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New FASB Standard Requires Businesses to Disclose Government Aid
A FASB standard issued recently will require businesses to disclose information in the notes to the financial statements about certain government assistance they receive. Previously, GAAP contained no specific, authoritative guidance for business entities on accounting for or disclosing government assistance they receive. The types of assistance the new standard requires to be disclosed include cash grants and grants of other assets. The ...
Read MoreUSDA Offers New Food Supply Chain Guaranteed Loan Program
The Food Supply Chain Guaranteed Loan Program is part of USDA’s Build Back America Better initiative to strengthen critical supply chains and our food system. This program guarantees loans of up to $40 million for qualified lenders to finance food systems projects, specifically for the start-up or expansion of activities in the middle of the food supply chain. The program will support new investments in infrastructure for food aggregation, ...
Read MoreSmall Business CFOs Must Build Ethical Awareness
Whether you work for a large public company or a smaller private one, the pressure to deliver results can be intense. Wall Street expects growth, the board of directors expects annual plans to be achieved, and owners expect a return on their investment, especially those who have put their life savings on the line. After nearly two years of COVID-19-driven economic turmoil, many companies, especially small- and medium-sized ...
Read MoreMeal Portion of Per Diem Allowance Can Be Treated as Attributed to a Restaurant
The 100% deduction allowable as a business expense in 2021 and 2022 for food or beverages provided by a restaurant applies to the meal portion of a per diem rate or allowance, the IRS clarified Tuesday in Notice 2021-63. Under Sec. 274(n)(1) and Regs. Sec. 1.274-12, a deduction of any expense for food or beverages generally is limited to 50% of the amount otherwise deductible (i.e., as an ordinary and necessary business expense that is not ...
Read MoreNew FASB Standard Requires Businesses to Disclose Government Aid
A FASB standard issued will require businesses to disclose information in the notes to the financial statements about certain government assistance they receive. Previously, GAAP contained no specific, authoritative guidance for business entities on accounting for or disclosing government assistance they receive. The types of assistance the new standard requires to be disclosed include cash grants and grants of other assets. The ...
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