The AICPA issued new guidance on Tuesday, Aug. 8, that addresses how a recipient should account for a Shuttered Venue Operators Grant (SVOG) or a Restaurant Revitalization Fund (RRF) grant.
Q&A Section 5270.01 provides nonauthoritative guidance that applies to not-for-profits, which are eligible only for SVOG, and private business (for-profit) entities, which are eligible for both SVOG and RRF grants. Publicly traded entities are not eligible for either of the grants.
The guidance suggests for-profit business entities consider accounting for these grants by applying by analogy the guidance described in one of three models described here.