Yearly Archives: 2020
FASB Simplifies Accounting for Convertible Debt and Other Financial Instruments
By Richard Daisley, CPA
One of the more complex areas of financial reporting is accounting for convertible debt. Under current GAAP, there are 5 different accounting models which could apply, based on the facts and circumstances of the debt conversion feature. Each of these models have different accounting outcomes, ranging from the debt with the conversion feature being recorded […]
As entities with June 30, 2020 year-end reporting dates prepare their financial statements for the first time post the COVID-19 pandemic, they will need to address the many potential financial reporting issues which have arisen as a result of the economic fallout of COVID-19. The financial reporting implications of actions which entities have taken in […]
Studies show that remote workers are more productive than their counterparts at the office. Though this finding may have seemed counter-intuitive to some before the new pandemic related normal of working from home, many companies are now embracing it and contemplating the large-scale reduction of expenses. Much to the vexation of commercial landlords, office supply […]
Perhaps I’ve over-hyped the title to this blog post a little by using the word “thriller.” However, if COVID-19 has relegated a planned summer vacation from a trip to the coast to wading in a backyard kiddie pool with your dog staring at you, you’re a little desperate for entertainment. Good news, since the new […]
We are proud to announce the launch of a new weekly CPE series, The Weekly Expert Hour. Over the years, Surgent has gained a reputation for rapidly developing comprehensive and practical new courses for CPAs and other tax and financial professionals and delivering them almost immediately after new legislative, regulatory, or other changes occur. As the pace […]
RADNOR, PA. JUNE 24, 2020 Surgent CPE Awards Susan Smith the 2019 James L. McCoy Discussion Leader of the Year. Surgent is a leader in the field of continuing professional education (CPE) for CPAs and other financial professionals. Surgent’s Discussion Leaders lead live CPE courses, ensuring that course attendees take away the critical educational points […]
AICPA Provides Guidance for Forgivable Loan’s Received from Paycheck Protection Program (PPP)
By Surgent CPE
The AICPA issued a Technical Q&A (Section 3200) in coordination with the Chief Accountant of the SEC on the treatment of forgivable loans received under the Small Business Administration (SBA) Paycheck Protection Program. The treatment of Paycheck Protection Program (PPP) loans has caused confusion in both the for-profit community and nonprofit community. The FASB is […]
Over the past few months, the entire world has dealt with the significant impact of the COVID-19 pandemic. While potentially of a secondary concern, the aftermath of COVID-19 has also had a significant impact on the accounting and financial reporting functions of virtually all entities, for-profit and not-for-profit alike. Further, these continuing impacts of the coronavirus […]
The Latest on Paycheck Protection Program Loan Forgiveness: Bad News for Deficit Hawks
By Nick Spoltore, Esq.
By now, we have all heard the SBA has released the forgiveness application for those in receipt of PPP money. It’s SBA Form 3508. Along with the rules issued by the SBA on May 22, 2020, it contains some surprises. For instance, would you think businesses could pay employee bonuses with PPP money? Take off […]
FASB Offers Deferral Option for ASC 606 Implementation for Private and Not-for-Profit Entities
By Richard Daisley, CPA
The FASB has tentatively approved an optional one-year implementation deferral for ASC 606 – Revenue from Contracts with Customers. ASC 606 requires a detailed review of existing and pending contracts with customers and follows a 5-step process to determine the timing and recognition of revenue related to such contracts. Non-public and not-for-profit entities that have […]
