The SEC voted to adopt amendments to its rules and forms for disclosing financial information about acquired or disposed businesses. The changes are intended to improve information for investors, facilitate more timely access to capital, and reduce the complexity and costs of preparing the disclosure. The new rules and forms are designed to help registrants […]
PPP Forgiveness Calculation: Process & Example
Want to know how much of your PPP loan is eligible for forgiveness? Thanks to the SBA’s release of the Loan Forgiveness Application, you can now do the PPP forgiveness calculation for your loan amount. Whether you’re ready to submit a PPP loan forgiveness request today or just want to get a ballpark figure, read […]
AICPA Council supports advancement of new CPA licensure model
News PROFESSIONAL DEVELOPMENT By Ken Tysiac {:else} {timeSince} {/if} {@if cond=”{isCGMA}”} {:else} {/if} {/.} An effort to transform the CPA licensure model took a step forward Wednesday when the AICPA governing Council voted to support its advancement during its virtual spring meeting. Council voted to support the CPA Evolution initiative, which is being undertaken by […]
FASB votes to delay revenue recognition effective date for private companies
FASB voted Wednesday to extend by one year the effective date of its revenue recognition standard to all nonpublic entities that have not yet issued their financial statements. The board originally had proposed amending the revenue recognition standard effective date just for franchisors that are not public business entities. But feedback FASB received on the […]
Virus accounting maneuvers criticized by European authorities – Accounting Today
Europe’s top markets watchdog is warning companies against getting creative with financial statements that obscure the effect of the coronavirus pandemic on their bottom line. In guidance ahead of companies’ half-year results, the European Securities and Markets Authority said on Wednesday that firms shouldn’t separate the impact of the virus from overall profits and losses. […]
Essential documents clients must update during COVID-19
CPAs have been especially busy in recent weeks counseling clients through the sudden economic challenges brought on by COVID-19. Because you’ll be communicating with a large number of your clients, this can be a timely opportunity to also remind them to update essential documents, such as living wills and power of attorney designations. During this […]
Rising to the Occasion: How to Master Your Entrepreneur Elevator Pitch in 5 Steps
Quick: Tell me what your business does in under a minute and a half. Can you do it? Probably not—for one of two reasons. First, we can’t hear you. And second, you may not have nailed down your entrepreneur elevator pitch yet. Concisely articulating your business idea or business is hard. It takes significant practice, […]
Eventbrite Faces New Accounting Challenges as Coronavirus Clouds Projections of Future Refunds – The Wall Street Journal
Charles “Lanny” Baker, the finance chief of ticketing business Eventbrite. Photo: Anastasiia Sapon By Mark Maurer Close Mark Maurer May 18, 2020 6:14 pm ET The coronavirus pandemic is striking a blow to the event-ticketing industry as organizers cancel and postpone concerts and other performances to adhere to lockdown orders and social-distancing protocols. Some events […]
IRS mobilizing 3,500 phone operators to answer stimulus questions
The IRS announced Monday it is hiring 3,500 new phone operators to answer taxpayers’ questions about economic impact payments (IR-2020-97). The IRS cautioned, however, that “telephone assistance and other services” will remain limited due to the COVID-19 pandemic. In March, the IRS announced that it was scaling back operations, closing offices, and having employees work […]
Accountants can help companies set strategy to deal with coronavirus – Accounting Today
Management accountants and CFOs can play an important role in guiding companies through the strategic options available to cope with the COVID-19 pandemic. A recent Statement on Management Accounting report, “Strategic Analysis—Methods for Achieving Superior and Sustainable Performance,” discusses how management accountants and CFOs can lead strategic analysis and planning to improve the performance of […]