PricewaterhouseCoopers (PWC) issued the following announcement on Apr. 9.
The CARES Act was enacted March 27. We describe the accounting for loans, grants, tax changes, among other types of relief.
At a glance
The Coronavirus Aid, Relief, and Economic Security (CARES) Act became law on March 27. It was a response to the market volatility and instability resulting from the coronavirus pandemic, and includes provisions to support individuals and businesses in the form of loans, grants, and tax changes, among other types of relief.
This In depth answers questions regarding the accounting and disclosure implications of certain of the provisions in the stimulus package. Provisions addressed include: relief from certain accounting guidance; tax code changes; below-market loans; public health provisions; and other programs that essentially provide government assistance to businesses. It was updated on April 9 with additional questions on the CECL optional deferral, loan modifications, income taxes, and public health provisions.
Original source: https://www.pwc.com/us/en/cfodirect/publications/in-depth/cares-act-accounting-stimulus.html
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