Companies will have a little more accounting guidance to go on when it comes to the accounting for their Paycheck Protection Program (PPP) loans. The American Institute of Certified Public Accounts (AICPA) recently weighed in on the matter, providing guidelines that companies could follow for their potentially forgivable government loans.
Topics: AICPA, COVID19, Coronavirus, PPP Loan, payment protection plan
As the world, organizations and individuals become increasingly more information technology dependent and inter-connected, with other organizations and individuals, cybersecurity poses one of the largest threats in the current operating environment. Extending beyond the information technology sphere, information security incidents and data breaches are a daily occurrence in the news and can do major damage to operations. The recent WannaCry ransomware incident hit hospitals in Great Britain, telecom providers in Spain and major companies in China, the United States and several other countries. It locked users out of critical systems, grinding business—and in the case of the hospitals, patient care—to a halt.
Topics: AICPA, cybersecurity, SOC Reports, SOC
The AICPA recently issued the "Financial Reporting Framework for Small- and Medium-Sized Entities" (“FRF for SMEs”) as an option to International Financial Reporting Standards (“IFRS”) for SMEs. Because IFRS for SMEs is recognized as a set of generally accepted accounting principles and the AICPA's framework is not, use of the AICPA framework is strictly optional.
