An Example of COVID-19 Forewarning Disclosures
By George Wilson
In the SEC Institute's recent One-Hour Briefing “COVID-19 Challenges for First Quarter 2020 Form 10-Q and Annual Meetings” we reviewed the SEC’s forewarning disclosure requirements. Thanks to one of the folks listening to the briefing here is an example from BP. While this is in a press release, it is an early warning and is a reasonable example of the language that would be appropriate in MD&A. Towards the bottom of the press release in a section titled “First quarter update,” BP makes this statement:
“BP continues to review potential first quarter impairment charges and currently expects to take a non-cash, non-operating charge of around $1 billion in the quarter”
Thanks to all of you who have listened to the SEC Institute's COVID-19 related programs, all of which are available without charge, and as always, your thoughts and comments are welcome.