GASB Proposal Clarifies COVID Accounting

Thoughtware Alert Jun 15, 2020
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On June 11, 2020, GASB issued an exposure draft of a technical bulletin that will clarify recognition and reporting requirements for resources received from programs established by the Coronavirus Aid, Relief, and Economic Security Act, including the Coronavirus Relief Fund and the Paycheck Protection Program. This article provides details on the bulletin, which also addresses accounting for the unplanned and additional outflows of resources due to COVID-19.

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