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Freed Maxick Service Delivery Update

We have implemented a phased approach for returning to our offices that allows us to modify our approach to service delivery as situations change without any service disruptions. In the meantime and in the interest of public health and the safety of our community, our teams will continue working remotely whenever possible to provide the same high-quality service you have come to expect. Utilizing state-of-the-art technology, we are committed to meeting all of your assurance, tax, and advisory needs to help you navigate a business environment filled with challenges and opportunities. To discuss a specific need that can’t be handled remotely, please contact your Freed Maxick representative directly.

FASB Provides Guidance on COVID-19 Related Lease Concessions

By Chirico Rozsa, CPA on May, 1 2020
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Chirico Rozsa, CPA

Audit Senior Manager | Healthcare

FASB Q&A

With the uncertainties surrounding the COVID-19 pandemic, the Financial Accounting Standards Board (FASB) has received several questions from stakeholders about the application of Topics 840 and 842, Leases. Specifically, the inquiries pertain to the accounting and disclosure of new lease concessions in previously executed contracts, as a result of the pandemic. As such, the FASB has issued a Staff Q&A to help stakeholders navigate through the authoritative guidance, which can be found here.  

For those entities that have not yet adopted Topic 842, please refer to our previous blog posting regarding FASB’s potential deferral of the lease standard.

Assistance and Guidance from Freed Maxick

New call-to-actionThe Freed Maxick Covid-19 Resource Center has a wealth of information and guidance on a wide range of topics related to tax relief and benefits, regulatory relief and benefits, and business continuity in the era of Covid-19.

Click on the button to explore insights, observations and updates.

If you wish additional guidance, we are available to discuss your issues and concerns. Connect with us by email at COVIDResponse@freedmaxick.com or call Freed Maxick at 716.847.2651.

Please keep in mind that due to the quickly-changing nature of the COVID-19 pandemic, you should always discuss changes with your Freed Maxick advisor or legal counsel. 

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