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Coronavirus Impact On Financial Statements – Going Concern Assumption

  • Accountant
  • CPA/ABV
  • CMA
  • CPA (US)
  • CVA
  • CBA/MCBA
  • CFIRS
  • CWS

Published: January, 2021

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

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • What is Going Concern?
    3 mins
  • Who is responsible for making a going concern assessment?
    11 mins
  • Coronavirus most impacted sectors
    21 mins
  • Adverse Events Evaluation
    38 mins
  • Mitigation Plans
    54 mins

Course Description

Sadly, on March 12, 2020, WHO declared Coronavirus outbreak (COVID-19) a pandemic; since then, the virus is rapidly spreading around the world. Such unusual circumstances have its significant impact on global trade and business operations of various sectors such as reductions in sales, earnings, or productivity, closure of facilities and stores, inability to raise funds, increments in credit risk exposures, increased volatility in the asset's value, etc. Consequently, these challenges may raise financial reporting considerations for some entities when preparing their financial statements.

The level of uncertainty about the future economic outlook poses a significant challenge when making estimates and assessing a company’s ability to continue as a going concern. This course provides a reminder of the existing accounting requirements that should be considered when addressing the economic effects of the coronavirus pandemic when preparing financial statements, highlighting the going concern assumption.

The impacts of this pandemic are considered adverse events that shall be taken into consideration when assessing entities ability to continue as a going concern, and whether the going concern assumption is appropriate.

Learning Objectives

  • To evaluate the conditions and events, both positive and negative, that are relevant to the entity's ability to continue as a going concern
  • To identify the potential mitigating effect of management's plans that have been fully implemented as of the date that the financial statements are issued
  • To disclose the conditions or events that raised substantial doubt about the entity's ability to continue as a going concern, considering the potential mitigating effect of management's plans.
  • To review financial reporting issues that may arise due to economic conditions caused by the Coronavirus pandemic and discover ways to account for those financial reporting issues.

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Bookkeepers & Accountants & Tax Preparers
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Senior Accountant
  • Staff of Accounting Firm
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 1 CPD Credit of Specialized Valuation Skills and Training for Accredited in Business Valuation (ABV)
  • 1 CPE Credit for Certified Management Accountants (CMA)
  • 1 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
  • 1 CPE Credit for Certified Valuation Analyst (CVA)
  • 1 CPE Credit for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
  • 1 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 1 CE Credit for Certified Wealth Strategist (CWS)
  • 1 General Credit for Accountant/Bookeeper

Additional details

  • Course Level :
    Basic
  • Credits :
    1
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

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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

Moataz Shokry, CPA (US)

Certified Public Accountant (CPA), Massaleh Investment Co.

Moataz has over 15 years of accounting, budgeting, auditing, consolidated financials, IFRS, US GAAP, and other aspects of the financial field.

Moataz began his career as an external auditor for a member firm of an international association providing audit & assurance services worldwide, working with various clients in the education, investment, automotive, constrictions, oil, and manufacturing sectors in the State of Kuwait.

Since 2013, Moataz has held executive positions in Kuwaiti stockbrokers' companies and investment groups.

Moataz gained his experience from solving day-to-day work problems, helping entities implement proper accounting systems; thus, he can support the theoretical topics with practical cases, allowing the audience to realize the maximum benefit from attending his courses.

Moataz holds a bachelor's degree in Accounting from Alexandria University, Egypt, certified in IFRS from the Association of Chartered Certified Accountants, London, UK. Also, he is a Certified Public Accountant (CPA) licensed in North Dakota, USA.

Faq

FAQs content

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Ratings and Review

3.9

8 Ratings

Excellent

2

Very Good

3

Average

3

Poor

0

Terrible

0

MB

Mark Benedict, CPA (US)

Jun 15th, 2021

The webinar broke down the topic into understandable pieces and had sufficient repetition and reinforcement to help remember the learnings. Case studies were very helpful.

LD

Lisa Diggs, CPA (US)

Feb 1st, 2021

Good content but a little boring- not many stories and presenter had camera turned off.

CC

Charles Chalfant, CPA (US)

Jul 23rd, 2021

The presentation was not what I expected. The presenter basically re-read the presentation. It was difficult to stay engaged with the course.

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