GASB issues coronavirus-related accounting guidance

Jul 13, 2020
Jul 13, 2020
0 min. read
Audit State & local government Financial reporting COVID-19

The Governmental Accounting Standards Board recently released Technical Bulletin 2020-1, Accounting and Financial Reporting Issues Related to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and Coronavirus Diseases. The Technical Bulletin includes guidance related to the accounting for and financial reporting of:

  • Resources received from the Coronavirus Relief Fund
  • CARES Act programs that provide resources to address a government’s loss of revenue attributable to the effects of COVID-19
  • Amendments to the CARES Act enacted after a government’s statement of net position date but prior to the issuance of financial statements
  • Forgivable loans received pursuant to the Paycheck Protection Program
  • CARES Act resources provided to a business-type activity or enterprise fund
  • Outflows of resources incurred in response to the coronavirus disease

The requirements of the Technical Bulletin were effective upon its release on July 2, 2020.