On December 27, 2020, the Consolidated Appropriations Act, 2021 (CAA) was signed into law which included additional COVID-19 related relief. In this report, we discuss implications on 2020 financial statements as a result of the CAA, including PPP expenses and the retroactive ability for more entities to obtain the employee retention tax credit. We also address questions regarding the application of FASB Accounting Standards Codification (FASB ASC) 470, Debt, (debt model), including when legal release as primary obligor takes
Resources
ERTC & PPP expenses update & legal release under FASB ASC 470
Feb 17, 2021 · 185.1 KB Download
FREE ACCOUNT
ACCESS
Resource available
Download the CPEA report: employee retention tax credit + PPP expenses update + legal release under FASB ASC 470
File name: cpea-report-employee-retention-tax-credit-ppp-expenses-update-legal-release.pdf
Already a member?
Log in with your account
Not a member?
To gain access to exclusive content, your first step is to join the AICPA & CIMA.