FASB posted a staff Q&A document to its website Friday that is designed to clarify pandemic-related questions about lease accounting. As a result of economic disruptions caused by the pandemic, many lessors will provide lease concessions to tenants. The Q&A states that for concessions related to the effects of the coronavirus pandemic, an entity will […]
7 Bookkeeping Tips for Small Businesses
As a business owner, you’re responsible for staying on top of your business’s books. If you have up-to-date and accurate accounting records, your company will be on the road to success. But if you fail to focus on your accounting tasks, your business can quickly sink before it has the chance to grow. To help […]
FASB issues Q&As to clarify pandemic lease accounting issues
FASB posted a staff Q&A document to its website Friday that is designed to clarify pandemic-related questions about lease accounting. As a result of economic disruptions caused by the pandemic, many lessors will provide lease concessions to tenants. The Q&A states that for concessions related to the effects of the coronavirus pandemic, an entity will […]
IRS grants broad coronavirus-related tax relief
Taxpayers were granted additional, broad tax filing and payment deadline relief by the IRS late on Thursday, in line with relief requested by the AICPA over the past several weeks amid the coronavirus pandemic. The new relief, issued in Notice 2020-23, applies to all taxpayers that have a filing or payment deadline falling on or […]
5 steps for advising clients during COVID-19 crisis
A global pandemic. Unstable financial markets. Social isolation. Product shortages in some areas while others are no longer deemed essential. Opportunities for emergency funding. If there was ever a time when clients needed your guidance, expertise, and care, it is now. The time to shine as an adviser is right this minute. And, even though […]
Partnerships can file amended returns to get CARES Act benefits
The IRS is allowing partnerships subject to the centralized audit provisions in the Bipartisan Budget Act of 2015 (BBA), P.L. 114-74, to file an amended partnership return for 2018 or 2019 to take advantage of beneficial tax provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116- 136. The IRS announced in […]
FASB effective date delay proposals to include private company lease accounting – Journal of Accountancy
FASB voted Wednesday to add a project to its technical agenda to propose delaying the effective dates of its standards on revenue recognition and lease accounting for certain entities because of challenges related to the coronavirus pandemic. The board voted unanimously to consider amending the effective date of FASB Accounting Standards Codification (ASC) Topic 606, […]
AICPA issues audit and accounting guidance FAQs on COVID-19 – Journal of Accountancy
A new AICPA report provides nonauthoritative guidance addressing frequently asked audit and accounting questions related to the coronavirus pandemic. The report, Audit Matters and Auditor Reporting Issues Related to COVID‐19, has been compiled to aid (1) practitioners performing audit engagement during these uncertain times; and (2) preparers of financial statements. The guidance does not apply […]
Global Accounting Practice Management Software Market 2025 share held by each application segmen : Intuit, Sage, SAP, Oracle (NetSuite), Microsoft, Infor – Science In Me
This detailed research report on the Global Accounting Practice Management Software Market offers a concrete and thorough assorted compilation of systematic analysis, synthesis, and interpretation of data gathered about the Accounting Practice Management Software Market from a range of diverse arrangement of reliable sources and data gathering points. The report provides a broad segmentation of […]
4 ways to reduce anxiety and social isolation
The coronavirus (COVID-19) pandemic has turned the world upside down. This upheaval, compounded by social distancing and stay-at-home orders, has evoked feelings of fear, insecurity, lack of control, and anger. A Harvard Business Review article equates these feelings to grief and explains the nonlinear way grief manifests, which means that you might find yourself bouncing […]