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June 26, 2020

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.

June 22, 2020

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.

June 12, 2020

GASB Proposal Addresses CARES Act and Coronavirus-Related Questions →

The Governmental Accounting Standards Board is accepting comments for two weeks on a proposal that addresses accounting and reporting questions that have surfaced as a result of the pandemic and subsequent legislative relief. Final guidance expected by June 30 would take effect immediately.

May 14, 2020

GASB Issues New Guidance In Light of COVID-19 →

In response to the pandemic, the Governmental Accounting Standards Board has issued a new statement that extends implementation for most major standards by one year. Recently issued Implementation Guide 2020-1 reinforces delayed effectives dates and provides updated guidance.

April 14, 2020

FASB Delays Implementation of Leases →

Due to the impact of COVID 19 and following advocacy from NACUBO, the Financial Accounting Standards Board unanimously voted to provide an optional one-year implementation delay of ASU 2016-02, Leases, for all nonprofit entities. As a result, colleges and universities with conduit or public debt will have until FY21 to implement the lease standard.