- Credits: 4
- Format: Self-Study eBook
- Field of Study: Accounting | Auditing
- Author/Speaker: Steven C. Fustolo, CPA
|Course ID:||Advanced Preparation:||Experience Level:|
|Published Date:||Program Prerequisites:||Other Course Formats:|
|© February 2021||General Understanding of Accounting and Finance||Self-Study eBook|
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.
- 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...
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)