CPEA Alert - Executive Summary CARES Act
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CPEA Alert - Executive Summary CARES Act

6 months ago · 1 min read

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On March 27, 2020, President Trump signed into law the CARES Act (Act), commonly referred to as a stimulus package. The Act has provisions which impact financial reporting under U.S. generally accepted accounting principles (U.S. GAAP).

Financial institutions and the firms that audit them should pay particular attention to Section 4013 of the Act that provides an option to elect out of troubled debt restructuring accounting related to COVID-19 modifications. Also, particular attention should be paid to section 4014 of

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COVID-19

Subtopics

CARES Act
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