Apr 24, 2020

FASB Updates and AICPA Guidance: Response to COVID-19

Allison Henry, CPA, CGMA, vice president - professional and technical standards

In this video, Allison Henry provides an update and guidance on recent announcements from the Financial Accounting Standards Board (FASB) and AICPA. She discusses the deferred effective date on Statement on Auditing Standards (SAS) 134 through SAS 140 until periods ending on or after Dec. 15, 2021. Early implementation is now permitted.

Allison also shares the FASB delay or deferral activities on Topic 606, Topic 840, and Topic 842. FASB also addressed implementation questions about crisis related issues including interest income and loan payment holidays, hedging, and fair value accounting. Read the FASB leases Q&A for full details, including a lease modification to include COVID-19-related concessions.

Finally, the AICPA professional ethics committee reminds you that you cannot be an agent for a Paycheck Protection Program (PPP) loan and still be independent. Read the AICPA's Professional Ethics Executive Committee guidance on PPP agent fees and independence.

Email with your questions about A&A, peer review, and ethics.

Allison Henry also has a special online series, "Thriving in a Period of Uncertainty: The Impact of COVID-19 on Accounting and Audits." The four weekly webinars cover COVID-19's Impact on the Audit, Financial Statement Presentation and Disclosure During Uncertainty, Impact on SSARS and Other Attest Engagements, and Revenue Recognition Implications. See the entire schedule here, but act fast: the first session is May 6.

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Statements of fact and opinion are the authors’ responsibility alone and do not imply an opinion on the part of PICPA officers or members. The information contained in herein does not constitute accounting, legal, or professional advice. For professional advice, please engage or consult a qualified professional.
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