Services Assurance Accounting & Audit Alert January 2021

Accounting & Auditing Alert January 2021

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

01/04/2021

FASB Issues Proposal To Simplify Recognition And Measurement Of Earnings Per Share for Certain Forwards and Options

The FASB has issued an Exposure Draft for public comment that is intended to clarify and reduce diversity in practice in the accounting for modifications and exchanges of freestanding, equity-classified forward and option contracts that remain equity classified after the modification or exchange.

01/04/2021

GASB Proposes New Implementation Guidance To Assist Stakeholders With Application Of Its Pronouncements

The GASB has issued an Exposure Draft entitled GASB Implementation Guidance Update – 2021. The GASB periodically issues implementation guidance to assist practitioners in implementing GASB Statements and to answer frequently asked questions.

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

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E-Focus Newsletters

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.

09/14/2021

Focus on Healthcare: Provider Relief Fund Update- 60-Day Reporting Grace Period, New Round of Funding Announced

As previously communicated, healthcare providers who received more than $10,000 of Provider Relief Fund (PRF) payments from the department of Health and Human Services (HHS) on or before June 30, 2020, are required to report on their use of the funds by September 30, 2021.

08/30/2021

Focus on Healthcare: Provider Relief Fund Update- Initial Reporting Deadline Approaching

This is to serve as a reminder and update on previous communications regarding the Provider Relief Fund.

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