[CAFR-Contacts-News] FW: GASB Exposure Draft - Application Guidance on CARES Act and Coronavirus Diseases Issues

[HAMILTON Robert W * DAS]

Hello CAFR Contacts,

Please see the email below regarding an exposure draft of a GASB Technical Bulletin on accounting for CARES Act issues. If you have any suggestions for feedback to GASB, please let me know by COB June 16.

Thank you,

Rob

From: O'Ryan, Kim <koryan at nasact.org>
Sent: Thursday, June 11, 2020 10:15 AM
To: NSAAAuditors <NSAAAuditors at nasact.org>; NASCComptrollers <NASCComptrollers at nasact.org>; StateTreasurers <StateTreasurers at nasact.org>; NASACTCARA <NASACTCARA at nasact.org>; NASCCAFR <NASCCAFR at nasact.org>; NSAA2020AuditStandardsAndReportingCommittee <NSAA2020AuditStandardsAndReportingCommittee at nasact.org>
Cc: NASCComptrollersCCs <NASCComptrollersCCs at nasact.org>; NSAAAuditorsCCs <NSAAAuditorsCCs at nasact.org>; StateTreasurersCCs <StateTreasurersCCs at nasact.org>
Subject: GASB Exposure Draft - Application Guidance on CARES Act and Coronavirus Diseases Issues

The Governmental Accounting Standards Board issued an Exposure Draft (ED) of the 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.

NASACT will be preparing an association position on the ED. In order to meet GASB’s deadline of June 25, please send your comments to me by the end of the day on Thursday, June 18.

Thank you,

Kim O’Ryan
NASACT
(859) 276-1147
koryan at nasact.org<mailto:koryan at nasact.org>


View this email in your browser<https://mailchi.mp/f-a-f/gasb-proposes-application-guidance-on-cares-act-and-coronavirus-diseases-issues?e=64fc75ed88>
[https://gallery.mailchimp.com/e043e1190253df702a1340ed7/images/58bb65bf-1e3d-4199-92bd-2e71bd87ee33.png]<https://accountingfoundation.us3.list-manage.com/track/click?u=e043e1190253df702a1340ed7&id=d1404e5049&e=64fc75ed88>
GASB Proposes Application Guidance on CARES Act and Coronavirus Diseases Issues

Norwalk, CT—June 11, 2020—As part of its continuing efforts to assist state and local governments during the COVID-19 pandemic, the Governmental Accounting Standards Board (GASB<https://accountingfoundation.us3.list-manage.com/track/click?u=e043e1190253df702a1340ed7&id=2fdf4a48ae&e=64fc75ed88>) today released a proposed staff Technical Bulletin containing application guidance related to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) of 2020 and certain outflows incurred in response to the coronavirus.  The Technical Bulletin is being proposed to address questions raised with the GASB by its stakeholders.

The Exposure Draft<https://accountingfoundation.us3.list-manage.com/track/click?u=e043e1190253df702a1340ed7&id=de1968baa2&e=64fc75ed88> of the 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, clarifies the application of existing recognition requirements to resources received from certain programs established by the CARES Act. It also clarifies 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.

The GASB is working to issue this guidance as quickly as practicable. The Exposure Draft<https://accountingfoundation.us3.list-manage.com/track/click?u=e043e1190253df702a1340ed7&id=85a1e012e2&e=64fc75ed88> is available on the GASB website, www.gasb.org<https://accountingfoundation.us3.list-manage.com/track/click?u=e043e1190253df702a1340ed7&id=34eea35be8&e=64fc75ed88>, with a comment deadline of June 25. The Board is scheduled to review stakeholder feedback and consider clearing a final Technical Bulletin on June 30.

COVID-19-related resources for stakeholders, including an emergency toolbox, are available on the GASB website at www.gasb.org/COVID19<https://accountingfoundation.us3.list-manage.com/track/click?u=e043e1190253df702a1340ed7&id=f714760f08&e=64fc75ed88>.




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