- Credits: 4 (2/2)
- Format: Self-Study eBook
- Field of Study: Accounting | Auditing
- Author/Speaker: Steven Fustolo
|Program Prerequisites:||General Understanding of Accounting and Finance|
|Course ID:||SF-309.22 | SS|
|Published Date:||Jan 2022|
The objective of this course is to review the impact that COVID-19 has on accounting and financial reporting, and the changes made by the CARES Act and the Consolidated Appropriations Act, 2021, including accounting for Paycheck Protection Program (PPP) loans and forgiveness.
- Disclosures of risks and uncertainties.
- Going-concern reporting and disclosure issues.
- Impairment issues related to goodwill and other long-lived assets.
- Accounting for variable consideration revenue and onerous contracts.
- Dealing with inventory costs and stock market investment losses.
- Collectability of trade receivables; exit and termination benefit obligations.
- Contingencies, and accounting and auditing engagement matter.
After reading the course material, you will be able to:
- Recognize some types of concentrations that might require disclosure under the risk and uncertainty rules
- Identify the definition of near term
- Recall the frequency in which an entity should test goodwill for impairment
- Recognize some exit and disposal costs
- Recall how to classify business interruption insurance proceeds on the financial statements
- Identify the benchmark used to determine the going concern
- Recognize how to report an ongoing concern in an audit
- Identify a method that can be used to measure variable consideration revenue
- Recognize an example of a construction-type contract
- Identify an advantage of remote auditing
- Recall how to present debt issuance costs in the financial statements
- Recognize how to account for PPP loan forgiveness
- Identify how to treat the forgiveness of a PPP loan for tax purposes, and
- Identify an example of a circumstance in which an emphasis-of-matter paragraph might be necessary.
Who Should Attend:
- All Certified Public Accountants (CPAs)