Services Assurance Accounting & Audit Alert April 2021

Accounting & Auditing Alert April 2021

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

04/01/2021

FASB Issues Alternative To Goodwill Triggering Event Assessment

The FASB has issued ASU 2021-03, Intangibles – Goodwill and Other (Topic 350): Accounting Alternative for Evaluating Triggering Events to provide private companies and not-for-profit entities with the option to perform the identification and evaluation of a triggering event for goodwill impairment as of the end of the reporting period.

04/01/2021

GASB Proposes Enhanced Guidance On Compensated Absences

The GASB has issued an Exposure Draft entitled Compensated Absences. This Exposure Draft addresses the recognition and measurement guidance for compensated absences and refines the related disclosure requirements.

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

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E-Focus Newsletters

12/22/2021

Focus on Taxation: IRS Releases Guidance Regarding Information Required for Research Tax Credit Claims for Refund

On October 15, 2021 the IRS released a Chief Counsel Memorandum (CCM) detailing the information taxpayers will be required to include when filing a research tax credit refund claim on an amended tax return

12/14/2021

Focus on Public Sector, Not-for-Profit and College and University:2021 OMB Compliance Supplement Addendum 1

On December 3, 2021, the Office of Management and Budget (OMB) released the first of two 2021 Compliance Supplement Addenda (2021 Addendum 1).

11/17/2021

Focus on Taxation: Bipartisan Infrastructure Bill Brings Employee Retention Credit Change

The bipartisan Infrastructure Investment and Jobs Act (IIJA) containing $550 billion in new funding for the nation’s traditional infrastructure and broadband was signed into law by President Biden on November 15, 2021. The bill doesn’t have nearly the breadth of tax provisions that the “Build Back Better” bill is proposing, but it does contain a few noteworthy changes. Particularly of interest, it ends the Employee Retention Credit (ERC) one quarter early for many employers.

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