Cornell Webinar: Accounting and Financial Reporting: Navigating COVID-19 Challenges

The COVID-19 global health pandemic abruptly closed hundreds of hotels and restaurants around the world, severely disrupting the global hospitality industry. With travel restrictions and many international borders closed, the properties that are still operating are experiencing a reduction in occupancy as much as 75% below normal. Others have had to temporarily close and may never reopen.

Many industry leaders believe that the impact of the pandemic will be more severe than 9/11 and the Great Recession combined. Some hotels will likely not be able to hang on until travel restrictions are lifted and consumer demand returns. Those that survive will face a host of economic challenges and be forced to navigate a number of financial reporting issues.

Cornell University's School of Hotel Administration will bring together a diverse group of participants to discuss the financial reporting impacts from the COVID-19 pandemic and its aftermath, and offer insights and tips for navigating these challenges.

WHAT YOU'LL LEARN

  • What to expect in upcoming earnings announcements and annual reports
  • What lenders are seeing relative to covenant waivers and amendments, as well as the impact of the government support being provided
  • What approaches lenders are taking in quantifying risk
  • The challenges associated with valuing assets and testing for impairments
  • The potential for re-equitization of real estate
  • The auditor perspective on assessing going concerns
  • How auditors will approach testing of controls in light of all the work now being done remotely

Featuring:

  • Mary MacAusland, Senior Lecturer, The School of Hotel Administration
  • Tom Gerth, Audit Partner, KPMG
  • Larry Kaminsky, EVP, Fulcrum Hospitality LLC
  • Ralph Miller, SVP, US Bank Commercial Real Estate
  • Dilip Petigara, CEO, AccessPoint Financial

For more information please contact Erica Heim
+1 607 255 6574

Sign up to our free daily newsletter,
Hospitality Net today
sign up