As general counsel brace for what could be a yearlong impact from COVID-19 on their company’s revenue and losses, a federal regulator has warned not to try to hide the ugly truth.

“We are facing an unprecedented national challenge—a challenge that has significant implications for financial reporting, our markets, and our economy more generally,” said a statement issued Friday by Sagar Teotia, chief accountant for the U.S. Securities and Exchange Commission. “As we face these challenging times, investors and other stakeholders need high-quality financial information more than ever.”