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Audit & Assurance

May 2020 Audit & Assurance Newsletter

FASB staff Q&As address hedge accounting amid the pandemic

FASB’s staff recently addressed hedge accounting issues related to the coronavirus pandemic in a staff Q&A document posted to the board’s website.

Stakeholders have asked FASB how the postponement or cancellation of forecasted transactions related to the effects of the pandemic should be considered when applying cash flow hedge accounting under FASB ASC Topic 815, Derivatives and Hedging. read more    – Journal of Accountancy

FASB’s relief proposal includes lease accounting delay for private companies

A one-year delay in the lease accounting effective date for private companies and most not-for-profits is among the changes FASB recently proposed to provide relief to financial statement preparers as a result of the coronavirus pandemic. read more    – Journal of Accountancy

FASB issues Q&As to clarify pandemic lease accounting issues

FASB posted a staff Q&A document to its website recently that is designed to clarify pandemic-related ques-tions about lease accounting. read more    – Journal of Accountancy

GASB delays effective dates of recent pronouncements

State and local governments will have additional time to comply with numerous recent GASB pronouncements after the board issued guidance Friday granting an extension as a result of the coronavirus pandemic. read more    – Journal of Accountancy

AICPA makes PPP loan forgiveness recommendations

The AICPA recently issued a series of recommendations it would like to see the U.S. Small Business Administration (SBA) adopt and issue as guidance for small businesses to use in calculating loan forgiveness under the Paycheck Protection Program (PPP). read more    – Journal of Accountancy

ASB formally issues deferral of effective dates

The AICPA Auditing Standards Board (ASB) formally extended the effective dates of seven new auditing standards with the issuance of Statement on Auditing Standards No. 141, Amendment to the Effective Dates SAS Nos. 134-140. read more    – Journal of Accountancy

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