GASB Proposes Application Guidance on CARES Act and Coronavirus Diseases Issues

As part of its continuing efforts to assist state and local governments during the COVID-19 pandemic, GASB released a proposed staff Technical Bulletin containing application guidance related to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) of 2020 and certain outflows incurred in response to the coronavirus. The Technical Bulletin is being proposed to address questions raised with GASB by its stakeholders. The Exposure Draft of the proposed Technical Bulletin clarifies the application of existing recognition requirements to resources received from certain programs established by the CARES Act. It also clarifies how existing presentation requirements apply to certain inflows of CARES Act resources and to the unplanned and additional outflows of resources incurred in response to the coronavirus disease. The Exposure Draft has a comment deadline of June 25th and GASB is scheduled to review stakeholder feedback and consider clearing a final Technical Bulletin on June 3oth.

Read the Proposed GASB Technical Bulletin, Accounting and Financial Reporting Issues Related to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) of 2020 and Coronavirus Diseases

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