Journal-of-accountancy, the u s small business administration on thursday issued an interim final rule for the paycheck protection program ppp. The phones started ringing immediately when congress passed the first legislation related to the economic effects of the, eligible financial institutions will not be in violation of gaap if they take advantage of the deferrals or suspensions of. Auditor reporting and transparency about the entity's financial condition is information critical to our turbulent economy, the coronavirus pandemic has brought about challenges for auditors the likes of which many of them have never seen. Small businesses and sole proprietorships affected by the coronavirus pandemic can apply for loans under the federal paycheck, if you are like many accountants in these extraordinary times your email and voicemail inboxes are filling up with questions.
In response to the coronavirus pandemic fasb will discuss at its april 8 meeting effective date deferral requests for, the fast moving global reach of the coronavirus has illustrated that a forward looking approach to risk management is more. As cpas and their clients work through the massive business changes brought on by the coronavirus pandemic they also need to, a new "continuous testing" model for cpa exam candidates is scheduled to make its debut on july 1 the national association.
Editor's note: the coronavirus pandemic has made inventory testing a huge challenge for auditors particularly for client