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Accounting and Financial Reporting in a Post-COVID Economy

Accounting and Financial Reporting in a Post-COVID Economy

$49.95$49.95
  • SKU : SF2016
  • OUR PRICE :$49.95
  • CREDIT HOURS : 4
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Accounting and Financial Reporting in a Post-COVID Economy
     
Course Description:  
The objective of this course is to address the accounting and financial reporting for the current post-COVID economic climate including the effects of inflation, supply-chain shortages, rising interest rates, and other events affecting company financial statements for 2022 and 2023.
 
Topics include: Disclosures of risks and uncertainties related to supply-chain concentrations; going-concern reporting and disclosure issues; impairment issues related to goodwill and real estate; accounting for variable consideration revenue and onerous contracts;  dealing with inventory costs and stock market  and bond investment losses; collectability of trade receivables; exit and termination benefit obligations; contingencies, use of LIFO in an inflationary environment; and accounting and auditing engagement matters.  The course also discusses the accounting for selected tax changes affecting 2022 and 2023 financial statements.

 		  
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 some exit and disposal costs
  • Recall how to classify business interruption insurance proceeds on the financial statements
  • Recognize the relationship a change in interest rates has on real estate values
  • Identify the benchmark used to determine going concern
  • Recognize how to report on going concern in an audit engagement
  • 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
  • Identify whether the LIFO IPIC approach is acceptable for GAAP
  • Recall the net operating loss rules
  
Course Number: SF2016
NASBA Field of Study: Accounting
Level:                     Overview
Author/Instructor: Steven C. Fustolo
Publication Date: January 2024  
CPE Credits: 4  
Program Prerequisites: General understanding of accounting, financial reporting, auditing and compilation and review standard  
Advanced Preparation: None

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