At its May 20, 2020 meeting, the FASB voted to approve the proposed deferrals of the effective date for ASC 842, Leases (“ASC 842”), and ASC 606, Revenue from Contracts...
In March 2020, the Securities Exchange Commission (SEC) amended its rules to allow all smaller reporting companies (SRC) that have less than $100 million in annual revenue to qualify as...
In accordance with ASC 205-40, at each annual and interim reporting period, management must evaluate whether there are conditions and events (that raise substantial doubt about an entity’s ability to...
On May 15, 2020, the Small Business Administration (SBA) released the Paycheck Protection Program Loan Forgiveness Application with instructions. This application provides insight into how the SBA expects lenders to...
The management of public companies are responsible for maintaining a strong internal environment, including implementing and executing well-designed controls, and applying timely remedial actions on control issues identified. Although the...
In accordance with ASC 205-40, in preparing financial statements for each annual and interim reporting period, management must evaluate whether there are conditions and events (e.g. COVID-19 crisis) that raise...