COVID-19 news and information for CPAs

TOPICS

April 8, 2020

FASB effective date delay proposals to include private company lease accounting

The delays would apply to the effective date of its revenue recognition standard for nonpublic franchisors and the effective dates of its lease accounting standard for private companies and public and private not-for-profits.

April 8, 2020

AICPA issues audit and accounting guidance FAQs on COVID-19

The AICPA has published a new report providing nonauthoritative guidance on frequently asked accounting and auditing questions related to the coronavirus pandemic.

April 8, 2020

Regulators urge lenders to work constructively with borrowers

Federal regulators encouraged financial institutions to work constructively with borrowers affected by the coronavirus pandemic. The statement also provided additional information regarding loan modifications.

April 8, 2020

AICPA posts 20 FAQs on tax filing relief

The AICPA posted FAQs explaining the latest developments in taxpayer relief during the COVID-19 pandemic. The AICPA has recommended that the IRS and Treasury Department expand the scope of recently announced taxpayer relief.

April 7, 2020

4 ways to reduce anxiety and social isolation

The COVID-19 pandemic is putting people worldwide under rarely seen levels of stress. What can you do to cope? Learn about a four-pronged approach that might bring some relief.

April 7, 2020

Pandemic-specific guidance for auditors and preparers

The consequences of the coronavirus on financial statement preparation and auditing are complex. Two CPAs share guidance for preparers and practitioners.

April 7, 2020

AICPA applauds additional clarity in Treasury FAQs on Paycheck Protection Program

The Treasury and the SBA released 18 FAQs to help facilitate funding of small businesses under the PPP. The AICPA applauds the additional clarity, which aligns with many of the recommendations recently made by the AICPA and an AICPA-led coalition.

April 6, 2020

ASB to consider one-year deferral of effective dates

The AICPA Auditing Standards Board will consider on April 20 on whether to defer for one year the effective dates of Statements on Auditing Standards No. 134 through 140. The deferral is being considered to give firms relief amid the coronavirus pandemic.

April 6, 2020

Keeping clients informed during the COVID-19 crisis

Five CPA firms of different sizes outline their plans for staying in touch with clients during the pandemic and ensuring they get the vital information they need.

April 6, 2020

CPAs providing billable advisory services to small business may not want to be an agent

The AICPA issued a statement clarifying that the Coronavirus Aid, Relief, and Economic Security (CARES) Act prohibits CPAs and accounting firms from collecting fees from small business clients they help apply for Paycheck Protection Program (PPP) loans.