This insight was first published in AICPA’s Journal of Accountancy as How to Navigate New Disclosures for Government Assistance.
Since the start of COVID-19 pandemic, trillions of dollars in government assistance have supported the business community in its continued recovery, resilience, and innovation efforts. The influx of grants and loans prompted the FASB to update U.S. GAAP to require new annual disclosures for companies receiving government assistance.
In this piece, KPMG Department of Professional Practice Partner, Michael Kraehnke, discusses what boards and finance leaders should be aware of in the new reporting requirement and how ensure completeness and accuracy of their reporting on it. Read the full article in the Journal of Accountancy, here.