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GASB Technical Bulletin 2020-1

The GASB released Technical Bulletin 2020-1 providing guidance that clarifies recognition and presentation requirements for resources received from certain programs established under the CARES Act.  This Technical Bulletin clarifies the application of the recognition requirements of Statements 33, 56 and 70 to resources received from certain programs established by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).  Additionally, this Technical Bulletin clarifies the presentation of certain inflows of CARES Act resources and the additional unplanned outflows of resources incurred in response to a coronavirus disease.  Guidance for the presentation of inflows of resources as operating or nonoperating provided in Statement 34 is based on the classifications established in Statement 9 and is further clarified in Implementation Guide 2015-1.  Guidance for the presentation of outflows of resources as special or extraordinary items is provided in Statement 34 and expanded in Statement 62.  The requirements of the technical bulletin are effective immediately.  GASBTB 2020-1 can be reached using the following link: https://www.gasb.org/cs/Satellite?c=Document_C&cid=1176174832053&pagename=GASB%2FDocument_C%2FDocumentPage