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<title>GASB Proposes Application Guidance on CARES Act and Coronavirus Diseases Issues</title>
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<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#1F497D">Hello CAFR Contacts,<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#1F497D">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.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#1F497D">Thank you,<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#1F497D">Rob<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#1F497D"><o:p> </o:p></span></p>
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<p class="MsoNormal"><b>From:</b> O'Ryan, Kim <koryan@nasact.org> <br>
<b>Sent:</b> Thursday, June 11, 2020 10:15 AM<br>
<b>To:</b> NSAAAuditors <NSAAAuditors@nasact.org>; NASCComptrollers <NASCComptrollers@nasact.org>; StateTreasurers <StateTreasurers@nasact.org>; NASACTCARA <NASACTCARA@nasact.org>; NASCCAFR <NASCCAFR@nasact.org>; NSAA2020AuditStandardsAndReportingCommittee
<NSAA2020AuditStandardsAndReportingCommittee@nasact.org><br>
<b>Cc:</b> NASCComptrollersCCs <NASCComptrollersCCs@nasact.org>; NSAAAuditorsCCs <NSAAAuditorsCCs@nasact.org>; StateTreasurersCCs <StateTreasurersCCs@nasact.org><br>
<b>Subject:</b> GASB Exposure Draft - Application Guidance on CARES Act and Coronavirus Diseases Issues<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif">The Governmental Accounting Standards Board issued an Exposure Draft (ED) of the proposed Technical Bulletin,
<i>Accounting and Financial Reporting Issues Related to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) of 2020 and Coronavirus Diseases</i>.
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif">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
<u>Thursday, June 18</u>.<b> </b><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif">Thank you,<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif">Kim O’Ryan<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif">NASACT<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif">(859) 276-1147<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif"><a href="mailto:koryan@nasact.org">koryan@nasact.org</a><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
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<h2>GASB Proposes Application Guidance on CARES Act and Coronavirus Diseases Issues<o:p></o:p></h2>
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<p class="MsoNormal" style="line-height:150%"><strong><span style="font-size:10.5pt;line-height:150%;font-family:"Georgia",serif;color:#2A2A2A">Norwalk, CT—June 11, 2020—</span></strong><span style="font-size:10.5pt;line-height:150%;font-family:"Georgia",serif;color:#2A2A2A">As
part of its continuing efforts to assist state and local governments during the COVID-19 pandemic, the Governmental Accounting Standards Board (<a href="https://accountingfoundation.us3.list-manage.com/track/click?u=e043e1190253df702a1340ed7&id=2fdf4a48ae&e=64fc75ed88"><span style="color:#EF4142;text-decoration:none">GASB</span></a>)
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.<br>
<br>
The <a href="https://accountingfoundation.us3.list-manage.com/track/click?u=e043e1190253df702a1340ed7&id=de1968baa2&e=64fc75ed88" target="_blank">
<span style="color:#EF4142;text-decoration:none">Exposure Draft</span></a> of the proposed Technical Bulletin,
<em><span style="font-family:"Georgia",serif">Accounting and Financial Reporting Issues Related to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) of 2020 and Coronavirus Diseases</span></em>, 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.<br>
<br>
The GASB is working to issue this guidance as quickly as practicable. The <a href="https://accountingfoundation.us3.list-manage.com/track/click?u=e043e1190253df702a1340ed7&id=85a1e012e2&e=64fc75ed88" target="_blank">
<span style="color:#EF4142;text-decoration:none">Exposure Draft</span></a> is available on the GASB website,
<a href="https://accountingfoundation.us3.list-manage.com/track/click?u=e043e1190253df702a1340ed7&id=34eea35be8&e=64fc75ed88">
<span style="color:#EF4142;text-decoration:none">www.gasb.org</span></a>, 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.<br>
<br>
COVID-19-related resources for stakeholders, including an emergency toolbox, are available on the GASB website at
<a href="https://accountingfoundation.us3.list-manage.com/track/click?u=e043e1190253df702a1340ed7&id=f714760f08&e=64fc75ed88">
<span style="color:#EF4142;text-decoration:none">www.gasb.org/COVID19</span></a>.<o:p></o:p></span></p>
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