BLS Insights

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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 nonpublic entities that have not yet issued their financial statements. “They [private companies] may not have the technology or resources to effectively implement the standard,” … Continued

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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 and we expect additional guidance from the SBA, below are important highlights to consider when conducting the calculations. Changes were made to make it easier … Continued

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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 replaced with online classes, which meant that students were evicted from on-campus housing. With this change of events, many students or their parents received a … Continued

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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 following: 1) Guidance on SBA PPP Loans and Subjectivity to Uniform Guidance Single Audit Requirements GAQC Alert No. 404 states that based on the GAQC’s … Continued

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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 topic’ questions that we would like to draw your attention to in this particular BLS Important Update Question 31: Do businesses owned by large companies with … Continued

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