FASB posted a staff Q&A document to its website Friday that is designed to clarify pandemic-related questions about lease accounting. As a result of economic disruptions caused by the pandemic, many lessors will provide lease concessions to tenants. The Q&A states that for concessions related to the effects of the coronavirus pandemic, an entity will […]
IRS grants broad coronavirus-related tax relief
Taxpayers were granted additional, broad tax filing and payment deadline relief by the IRS late on Thursday, in line with relief requested by the AICPA over the past several weeks amid the coronavirus pandemic. The new relief, issued in Notice 2020-23, applies to all taxpayers that have a filing or payment deadline falling on or […]
5 steps for advising clients during COVID-19 crisis
A global pandemic. Unstable financial markets. Social isolation. Product shortages in some areas while others are no longer deemed essential. Opportunities for emergency funding. If there was ever a time when clients needed your guidance, expertise, and care, it is now. The time to shine as an adviser is right this minute. And, even though […]
ASB completes alignment of GAAS with new auditor reporting standards
The AICPA Auditing Standards Board (ASB) on Wednesday completed its yearlong effort to conform generally accepted auditing standards with the provisions of its new auditor reporting standards. The final step in the conforming process was the issuance of Statement on Auditing Standards No. 140, Amendments to AU-C Sections 725, 730, 930, 935, and 940 to […]
AICPA applauds additional clarity in Treasury FAQs on Paycheck Protection Program
Late Monday night, Treasury and the U.S. Small Business Administration (SBA) released FAQs on the Paycheck Protection Program (PPP), the $349 billion small business relief program that is a key part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136. Over the past week, the AICPA and our small business funding coalition […]
AICPA-led coalition supports gross pay approach as calculation standard for PPP loans
An AICPA-led small business funding coalition, in conjunction with the National Payroll Reporting Consortium, issued a statement supporting the use of gross payroll based on 2019 data in calculations for Paycheck Protection Program (PPP) pandemic relief loan applications. Applications opened Friday for the PPP, which was funded by the $2 trillion Coronavirus Aid, Relief, and […]
PCAOB Issues Spotlight for Audits Nearing Completion in Light of COVID-19
The Public Company Accounting Oversight Board (PCAOB) has released a new staff PCAOB Spotlight document, COVID-19: Reminders for Audits Nearing Completion, to provide important reminders to auditors of issuers and broker-dealers for audits nearing completion. Reasons for Issuance of the PCAOB Spotlight Explaining the decision to issue the new Spotlight, Chairman William D. Duhnke III said, […]
GASB Issues Statement No. 93 for Transition from LIBOR
The Governmental Accounting Standards Board (GASB) has issued Statement No. 93, Replacement of Interbank Offered Rates, to assist state and local governments in the transition away from existing interbank offered rates (IBORs), including the London Interbank Offered Rate (LIBOR) to other reference rates. Variable payment rates based on LIBOR Some governments have entered into agreements […]
CPAs support business owners during COVID-19 crisis
The phones started ringing immediately when Congress passed the first legislation related to the economic effects of the coronavirus in mid-March. WellsColeman, a 37-employee firm in Richmond, Va., received a surge of small business client inquiries on related employment issues. In response, George Forsythe, CPA, the firm’s managing partner, scheduled a Zoom call with a […]
Financial institutions using CARES Act deferrals won’t violate GAAP, SEC says
Eligible financial institutions will not be in violation of GAAP if they take advantage of the deferrals or suspensions of two FASB standards as permitted in the new federal coronavirus relief law, SEC Chief Accountant Sagar Teotia said Friday in a statement issued by the commission. The $2 trillion Coronavirus Aid, Relief, and Economic Security […]