FASB Mum on Rulemaking about CARES Act Deferral for Credit Loss Accounting Rules
By Denise Lugo After Congress gave big banks a deferral on the FASB’s credit loss rules as part of its …
FASB Publishes Staff Document to Clarify Cash Flow Hedge Accounting Rules
By Denise Lugo The FASB on April 28, 2020, published a staff question-and-answer (Q&A) document to clarify the effects of …
Labor Department Answers FAQs About Employee Benefit Plan Retirement Benefits
The Department of Labor (DOL) has answered frequently asked questions (FAQs) to help employee benefit plan participants, beneficiaries, sponsors and …
Remote Auditing During Pandemic: Zoom and Drones
By Soyoung Ho Companies’ independent auditors seem to be for the most part weathering the COVID-19 storm relatively well, thanks …
House Bill Would Extend CECL Delay in CARES Act
By Bill Flook A House Democrat on April 17, 2020, introduced a measure to extend the length of an optional …
SEC May Go Easy on COVID-19 Projections; Plaintiffs’ Lawyers Are Another Story
By Soyoung Ho SEC Chairman Jay Clayton and William Hinman, the top official in the Division of Corporation Finance, recently …
Tax Aspects on CARES Act Payroll Support for Air Carriers and Contractors
The IRS has answered some frequently asked questions on tax aspects of the payroll support program for air carriers and …
Sen. Warren, Rep. Khanna Demand Worker Board Representation in Next COVID-19 Relief Package
By Bill Flook Two Democratic lawmakers are demanding that the next COVID-19 relief bill include a mandate that employees are …
April 22 Deadline for Social Security/Railroad Retirement Recipients who have Children
In an Information Release, IRS has announced that recipients of Social Security retirement, survivor or disability benefits and recipients of …
FASB Proposal Related to Equity-Classified Share Options Delayed Until Crisis Abates
By Denise Lugo A FASB proposal that would leverage Internal Revenue Code Section 409A valuation procedures for finding the current …