News Updates

CARES Act Provides Option to Delay CECL Reporting

The Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law on March 27. Among other economic relief measures, the new law allows large public banks to temporarily postpone the controversial current expected credit loss (CECL) standard. Here are...

COVID-19 Resource Page: The CARES Act

The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) is now law. It provides economic relief to individuals, businesses, nonprofits and state and local governments. Its far-reaching provisions will impact Americans in dozens of ways. Miller Cooper's...

Auditing Revenue

Traditionally, audit procedures for private companies tend to focus on the balance sheet. That is, auditors evaluate whether the book values of the company’s assets are overstated and its liabilities are understated. However, the income statement needs attention, too,...

COVID-19 Response: CARES Act to Provide Billions of Relief Dollars

After extensive negotiations between the U.S. House of Representatives, the U.S. Senate and the White House, an agreement has been reached on a massive stimulus bill to address the financial and health care crisis resulting from the coronavirus (COVID-19) pandemic. As...

Illinois Extends Filing and Payment Dates of 2019 Tax Returns

Governor JB Pritzker has directed the Illinois Department of Revenue (IDOR) to follow the federal government in providing special tax filing and payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing and payment deadline for...

Beware: Coronavirus May Affect Financial Reporting

The coronavirus (COVID-19) outbreak — officially a pandemic as of March 11 — has prompted global health concerns. But you also may be worried about how it will affect your business and its financial statements for 2019 and beyond. Close Up on Financial Reporting The...

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