GASB has issued an exposure draft, “Accounting and Financial Reporting Issues Related to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) of 2020 and Coronavirus Diseases,” to address questions relating to the proper accounting for CARES Act funding, including PPP.
The Q&A addresses questions about whether this would be treated as an extraordinary or special item, as operating or non-operating revenue, and when does a forgivable loan become revenue.
Written comments are due June 25 and should be addressed to the Director of Research and Technical Activities, Project No. 3-40, and emailed to email@example.com.
“Accounting and Financial Reporting Issues Related to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) of 2020 and Coronavirus Diseases”: https://gasb.org/jsp/GASB/Document_C/DocumentPage?cid=1176174735840&acceptedDisclaimer=true
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Tune in to the Galasso Learning Solutions SCACPA YouTube playlist here. You can also click and subscribe to the SCACPA YouTube channel here.
SCACPA is excited to partner with Galasso Learning Solutions and the Genuine Learning Blog for real-time A&A updates and answers for SCACPA members. Melisa was a speaker on audit topics at SCACPA’s 2020 Virtual Spring Splash accounting conferences. She also takes part in many SCACPA seminars and rebroadcasts.
With over 15 years of experience in the accounting profession, Melisa Galasso designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting. She closely monitors regulatory bodies for changes in auditing and accounting guidance and serves as a subject matter expert in implementing the updated guidance.
Read the latest Melisa Galasso A&A Interview: Private Company Council Member Jeremy Dillard and Standard-Setting Advocacy