blog updates

Follow KSM
Search

KSM blog

Entries by Jessica Boicourt

Accounting Treatment for PPP Loans

Posted 3:00 PM by
The Paycheck Protection Program (PPP) authorized the Small Business Administration to guarantee loans that can be forgiven if certain conditions are satisfied. There has been plenty of uncertainty related to the intent, qualifications, and financial reporting related to PPP loans. The AICPA recently issued nonauthoritative guidance addressing how nongovernmental entities should account for PPP loans as there is no authoritative guidance for business entities related to this type of transaction in Accounting Principles Generally Accepted in the United States (GAAP):
link
| comments (0)

Standards Update 6/5/20

Posted 3:45 PM by
The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP).
link
| comments (0)

Looking Ahead: ASUs Effective for Fiscal Years Beginning After 12/15/18

Posted 1:00 PM by
As 2018 comes to a close, it’s time to look ahead to the many changes in generally accepted accounting principles in the United States (U.S. GAAP) that will become effective for 2019 calendar year ends. The following summarizes accounting standards updates (ASUs) which are effective for fiscal years beginning after Dec. 15, 2018 for most nonpublic companies.
link
| comments (0)

FASB Clarifies Scope and Accounting Guidance for Contributions Received and Contributions Made

Posted 8:30 PM by
The Financial Accounting Standards Board (FASB) recently issued Accounting Standards Update (ASU) No. 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made (ASU 2018-08) that clarifies and improves the scope and accounting guidance around contributions of cash and other assets received and made by not-for-profit organizations (NFPs) and business entities. While ASU 2018-08 also applies to business entities that make or receive contributions, it will primarily impact NFPs.
link
| comments (0)

Dissecting the New Revenue Recognition Guidance: Step 1 of the Five-Step Framework

Posted 12:50 PM by
This article provides a high-level summary of Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, as amended, and then focuses on Step 1 of the five-step framework defined in the ASU.
link
| comments (0)