GASB adds resources addressing COVID-19-related issues

Jul 28, 2020
Jul 28, 2020
0 min. read
Audit State & local government Financial reporting COVID-19

In light of the pandemic, the Governmental Accounting Standards Board (GASB) has updated its emergency toolbox that addresses COVID-19-related accounting and financial reporting issues. Guidance recently was added regarding:

  • 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