with people who are sick.
• Avoid touching your eyes, nose, and mouth.
• Stay home when you are sick.
• Cover your cough or sneeze with a tissue, then throw the tissue in the trash.
• Clean and disinfect frequently touched objects and surfaces, using a regular household cleaning spray or wipe.
• Wash your hands often with soap and warm water for at least 20 seconds, especially after going to the bathroom, before eating, and after blowing your nose, coughing, or sneezing.
• If soap and water are not readily available, use an alcohol-based hand sanitizer with at least 60% alcohol.

Specific recommendations by the CDC for businesses and employers are discussed here. We will be following all guidance put out by state and local authorities and will keep you, our clients, apprised of any changes to our operations.

We hope you and your family stay safe. As always, if you have any questions please feel free to contact us directly.

About GAAP Dynamics  

We’re a DIFFERENT type of accounting training firm. We don’t think of training as a “tick the box” exercise, but rather an opportunity to empower your people to help them make the right decisions at the right time. Whether it’s U.S. GAAP training, IFRS training, or audit training, we’ve helped thousands of professionals since 2001. Our clients include some of the largest accounting firms and companies in the world. As lifelong learners, we believe training is important. As CPAs, we believe great training is vital to doing your job well and maintaining the public trust. We want to help you understand complex accounting matters and we believe you deserve the best training in the world, regardless of whether you work for a large, multinational company or a small, regional accounting firm. We passionately create high-quality training that we would want to take. This means it is accurate, relevant, engaging, visually appealing, and fun. That’s our brand promise. Want to learn more about how GAAP Dynamics can help you? Let’s talk!

Disclaimer  

This post is published to spread the love of GAAP and provided for informational purposes only. Although we are CPAs and have made every effort to ensure the factual accuracy of the post as of the date it was published, we are not responsible for your ultimate compliance with accounting or auditing standards and you agree not to hold us responsible for such. In addition, we take no responsibility for updating old posts, but may do so from time to time.