Audit & Assurance

FASB clarifies scope of reference rate relief FASB recently issued guidance that is designed to clarify which derivatives are eligible for certain optional expedients and exceptions under the board’s new standard that creates accounting relief for reference rate reforms

FASB staff weighs in on debt modifications and restructurings FASB’s staff recently published an educational paper that provides guidance to borrowers on how to account for debt modifications and restructurings, which have been common this year as a result of the coronavirus pandemic

New FAQs address health care entity pandemic accounting New frequently asked question guidance for health care entities on pandemic-related questions have been added to a list that was first posted August 3

The Small Business Administration (SBA) released clarifying guidance in a FAQ on Wednesday, October 7, related to the extended deferral period of Paycheck Protection Program (PPP) loans as provided for in the Paycheck Protection Flexibility Act of 2020 (Flexibility Act) that was enacted in June

New PPP forgiveness guidance addresses owner-employee compensation, rent-related costs The U.S

June 30 represents a common fiscal year-end, a reporting cycle under bank covenants, and the mid-year point for the calendar year

New PPP guidance addresses health insurance, EIDL, other issues Some questions on federal coronavirus measures were recently answered in guidance issued by the U.S

FASB proposes delay of insurance standard effective date FASB recently issued a proposal that would delay the effective date of the board's new standard on long-duration insurance contracts by one year in an effort to provide relief to insurance companies affected by the coronavirus pandemic

The AICPA has developed a Technical Question and Answer (TQA) 3200.18, Borrower Accounting for a Forgivable Loan Received Under the Small Business Administration Paycheck Protection Program, which provides additional guidance with respect to accounting for Paycheck Protection Program (PPP) loans in accordance with US GAAP