Below are 2-3 proposed potential solutions, or at least partial responses, to the "unscripted" problem regarding Accounting management during COVID19. Identify 2-3 criteria or standards against which potential solutions will be evaluated. We must consider how to distinguish the better from the lesser of the proposed solutions. What constitutes an acceptable "yardstick" against which to measure the desirability of one proposed solution versus another? Evaluate and analyze each of the proposed solutions in view of criteria you've selected. Which of the proposed solutions appears to be best? Obviously, this step of the problem-solving process requires some capacity to forecast the likely performance of each proposed solution on each of the evaluation criteria.

Please include 1-2 citations and works cited.

Proposed potential solutions by me:

Several accounting factors come into play when firms are experiencing financial difficulties or are impacted by external events. External events resulting from the COVID-19 outbreak and its disruption could have an impact on numerous accounting components. Below is a quick rundown of some of the things to think about.

In light of new rules, stimulus measures, operational changes, and continuous changes as the operating environment stabilizes into a new normal, uncertainty remains a major factor.

Another element that could be thrown off by the COVID-19 outage is the asset impairment examination, which usually happens after a triggering event. Organizations may discover that long-lived assets are not recoverable in the aftermath of the COVID-19 pandemic. It's critical to assess and test for impairment in light of the pandemic's bigger economic implications, as well as how your firm will need to adapt due to industry engagement and market concerns. As the market remains volatile and uncertain, cost increases due to raw material shortages or labor augmentation will have a significant impact on how your company works.

The epidemic could result in an overabundance of disclosure obligations for financial statements in 2020. Disclosures will be required if there is a significant change in debt, stock compensation, leases, or supply. Enhanced disclosures will be required for liquidity impairment and triggering events, as well as your organization's use of estimations and the possibility of a major change in the near future.

Under ASC Topic 275, concentrations of business volume, revenue, resources, and geographic location will need to be continuously monitored for disclosure. The volume of business done with a specific customer, supplier, lender, grantor, or contributor, revenue concentrations from specific products, services, or fundraising events, availability of materials, labor, services, or licenses, and the market or geographic area in which an entity conducts operations are all examples of concentrations.

During the pandemic, public firms may face additional accounting challenges, some of which the SEC identified in its Staff Topic No. 9 publication. Companies that are publicly traded will be careful not to trade before disclosing critical non-public information. Non-GAAP pandemic measurements should be incremental and directly attributable to the outbreak.

1. Communication is Key

The first step is to maintain a closer relationship with consumers, workers, and strategic partners.

When it comes to customers, the tone being communicated with is extremely essential in these situations. Put yourself in your consumers' shoes, see things through their eyes, and convey that we're all in this together. It might be as basic as checking in with your customers or clients to see how they are doing and how you can assist them at this difficult time.

It is essential for employees to communicate effectively and frequently, especially in the virtual world. You must take several cautious steps, especially with your words and actions, whether you are providing updates on remote working or making difficult hiring decisions.

From an HR and financial standpoint, there is a significant difference between a furlough and a layoff for organizations in triage mode. Employers usually continue to pay some benefits, maintain an employment relationship with the employee, and set deadlines during the furlough.

Employees, on the other hand, may notice just tiny differences in technicalities, but the messaging may be vastly different. For example, an employee may file for unemployment and receive government help in both instances, but being informed "you are no longer an employee" versus "we don't have any work for you right now but will bring you back as soon as we do" portrays a totally different picture.

During times of crises, strategic partners play a crucial role. Having an open line of communication with your vendors ensures company continuity and the capacity to handle problems before they occur. Your bank or loan partner is a crucial strategic connection to consider. Your bank's relationship and communication with you can spell the difference between making it through this crisis and not.

2. Going Virtual

The pandemic has had a wide range of negative consequences, not only for public health but also for the financial well-being of practically every business sector, leading to the closure of countless businesses. Some firms may be doubting their own ability to continue as a going concern. Simply put, the epidemic has resulted in a financial loss for them. Those with low financial resources are, of course, the most exposed, but no one is immune to the pandemic's consequences, which is where becoming virtual comes into play.

Aside from adapting to talking in a virtual world, the second set of essential activities to do is to ensure that your main financial and business procedures are operable in a virtual environment. You must have the proper equipment and software needed to operate properly and efficiently.

You can assure that you have access to any cash that comes in the door by going virtual. You won't be able to put those monies to work if you receive paper checks and aren't in the office to deposit them in the bank.

Moving payroll and accounts payable away from paper checks and toward entirely digital capabilities will also ensure that employees and vendors are paid quickly, and work can continue.

Cash flow, it is said, is the lifeblood of any business. By moving your systems to the cloud, you can ensure that the flow of information continues even if access to your physical office is blocked.

3. Identifying Opportunities

For most businesses, now is the moment to respond, adapt, and survive. However, this is also a good moment to identify and document gaps in your contingency planning, as well as chances to enhance how your company responds to crises in the future, both for this pandemic and future difficulties.

The pandemic has brought so many adverse effects not only on the health of public but also the financial standing of almost all of the business industry leaving numerous companies to cease operations. Some of the companies might be questioning their own capabilities to continue a going concern, but there is opportunity behind this pandemic for businesses if they find the proper resources and proper ways to handle the situation and take as much control as the business can.

If we continue to create a virtual accounting world, then the accounting business will not be as heavily impacted during such vulnerable times like we are currently experiencing. There were quite a few virtual accounting positions available before the pandemic, but during the pandemic it has really opened up a new opportunity for the accounting world.

By setting up a system to track difficulties that arise over the next few weeks, you'll be able to address them (now or later), gaining efficiency and solving problems in the short and medium term so that they don't become a problem later.

These difficulties and opportunities, whether they are related to digitization of finance functions, gaps in insurance coverage, cybersecurity in network access, supply chain agility, or labor logistics, may have been inefficient prior to a crisis, but they become intolerable during one.