2021 New Issues In Financial Statement Preparation

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Course Description
Course Qualification
Presenter
FAQ

Course Description

Overview

Implementation issues - Revenue

6 mins
Recognize revenue when the entity satisfies a performance obligation

16 mins
Special COVID related issues

44 mins
Issues presented by Covid-19 - impairments overview

55 mins
Issues presented by Covid-19 - Subsequent events

75 mins
Implementation issues - Leases

94 mins

Course Description

The Coronavirus (Covid-19) pandemic presents a challenge, unprecedented in modern times, for businesses both locally and internationally. Although its effects are uneven across the economy, many sectors have been severely affected and none have been left untouched.

In the face of this challenge, users of financial statements want to understand not only how the historical financial performance has been impacted, but also what it means for a company's prospects.

This means that preparers of financial statements will have to dedicate additional effort to ensure that the financial statements meet the users’ and the auditors’ expectations relating to the impact of COVID-19 on the business.

2021 financial statements need to be prepared with a different perspective than has been done in the past.

In this second year of the COVID-19 coronavirus pandemic, the impacts and risks for your company are likely to be changing.

COVID-19 recovery is uneven globally and is presenting a variety of challenges and risks from economic uncertainty to changes in consumer demand, disrupted supply chains and staff shortages, new hybrid working patterns, the ending of government support packages, and increased merger and acquisitions activity.

This CPE course will discuss what was learned with last year’s initial implementation of the revenue recognition standard.

In addition, COVID-19 has resulted in the need for special attention to be placed on impairments, goodwill, going concern, subsequent events, and debt restructuring.

This CPE webinar on accounting will also discuss the implementation of new lease standards to be implemented in 2022 and accounting for digital assets.

Learning Objectives

To discuss what was learned from last year’s implementation of the revenue recognition standard with the goal of proper preparing of this year’s statements.
To analyze challenges presented by COVID-19 and how they need to be reported on financial statements.
To discuss what was learned by the 2020 public company implementation of the new lease standard and how this will affect private company financial statements.
To discuss the complexities of financial reporting of digital assets.

Recommended For

This accounting CPE course for CPAs is recommended for CMAs, CVAs, CIAs, ABVs, Accountants, and Staff of Accounting Firms desiring to learn to prepare financial statements in the post-pandemic era.

Who Should Attend?

Accountant
Accounting Firm
Certified Management Accountant (CMA)
Certified Public Accountant (CPA)
Certified Valuation Analysts
CPA (Industry)
CPA - Large Firm
CPA - Mid Size Firm
CPA - Small Firm
CPA in Business
Directors of Finance
Entrepreneurial CPA
Staff of Accounting Firm
Young CPA

Course Qualification

Webinar Qualifies For

2 CPD Credit for Accredited in Business Valuation (ABV)
2 CPE Credit for Certified Internal Auditors (CIA)
2 CPE Credit for Certified Management Accountants (CMA)
2 CPE Credit for Certified Valuation Analyst (CVA)
2 CPE Credit for Internal Audit Practitioner (IAP)
2 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
2 CPE Credit for Qualification in Internal Audit Leadership (QIAL)
2 CPE Credit for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
2 CPE Credit for Certified Fraud Examiner (CFE)
2 CPE Credit for Certified Government Financial Manager (CGFM)
2 CRE Credit for Certified Corporate FP&A Professional (FPAC)
2 CPD Credit for Certified Financial Forensics (CFF)
2 PL Credit for Chartered Financial Analyst (CFA)
2 PL Credit for Certificate In Investment Performance Measurement (CIPM)
2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
2 CE Credit for Certified Wealth Strategist (CWS)
2 General Credit for Accountant/Bookkeeper (ACCT./BK)

Additional details

Course Level :

Basic
Credits :

2
Instructional Method :

QAS Self Study
Pre-requisites :

None
Advance Preparation :

None

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

Presenter

About Presenter

Kenneth Heaslip

Director, Kenneth Heaslip CPA

Kenneth Heaslip, MS, MBA, CPA, CGMA, licensed as a CPA in New Jersey, has extensive experience teaching all levels of accounting, auditing, and in other practice-related areas. He is an active member of the New Jersey Society of CPAs where he has served as Vice President, Trustee, Chapter President, Committee Chair and Task Force Chair. Kenn currently serves on the NJCPA Professional Conduct Committee and is a Director at Cullari Carrico LLC, a regional CPA firm in Northern New Jersey.

Kenn has been a Professor of Accounting at several universities including Seton Hall where he was the students’ choice as “Educator of the Year” two years in a row, and in the Executive MBA programs of Rutgers University and Stevens Institute. He was recently a visiting professor at Mercy College. He previously was the National Director of the Becker CPA Review in charge of all course materials and instruction.

Kenn earned his B.A. from Rutgers University and has an MS in Taxation and MBA in Finance from Seton Hall University.

About Company

Kenneth Heaslip CPA

www.cullaricarrico.com

Cullari Carrico, LLC is a well-established quality certified public accounting firm. For decades, our partners have offered a fully diversified range of services and expertise to both business and individual clients.

Our firm provides complete tax, accounting, auditing, management and personal consulting services to a wide range of businesses as well as individual clients. We have concentrated knowledge in numerous areas including real estate management and construction, manufacturing and wholesale distribution, private schools for students with disabilities, medical and health care, veterinary, non profits, hospitality and various other service industries. In addition, we also provide advisory services.

We are proud to have received the highest possible ranking from the Peer Review Program of the American Institute of Certified Public Accountants. This places our firm amongst the leaders of our industry. Our dedicated professional staff are at your service to address all your business and personal tax needs.

In the September 2020 issue of Accounting Today, Cullari Carrico, LLC was named as, “2020 Best Accounting Firms to Work For.”

Faq

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