Post Covid Economy: Accounting and Financial Reporting
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-chains, rising interest rates, and other events on company financial statements for 2023 and 2024.
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 investment losses; collectability of trade receivables; exit and termination benefit obligations; contingencies, use of LIFO; and accounting and auditing engagement matters. The course also discusses the accounting for selected tax changes affecting 2023 and 2024 financial statements.
This course uses materials entitled Accounting and Financial Reporting in a Post-COVID Economy: Inflation, Supply Chains, Interest Rates and Recession – 2024 Edition, authored by Steven C. Fustolo, CPA.