One Year Deferral for Revenue Recognition Implementation Standard Approved
In a surprise move, on May 20, 2020, the Financial Accounting Standards Board (FASB) approved a one-year deferral to the effective date of the revenue standard (FASB ASC Topic 606, Revenue from Contracts with Customers) for all nonpublic and not-for-profit entities that have not issued their financial statements.
What You Need to Know About PPP Loan Forgiveness
The Small Business Administration (SBA) has released the application to obtain forgiveness of PPP loans, and in doing so has provided answers to many of the questions that our team and so many loan recipients have had, as we try to forecast the forgiveness and make business decisions. The full
PPP Loans: Accounting Considerations from the AICPA
As businesses obtain approval and receive funds under the PPP program, there is seemingly no limit to the challenges and questions that follow. After making sure documentation is in place to support the financial need certification, implementing a system to track qualified expenses, and checking on the most recent update
Small Businesses: Seven Steps to Survive the Uncertainty
As forced shutdowns have hit the region, there is a level of business uncertainty that is unprecedented in its rate of change and breadth of impact. Many businesses are reassessing how to manage their cash to survive for an unknown period of time. There are some key areas for business
How Not-for-Profit Grants and Contracts Effect Revenue Recognition under ASC 606
Steps to Help Not-for-Profits Scrutinize their Revenues for Impact from Recent Accounting Standards The time has come for many not-for-profits to incorporate ASC 606 Revenue from Contracts with Customers in their GAAP financial statements. This overhaul to the model of recognizing revenue with customers has left many questioning what funding
Private Company Relief – FASB Approves Delay of Effective Dates for Changes in Lease Accounting and Credit Loss Accounting
In our previous coverage of the Financial Accounting Standards Board (FASB) proposal to delay Changes in Lease Accounting and Credit Loss Accounting in July of 2019, we reported that the FASB voted in favor of one-year delays in the effective dates for non-public entities. At their most recent meeting in