• Course Information
    4.5 (2489)

    Title: Accounting and Financial Reporting for COVID-19, the CARES Act and PPP Loans - Long Version
    Category: Accounting and Auditing
    Field of Study: Accounting (2 CPE) and Auditing (2 CPE)
    Course Code: A021-0267
    CPE Credits: 4.0
    Price: $34.95
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Description

Description:
The objective 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 including accounting for Paycheck Protection Program (PPP) loans and forgiveness.

Topics include: Disclosures of 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 CARES Act, the course discusses the accounting for PPP loans and forgiveness, accounting for tax changes made by the CARES Act, and more. [Updated to reflect Accounting and Financial Reporting Issues Related to the Consolidated Appropriations Act, 2021.]

Delivery Method: Online Interactive Self Study

Level: Overview

Prerequisites: None

Advanced Preparation: None

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Course Details

Author: Steven C. Fustolo

Category: Accounting and Auditing

Field of Study: Accounting (2 CPE) and Auditing (2 CPE)

Passing Score: 70%

Publication Date: 02/02/2021

Technical Details: Accounting and Auditing: Technical

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Objectives

Objectives:
1. Recognize some types of concentrations that might require disclosure under the risk and uncertainty rules
2. Identify the definition of near term
3. Recall the frequency in which an entity should test goodwill for impairment
4. Recognize some exit and disposal costs
5. Recall how to classify business interruption insurance proceeds on the financial statements
6. Identify the benchmark used to determine going concern
7. Recognize how to report on going concern in an audit
8. Identify a method that can be used to measure variable consideration revenue
9. Recognize an example of a construction-type contract
10. Identify an advantage of remote auditing
11. Recall how to present debt issuance costs in the financial statements
12. Recognize how to account for PPP loan forgiveness
13. Identify how to treat the forgiveness of a PPP loan for tax purposes, and
14. Identify an example of a circumstance in which an emphasis-of-matter paragraph might be necessary.

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Profession

NASBA: Yes

QAS: Yes

CPA: Suitable for all CPAs

IRS: No IRS credit for Enrolled Agents.

Profession Identifiers : CPA

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