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Insights


While the pending Paycheck Protection Program Flexibility Act of 2020 does increase the amount of funds that can be spent on non-payroll costs from 25 percent to 40 percent, it appears to do so by creating a cliff.

PKF O’Connor Davies, LLP, one of the nation’s largest accounting, tax and advisory firms, announced today that it has promoted Jeffrey Gittler to Co-head of the Firm’s Cannabis Practice. Gittler has been instrumental in the successes the group has achieved to date, and his enhanced role reflects the Firm’s ongoing commitment to serve as leaders in providing valuation, audit, accounting and tax solutions in the cannabis sector.

In response to feedback received from various stakeholders, the Financial Accounting Standards Board (FASB or Board) voted on May 20, 2020 in favor of a one-year deferment of the implementation of the Revenue Recognition (ASC 606) and Leases (ASC 842) standards for private companies that have yet to issue their financial statements. This is a result of the continuing struggle private companies are facing carrying out daily accounting tasks in light of the COVID-19 pandemic.