Heads Up — Highlights of the CARES Act (April 9, 2020; Last Updated May 15, 2020)
This Heads Up discusses key aspects of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which provides $2.2 trillion of economy-wide financial stimulus in the form of financial aid to individuals, businesses, nonprofits, states, and municipalities. The issue focuses on provisions of the CARES Act related to financial instrument and income taxes as well as on determining the appropriate accounting models for government assistance. This issue was updated to reflect recent developments related to the CARES Act.
Accounting and Reporting Considerations for Forgivable Loans Received by Business Entities Under the CARES Act’s Paycheck Protection Program (May 7, 2020; Updated May 15, 2020)
This Heads Up discusses accounting and reporting considerations for business entities that receive Paycheck Protection Program loans that may be forgivable under the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act").
Heads Up — Frequently Asked Questions About Troubled Debt Restructurings Under the CARES Act and Interagency Statement (April 15, 2020; Last Updated May 1, 2020)
This Heads Up provides answers to various questions about temporary relief from the accounting and disclosure requirements in U.S. GAAP for troubled debt restructurings that entities have been offered under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and the “interagency statement” issued by a group of banking regulators. This issue was updated to reflect developments as a result of informal discussions with staff members of the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency in connection with the April 24, 2020, webcast “Ask the Regulators: Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working With Customers Affected by the Coronavirus.”
Heads Up — FASB Decides to Defer Certain Effective Dates and Provides Guidance on COVID-19 (April 9, 2020; April 30, 2020)
This Heads Up summarizes decisions made at the FASB’s April 8, 2020, meeting related to the Board’s ongoing efforts to monitor and respond to the impact that COVID-19 has on the preparation of financial statements under U.S. GAAP, including the related accounting and financial reporting implications. This issue was updated to add an appendix that discusses the FASB staff Q&A issued on April 10, 2020, regarding the accounting for rent concessions that directly result from the COVID-19 pandemic. The appendix contains background information on the staff Q&A as well as Deloitte’s interpretive guidance on frequently asked questions related to it.
Heads Up — FASB Issues Staff Q&A on the Effects of the COVID-19 Pandemic on Cash Flow Hedge Accounting (April 30, 2020)
This Heads Up discusses the FASB staff Q&A issued on April 28, 2020, in response to frequently asked questions about how the coronavirus disease 2019 (“COVID-19”) pandemic might affect entities’ application of the cash flow hedge accounting guidance in ASC 815.
Heads Up — Developments Related to the Use of XBRL in Digital Financial Reporting (April 20, 2020)
This Heads Up summarizes recent developments related to the use of eXtensible Business Reporting Language (XBRL) in digital financial reporting. Specifically, it highlights key considerations for issuers that submit financial data in the United States or in a European Union–regulated market.