- Credits: 2
- Format: Self-Study eBook
- Field of Study: Accounting | Finance
- Author/Speaker: Steven C. Fustolo, CPA
|Course ID:||Advanced Preparation:||Experience Level:|
|Published Date:||Program Prerequisites:||Other Course Formats:|
|© April 2020||General Understanding of Accounting and Financial Reporting||Self-Study eBook|
The objective of this course is to inform the reader of 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.
- Disclosures of subsequent events and risks and uncertainties.
- Impairment issues related to goodwill.
- Accounting for variable consideration revenue and onerous contracts.
- Dealing with inventory costs and stock market investment losses.
- Business interruption insurance.
- 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 near term
- Recall the frequency in which an entity should test goodwill for impairment
- Recognize the formula for testing goodwill impairment
- Recall how to classify business interruption insurance proceeds on the financial statements
- Identify a method that can be used to measure variable consideration revenue
- Recognize an example of a construction-type contract
- Identify a tax-law change made by the CARES Act, and
- Recognize how a company should present CARES Act loan forgiveness on its financial statements.
Who Should Attend:
- All Certified Public Accountants (CPAs)