The Consolidated Appropriations Act (CAA), signed into law on December 27, 2020, includes a variety of economic relief measures. One such measure allows certain banks and credit unions to temporarily postpone implementation of the controversial current expected credit loss (CECL) standard.
It’s been a tough year for not-for-profits. Many have experienced an increased demand for services just as revenues have plummeted. Until the COVID-19 pandemic is over, your organization’s board of directors will likely play a special role in ensuring that
As year end approaches, it’s a good idea for calendar-year entities to review the guidelines for recognizing revenue and expenses. There are specific rules regarding accounting cutoffs under U.S. Generally Accepted Accounting Principles (GAAP). Strict observance of these rules is
The COVID-19 crisis is causing private companies to re-evaluate the type of financial statements they should generate for 2020. Some are considering downgrading to a lower level of assurance to reduce financial reporting costs — but a downgrade may compromise
Some companies are expected to report impairment losses in fiscal year 2020 because of the COVID-19 crisis. Depending on the nature of your operations and assets, the pandemic could be considered a “triggering event” that warrants interim impairment testing. Examples
Does your construction company follow U.S. Generally Accepted Accounting Principles (GAAP)? If so, there’s an important deadline coming up later this year that you should start thinking about right now. For annual periods beginning after December 15, 2019, and for
Carolyn, the executive director of an educational nonprofit, was thrilled, after a long search, to welcome two new members to her charity’s board of directors — both from the for-profit business world. However, she was a little concerned about a
In 2014, the Financial Accounting Standards Board (FASB) issued a new standard on revenue recognition (ASU 2014-09). The ASU was intended to clarify and standardize across various sectors revenue reporting. But many nonprofits found the new standard confusing because it
Imagine you’re standing on the jobsite and someone says, “Nice piece of equipment. What did it cost you?” Your mind might immediately go to how much you paid for the asset in question. But, as you’re surely aware, contractors must
If your construction company leases assets and it follows U.S. Generally Accepted Accounting Principles (GAAP), an important development occurred earlier this year. The Financial Accounting Standards Board (FASB) issued its long-awaited update revising the appropriate treatment of leases on financial