Post-Covid Economy: Accounting & Financial Reporting (4 hrs)

Course No. F210
Format: Online pdf (123 pages). Printed book available.
Author: Steven C. Fustolo, CPA
Prerequisites: General understanding of accounting, financial reporting, auditing and compilation and review standardsAdvance Preparation: None
Level: Overview
CPE Credit: 4 hrs.
Field of Study: Accounting (2 hrs.)/Auditing 2 hrs.)
Course expiration:  You have one year from date of purchase to complete the course.
Course Revision Date: February 2024

After studying this course, you should 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 Contents:

Accounting and Auditing Issues Related to the Post-COVID Economy
Disclosure of Risks and Uncertainties- Supply-Chain Concentrations
Asset Impairments- Long-Lived Assets- 2023 and 2024 Issues
Long-Lived Tangible Assets- Real Estate and Equipment Impairment
Goodwill impairment issues
Ordering of Impairment Tests
Writedowns and Disclosures of Stock Market and Bond Investments
Debt Securities- Unrealized Losses in 2023 or 2024
Equity Securities- Unrealized Losses in 2023 and 2024
Inventory Costs and Valuation Issues
GAAP’s Lower of Cost and Net Realizable Value for FIFO and Average Cost Inventories
Impact of Capacity on GAAP Inventory Valuations
Trade Receivables and the Allowance for Doubtful Accounts
Exit and Termination Costs
Post-Covid Contingencies and Exposure to Third-Party and Employee Claims
Business Interruption Insurance Recovery and Presentation- Post COVID Damage
Going Concern in the 2023-2024 Inflationary Economy
GAAP Requirements- Going Concern
Auditing and Review Engagement Requirements- Going Concern
Joint and Several Risk- Multi-Employer Plan Obligations
Revenue and Contracts
Variable Consideration Revenue
Losses on Onerous Contracts- Impact of Inflation on Unrealized Losses
Loan Modifications and Covenants in Light of Higher Interest Rates
Remote Engagements
Remote Audits in 2023 and 2024
Accounts Receivable Confirmations
Physical Inventory Observations
Employee Fraud and the Current Internal Control Environment
LIFO in a New High-Inflation Environment
GAAP Income Tax Issues- 2023 and 2024
NOL Carryforwards and Deferred Tax Assets
Higher Interest Rates and the Limitation on Interest Deduction-2023 and 2024