Accounting Matters

Update to New Lease Accounting Standards
October 2021
After several delays by the Financial Accounting Standards Board (FASB), Accounting Standard Update (“ASU”) 2016-02, Leases (Topic 842), which was originally issued in February 2016, is finally effective for nonpublic entities for fiscal years beginning after December 15, 2021, therefore a January 1, 2022 implementation for an entity with a calendar year-end. More »

Accounting for Paycheck Protection Program loan forgiveness under U.S. Generally Accepted Accounting Principles 

August 2020

As recipients of loans under the Paycheck Protection Program (PPP) begin to submit applications for loan forgiveness, the question now arises as to how and when such forgiveness of debt will be accounted for in the financial statements. The American Institute of Certified Public Accountants (AICPA) clarified the options for how to account for PPP loans. More »

FASB Votes to Defer Effective of New Lease Accounting Standards

Overview of New Revenue Recognition Standard

This memorandum offers an overview of the new model for revenue recognition introduced by Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606 or ASC 606). More »

New Lease Accounting Standards

The new standard aims to bring leases onto balance sheets to give investors, lenders, and other financial statement users a more comprehensive view of a company’s long-term financial obligations as well as the assets it actually owns versus leases. More »