- 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: |
© April 2020 | None | Self Study |
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)
Qualifies and Approved with All State Boards of Accountancy and the following sponsorships: