Accounting update for private companies

This update provides a summary of some of the more important second 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 response to COVID-19 pandemic
  • FASB deferral of effective dates
  • FASB Q&A: Lease accounting
  • FASB Q&A: Hedge accounting
  • AICPA guidance on accounting for paycheck protection program loans
• Standards issued in 2020
• Standards issued in prior years effective 2020 or after