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Accounting and Financial reporting considerations due to COVID

  • ACCT/BK
  • CPA (CA)
  • CFE
  • CPA (US)
  • CVA
  • CBA/MCBA
  • CFIRS
  • CWS

Published: April, 2022

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Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Course Description

The COVID-19 pandemic is affecting major economic and financial markets, and virtually all industries and governments are facing challenges associated with the economic conditions resulting from efforts to address it.

Companies will have to report on their operations, financial condition, and cash flows during this crisis, and those reports will have to be audited. There are numerous considerations management and auditors will need to take when preparing and auditing financial statements. There will likely be many interrelated financial reporting and auditing implications of the coronavirus (COVID-19) pandemic and its impact on economic activity.

Entities must carefully consider their unique circumstances and risk exposures when analyzing how recent events may affect their financial reporting. Financial reporting and related financial statement disclosures may need to convey all material current or potential effects of the COVID-19 pandemic. Management must also understand the risks entities face and how they are affected by them.

SEC registrants must consider whether to disclose information in areas such as MD&A or the risk factors section in addition to their disclosures in the footnotes to the financial statements.

This webinar is aimed to support CFO’s, CEO’s, Board Members, Managers, Supervisors, Any individual seeking to be a leader. It covers the following important topics:

Key Topics Covered:

  • Cases where substantial judgment and professional skepticism are necessary to assess the facts and ensure that the operative standards are applied
  • Key considerations and issues for accounting and financial reporting related to COVID-19 and the CARES Act.

Modules

  • 1.1 Introduction
  • 00:06:03
  • 1.2 Agenda
  • 00:00:35

  • 2.1 Operations, Liquidity and Capital Resources
  • 00:06:04
  • 2.2 Financial condition liquidity and capital
  • 00:02:57
  • 2.3 CARES Act
  • 00:01:26
  • 2.4 Going Concern
  • 00:01:38

  • 3.1 Forward Looking cash flow estimates
  • 00:03:17
  • 3.2 Indefinite lived intangible assets - other than goodwill
  • 00:01:29
  • 3.3 Long lived assets
  • 00:03:35
  • 3.4 Leases
  • 00:05:28
  • 3.5 Accounting for financial assets, Financial Instruments and Contract Assets
  • 00:05:46
  • 3.6 Asset Impairment
  • 00:07:02
  • 3.7 Inventory and Classification of Liabilities
  • 00:04:17
  • 3.8 Revenue from contracts with custmers
  • 00:06:58
  • 3.9 Exit or disposal cost obligations
  • 00:01:04
  • 3.10 Loss contingencies
  • 00:03:17
  • 3.11 Insurance Recoveries
  • 00:03:51
  • 3.12 Goodwill
  • 00:01:31
  • 3.13 Renegotiation of financial liabilities
  • 00:02:01
  • 3.14 Government grants
  • 00:02:52
  • 3.15 Subsequent Events
  • 00:01:43
  • 3.16 Going Concern
  • 00:02:53

  • 4.1 Internal control considerations
  • 00:04:59
  • 4.2 Company disclosures and Topic 9A
  • 00:06:29
  • 4.3 Risk Factors and MD&A
  • 00:04:31
  • 4.4 Earning release and Non-GAAP measures
  • 00:12:18

  • 5.1 Summary
  • 00:01:41
  • 5.2 Ending Speech
  • 00:00:14

Learning Objectives

  • To provide an up-to-date highlight of some of the most common matters for consideration, and to provide practical guidance for auditors and preparers
  • To examine the impact of preparation of current and forward looking financial statements
  • To explore specific accounting and concern areas that may be impacted by conditions of the pandemic including: Contract modifications, Accounting for financial assets, Recoverability of impairment of assets, Subsequent events, Going concern, Disclosures
  • To explore emerging topic matters for accounting and financial reporting Field of Study: Accounting and Auditing

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • Auditors
  • Cloud Accountants
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial CPA
  • Staff of Accounting Firm
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 2 General Credit for Accountant/Bookkeeper (ACCT./BK)
  • 2 CPD Credit of Accounting for Chartered Professional Accountant (CPA Canada)
  • 2 CPE Credit of Accounting for Certified Fraud Examiner (CFE)
  • 2 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
  • 2 CPE Credit of Financial accounting for Certified Valuation Analyst (CVA)
  • 2 CPE Credit of Financial accounting for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
  • 2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 2 CE Credit for Certified Wealth Strategist (CWS)

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

Lynn Fountain, CRMA, CPA (US), CGMA, MBA

Owner, Lynn Fountain Consulting and Training

Lynn Fountain has over 39 years of experience spanning public accounting, corporate accounting and consulting. 20 years of her experience has been working in the areas of internal and external auditing and risk management. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance.  Lynn has held two Chief Audit Executive (CAE) positions for international companies.   In one of her roles as CAE, she assisted in the investigation of a multi-million-dollar fraud scheme perpetrated by a vendor that spanned 7 years and implicated 20 employees.  The fraud was formally investigation by the FBI and resulted in 5 indictments estimating a $13M fraud loss.

Ms. Fountain is currently engaged in her own consulting and training practice.  She has successfully executed on several consulting assignments spanning areas of accounting, risk, ERM and internal audit.  She is a highly sought-after trainer and international speaker and has produced hundreds of courses delivered through seminars, conferences and on-demand training.  She is the author of three separate technical books. 

  • Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations”.
  • Leading the Internal Audit Function
  • Ethics and the Internal Auditor’s Dilemma

Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials. 


About Company

Lynn Fountain Consulting and Training

www.lynnfountain.net/

Ms. Fountain has become known as an international trainer on topics of Leadership, Internal Audit, Accounting, Finance, Ethics, Business Processes, Bookkeeping, Cybersecurity and Business Issues.  She has over 150 training topics that can be tailored to meet your needs.

Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
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  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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