GASB Bulletin Answers CARES Act and Coronavirus Pandemic Questions
At the beginning of July, the Governmental Accounting Standards Board (GASB) released Technical Bulletin 2020-1, Accounting and Financial Reporting Issues Related to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and Coronavirus Diseases. The release offers helpful guidelines related to the CARES Act and the coronavirus pandemic.
In a recent article from Accounting Today, author Michael Cohn offers details on the GASB announcement. The bulletin gives clarification regarding how recipients of resources from certain CARES Act programs should apply GASB’s recognition requirements. Additionally, it explains how certain existing GASB presentation regulations can be applied to both inflowing CARES Act resources and unexpected outflows stemming from the pandemic.
For further details, click here to read the article in full at Accounting Today.