Accounting and Financial reporting considerations due to COVID

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

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.

Overview

• Ongoing Assessment of the impact of Covid

  5 mins
• Financial condition liquidity and Capital

  11 mins
• Accounting for financial assets, Financial Instruments and contract assets

  31 mins
• Classification of current and noncurrent financial liabilities

  47 mins
• Business Interruption

  62 mins
• Internal control consideration

  73 mins
• Metrics and KPI's

  98 mins