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Accounting & Auditing Alert July 2020


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

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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).


GASB Proposes Application Guidance On Cares Act and COVID-19 Assistance

The GASB has issued a proposed technical bulletin to clarify the accounting for funds received by governments as a result of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.


GASB Issues Statement No. 96 On Cloud Computing And Subscription-Based Information Technology Arrangements

The GASB issued Statement No. 96, Subscription-Based Information Technology Arrangements. The purpose of Statement No. 96 is to provide guidance on the accounting and financial reporting for subscription-based information technology arrangements (SBITA’s).


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