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FASB Offers Limited Effective Date Delays on Revenue Recognition and Leases Standards

Jun 4, 2020 | Audit

One-Year Delays Extended to Certain Companies and Organizations Norwalk, CT—June 3, 2020—The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) that grants a one-year effective date delay for certain companies and...

FASB Provides Relief to Private Companies and Not-for-Profit Organizations on New Rules on Revenue Recognition and Leases

May 22, 2020 | Audit, Nonprofit, Nonprofit organizations

In recognition of the extraordinary business climate resulting from the COVID-19 pandemic, the Financial Accounting Standards Board (FASB) is providing relief from implementation of two major accounting standards for private companies and not-for-profit (NFP)...

Accounting for Paycheck Protection Program (PPP) Loans

May 18, 2020 | Audit

Certain not-for-profit (NFP) and small business entities are eligible for PPP loans if they have less than 500 employees. Proceeds from the loans are to be used for up to eight weeks of expenses including employee payroll costs, mortgage interest, rent, and utilities....

COVID-19 Relief and Implications for Retirement Plans

Apr 21, 2020 | Audit

The below information summarizes CARES Act relief and implications for retirement plans as result of the effects of COVID-19. Plan Sponsor relief Extension to file Form 5500, Annual Return/Report of Employee Benefit Plan, due to be filed (originally or pursuant to a...

FASB Votes to Delay Leases and Revenue Recognition for Certain Entities

Apr 8, 2020 | Audit

This morning, the Financial Accounting Standards Board (FASB) voted to move forward with a one-year deferral of the effective date for ASC 842, Leases, for all private companies and not-for-profit organizations (including conduit debt obligors) so that such entities...

AICPA & CIMA Issued Audit Risk Alert – SingerLewak

Jan 7, 2020 | Audit, Entrepreneur & Family Owned Businesses, Family Owned Businesses

The AICPA & CIMA have issued a comprehensive Audit Risk Alert featuring 2019/20 General Accounting and Auditing Developments. SingerLewak Partners, Jeremy Dillard and Manda Dinkel were technical reviewers for this release. The full report is...

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