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