Accounting and Financial Reporting for COVID-19, CARES Act and PPP Loans
Credits: 4 | Accounting | Self-Study eBook more

COURSE DESCRIPTION

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 the 2020 CARES Act including accounting for Paycheck Protection Program (PPP) loans and forgiveness.

Topics include:

• Disclosures of 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

Learning Objectives:

After reading the course material, you will be able to:

• 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 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
• Recall how to present debt issuance costs in the financial statements
• Recognize how to account for PPP loan forgiveness
• Identify how to treat the forgiveness of a PPP loan for tax purposes, and
• Identify an example of a circumstance in which an emphasis-of-matter paragraph might be necessary.

Who Should Attend:

• All Certified Public Accountants (CPAs)