COURSE DESCRIPTION

The purpose 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 the 2020 CARES Act.

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 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, and
• · Recognize how a company should present CARES Act loan forgiveness on its financial statements.

Who Should Attend:

• All Certified Public Accountants (CPAs)
• Enrolled Agents (EAs)