New Technical Questions and Answers issued by the AICPA discuss accounting issues lenders have encountered related to the Paycheck Protection Program.
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Accounting & reporting
Handling nondisclosure compilations amid the pandemic
Compilations of financial statements that omit substantially all disclosures can provide challenges for CPAs as the pandemic hurts clients’ businesses. Here’s how CPAs can handle the challenging judgments in these engagements.
SEC staff guidance addresses pandemic-related disclosures
Public companies need to carefully consider their obligations in disclosing the coronavirus pandemic’s effect on their operations, liquidity, and capital resources, according to staff guidance issued by the SEC Division of Corporation Finance.
GASB addresses component units, deferred compensation plans
GASB issued a standard that is designed to reduce costs and make reporting on state and local governments’ fiduciary component units more consistent.
FASB Q&As address application of taxonomy to pandemic disclosures
FASB staff issued Q&As designed to clarify the application of the US GAAP Financial Reporting Taxonomy to disclosures related to the effects of the coronavirus pandemic and relief efforts.
Lease accounting effective date deferred for federal entities
Federal government entities will have extra time to implement a new lease accounting standard after the Federal Accounting Standards Advisory Board (FASAB) announced that it is delaying the standard’s effective date.
Pandemic considerations for EBP financial statements
The coronavirus pandemic has had a profound effect on employee benefit plan financial statements. Preparers and auditors need to carefully consider going concern implications, CARES Act implications and more.
GASB proposes accounting guidance for CARES Act aid
GASB issued a proposed technical bulletin that would help state and local governments account for funds they received from programs included in the CARES Act pandemic relief legislation.
FASB addresses insurance, convertible instruments, gifts-in-kind
FASB proposed delaying the effective date of its new long-duration insurance contracts standard. The board also voted to approve standards on improving convertible instruments and contracts in an entity’s own equity and not-for-profit accounting for gifts-in-kind.
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.
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.
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.
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.
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The key to success with CAS is selecting the best clients. Tools like ideal client profiles (ICPs), buyer personas, and even artificial intelligence can help identify the businesses that best fit each CAS practice.
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