Accounting Matters

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Accounting for Paycheck Protection Program loan forgiveness under U.S. Generally Accepted Accounting Principles

August 2020

As recipients of loans under the Paycheck Protection Program (PPP) begin to submit applications for loan forgiveness, the question now arises as to how and when such forgiveness of debt will be accounted for in the financial statements. The American Institute of Certified Public Accountants (AICPA) clarified the options for how to account for PPP loans. More »

 

FASB Votes to Defer Effective of New Lease Accounting Standards

October 2019
Accounting Standard Update (“ASU”) 2016-02, Leases (Topic 842), was issued in February 2016. For nonpublic entities, it was scheduled to be effective for fiscal years beginning after December 15, 2019.  Early adoption was allowed. More »
August 2018
Non-public entities are required to apply the new guidance under Topic 606 in annual periods beginning after December 15, 2018 (therefore, for the year ended December 31, 2019 for entities with a calendar year-end), and in interim periods beginning after December 15, 2019. More »
 

 


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