GASB proposes accounting guidance for CARES Act aid

June 11, 2020

JofA Article

The Governmental Accounting Standards Board has issued a proposed technical bulletin that would help state and local governments account for funds received from programs in the Coronavirus Aid, Relief and Economic Security Act.

GASB issued a proposed technical bulletin Thursday to assist state and local governments in their accounting for funds received as a result of the $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136.

The exposure draftAccounting and Financial Reporting Issues Related to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) of 2020 and Coronavirus Diseases, would clarify how existing recognition requirements apply to resources received from certain programs established by the CARES Act.

The proposal also would clarify 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.

Comments can be made through June 25 by emailing GASB plans to issue a final technical bulletin by June 30.

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