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January 2021 Audit & Assurance Newsletter

Tuesday, January 12, 2021

FASB clarifies scope of reference rate relief FASB recently issued guidance that is designed to clarify which derivatives are eligible for certain optional expedients and exceptions under the board’s new standard that creates accounting relief for reference rate reforms. read more    – Journal of Accountancy FASB proposes goodwill evaluation relief for some private companies, […]

December 2020 Audit & Assurance Newsletter

Thursday, December 3, 2020

FASB staff weighs in on debt modifications and restructurings FASB’s staff recently published an educational paper that provides guidance to borrowers on how to account for debt modifications and restructurings, which have been common this year as a result of the coronavirus pandemic. read more    – Journal of Accountancy FASB clarifies callable debt securities […]

October 2020 Audit & Assurance Newsletter

Wednesday, October 14, 2020

New FAQs address health care entity pandemic accounting New frequently asked question guidance for health care entities on pandemic-related questions have been added to a list that was first posted August 3. All the FAQ guidance was developed by the AICPA with assistance from a group of health care experts and is designed to assist financial statement […]

Extended Deferral Period for PPP Loans Clarified

Friday, October 9, 2020

The Small Business Administration (SBA) released clarifying guidance in a FAQ on Wednesday, October 7, related to the extended deferral period of Paycheck Protection Program (PPP) loans as provided for in the Paycheck Protection Flexibility Act of 2020 (Flexibility Act) that was enacted in June. The Flexibility Act extended the deferral of PPP loan payments […]

September 2020 Audit & Assurance Newsletter

Tuesday, September 15, 2020

New PPP forgiveness guidance addresses owner-employee compensation, rent-related costs The U.S. Small Business Administration (SBA) and Treasury recently issued an interim final rule addressing Paycheck Protection Program (PPP) forgiveness issues related to owner-employee compensation and the eligibility of nonpayroll costs. read more     – Journal of Accountancy FASB addresses valuation of private company share-based awards FASB recently […]