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June 2020

FASB

FASB Proposes Delay of Insurance Standard and Approves New ASU for Convertible Debts and NFP Reporting

On June 10, 2020, the Financial Accounting* Standards Board (FASB) proposed the delaying of the effective date of the standard on long-duration insurance contracts and approved 2 Accounting* Standards Updates (ASU) that would impact accounting* for convertible instruments and gifts-in-kind. Topic 944 Delay FASB voted… Read More »FASB Proposes Delay of Insurance Standard and Approves New ASU for Convertible Debts and NFP Reporting

financial accounting

Financial Accounting* Standard Board(FASB) Defers Effective Dates For Revenue Recognition and Leases Standards

On June 3, 2020, the FASB issued an Accounting* Standards Update (ASU) 2020-05, Revenue from Contracts with Customer (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities. It provides a one-year deferral of the effective dates for certain entities in applying the new… Read More »Financial Accounting* Standard Board(FASB) Defers Effective Dates For Revenue Recognition and Leases Standards

PPP Protection Program

Paycheck Protection Program (“PPP) Forgiveness Eligibility Changes After Approval of Flexibility Act

On June 5, 2020, President Trump has signed the PPP Flexibility Act (“PPPFA” or the “Act”) after unanimous approval of the Senate on June 3, 2020. Numerous changes are applied to the PPP Forgiveness Stipulations, which are expected to ease requirements and support the entire… Read More »Paycheck Protection Program (“PPP) Forgiveness Eligibility Changes After Approval of Flexibility Act