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The Governmental Accounting Standards Board released a technical bulletin with guidance for applying existing GASB standards to transactions related to the CARES Act and outflows incurred in response to the COVID-19 pandemic. It answers some of the questions raised by GASB stakeholders, especially state and local governments. Technical Bulletin 2020-1, Accounting and Financial Reporting Issues […]
It’s July. America has by now been experiencing a pandemic for a solid three months. This has been enough time for several pieces of COVID-19-related legislation to pass, for federal government aid programs to businesses to run out of funds more than once, and for the country to already see a resurgence in cases. It’s […]
The House gave final last-minute congressional approval Wednesday to extending the popular Paycheck Protection Program for small businesses until Aug. 8, hours after the deadline for applications lapsed with more than $130 billion still available. The Senate had passed the extension Tuesday, shortly before the Small Business Administration was to stop accepting new loan applications […]
Employers added 4.8 million jobs in June and the unemployment rate fell to 11.1 percent, according to the U.S. Bureau of Labor Statistics, a decline of 2.2 percentage points from the previous rate of 13.3 percent, as employees returned to work despite the ongoing spread of COVID-19. Accounting and bookkeeping services gained 17,500 jobs. The […]
With a resurgence of the coronavirus threatening a nascent rebound of the U.S. economy, the White House and Congress are under increased pressure to come to terms on another round of stimulus. Thursday’s Labor Department report, which showed a bigger than expected increase of 4.8 million jobs in June, didn’t lessen the sense of urgency […]
The current coronavirus pandemic and the damage it is inflicting on the economy are affecting virtually every industry, and accounting is no exception. As markets shrink, revenues dry up, and companies struggle to stay afloat, finding ways to increase their firm’s value and not just maintain revenues but increase them is becoming Job One for […]
EisnerAmper and DHG each develop COVID-19-related workplace solutions; AAM elects four to board of directors; and more CPA news.
Audit firms can enhance the reliability of environmental, social and governance reporting during the novel coronavirus pandemic, according to a new report from the Center for Audit Quality. The report, The Role of Auditors in Company-Prepared ESG Information: Present and Future, describes how investors are using ESG information and the changing role of auditors in […]
The Internal Revenue Service is extending timelines for performing some of the actions associated with the low-income housing tax credit and bonds for qualified residential rental projects to give businesses more time during the COVID-19 pandemic. The IRS issued Notice 2020-53 Wednesday to offer regulatory and tax relief to issuers, operators, owners, and tenants of […]
Three worldwide accounting groups have banded together to issue a report offering guidance on how CFOs and finance teams can steer their organizations toward long-term value creation during the COVID-19 pandemic. The report, issued last week by the International Federation of Accountants, the International Integrated Reporting Council and the Association of International Certified Professional Accountants […]
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