GASB proposed new guidance in a technical bulletin Thursday, June 11, to assist state and local governments in their accounting for funds received as a result of the $2 trillion Coronavirus Aid, Relief and Economic Security Act.
The exposure draft would clarify how existing recognition requirements apply to resources received from certain programs established by the coronavirus relief bill.
GASB will accept comments by email at director@gasb.org through June 25 and plans to issue a final technical bulletin by June 30.