Course Information
Accounting and Financial Reporting for COVID-19, the CARES Act and PPP Loans – Short Version
Course Information
| Title: | Accounting and Financial Reporting for COVID-19, the CARES Act and PPP Loans – Short Version |
|---|---|
| Category: | Accounting and Auditing |
| Field of Study: | Accounting |
| Course Code: | A021-0268 |
| CPE Credits: | 2.0 |
| Price: | 19.95 |
Description
Description:
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. 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. [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
Course Details
Category: Accounting and Auditing
Field of Study: Accounting
Passing Score: 70%
Publication Date: 02/02/2021
Technical Details: Accounting: 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. Identify a method that can be used to measure variable consideration revenue 5. Recognize an example of a construction-type contract subject to the onerous contract rules 6. Recognize how to account for PPP loan forgiveness, and 7. Identify how to treat the forgiveness of a PPP loan for tax purposes.
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Profession
NASBA: Yes
QAS: Yes
CPA: Suitable for all CPAs
IRS: No IRS credit for Enrolled Agents.
Profession Identifiers: CPA