New PPP guidance addresses health insurance, EIDL, other issues
Some questions on federal coronavirus measures were recently answered in guidance issued by the U.S. Small Business Administration (SBA) and Treasury.
SBA and Treasury issued two FAQs related to the Paycheck Protection Program (PPP) and three FAQs related to the PPP and Economic Injury Disaster Loans (EIDL). An interim final rule also was issued to establish procedures for prospective borrowers who want to appeal certain SBA loan decisions. read more – Journal of Accountancy
FASB simplifies accounting for convertible instruments, contracts in own equity
FASB recently issued a new standard that is designed to simplify financial reporting associated with accounting for convertible instruments and contracts in an entity’s own equity. read more – Journal of Accountancy
FASB’s new cloud computing standard reduces complexity
Many companies and accounting firms have been focusing on new standards on revenue recognition and accounting for leases, hedging, and credit losses. But another new FASB standard — on cloud computing costs associated with a service arrangement — became effective for public business entities in fiscal years beginning on or after Dec. 15, 2019, and will take effect for all other entities for reporting periods beginning after Dec. 15, 2020. read more – Journal of Accountancy
Government financial reporting model would change under GASB proposal
The state and local government financial reporting model would change under a new proposal issued by GASB. read more – Journal of Accountancy
Answers to 4 common accounting and auditing questions
Recently issued FASB standards for revenue recognition, lease accounting, and the private company variable-interest entity (VIE) consolidation have led to companies’ and practitioners’ asking a host of questions about the preparation and auditing of financial statements. read more – Journal of Accountancy
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