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Audit & Assurance

April 2020 Audit & Assurance Newsletter

AICPA issues audit and accounting guidance FAQs on COVID-19

A new AICPA report provides nonauthoritative guidance addressing frequently asked audit and accounting questions related to the coronavirus pandemic.

The report, Audit Matters and Auditor Reporting Issues Related to COVID‐19, has been compiled to aid (1) practitioners performing audit engagement during these uncertain times; and (2) preparers of financial statements. The guidance does not apply to the preparation and issuance of audit reports that fall under the jurisdiction of the PCAOB and does not address accounting, disclosures, and reporting nuances for public companies. read more    – Journal of Accountancy

FASB effective date delay proposals to include private company lease accounting

FASB recently voted to add a project to its technical agenda to propose delaying the effective dates of its standards on revenue recognition and lease accounting for certain entities because of challenges related to the coronavirus pandemic. read more    – Journal of Accountancy

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. read more    – Journal of Accountancy

SBA issues details for Paycheck Protection Program loans

The U.S. Small Business Administration recently issued an interim final rule for the Paycheck Protection Program (PPP), which is offering $349 billion in forgivable loans that small businesses impacted by the coronavirus pandemic can use to cover costs including payroll and rent. read more    – Journal of Accountancy

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