Services Assurance Accounting & Audit Alert September 2020

Accounting & Auditing Alert September 2020

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

09/01/2020

FASB Issues New Guidance On Convertible Instruments And Contracts In An Entity’s Own Equity

In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity that is intended to simplify the accounting for certain financial instruments with characteristics of liabilities and equity.

09/01/2020

FASB Proposes Concepts For Defining Elements In A Financial Statement

The FASB has issued an Exposure Draft related to the Conceptual Framework.

09/01/2020

GASB Issues Exposure Draft On Financial Reporting Model Improvements

The GASB has issued an Exposure Draft of a proposed Statement, Financial Reporting Model Improvements.

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

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E-Focus Newsletters

10/15/2020

Focus on Taxation: Meals & Entertainment Final Regulations Clarify Deductibility

The IRS and Treasury have finalized regulations implementing amendments made by the Tax Cuts and Jobs Act (TCJA) to business related meals and entertainment deductions.

10/09/2020

Focus on Private Equity: PPP Loans and Changes of Ownership

Prior to October 2, 2020, it was presumed that any entity contemplating a change in control that had received Paycheck Protection Program (PPP) funds would be required to obtain approval for the transaction from the SBA prior to sale.

10/07/2020

Focus on Taxation: Interaction between Paycheck Protection Program Loan Forgiveness and the Research & Experimentation Tax Credit

Taxpayers that received a Paycheck Protection Program (PPP) loan for which forgiveness will be sought that also claim the Research & Experimentation (R&E) tax credit must consider the potential impact PPP loan forgiveness could have on the R&E tax credit.

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