GASB issued guidance to help state and local governments apply existing standards to transactions related to coronavirus relief legislation and certain outflows incurred in response to the coronavirus pandemic.
In Technical Bulletin 2020-1, Accounting and Financial Reporting Issues Related to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and Coronavirus Diseases, GASB:
- Clarifies the application of existing recognition requirements to resources received from certain programs established by the CARES Act.
- 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 pandemic.
The technical bulletin addresses questions that stakeholders have raised with GASB on pandemic-related issues.
— Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is the JofA’s editorial director.
