Going Concern - Implication in Accounting,Disclosure & Reporting

4.6 (532)

Brad Muniz

Sobel & Co LLC

Thursday, March 11, 2021 | 03:00 PM EST

  • CMA
  • CPA

1 CPE

FREE

Subject Area

Accounting & Auditing

Webinar Qualifies For

1 CPE credit for Certified Management Accountants (CMA)

1 CPE credit of Accounting & Auditing for all CPAs

1 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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Course Description

One of the unfortunate outcomes of the COVID-19 pandemic is the economic stress. Such stress has raised concerns about many entities’ abilities to continue as a going concern, which has significant accounting, disclosure and, reporting implications. “Going concern” refers to the concept that users of financial statements can expect that the company will continue to operate in the near future unless conditions or events occur that may contradict that assumption. Even in a strong economy, companies can lose significant contracts, face cash flow problems or be in danger of missing loan payments. If there is uncertainty as to a company's ability to meet the going concern assumption, the facts and conditions must be disclosed in its financial statements.

This course will review the relevant considerations related to going concern including : 

  • What to do when substantial doubt concerning an entity’s ability to continue as a going concern exists
  • Management mitigation efforts
  • Required disclosures both when management, and the accountant, feel such efforts will be effective in mitigating the risk
  • Responsibility of an independent accountant for evaluating going concern uncertainty under various levels of engagement to perform attest and nonattest services

Learning Objectives

  • To identify going concern indicators
  • To recognize management’s responsibility to evaluate and report
  • To recognize the accountant’s and auditor’s responsibilities to evaluate and report

Who Should Attend?

  • Accountant
  • CPA - Small Firm
  • CPA - Mid Size Firm
  • Accounting Firm
  • CPA (Industry)
  • Auditors
  • Entrepreneurial CPA
  • Tax Accountant (Industry)
  • Accounting Practice Owners
  • Senior Accountant
  • Accounts Director
  • Cloud Accountants
  • Entrepreneurial Accountant
  • Accounting Managers

Testimonial

4.6

(532)
66%
30%
4%
0%
0%

PWF

An interesting topic, but for me, only academically so, since I am not in public practice. The instructor obviously is very knowledgeable in this area.

JG

Informative

WY

This is my favorite one so far!

YH

Great presentation!

KS

great

SO

GOOD