Keeping you informed and prepared amid the coronavirus outbreak

The spread of the novel coronavirus presents serious concerns and challenges for many around the world. To help, we’re gathering the latest news stories along with relevant columns, tips, podcasts, and videos from FM magazine and the Journal of Accountancy on this page, along with curated items from our archives to help with uncertainty and disruption.

The Association, the global voice of the American Institute of CPAs and the Chartered Institute of Management Accountants, is continually monitoring the impact of the coronavirus (COVID-19) on members, staff, exam candidates, students, and the profession. Visit this page on cimaglobal.com for updates and details about where to find the information you need.

3 ways to tackle the coronavirus’s economic risk
The COVID-19 pandemic is keeping CFOs and CEOs up at night as a leading risk facing the global economy. Here are three basic suggestions to tackle the economic risk.
FM

SBA issues details for Paycheck Protection Program loans
The US Small Business Administration has released an interim final rule providing additional guidance and requirements for the program. The final rule includes a number of changes, including a doubling of the loans’ interest rate from 0.5% to 1%.
JofA

Applications for small business Paycheck Protection Program open April 3
The US Treasury Department released information for borrowers and lenders, posted an application and urged applicants to act quickly.
JofA

UK government provides further business loan aid
The government is expanding its small businesses loan scheme and introducing a new scheme for larger businesses.
FM

10 business sectors boosted by coronavirus concerns
Some businesses are experiencing a demand surge due to the pandemic — and could continue to grow well into the future.
FM

COVID-19, complexity, and strategic decision-making
Author and risk consultant Chris Clearfield explores complexity and COVID-19, offering advice on how finance professionals can improve their strategic decision-making in the face of this complexity.
FM podcast

Scenario planning and the COVID-19 crisis
In this time of incredible uncertainty, here are tips on how scenario planning can provide key insights.
FM

Steering your budget amid coronavirus uncertainty
A forecasting and budgeting expert describes the forward-looking ways the finance function can help organisations better weather the coronavirus storm.
FM podcast

If the coronavirus outbreak disrupts your budget
Here are three areas you should consider as business interruptions due to the spread of the coronavirus send your 2020 plans to the bin.
FM

Crucial skills for leading during a crisis
The COVID-19 pandemic is clearly becoming a global crisis. Preparation and teamwork are essential when dealing with an emergency.
FM

Effective leadership communication amid a crisis
Leaders come to the fore during turbulent times, but how do they communicate effectively to both staff and an external audience?
FM

Enterprise risk management: More critical than ever
The fast-moving, global reach of the coronavirus has illustrated that a forward-looking approach to risk management is more important than ever.
FM

6 essentials for first-time telecommuters
Here’s how to stay productive and engaged if the coronavirus crisis has forced you to work from home.
FM

How consultants can face the coronavirus crisis
Consultancies are projected to lose an average 19% in revenue this year because of the coronavirus pandemic. But there are things they can do in the face of the crisis. Here are seven suggestions.
FM

UK self-employed gain government crisis support
Chancellor outlines aid plan for self-employed workers affected by the coronavirus pandemic.
FM

UK regulators set out policy changes amid disruption
Changes announced include an additional two months for UK companies to publish their audited financial statements.
FM

UK’s economic response to COVID-19 pandemic takes shape
UK chancellor of the exchequer announces unprecedented response to the pandemic’s economic fallout, including helping to pay furloughed employees’ wages.
FM

COVID-19: The view from Poland
Management accountants working in the Central European country’s health and IT sectors discuss their responses to the spread of the coronavirus.
FM

Ethical leadership at a time of crisis
The next weeks and months are likely to be challenging, but the following steps will help you provide the leadership your team needs to weather the COVID-19 pandemic.
FM

Managing coronavirus disruption: Lessons from Asia
Teams in Jaguar Land Rover China and Rentokil Initial Hong Kong have close to two months of experience battling coronavirus disruptions. What can we learn from them?
FM podcast

How China’s slowdown may impact African companies
The economic impact of the coronavirus will be severe for many African economies.
FM

How the pandemic affects IFRS 9 reporting
Reporting credit losses under IFRS 9 is a challenge as a result of the pandemic. The IASB published a document about application questions.
FM

US regulators clear way for certain loan modifications amid pandemic
A move by regulators to ease certain restrictions for borrowers in good standing will facilitate loan modifications linked to the coronavirus pandemic. But borrowers will need to act fast to secure relief while still in good standing with their lenders.
JofA

AICPA-led coalition calls for small business funding
An AICPA-led coalition is urging quick government action to avert layoffs and allow US small businesses affected by the coronavirus pandemic to continue paying workers. A key step is a federal payroll funding account that small business payroll processors could use to get money directly to employees.
JofA

How US small businesses can apply for SBA disaster loans
US small businesses and not-for-profits with fewer than 500 employees can seek to borrow up to $2 million to cover coronavirus-related loss of revenue in declared disaster areas.
JofA

Consumer confidence, spending are top coronavirus concerns
The sudden onset of the coronavirus is testing many companies’ financial stability and emergency preparedness. But financial executives tend to believe their businesses are positioned to weather the storm.
JofA

How world’s largest glove maker meets coronavirus demand
The finance head of Malaysia’s Top Glove shares efforts behind the scenes in the company’s production ramp-up.
FM

Video: Countries scramble to aid ailing airlines
Governments around the world are scrambling to aid airlines battered by the coronavirus outbreak.
FM

Finance’s crisis role in managing supply chain risk
Taking steps to assess, protect, and where appropriate reconfigure supply chains can help minimise disruption from the spread of the coronavirus.
FM

Video: US airlines ditch 2020 forecasts
US airlines are suspending their outlooks and cutting flights to combat the fallout from the coronavirus outbreak, and some CEOs are cutting their pay.
FM

35 questions for coronavirus planning
Business leaders should be proactive in putting emergency plans in place in response to the spread of coronavirus. Here’s a checklist for organisations related to employees, customers, and vendors.
FM

Supply chain tips amid the coronavirus outbreak
Companies should assess and diversify their sourcing for materials and products.
FM

What boards can do to confront the coronavirus
Boards can take these six actions to ensure management is handling the crisis and that the business is financially resilient.
FM

How leaders can build business resilience
The COVID-19 outbreak has put the issue of organisational — and individuals’ — resilience in the spotlight.
FM

A Q&A on coronavirus scenario planning
Scenario planning is vital for organisations when trying to adjust to the harmful, fast-moving virus outbreak. An expert shares advice.
FM

How to manage key-person risk
With the spread of COVID 19, it’s wise to know who your most critical people are and to have contingency plans in place in case they are sidelined. Here’s how.
FM

In focus: Global map of coronavirus cases 
The COVID-19 outbreak that began in China has now spread beyond its neighbouring Asian countries. Here’s a view of reported cases globally.
FM

Coronavirus risks: The importance of preparation 
Organisations that have planned for extraordinary events are better positioned to handle challenges associated with the coronavirus outbreak. Learn more in this podcast.
FM podcast

Jaguar Land Rover China CFO on coronavirus damage control 
The virus outbreak has caused the premium carmaker’s China factory and retail network to grind to a halt. China CFO Arthur Yu shares his immediate priorities.
FM

Video: Coronavirus could cost African airlines $40 million
African airlines are facing a hit of up to $40 million from the coronavirus outbreak, a global industry body has said.
FM

Coronavirus looms over positive economic outlook 
Projections for the next 12 months are generally positive, but concerns about the effect of the virus diminished that enthusiasm, according to an AICPA quarterly survey.
FM

Coronavirus concerns: Putting people first 
Organisations can’t simply wait and hope for the best when it comes to coronavirus response. Disaster planning expert Jennifer H. Elder, CPA/CFF, CGMA, shares advice in this podcast.
FM podcast

How the coronavirus may affect financial reporting and auditing
The coronavirus pandemic looks likely to create major challenges for the preparation of financial statements, both for the current quarter and also for annual financial reports and audits over the next year.
JofA

Coronavirus: 4 tips to work remotely
Responsible organisations recognise that their employees need to work remotely. Here’s what you need to know.
CIMA Insights

Conditional coronavirus relief provided by SEC 
The US Securities and Exchange Commission said public companies that have trouble meeting filing obligations because of the coronavirus outbreak may qualify for regulatory relief under certain conditions.
JofA

Video: ‘Worst yet to come’ – European airlines on virus impact 
As the coronavirus spreads, travel industry leaders are predicting more severe consequences. Learn more in this video.
FM

What companies are disclosing about coronavirus risks 
The coronavirus outbreak is causing significant disruptions to many companies’ supply chains and operations. Here’s how some companies are discussing risks related to the virus in corporate reporting.
JofA

Video: Coronavirus outbreak dominates G20 meeting 
The coronavirus outbreak, climate change risk, and global tax rules for tech giants were on G20 finance leaders’ agenda at their Saudi Arabia meeting. 
FM

Managing labour shortages key for factories amid coronavirus 
Manufacturers in China face labour shortages and logistical challenges that may take months to resolve.
FM