Redpath and Company Announces 2024 Partner and Director Promotions
St. Paul, Minnesota (October 1, 2024) – Certified public accounting firm Redpath and Company (Redpath) has promoted Sarah Gengenbach to partner and...
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Tom Niederkorn, CPA : January 25, 2022
January 25, 2022 — Current GAAP has no authoritative guidance on the accounting for, or disclosure of, government assistance received by business entities. However, in 2015, the Financial Accounting Standards Board (FASB) issued a proposed accounting standards update that was eventually codified in ASU 2021-10.
This ASU was intended to improve financial reporting and disclosure by all entities (except not-for-profits) that receive government assistance. Following the widespread issuance of loans under the Payroll Protection Program, and the creation of other government assistance programs related to COVID, this new standard will be relevant to many business entities.
There are three main disclosure requirements for entities that have transactions covered by this ASU:
This standard is effective for 2022 calendar year financial statements; however, earlier adoption is permitted. An entity may choose whether to apply the provisions prospectively or retrospectively.
If you have any questions regarding your business financial statements, you should reach out to your trusted advisor for further assistance.
St. Paul, Minnesota (October 1, 2024) – Certified public accounting firm Redpath and Company (Redpath) has promoted Sarah Gengenbach to partner and...
Editor's note: This piece was originally published in 2023 and has been updated to include additional resources.
Minnesota has become the most recent state to mandate pay transparency. Earlier this year, Governor Tim Walz signed an omnibus labor bill into law...