Accounting and Financial Reporting for COVID-19 and the CARES ActCode: 21-COVID2

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Course Details

72 pages

Objectives: The objective of this course is to inform the reader of  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.


Program Content:  
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; business interruption insurance; exit and termination benefit obligations; contingencies, and review 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.

After reading the course material, you will be able to:

  • 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, and
  • Recognize how a company should present CARES Act loan forgiveness on its financial statements.

Presentation Method:  Self-Study

 

Category: Auditing and Accounting

CPE credit:   2 Hours

Program Level:  Basic to intermediate

Prerequisites:  General understanding of U.S. GAAP

Advance Preparation:  None

Exam expiration date:  Participants must submit exams for grading within one year from the date of purchase

For more information regarding refunds, complaints, or cancellation policies, please contact our offices at 817-477-0222.

American CPE, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors.  State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.   Complaints regarding registered sponsors may be addressed to:  National Registry of CPE Sponsors, 150 Fourth Ave. North, Nashville, TN 37219-2417.  Web site:  www.nasba.org

NASBA Sponsor number 108096

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Accounting and Financial Reporting for COVID-19 and the CARES Act!
Very timely and well presented material. Great go-to resource to have in my library.
Cathy Brunscheon
11/19/2020
Verified Buyer
Baker & Colson PC
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Accounting and Financial Reporting for Covid-19 and the CARES Act
Very informative course, the material was well organized and easy to follow, very reasonably priced.
Deborah Currie
11/04/2020
Verified Buyer
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accounting and financial reporting for covid 19 and the cares act
excellent material
SALVATORE F YODICE CPA
10/10/2020
Verified Buyer
YODICE & COMPANY PC
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Accounting & Financial Reporting for Covid-19 & the Cares Act
Very informative. Useful information for reporting.
Clara N. Gunning
06/22/2020
Verified Buyer
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