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Handbook: CARES Act: IFRS compared to US GAAP

Handbooks | June 2020

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

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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

Download the document:

The US CARES Act - IFRS compared to US GAAP

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Partner, Audit and Partner in Charge, U.S. Germany Corridor, KPMG U.S. International Corridors, KPMG US
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Partner, Dept. of Professional Practice, Sustainability, KPMG LLP
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