GASB Emergency Toolbox

September 30, 2021

Operating under today’s difficult circumstances may raise accounting and financial reporting issues that are not commonly dealt with by governments and their auditors. Other issues that may be encountered more often, such as subsequent events, could become more common or of greater magnitude than usual.
 
The purpose of this “toolbox” is to help stakeholders quickly identify the GASB’s authoritative guidance that could be relevant to the current circumstances. Toolbox links have been provided to identify additional professional organizations from which stakeholders may obtain nonauthoritative recommendations for financial reporting and other activities as government’s deal with the effects of the pandemic.

Revised: July 20, 2020

During the due process associated with and deliberations leading to the issuance of Technical Bulletin 2020-1, Accounting and Financial Reporting Issues Related to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and Coronavirus Diseases, several issues were raised that were not specifically addressed in the Technical Bulletin, but for which current authoritative standards provide guidance.

To assist stakeholders, the following issues have been added to the Emergency Toolbox:

  • Disclosures related to outflows of resources incurred in response to COVID-19
  • Donated inventory
  • Nonexchange financial guarantee disclosures
  • Subsequent contravention of eligibility requirements
  • Classification of transactions not specifically addressed in Category A or Category B authoritative literature as either operating or nonoperating revenues and expenses
  • Extension of property tax due dates
  • Subsequent events disclosures for legislation enacted after the end of the reporting period.

GASB GUIDANCE

The following are topics in the generally accepted accounting principles for state and local governments that may be of particular relevance to governments at this time. The references are to the GASB’s Codification of Governmental Accounting and Financial Reporting Standards, as of December 31, 2019, which can be accessed free of charge through the Governmental Accounting Research System™ (GARS) at https://gars.gasb.org/.

 

[Check out the GASB Resource here.]

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