On June tenth, the AICPA issued Technical matter and Answer (TQA) 3200.18 , Borrower Accounting for A forgivable loan received beneath the small company Administration Paycheck Protection Program . This guidance is posted to handle accounting issues particular to Paycheck Protection Program (PPP) loan forgiveness for nongovernmental for-profit and entities which are nonprofit to give you each with alternate accounting practices.
Accounting according to US GAAP
Supplied specific conditions are met, an entity that is nongovernmental accounting requirements in conformity with generally accepted accounting axioms within the United States (US GAAP), whether for-profit or nonprofit, may account for a PPP loan as being a financial obligation prior to FASB ASC Topic 470, Debt . The obligation continues to be you have fully paid off the loan until you have been legally released as the debtor, as the loan is either partially or fully forgiven, or. Читать далее “AICPA Problems Accounting Guidance for PPP Loan Forgiveness”