COVID-19 | Accounting and Financial Reporting for the CARES Act

  • 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:

NASBA
IRS
CTEC