Month: May 2020
FASB Votes to Postpone Revenue Recognition & Leases Standards
May 21, 2020
On May 20, 2020, FASB voted to extend by one year the effective date of its revenue recognition standard (FASB ASC Topic 606, Revenue From Contracts With Customers) to all … Continued
COVID-19 Update: Paycheck Protection Program Forgiveness Application Released
May 18, 2020
Late on Friday, the SBA released the PPP Loan Forgiveness Application. Along with the Application came instructions and answers to some questions related to the calculation. Although some questions still remain … Continued
COVID-19: Be Careful with Tuition and Expense Refunds Paid from a 529 Plan
May 08, 2020
One of the steps for slowing the spread of the COVID-19 outbreak was the closure of many public places, including colleges and universities. This action led to classroom instruction being … Continued
GAQC Alert: PPP Loans Will Not Be Subject to Uniform Guidance Single Audit Requirements
May 07, 2020
On May 5, 2020, the Governmental Audit Quality Center (GAQC) issued GAQC Alert No. 404 which provides important governmental auditing updates related to COVID-19. GAQC Alert No. 404 included the … Continued
COVID-19 Update: Paycheck Protection Program FAQs
May 05, 2020
Important guidance related to Paycheck Protection Loans was recently shared by the United States Treasury via their Frequently Asked Questions. Out of the 42 questions listed, there are two ‘hot … Continued