COVID-19 & the CARES Act: Accounting & Financial Reporting (4 Hrs.)

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Course description

COVID-19 & the CARES Act: Accounting & Financial Reporting- 4 hrs. CPE

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 subsequent events and 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 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.

Course Information

Course No. F150
Format: Online pdf (123 pages). Printed book available.
Instructional Delivery Method: QAS Self-Study
Prerequisites: General understanding of compilation and review standards
Advance Preparation:None
Level: Overview
CPE Credit: 4 hrs. (2 hrs. accounting, 2 hrs. auditing)
Field of Study: Accounting & Auditing
Course expiration:  You have one year from date of purchase to complete the course.
Course Revision Date: February 2021

Objectives

COVID-19 & the CARES Act: Accounting & Financial Reporting Course Objectives:

  • 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 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
  • 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.

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What's your experience? We'd love to know!
John Payne
Posted 12 months ago
Great course

this course was perfect for the times. It will help me in my day to day on my job. It explains the many things to think about and consider in the accounting and auditing world today.

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