The spread of the novel coronavirus presents serious concerns and challenges for many around the world. To help, below we’re gathering the latest news stories along with relevant columns, tips, podcasts, and videos from the Journal of Accountancy. You can also read the latest news on advocacy and tax relief, the CARES Act, and the Paycheck Protection Program.
The Association, the global voice of the American Institute of CPAs and the Chartered Institute of Management Accountants, is continually monitoring the impact of the coronavirus (COVID-19) on members, staff, exam candidates, students, and the profession. Visit this page on AICPA.org for updates and details about where to find the information you need.
COVID-19 news and resources
PPP forgiveness changes coming as Senate passes House bill
The Senate passed a House bill that gives small businesses and other entities that received loans from the Paycheck Protection Program 16 additional weeks to spend the funds and qualify for full forgiveness of the loans.
Falling demand, safety concerns fuel finance leaders’ pessimism
Optimism reigned for years in a quarterly survey of finance decision-makers, but the COVID-19 pandemic changed everything.
IRS permits remote signatures for plan loan consents
In another response to the COVID-19 pandemic, the IRS is allowing retirement plan participants who want to take coronavirus-related distributions from their retirement plans to provide remote signatures, even for spousal consents.
FASB issues limited revenue recognition, lease accounting delays
FASB issued an option to delay implementation of the board’s revenue recognition and lease accounting standards for certain entities that have not yet applied the standards.
How the CARES Act has affected business valuation
Legislation designed to help businesses during the coronavirus pandemic has created new issues for CPAs and other valuation specialists to consider. New AICPA FAQs address these valuation concerns.
A 5-step plan for adding new tech amid COVID-19
While months of testing may not be possible right now, there are still ways to optimize your team members’ experience with new technology.
Pandemic alters lease accounting landscape
The coronavirus pandemic has led to a likely delay in the effective date of FASB’s new lease standard as well as an environment in which lease concessions may lead to new accounting considerations.
Hedge accounting may be more beneficial after FASB’s changes
FASB’s changes to its hedge accounting standard may provide companies with new alternatives to account for their risk management activities. Here is some background on hedge accounting, what is changing, and how it has emerged as a more viable approach.
Protecting seniors from COVID-19 fraud
CPAs can help thwart bad actors from cashing in on seniors during the global pandemic.
House passes bill that would relax PPP forgiveness requirements
The US House passed a bill that would relax some of the requirements that Paycheck Protection Program fund recipients need to fulfill to qualify for forgiveness from their loans.