The Coronavirus Impact On Accounting And Financial Reporting: What Every CPA Should Know

Learning Objectives

• To recall the accounting, presentation, and disclosure requirements of financial statements prepared under U.S. GAAP and special purpose frameworks that are likely to “kick-in” as a result of the continued pandemic
• To recognize and explain important internal control considerations as financial statements must continue to be prepared during this tumultuous time
• To identify tips for public accounting professionals who must continue to provide audit, attest, and accounting services to help clients satisfy internal and external reporting requirements
• To recognize real-life examples of risk and uncertainty disclosures being made by public and nonpublic companies.

Course Description

The global tragedy of the coronavirus pandemic (COVID-19) is being felt by individuals and businesses alike. While the long-term economic and business consequences remain unknown, this webinar course is going to provide insight into the real-life implications that this pandemic is already having on the application of currently required accounting, presentation, and disclosure rules when preparing the financial statements of public and nonpublic entities alike.

Due to the special conditions of the pandemic, the requirements of the internal controls are going to be a challenge. How should an accountant behave in such a situation? What preparation will help manage the internal and external reporting requirements of the clients? How the risk and uncertainty disclosures can play a role in such a trying time? This webinar on Accounting is also going to provide tips for public accounting professionals who must continue to provide audit, attest, and accounting services for clients for financial statements dated December 31, 2019, and thereafter.

This online CPE webinar on Accounting covers the following Key Topics:

• Practical financial statement implications triggered by various U.S. GAAP and special purpose framework accounting, presentation, and disclosure matters.
• Valuation of receivables and investments.
• Impairment of long-lived assets, including goodwill.
• Hedge accounting, including interest rate swaps.
• Revenue recognition, including collectability and variable consideration.
• Loss contingencies.
• Real-life examples of risk and uncertainty disclosures being made by public and nonpublic companies.
• Critical internal control considerations in today’s business and economic environment.
• Tips for public accountants continuing to provide audit, attest, and accounting services, including the impact on audit and attest reporting.
• Disclosures of contingent liabilities.

Rich with real-life examples, this course will also provide tips for accounting professionals who must continue to provide audit, financial statements, attest, and accounting services for clients for the year ending December 31, 2019, and beyond.

Overview

• Subsequent events

  7 mins
• Valuation or recoverability of financial and tangible assets

  17 mins
• ASC 360, Property, Plant and Equipment

  32 mins
• Debt, Loss contingencies & Other liabilities

  46 mins
• Accrual for employment termination benefits

  54 mins
• Sources of risks and uncertainities

  70 mins
• Possible scope limitations

  86 mins