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IRS releases guidance on timing of tax-exempt income for PPP loans

IRS releases guidance on timing of tax-exempt income for PPP loans

IRS releases Rev. Procs. 2021-48, 2021-49 and 2021-50 to address the treatment of tax-exempt income for PPP loans.
Disclosures by business entities about government assistance

Disclosures by business entities about government assistance

The Accounting Standards Update (ASU) 2021-10 is intended to increase transparency by requiring business entities to disclose information about certain types of government assistance they receive.
ASU 2021-09: Discount rate for lessees that are not PBEs

ASU 2021-09: Discount rate for lessees that are not PBEs

ASU 2021-09 allows lessees that are not PBEs to make the risk-free discount rate election by class of underlying asset.
Nonprofit operations: Solving challenges through outsourcing

Nonprofit operations: Solving challenges through outsourcing

These four nonprofit organizations improved their efficiency by outsourcing their financial operations to RSM.
House passes infrastructure legislation; sends bill to President Biden

House passes infrastructure legislation; sends bill to President Biden

Bipartisan infrastructure bill passes House with bipartisan vote. President Biden expected to sign by end of next week.
SAS 136: Preparation before year end

SAS 136: Preparation before year end

Before year end, plan administrators or trustees and their auditors should discuss certain preconditions of the audit.
IRS releases 2022 retirement plan limitations

IRS releases 2022 retirement plan limitations

The IRS has released its annual cost-of-living adjustments for retirement plan limits, effective Jan. 1, 2022.
Social and climate costs bring back IRA proposals

Social and climate costs bring back IRA proposals

A summary of the IRA proposals that were included in the most recent revision of the social and climate spending bill.
Financial institutions and the phase out of LIBOR

Financial institutions and the phase out of LIBOR

We have updated our white paper regarding the fundamentals of LIBOR phase out and transition for financial institutions.
2021 Effective Date Reminder

2021 Effective Date Reminder

This document lists pronouncements that became effective on or after Jan. 1, 2021 or are not yet effective as of Nov. 1, 2021.
Proposed changes to interim disclosure requirements

Proposed changes to interim disclosure requirements

A recent proposed ASU addresses disclosure requirements for entities preparing interim financial statements and notes.
Financial outsourcing for business services companies

Financial outsourcing for business services companies

Finance and accounting outsourcing (FAO) for business services allows you to maximize your time with your clients.
President Biden signs American Rescue Plan Act of 2021

President Biden signs American Rescue Plan Act of 2021

$1.9 trillion COVID-19 relief plan with broad individual relief and new coronavirus-related funding enacted into law.
2021 Audit Committee Transparency Barometer

2021 Audit Committee Transparency Barometer

The Center for Audit Quality and Audit Analytics recently released their 2021 Audit Committee Transparency Barometer.
Accounting for acquired revenue contracts with customers

Accounting for acquired revenue contracts with customers

The FASB recently addressed how an acquirer should recognize and measure revenue contracts acquired in a business combination.