Archives for April 2021

Federal prosecution of a depository institution providing banking services to a legitimate cannabis business would be prohibited under a bill that passed the U.S. House of Representatives on Monday by a 321–101 vote. H.R. 1996, the SAFE Banking Act of 2021, also includes protections from prosecution for “ancillary services” to legitimate cannabis businesses that is […]

Far from the black-and-white world that many outside a company’s accounting function imagine, gray can be accounting’s primary color. That’s because many accounting questions are complicated, and there’s often a high degree of judgment required when applying the rules.  Documenting complex transactions and the related accounting conclusions can be extremely challenging given today’s standards for […]

The Restaurant Revitalization Fund (RRF) relief program application portal will be tested in a seven-day pilot period ahead of the application launch, the U.S. Small Business Administration (SBA) announced as it revealed key details of the program. Following the pilot, the application portal will be opened to the public, although the official application launch date […]

The Securities and Exchange Commission’s increasing scrutiny of special purpose acquisition companies and guidance on how to account for warrants are slowing deal activity for firms. Last week, the SEC issued a staff statement on the accounting and financial reporting considerations for SPACs, also known as “blank-check companies.” The SEC basically said that warrants, which […]

When accounting for Paycheck Protection Program (PPP) loans, for-profit entities may wish to apply the conditional contribution method that has been more commonly associated with not-for-profits’ PPP accounting. According to AICPA Technical Question and Answer guidance, when the PPP’s eligibility and loan forgiveness criteria are expected to be met, a for-profit could account for a […]

When accounting for Paycheck Protection Program (PPP) loans, for-profit entities may wish to apply the conditional contribution method that has been more commonly associated with not-for-profits’ PPP accounting. According to AICPA Technical Question and Answer guidance, when the PPP’s eligibility and loan forgiveness criteria are expected to be met, a for-profit could account for a […]

How much do Big 4 people really care about Vault’s annual Accounting 50? PwC, Deloitte, and KPMG and their employees probably care way more about the ranking than EY and its employees because those firms routinely comprise the top three positions. EY, on the other hand, hasn’t participated in Vault’s annual survey of accounting professionals […]