United States

GASB proposes coronavirus-related accounting guidance

FINANCIAL REPORTING INSIGHTS  | 

The Governmental Accounting Standards Board recently released a proposed staff 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 Technical Bulletin, which is available for comment until June 25, 2020, includes application guidance related to the accounting for and financial reporting of:

  • Resources received from the Coronavirus Relief Fund
  • Reimbursements for a government’s loss of revenue
  • Amendments to the CARES Act signed into law 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

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