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

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$39.00 each

  • Credits: 4
  • Format: Self-Study eBook
  • Field of Study: Accounting | Auditing
  • Author/Speaker: Steven C. Fustolo, CPA
Course ID: Advanced Preparation: Experience Level:
SF-317 None Overview
Published Date: Program Prerequisites: Other Course Formats:
© December 2020 Basic Understanding of Accountancy Self-Study eBook
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)

 

Qualifies and Approved with All State Boards of Accountancy and the following sponsorship’s:
NASBA