Stay up to date on what's happening!
FASB responded to an urgent pandemic-related accounting concern Wednesday by voting to provide private companies and not-for-profits with an alternative to the requirement to monitor and evaluate goodwill impairment triggering events throughout the fiscal year and potentially measure a goodwill impairment at the date of triggering events. Continue Reading
Nonprofit and for-profit organizations that received Paycheck Protection Program loans could unexpectedly find themselves confronting the “single audit” requirement for the first time, even though PPP loans are supposedly exempt. Continue Reading
The AICPA Auditing Standards Board (ASB) issued an exposure draft of three interrelated proposed standards designed to bring important changes to the way firms will manage quality in their accounting and auditing practices. Continue Reading
How is Paycheck Protection Program (PPP) loan forgiveness reported on financial statements? Continue Reading
As fiscal 2020’s end approaches for calendar year-end entities, guidance is available on numerous challenging issues. Continue Reading
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
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
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