GASB Issues Technical Bulletin on Application of CARES Act

The GASB has issued Technical Bulletin No. 2020-1, Accounting and Financial Reporting Issues Related to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) of 2020 and Coronavirus Diseases. The guidance “clarifies the application of existing recognition requirements to resources received from certain programs established by the CARES Act [as well as] 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.”

For more information, see the press release on the GASB’s Web site.