CPA Now Blog

COVID-19 has created significant financial statement challenges. Auditors and financial statement preparers need to ensure that the financial statements and related footnote disclosures are fairly presented within the scope of the pandemic and its effects.

The AICPA Peer Review Board has been extremely flexible in permitting peer reviews to be performed offsite and automating extensions. But there are many issues to consider. The PICPA's "Navigating Peer Review in 2020" highlights many 2020 administrative and logistical issues.

With Q&A 3200.18: Borrower Accounting for a Forgivable Loan Received Under the Small Business Administration Paycheck Protection Program, the AICPA provides important accounting guidance for entities that expect to meet the Paycheck Protection Program (PPP) eligibility criteria and have the loan forgiven.

Allison Henry, PICPA vice president of professional and technical standards, provides a video update and guidance on recent lease accounting, revenue recognition, and ethics announcements related to COVID-19 from the FASB and AICPA.

To combat the economic fallout from the COVID-19 pandemic, the federal government is attempting to push out about $350 billion in loans to eligible businesses. This unprecedented opportunity has CPAs scrambling to help their clients fill out the application and provide the supporting information. Caution is needed, however. You must make sure that you do not cross the independence line.