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Coronavirus Impact On Financial Statements – Going Concern Assumption

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

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

Testimonial

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MB

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

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

CC

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