Limited Period Offer - Get Unlimited Access to 10k+ hours of content with myCPE Prime at $199. Subscribe Now

Coronavirus Impact On Financial Statements – Going Concern Assumption

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

Published: January, 2021

Register
Video Image Thumbnail

You need to register for the webinar to watch the video.

Click Here to Register

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 Financial Reporting for Accredited in Business Valuation (ABV)
  • 1 CPE Credit of Accounting & Auditing for Certified Management Accountants (CMA)
  • 1 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
  • 1 CPE Credit of Financial accounting for Certified Valuation Analyst (CVA)
  • 1 CPE Credit of Financial accounting for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
  • 1 General Credit of Accounting for Accountant/Bookkeeper/Tax Professionals

Additional details

  • Course Level :
    Basic
  • Credits :
    1
  • 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

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

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
  • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
  • Polling feature Not supported: If you are logging in through browser or web portal in the browser (zoom.us) it doesn’t support the polling feature. Please be advised the current polling feature can only be supported via Zoom desktop and mobile app. You can check the same here : https://support.zoom.us/hc/en-us/articles/203749865-Polling-for-webinars
  • This event may be a recorded rebroadcast of a live event done in past and the instructor will be available to answer your questions during/after the webinar.
  • If you still face the polling problem please don’t panic and provide your response in the chat and we shall consider the same for processing for credits. You can download Zoom by clicking on the mentioned link : https://zoom.us/download
  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, 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 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.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • 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.
  • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.

Ratings and Review

3.8

10 Ratings

Excellent

2

Very Good

4

Average

4

Poor

0

Terrible

0

Sort By:

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)

Jan 31st, 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.

Coronavirus Impact On Financial Statements – Going Concern Assumption

PREMIUM

1 Credit

Subject Area

Accounting
Unlimited Access Google Ads

Selfstudy Webinars

Accounting Principle Changes
  • 4.6
  • (5)
View Details
The New Lease Accounting Standards
  • 5
  • (1)
View Details
Revenue Recognition Principles
  • 4.3
  • (4)
View Details
Principles of Financial Statement Presentation
  • 4.7