Accounting update for private companies

This update provides a summary of some of the more important fourth quarter 2020 accounting and financial reporting activities for private companies. The content is not meant to be all-inclusive.

Topics include:

• Accounting guidance issued in fourth quarter 2020 
• Paycheck Protection Program loans
• Asset impairments
• Lease accounting 
• Reference rate reform
• Standards effective calendar year 2020
• Accounting guidance eligible for early adoption in calendar year 2020
• Standards issued in 2020
• Standards issued in prior years effective 2020 or after