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

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

$49.95$49.95
  • SKU : SF2005
  • OUR PRICE :$49.95
  • CREDIT HOURS : 4
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Accounting and Financial Reporting for COVID-19 and the CARES Act 
     
Course Description:  
The objective of  this  course  is  to  review  the impact  that  COVID-19  has  on accounting  and  financial reporting, 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.  With respect to the CARES Act, the course discusses the accounting  for PPP  loansand  forgiveness,  accounting  for  tax  changes  made  by  the  CARES  Act,  and more
 		  
Learning Objectives:
 		  
Upon successful completion of this course, participants 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 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 going concern
  • Recognize how to report on going 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
  •  Recognize how a company should present CARES Act loan forgiveness on its financial statements
  
Course Number: SF2005
NASBA Field of Study: Accounting
Level:                     Overview
Author/Instructor: Steven C. Fustolo
Publication Date: November 2021  
CPE Credits: 4  
Program Prerequisites: General understanding of accounting, financial reporting, auditing and compilation and review standard  
Advanced Preparation: None

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