Audit & Accounting Guide:
An updated AICPA guide addresses the unique aspects of the preparation and auditing of financial institution financial statements.
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COVID-19: Clarification on interagency statement on loan modifications
Clarifications have been provided on the interagency statement on loan modifications for customers affected by COVID-19.
GASB proposes implementation guidance
The GASB recently released a proposed implementation guide to address a wide array of practice issues related to GASB Statements.
New edition: Accounting for debt modifications and restructurings
We have published a new edition of our guide regarding the accounting for debt modifications, restructurings and exchanges.
IRS issues additional PPP deductibility guidance with safe harbor
IRS clarifies deduction disallowance for expenses funded by PPP and issues safe harbor for borrowers that forgo or are denied forgiveness.
Policy snapshot: Health care
Biden will want to strengthen and expand the Affordable Care Act; however, he could face Senate opposition.
Policy snapshot: Manufacturing
We expect Biden to be more supportive of free trade, even though Biden’s “Buy American” proposal does reflect protectionism.
Policy snapshot: Real estate
Based on Biden’s campaign platform, long-term capital gains, currently taxed at 20%, would be taxed at ordinary income rates.
FASB to propose goodwill impairment triggering event alternative
The FASB will propose an ASU that would provide a goodwill impairment triggering event alternative for certain entities.
Policy snapshot: Energy
Companies should assess Biden's pledge to invest $1.7 trillion over the next 10 years toward the goal of achieving 100% clean energy.
Policy snapshot: Private equity
It remains to be seen whether the transition to the Biden administration will have a significant impact on the private equity industry.
2020 Year-End Tax Planning for Businesses
As the end of the year approaches, it is important to consider strategies to lower your tax liabilities for 2020. In this video, we'll cover strategies that may help you reduce taxes on business income.
Audit committee resource: Auditing estimates and use of specialists
A PCAOB resource provides information for audit committees about new requirements for auditing estimates and use of specialists.
2020 Effective Date Reminder
Our annual Effective Date Reminder lists pronouncements issued as of Nov. 1, 2020, which became effective on or after Jan. 1, 2020.
FASB Codification improvements
A recent FASB ASU makes minor technical corrections and clarifications to the Accounting Standards Codification.
Proposed updates to ASC 842
The FASB recently proposed amendments to address certain issues arising from the adoption of the leases standard.