Q1 Quarter in Review
The first quarter of 2020 started much like any other first quarter of a the year. However, it didn’t end quite as normal. The impact of COVID really only started to come into play late in the quarter, as such, we expect the brunt of the impact to come in Q1. In the first quarter, the FASB was able to issue 4 final standards including the much awaited ASU 2020-04 addressing reference rate reform. GASB issued the 2020 Omnibus and the AICPA issued SSARS 25 and SAS 139. Time will only tell what the second quarter of 2020 will be. GLS hopes you are staying safe and healthy during these turbulent times!