Now that 2020 has concluded, many owners of commercial real estate are contending with the coronavirus pandemic’s impacts on their financial performance.
As auditors, you should recognize that the execution of financial statement audits for 2020 is going to be different from prior years, and the commercial real estate market brings with it a range of issues that you will have to be prepared for. You can expect many facets of a commercial real estate audit to feel the pandemic’s effects. The focus of this blog is on impairment considerations for commercial real estate properties.
You and your engagement team may want to make use of AICPA resources such as the COVID-19 audit toolkit and the COVID-19 accounting resources.
Continue reading "COVID-19 challenges in commercial real estate audits" »
“Same as last year?” Definitely not.
This year won’t be “business as usual” for auditors. Auditors are navigating a new revenue recognition standard and still dealing with pandemic-related disruptions. CPAs have worked hard to perform audits under uncertain circumstances since the pandemic began, and that work will continue this year.
The AICPA® will help you prepare for these changes so you can keep performing high-quality work. We talked to experts — more than 230 peer reviewers — about the challenges auditors are facing around revenue recognition and the current business environment. We’ve also identified resources that will help you audit successfully.
Continue reading "Top audit challenges in 2021: peer reviewers weigh in" »
Millions of smaller organizations have used digital transformation to reinvent the way they work during the pandemic. The accounting profession is no exception. Fully 97% of respondents to an informal poll of AICPA and CIMA members in late fall 2020 said COVID-19 accelerated digital transformation in their organizations, firms and small businesses.
That poll was part of a series to learn more about AICPA and CIMA members’ perceptions on how to keep digital transformation in process. The data, while not statistically representative of the whole member community, offers a quick snapshot of the concerns many organizations may need to address on their digital transformation journey.
Continue reading "How your peers are moving digital transformation forward" »
New legislation from the Consolidated Appropriations Act, 2021 creates a chance for some of your clients to take advantage of both Paycheck Protection Program (PPP) loans and the Employee Retention Credit (ERC).
Several changes specific to the ERC can provide an opportunity for additional relief for your clients. The significant changes that affect small businesses include:
Continue reading "Plan for your clients to get both PPP loans and the ERC" »