Accounting and Financial Reporting for COVID-19, the CARES Act and PPP Loans - 2021 EditionCode: 21B-COVID2
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Objectives: The objective of this course is to review the impact that COVID-19 has on accounting and financial reporting, and the changes made by the 2020 CARES Act, including accounting for Paycheck Protection Program (PPP) loans and forgiveness.
Program Content: Topics include: Disclosures of risks and uncertainties; 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; loan modification; dealing with business interruption insurance. With respect to the CARES Act, the course discusses the accounting for PPP loans and forgiveness, accounting for tax changes made by the CARES Act, and more.
After reading the course material, you will 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
- Identify a method that can be used to measure variable consideration revenue
- Recognize an example of a construction-type contract subject to the onerous contract rules
- Recognize how to account for PPP loan forgiveness, and
- Identify how to treat the forgiveness of a PPP loan for tax purposes.
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
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