COVID-19 Crisis Drives FASB to Propose Delays to Effective Dates of Revenue Recognition and Lease Accounting Standards for Certain Entities
At its April 8 meeting, the Financial Accounting Standards Board (FASB) proposed delaying, for certain entities, the effective dates of its accounting standards for revenue recognition (Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606)) and lease accounting (Accounting Standards Update No. 2016-02, Leases (Topic 842)). The board proposed these revised effective […]
A CISO Agenda for Addressing COVID-19 Challenges
With millions of workers around the globe working from home in an effort to contain the spread of COVID-19, the guardians of information security are facing an unprecedented array of challenges, from network capacity concerns to an escalation in cybersecurity incidents. As organizations alter their operating models to accommodate a remote workforce, chief information security […]
Respond and Learn: COVID-19 Disruption Provides Opportunities to Improve Operational Resilience
Companies have talked for years about operational disruption and business continuity management (BCM), but few have contemplated an event like the COVID-19 pandemic. Businesses today find themselves facing an “extreme but plausible” event that previously could only be considered in theory. Protiviti has been monitoring the pandemic response of companies around the globe. We held […]
Regulators Support CARES Act Forbearance by Offering Flexibility to Mortgage Servicers
As the COVID-19 pandemic continues to threaten the health of the nation, the preventive measures required to control its spread have imposed equal challenges to the health of the economy. The closing of non-essential businesses and requirements to shelter in place have cost many Americans their jobs and their ability to meet their financial obligations. […]
Credit Reporting During COVID-19: Loan Accommodations, the CARES Act and Amended FCRA Requirements
Imagine a scenario whereby your livelihood is upended by the COVID-19 pandemic. You are a retail store clerk, a flight attendant, a bartender, an owner of a “non-essential” small business, a sales representative, or any of the 10 million people who have recently filed for first-time unemployment since mid-March 2020. You have a mortgage and […]
Treasury Department Issues More Detailed Guidelines for Small Business Paycheck Protection Program (updated May 4, 2020)
The Coronavirus Aid, Relief, and Economic Security (CARES) Act that was signed into law last Friday offers a lifeline to small businesses and sole proprietors (generally those with 500 or fewer employees) in the form of the Paycheck Protection Program (PPP) administered by the Small Business Administration (SBA). This program authorizes $350 billion in forgivable […]
