Governments have adjusted to remote work environments, reconfigured facilities and operations and redeployed resources to focus on essential services during this ongoing global pandemic. In addition, some governments have received federal resources through the Coronavirus Aid, Relief, and Economic Security (CARES) Act to assist with these efforts. These unprecedented circumstances have led to questions related to the accounting and financial reporting for both expenses incurred as a result of the COVID-19 outbreak as well as relief funding received through the CARES Act. The Governmental Accounting Standards Board(GASB) has issued a technical bulletin, GASBTB 2020-1, to address several of the questions. This document provides guidance on the following:
More information is available in GASB’s full technical bulletin. As you evaluate the activity and reporting within your organization, we are happy to discuss any application to specific circumstances.
For more information on this topic, or to learn how Baker Tilly public sector specialists can help, contact our team.