Financial reporting considerations in a challenging economic environment

WHITE PAPER | January 10, 2023

Authored by RSM US LLP

Inflation has been increasing at rates not seen in decades. These increases have real effects on prices, which has resulted in new challenges and financial reporting considerations for entities. Volatile markets and customer demands make predicting future cash flows difficult and rising costs could reduce profit margins. In addition, supply chains continue to experience pressure as key suppliers experience significant backlogs due to the lingering effects of COVID-19, labor shortages, increases in delivery costs, government regulation and geopolitical issues like Russia’s war in Ukraine, as well as tension between the U.S. and China. With all this going on, it is important that entities carefully evaluate the accounting and reporting implications of all the issues and challenges of the current environment.

Our whitepaper, Financial Reporting Considerations in an Environment of inflation and Rising Interest Rates, highlights some matters for management and those charged with governance to consider in the upcoming reporting season.

This article was written by RSM US LLP and originally appeared on 2023-01-10.
2022 RSM US LLP. All rights reserved.

RSM US Alliance provides its members with access to resources of RSM US LLP. RSM US Alliance member firms are separate and independent businesses and legal entities that are responsible for their own acts and omissions, and each is separate and independent from RSM US LLP. RSM US LLP is the U.S. member firm of RSM International, a global network of independent audit, tax, and consulting firms. Members of RSM US Alliance have access to RSM International resources through RSM US LLP but are not member firms of RSM International. Visit us for more information regarding RSM US LLP and RSM International. The RSM logo is used under license by RSM US LLP. RSM US Alliance products and services are proprietary to RSM US LLP.

Talbot, Korvola & Warwick, LLP is a proud member of the RSM US Alliance, a premier affiliation of independent accounting and consulting firms in the United States. RSM US Alliance provides our firm with access to resources of RSM US LLP, the leading provider of audit, tax and consulting services focused on the middle market. RSM US LLP is a licensed CPA firm and the U.S. member of RSM International, a global network of independent audit, tax and consulting firms with more than 43,000 people in over 120 countries.

Our membership in RSM US Alliance has elevated our capabilities in the marketplace, helping to differentiate our firm from the competition while allowing us to maintain our independence and entrepreneurial culture. We have access to a valuable peer network of like-sized firms as well as a broad range of tools, expertise and technical resources.

For more information on how Talbot, Korvola & Warwick can assist you, please call (503) 274-2849.