Accounting and Financial Reporting for COVID-19, the CARES Act and PPP Loans

  • Credits: 4
  • Format: Self-Study eBook
  • Field of Study: Accounting | Auditing
  • Author/Speaker: Steven C. Fustolo, CPA
Course ID: Advanced Preparation: Experience Level:
SF-309 None Overview
Published Date: Program Prerequisites: Other Course Formats:
© February 2021 General Understanding of Accounting and Finance Self-Study eBook
COURSE DESCRIPTION

The objective of this course is to review the accounting and financial reporting impacts of the economic crisis created by the coronavirus (COVID-19), and the changes made by 2020 CARES Act including accounting for Paycheck Protection Program (PPP) loans and forgiveness.

This course uses materials entitled Accounting and Financial Reporting for COVID-19, the CARES Act and PPP Loans - 2021 Edition - [Updated to reflect Accounting and Financial Reporting Issues Related to the Consolidated Appropriations Act, 2021, authored by Steven C. Fustolo, CPA.

Topics include:
  • Disclosures of subsequent events and 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 matters
  • With respect to the 2020 CARES Act, the course discusses the accounting for Paycheck Protection Plan (PPP) loans
  • Accounting for tax changes made by the CARES Act, and more...

 

Learning Objectives:

After reading the course material, you will be able to:

  • Identify types of subsequent events that require disclosure.
  • Recognize some types of concentrations that might require disclosure under the risk and uncertainty rules.
  • Identify the definition of the near term.
  • Recall the frequency in which an entity should test goodwill for impairment.
  • Recognize the formula for testing goodwill 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.
  • Recognize how a company should present CARES Act loan forgiveness on its financial statements.

 

Who Should Attend:
  • All Certified Public Accountants (CPAs)

 

Qualifies and Approved with all State Boards of Accountancy and the following sponsorship’s:
NASBA