Handbooks | June 2020

 

Insight

CARES Act: IFRS compared to US GAAP

This new KPMG guide compares the financial reporting implications of the CARES Act under IFRS to US GAAP.

Holger Erchinger

Holger Erchinger

Partner in Charge, US Germany Corridor, KPMG US

+1 212-909-5229

Julie Santoro

Julie Santoro

Partner, Dept. of Professional Practice, KPMG US

+1 212-954-1086


This guide explains in depth the financial reporting implications of the CARES Act under US GAAP, followed by a high-level comparison to IFRS; this comparison is intended to provide directional guidance related to the application of IFRS.

Applicability

  • All companies that report under IFRS

Relevant dates

  • CARES Act was signed into law on March 27, 2020
  • Effective immediately

Report contents

  • Government grants
  • Income taxes
  • Payroll taxes
  • Paycheck protection program
  • Debt and equity instruments issued
  • Mortgage relief: Forbearances
  • Leave eviction moratorium
  • Subsequent events and going concern

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