Pandemic accounting: How to make the right judgments
- November 1, 2020
As fiscal 2020’s end approaches for calendar year-end entities, guidance is available on numerous challenging issues. Continue Reading
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SBA clarifies deferral period for PPP loan payments
- October 7, 2020
The Small Business Administration released guidance Wednesday clarifying that lenders must recognize the previously established extended deferral period for payments on the principal, interest, and fees on all Paycheck Protection Program (PPP) loans, even if the executed promissory note indicates only a six-month deferral. Continue Reading
PPP borrowers, lenders get change-in-ownership guidance from SBA
- October 5, 2020
How auditors can enhance the reliability of non-GAAP reporting
- September 29, 2020
Engaging external auditors to perform procedures outside the financial statement audit related to non-GAAP financial measures or key performance indicators (KPIs) can raise public confidence in this information, according to a Center for Audit Quality (CAQ) report issued Tuesday. Continue Reading
AICPA ethics proposal would limit firms' loaning of staff to attest clients
- September 22, 2020
The AICPA Professional Ethics Executive Committee (PEEC) proposes a significantly different interpretation of independence requirements related to CPA firms loaning staff to clients. Continue Reading
How lenders should account for forgivable PPP loans
- August 28, 2020
The forgivable portion of a Paycheck Protection Program loan should be accounted for by the lender as an interest-bearing loan until payment for that loan is received from the Small Business Administration, according to new guidance from AICPA. Continue Reading
New PPP forgiveness guidance addresses owner-employee compensation, rent-related costs
- August 25, 2020
The U.S. Small Business Administration and Treasury issued an interim final rule Monday addressing Paycheck Protection Program forgiveness issues related to owner-employee compensation and the eligibility of nonpayroll costs. Continue Reading
SBA offers guidance on appealing rejections of PPP loan forgiveness
- August 13, 2020
The Small Business Administration posted rules about how businesses who have been turned down for Paycheck Protection Program forgiveness loans can appeal, and how forgivable PPP loans interact with the SBA’s Economic Injury Disaster Loans. Continue Reading
New PPP guidance addresses health insurance, EIDL, other issues
- August 12, 2020
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). Continue Reading
New FAQs address PPP loan forgiveness issues
- August 5, 2020
The U.S. Small Business Administration (SBA), in consultation with Treasury, released guidance Tuesday answering 23 frequently asked questions regarding the forgiveness of Paycheck Protection Program loans. Continue Reading