GASB Issues Proposed Technical Bulletin on Application of CARES Act
June 11, 2020
The GASB has issued a proposed Technical Bulletin, Accounting and Financial
Reporting Issues Related to the Coronavirus Aid, Relief, and Economic Security
Act (CARES Act) of 2020 and Coronavirus Diseases. The proposed guidance
would clarify “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.