ED Issues Additional Guidance on CARES Act, R2T4
The Department of Education recently published two guidance documents: one addressing questions related to funds provided under the CARES Act, and the other announcing regulatory flexibility with regard to Return to Title IV funds during the COVID-19 pandemic.
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.