Description:
The purpose of this course is to inform the reader of the various changes affecting accounting, compilation and review, and auditing engagements as well as a review and recall of existing standards. Topics include a summary of newly issued FASB statements, new statements issued by the Auditing Standards Board, changes in compilation and review, current and pending developments, practice issues, and more.

Delivery Method: Online Interactive Self Study

Level: Overview

Prerequisites: None

Advanced Preparation: None

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Author: Steven C. Fustolo

Category: Accounting and Auditing

Field of Study: Accounting 16 CPE, Auditing 8 CPE

Passing Score: 70%

Publication Date: 05/05/2020

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Objectives:
Chapter 1:     Accounting and Financial Reporting for COVID-19 and the CARES Act
1. Identify types of subsequent events that require disclosure
2. Recognize some types of concentrations that might require disclosure under the risk and uncertainty rules
3. Identify the definition of near term
4. Recall the frequency in which an entity should test goodwill for impairment
5. Recognize the formula for testing goodwill impairment
6. Recall how to classify business interruption insurance proceeds on the financial statements
7. Identify a method that can be used to measure variable consideration revenue
8. Recognize an example of a construction-type contract
9. Identify a tax-law change made by the CARES Act, and
10. Recognize how a company should present CARES Act loan forgiveness on its financial statements.

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NASBA: Yes

QAS: Yes

CPA: Suitable for all CPAs

IRS: No IRS credit for Enrolled Agents.