Lender accounting issues related to the Paycheck Protection Program (PPP) are discussed in new Technical Questions and Answers (TQAs) issued Tuesday by the AICPA.
TQAs 2130.41 through 2130.44 provide nonauthoritative guidance in answers to the following lender accounting questions:
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The AICPA's SBA Paycheck Protection Program Resources page houses resources and tools produced by the AICPA to help address the economic impact of the coronavirus.
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Kentucky contracts with global accounting giant to clear out backlog of unemployment claims
FRANKFORT, Ky. (FOX19) - Gov. Andy Beshear announced a contract Tuesday with global accounting giant Ernst and Young to help Kentucky deal with its backlog of unemployment insurance claims.
The governor made the announcement during his weekly update on COVID-19 in Kentucky. He begins speaking about the announcement in the 33rd minute of the video attached above.
According to Beshear, the state has round 56,000 un-processed claims from March, April and May, representing thousands of Kentuckians who lost their jobs during the pandemic's early days but still have not seen state benefits.
Germany Moves to Overhaul Accounting Oversight Amid Wirecard Scandal - WSJ
Germany is overhauling its framework for accounting oversight following a financial scandal at Wirecard AG and is canceling the existing regulator's contract after 2021.
The Federal Ministry of Justice and Consumer Protection is working on a new regulatory setup together with the Federal Ministry of Finance, a spokesman for the justice ministry said.
The justice ministry on Monday also canceled its contract with the country's accounting watchdog, the Financial Reporting Enforcement Panel, effective Dec. 31, 2021.
Accounting Firm BDO USA Announces Expansion of Restaurant Industry Capabilities | QSR magazine
BDO USA, LLP, one of the nation's leading accounting and advisory firms, today welcomes six partners and professionals from CFO Advisors, LLC, a national professional services firm that provides outsourced chief financial officer and chief data officer services to multi-unit, restaurant and retail groups across the U.S. The combination is subject to customary closing conditions and is expected to be completed on July 15.
Quite a lot has been going on:
IRB restates 2019 net income, cuts it by 31% due to accounting irregularities | News | 1450 99.7
SAO PAULO (Reuters) - IRB Brasil Resseguros has restated its 2019 financial statements to correct accounting irregularities, reducing its net income for the year by 31% to 1.2 billion reais ($220 million), the Brazilian reinsurer said on Tuesday.
The reinsurer admitted to accounting irregularities and its compliance vice-president Wilson Toneto said the company will sue former executives for damages. The conclusions of internal investigations will be sent to Brazilian securities industry watchdog CVM, the company said.
5 tips for running a successful remote month-end close | Accounting Today
Even before the outbreak of COVID-19, CFOs and finance leaders faced an increasingly complex landscape, driven by a multitude of social, political and economic threats. Few could have been prepared for the impact of a global pandemic that has changed the very nature of business as usual.
Today, with the majority of their workforce operating remotely, many forward-thinking finance teams across the world have or are preparing to push the button on their first remote close. Closing the books and using multiple systems even under normal circumstances can be complex and cumbersome. It can be even harder when most employees work remotely and there's no chance for impromptu over-the-cubicle check ins.
Art of Accounting: Developing a niche or specialty | Accounting Today
It is important to develop a specialty, but it needs to be balanced with the needs of the practice and your interests. In this age of specialization and niche expertise, being a generalist is a negative to most people, indicating a lack of competency in an area. When someone professes to be an "expert" in multiple areas, the image of "knowing everything" is counterproductive to establishing your competency. Most public accountants today need to choose a specialty or perhaps two.
State Hires Accounting Firm to Process Remaining 56,000 Jobless Claims | WKDZ Radio
The state has entered into a contract with one of the world’s largest accounting firms in an effort to process over 56,000 unpaid jobless claims filed in the wake of the COVID-19 pandemic.
Governor Andy Beshear said Tuesday that Ernest and Young will begin working with the state Monday to contact the persons involved and work to get the outstanding claims paid by the end of July.
The governor said Ernst and Young will provide 300 people to contact people who have filed claims, starting with the oldest claims first.
Happening on Twitter
REMINDER‼️ The #PaycheckProtectionProgram ends TODAY. At 11:59pm ET, SBA Capital Access Financial Systems will no… https://t.co/CMkTrKMJcK SBAgov (from Nationwide) Tue Jun 30 16:31:00 +0000 2020
