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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 […]

August 2020 Audit & Assurance Newsletter

Monday, August 17, 2020

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 […]

July 2020 Audit & Assurance Newsletter

Monday, July 13, 2020

FASB proposes delay of insurance standard effective date FASB recently issued a proposal that would delay the effective date of the board’s new standard on long-duration insurance contracts by one year in an effort to provide relief to insurance companies affected by the coronavirus pandemic. The proposal also would make early adoption easier and more […]