The COVID 19 pandemic is significantly affecting economic and financial markets, and virtually all industries are facing challenges associated with the economic conditions resulting from efforts to address it. As the pandemic increases in both magnitude and duration, entities are experiencing conditions often associated with a general economic downturn. This includes, but is not limited to, financial market volatility and erosion, deteriorating credit, liquidity concerns, further increases in government intervention, increasing unemployment, broad declines in consumer discretionary spending, increasing inventory levels, reductions in production because of decreased demand, layoffs and other restructuring activities. This has significant impacts on the judgments required in financial reporting. The nature of the issues encountered will vary by industry and by entity but the issues addressed in this series will be some of the more common.