2021 New Issues In Financial Statement Preparation

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. 

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.

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