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ASC 842 Lease Accounting: Frequently Asked Questions
As year-end is quickly approaching and annual reporting requirements come into play, companies are still in the process of implementing the leasing guidance under ASC 842. We recently held a […]
Employee Retention Credit’s Impact on Debt Covenants
Since its introduction in March of 2020, the Employee Retention Credit (“ERC”) has provided significant tax benefits to several industries, including restaurants. A refundable credit, ERC provides a source of […]
Restaurant MasterClass: Implementing the New Lease Accounting Standard for US GAAP Financial Reporting
Webinar length: 60 min. The new lease accounting standard, ASC 842, is now effective for fiscal years beginning after December 15, 2021. Have you started implementing ASC 842, or do […]
Reminder: PPP Loan Forgiveness
Most companies that received a PPP loan in the second round obtained funds during the first quarter of 2021. Assuming your covered period was 24 weeks and an additional 10 […]
Single Audit Requirement Updates
There has been confusion about the applicability of Single Audits for recipients of federal dollars through the Restaurant Revitalization Fund (RRF) and Economic Injury Disaster Loans (EIDL) programs. Our team […]
ASC 842 Lease Implementation: Don’t Get Left Behind
After a couple of FASB deferrals, ASC 842 lease accounting standard is now effective January 1, 2022, for years beginning after December 15, 2021. That means nearly all calendar year […]