Companies in almost every industry sector of our economy are having to deal with the unprecedented impact COVID-19 will have on their businesses. In this discussion, we’ll cover the accounting guidance and practical matters relating to the new Lease Accounting Standard (ASC 842) and the COVID-related Paycheck Protection Program (PPP).
We’ll navigate through ASC 842 implementation challenges and what we’ve learned from public company implementations. We’ll review the PPP loan for those who qualified and got funded, how to account for it, and applying for loan forgiveness. The program will include in-depth walkthroughs of illustrative examples on these topics.
Hertzbach is an independent member of the BDO Alliance USA, a nationwide association of independently owned local and regional accounting, consulting and service firms with similar client service goals.