Recently Issued Technical Questions and Answers

Below, the AICPA will post recent questions and answers issued. The questions and answers in this section are not sources of established authoritative principles. This material is based on selected practice matters identified by the staff of the AICPA's Technical Hotline and various other bodies within the AICPA and has not been approved, disapproved, or otherwise acted upon by any senior committee of the AICPA. Consult AICPA Technical Questions and Answers for all technical staff questions and answers issued by the AICPA.

If you have specific questions about information contained here, contact the AICPA's Technical Hotline.

Recently Issued Technical Questions and Answers

Below, the AICPA will post recent questions and answers. The questions and answers in this section are not sources of established authoritative principles. This material is based on selected practice matters identified by the staff of the AICPA's Technical Hotline and various other bodies within the AICPA and has not been approved, disapproved, or otherwise acted upon by any senior committee of the AICPA. Consult AICPA Technical Questions and Answers for all technical staff questions and answers issued by the AICPA.

If you have specific questions about information contained here, contact the AICPA's Technical Hotline.

Accounting Questions and Answers

Section 5270 Other Income

.01 Recipient Accounting for Shuttered Venue Operators Grants and Restaurant Revitalization Fund Grants Received Under the Small Business Administration COVID-19 Relief Programs (Issue Date: August 2021)

Inquiry — How should a recipient account for a Shuttered Venue Operators Grant (SVOG) or a Restaurant Revitalization Fund (RRF) Grant issued under the Small Business Administration COVID-19 Relief Programs?

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Section 6400 Health Care Entities

.71 Accounting by a Recipient Entity for Vaccines or Other Pharmaceuticals, Medical Supplies, or Equipment Received for Distribution to Specified Patients (Issue Date: February 2022)

Inquiry — Should a health care entity that receives items free of charge to dispense to specified patients recognize the fair value of the items within their financial statements?

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Auditing Questions and Answers

Section 9160 Other Reporting Issues

.36 Reporting on the Provider Relief Fund in the Schedule of Expenditures of Federal Awards  in Relation to the Financial Statements in a Single Audit (Issue Date: October 2021)

Inquiry — Paragraph .05 of AU-C section 725 requires that the supplementary information relate to the same period as the financial statements for the auditor to issue an in-relation-to opinion on the supplementary information.  Can an auditor report on a SEFA with PRF funding in relation to the audited financial statements when some of the amounts relate to an entity’s prior fiscal year?

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