Insight

COVID-19, the real estate industry, and financial reporting

Companies urgently need to better understand the accounting and disclosure implications of COVID-19 on the real estate market

Reza van Roosmalen

Reza van Roosmalen

Accounting Change Services Lead, KPMG US

+1 212-954-6996

Amit Singh

Amit Singh

Director, Accounting Advisory Services, KPMG US

+1 212-954-6019

Dritan Muneka

Dritan Muneka

Director Advisory, Accounting Advisory Services, KPMG US

+1 212-954-1413

Stay-at-home orders, mandated closings of non-essential businesses, and a shift to a remote work model following the outbreak of COVID-19 had immediate effects on the real estate industry. But the widespread effects of the disruption have not been uniform, with the impact varying by sub-sector. A new KPMG paper, COVID-19 and financial reporting challenges of the real estate industry, explains the key accounting issues and what companies need to know about disclosure outcomes in the COVID-19 real estate market.