Professional Accounting Blog

    Accounting For Your Prosperity

    Kelli Bernstein

    Kelli is a Vice President in the Assurance Services Group and is a key member of the firm’s not-for-profit core group. She oversees the firm’s quality control procedures. In addition, she is involved with researching technical accounting issues.

    Recent Posts

    Guidance Issued by the AICPA on Accounting and Reporting for PPP Loan Forgiveness

    Posted by Kelli Bernstein on Jun 12, 2020 9:43:36 AM

    Topics: Small Business, Accounting & Auditing, Accounting and Tax Resource, COVID-19

    We have all been waiting for guidance to be issued related to accounting for forgiveness of Paycheck Protection Program (PPP) Loans. On June 10, 2020, the AICPA issued such guidance in the form of a Technical Question and Answer (TQA)  3200.18 Borrower Accounting for a Forgivable Loan Received Under the Small Business Administration Paycheck Protection Program. The TQA specifically addresses nongovernmental entities.

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    Considerations on Accounting and Reporting for PPP Loan Forgiveness

    Posted by Kelli Bernstein on May 22, 2020 8:36:32 PM

    Topics: Small Business, Accounting & Auditing, Accounting and Tax Resource, COVID-19

    Here we are at the end of May, and there is still no guidance that has come out under U.S. GAAP, which specifically addresses the accounting for loan forgiveness from the government under the Paycheck Protection Program (PPP)Due to the lack of such guidance at the current time, borrowers have two different ways they could account for PPP loans, as follows:

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    Accounting Considerations related to the Paycheck Protection Program

    Posted by Kelli Bernstein on Apr 22, 2020 11:23:55 AM

    Topics: Accounting & Auditing, COVID-19

    As you know, the CARES Act includes a Paycheck Protection Program (PPP). Proceeds from loans under the PPP are used for various expenses including eligible payroll costs,  interest costs, rent and utility costs incurred during the period between February 15, 2020 and June 30, 2020.

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    FASB Tentatively Deferring New Lease Standard & Clarifies COVID-19 Accounting Issues

    Posted by Kelli Bernstein on Apr 9, 2020 4:59:46 PM

    Topics: Accounting & Auditing, COVID-19

    The FASB met April 8, 2020, to discuss accounting issues surrounding COVID 19.  A summary of the issues they discussed include the following:

    • Tentatively deferring for one year the effective dates of the new lease standard (ASC 842) for private companies to January 1, 2022 for calendar year-end companies (this is in light of the fact that the FASB recognizes that private companies may have to redirect their resources to other more pressing matters).  The FASB will be issuing a proposed ASU addressing this shortly, with a 15-day comment period.

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    How the Tax Reform Affects Your Company’s Financial Statement

    Posted by Kelli Bernstein on Jan 17, 2018 8:51:42 AM

    Topics: Tax Planning & Strategies, Accounting & Auditing

    Some of the tax reform provisions will likely significantly affect financial statements. A few things that likely will be impacted by the reduction in the corporate tax rate to a flat 21 percent include the income tax provision, deferred taxes and valuation allowance assessment.

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