Certified Public Accountants
& Business Consultants

Accounting & Auditing Alert for Sureties July 2020


RubinBrown's Accounting & Auditing Alert is published monthly to inform our clients and contacts about relevant technical accounting and audit-related information.


COVID-19: FASB Issues Delay For Leases And Revenue Recognition Standards For Private Companies And Not-For-Profit Organizations

The FASB has issued ASU 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities, which allows for the postponement of effective dates of ASU 2014-09, Revenues from Contracts with Customers (Topic 606) and ASU 2016-02, Leases (Topic 842) for certain entities in an effort to provide much needed relief as a result of the COVID-19 global pandemic.


AICPA Clarifies Accounting For Paycheck Protection Program Loans

The AICPA issued Q&A Section 3200, which provides guidance on accounting for forgivable loans received under the Small Business Administration Paycheck Protection Program (PPP).


Readers should not act upon information presented without individual professional consultation.