NACUBO Pushes Back on GASB’s Coronavirus Accounting Proposal
In a letter to the Governmental Accounting Standards Board, NACUBO supported GASB’s accounting interpretation of CARES Act relief funds but disagreed with its assertion that a global pandemic is neither an unusual nor infrequent occurrence for financial reporting.
GASB Issues Defined Contribution Plan and Component Unit Guidance
GASB’s Statement 97 exempts defined contribution benefit plans from financial burden and accountability criteria that would lead to reporting in fiduciary fund financial statements.
GASB Releases CARES Act and Coronavirus Technical Bulletin
A Technical Bulletin released by GASB on July 2 clarifies the accounting, reporting, and recognition criteria for various program resources under the CARES Act.