COVID-19 news and information for CPAs

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June 3, 2020

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.

June 2, 2020

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.

June 1, 2020

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.

June 1, 2020

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.

June 1, 2020

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.

May 29, 2020

Protecting seniors from COVID-19 fraud

CPAs can help thwart bad actors from cashing in on seniors during the global pandemic.

May 28, 2020

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.

May 28, 2020

$10 billion from PPP pledged to lenders to underserved communities

Paycheck Protection Program Round 2 funding worth $10 billion is being set aside for Community Development Financial Institutions, which work with underserved communities.

May 28, 2020

Social Security fraud boosted by COVID-19 fears

CPAs can spread the word on the newest version of a longtime fraud ploy.

May 25, 2020

PPP forgiveness guidance issued as Congress mulls changes

The SBA and Department of Treasury issued a pair of new interim final rules Friday for the Paycheck Protection Program. Meanwhile, bills in Congress could make major changes to two of the PPP’s most significant rules. Votes could come as early as this week.