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

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$59
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Course description

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.

Course Information

Course No. F150
Format: Online pdf (109 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: April 2020

Objectives

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

  • Identify types of subsequent events that require disclosure
  • 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

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What's your experience? We'd love to know!
John Payne
Posted 2 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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