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News
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AICPA issues guidance on reporting PPP loans
- June 26, 2020
- Posted by: Hood & Strong
- Category: AICPA, COVID-19
No CommentsThe Coronavirus Aid, Relief, and Economic Security Act (CARES) Act designated $349 billion in Paycheck Protection Program (PPP) loans to help small businesses stay afloat during the COVID-19 crisis. The Small Business Administration (SBA) will forgive PPP loans if certain conditions are met. Recipients of PPP loans are unclear about how to account for these
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COVID-19-related government assistance: To report or not to report?
- June 26, 2020
- Posted by: Hood & Strong
- Category: COVID-19, FASB
Investors, lenders and market analysts rely on accounting rules published by the Financial Accounting Standards Board (FASB) to get the insight they need about companies, especially when rare events take place. Some stakeholders worry that — because the FASB never completed its 2015 proposal on government assistance disclosures — companies may fail to report COVID-19-related
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COVID-19 relief: Short-term loan modifications aren’t TDRs
- June 24, 2020
- Posted by: Hood & Strong
- Category: COVID-19
During the novel coronavirus (COVID-19) crisis, financial institutions may be working with struggling borrowers on loan modifications. A group of financial institution regulatory agencies, after consulting with the Financial Accounting Standards Board (FASB), has issued a joint statement. The guidance confirms that, for borrowers that are current on their loan payments, short-term modifications due to
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Auditing remotely during the pandemic
- June 24, 2020
- Posted by: Hood & Strong
- Category: COVID-19
During the novel coronavirus (COVID-19) pandemic, many people have been working from home, including most accounting professionals. These remote working conditions have altered the traditional audit process. Benefits of technology Fortunately, in recent years, many accounting firms have been transitioning to remote auditing for certain procedures. Specifically, they’ve invested in staff training and technology —
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Will the FASB defer the CECL implementation date for all public companies?
- June 24, 2020
- Posted by: Hood & Strong
- Category: FASB
Will the FASB defer the CECL implementation date for all public companies? In response to the novel coronavirus (COVID-19) crisis, the implementation deadlines have been deferred for the updated accounting rules on current expected credit losses (CECL), revenue recognition and leases. But those deferrals apply only to certain entities. In particular, the CECL deferral excludes
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PPP borrowers get concessions, additional guidance on forgiveness
- June 8, 2020
- Posted by: Hood & Strong
- Category: COVID-19
The U.S. Senate has passed the bipartisan Paycheck Protection Program Flexibility Act of 2020, which loosens several of the Paycheck Protection Program’s (PPP’s) more onerous restrictions regarding loan forgiveness. President Trump has signed the bill into law. The new law follows the May 22, 2020, release of an interim final rule from the U.S. Department
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Financial Planning with Your Retirement Plan – Support Charities and Lower Your Taxable Estate
- May 21, 2020
- Posted by: Hood & Strong
- Category: Uncategorized
Authored by George Paulsen, Tax Partner For older adults with a taxable estate (assets over $22 million), consider giving IRA donations rather than appreciated property. You will lower your taxable estate, reduce Required Minimum Distributions (RMD) and reduce income taxes for your heirs, while giving them more appreciated assets that they can sell without income
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Disclosing COVID-19-related risks
- May 21, 2020
- Posted by: Hood & Strong
- Category: COVID-19
Efforts to contain the spread of the novel coronavirus (COVID-19) have led to suspension of many economic activities, putting unprecedented strain on businesses. On March 25, the Securities and Exchange Commission (SEC) issued guidance about disclosure obligations related to COVID-19. This article highlights factors for companies to consider when assessing these risks. Be transparent and
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More COVID-19 relief: FASB to defer implementation deadlines
- May 21, 2020
- Posted by: Hood & Strong
- Category: COVID-19
During the novel coronavirus (COVID-19) pandemic, many businesses are, at best, facing unprecedented operational challenges and, at worst, struggling to avoid bankruptcy. In such dire circumstances, the last thing management wants to think about is updating the company’s systems and records to comply with new accounting rules. Fortunately, the Financial Accounting Standards Board (FASB) has
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COVID-19 pandemic to trigger midyear goodwill impairment
- May 21, 2020
- Posted by: Hood & Strong
- Category: COVID-19
Airlines, cruise ships, restaurants, entertainment venues, hotels and many other types of businesses are expected to report goodwill impairments for the first quarter of 2020 because of the novel coronavirus (COVID-19). The contagious disease that’s wreaking havoc worldwide is a clear triggering event that would cause many companies to have to test for impairment on