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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Events & Seminars

Jan

2021

Single Audit Update - Webinar

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Jan

2021

Not-For-Profit Annual Update - Webinar

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Jan

2021

Public Sector Update - Webinar

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E-Focus Newsletters

01/15/2021

Focus on Taxation: Employee Retention Credit

The recently enacted Consolidated Appropriations Act, 2021 (CAA) has given new life to the Employee Retention Credit (ERC) initially made available by the Coronavirus Aid, Relief, and Economic Stimulus (CARES) Act.

01/12/2021

Focus on Taxation: PPP Reopens for First Draw and Also Provides a Second Draw

Pursuant to recent COVID-19 relief legislation, the SBA announced that the Paycheck Protection Program (PPP) will reopen beginning on Monday, January 11. To give underserved and minority business owners a first chance at the $284B, community financial institutions will be the only lenders able to make First Draw PPP loans on Monday.

01/06/2021

Focus on Public Sector, Not-For-Profit, Colleges and Universities: 2020 OMB Compliance Supplement Addendum Update

On December 22, 2020, the Office of Management and Budget (OMB) released the 2020 OMB Supplement Addendum (Addendum) to address the largest new federal programs established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

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