Financial reporting

AICPA issues guidance on accounting for forgivable PPP loans

Nongovernmental entities have some options for accounting for forgivable loans under the Paycheck Protection Program, according to the AICPA’s new Technical Question and Answer guidance for borrowers.

GASB addresses subscription-based technology arrangements

GASB issued a standard that specifically addresses accounting and financial reporting for subscription-based technology arrangements used by state and local governments.

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.

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.

SEC amends disclosure rules for acquisitions and disposals

The SEC voted to amend its rules and forms for disclosing financial information about acquired or disposed businesses.

FASB votes to delay revenue recognition effective date for private companies

The FASB voted to delay the effective date of its revenue recognition standard for nonpublic entities that have not yet issued their financial statements. Challenges related to the coronavirus pandemic led to the delay.

Coronavirus concerns for ESOPs and ESOP auditors

Employee stock ownership plans, their sponsors, and auditors all face new challenges and risks related to the coronavirus pandemic.

GASB delays effective dates of recent pronouncements

GASB is giving state and local governments extra time to implement much of its recently issued guidance as a result of the coronavirus pandemic.

FASB staff Q&As address hedge accounting amid the pandemic

FASB’s staff published Q&As to address issues related to hedge accounting during the coronavirus pandemic.

Pandemic places accounting, auditing rules in flux

As the coronavirus gripped the world, regulators, standard setters, and others moved to adjust rules and effective dates that are important to businesses, CPAs, and their clients. Meanwhile, CPA Exam candidates will have additional opportunities for testing during an emergency testing period.

Tips for navigating CPA challenges related to PPP

The Paycheck Protection Program has created a lifeline for small businesses — and challenges for CPAs. A new document published by the AICPA Center for Plain English Accounting contains guidance for CPAs to consider as they navigate these issues.

FASB’s relief proposal includes lease accounting delay for private companies

FASB proposed pandemic relief actions that included a one-year delay in its lease accounting standard for private companies and most not-for-profits.

GASB issues guidance on accounting for P3s and APAs

GASB issued guidance that is intended to improve state and local governments’ accounting for public-private and public-public partnership arrangements as well as availability payment arrangements.

Pandemic alters lease accounting landscape

The coronavirus pandemic has led to a likely delay in the effective date of FASB’s new lease accounting standard as well as an environment in which lease concessions may lead to new accounting considerations.

FASB issues Q&As to clarify pandemic lease accounting issues

FASB posted a Q&A document to clarify questions about lease accounting that have arisen during the coronavirus pandemic.

SEC updates staff guidance on shareholder meetings

Responding to travel, mailing and other issues caused by the COVID-19 pandemic, the SEC has published updated staff guidance on shareholder meetings for companies and other issuers of public stock.

FASB staff clarifies lease modifications, other pandemic accounting issues

Accounting challenges related to the coronavirus pandemic have resulted in numerous questions for FASB from financial statement preparers and practitioners. Shayne Kuhaneck, FASB’s acting technical director, answered some of these questions during the board’s meeting.

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.

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.