myCPE New Year Offer. Unlimited Continuing Education only @$299 $199 (3 Days Left) CLICK HERE to view.

Tips For For-profits Applying NFP Accounting Rules For PPP Funds

  • CIA
  • CMA
  • CPA (US)
  • IAP
  • QIAL

Published: September, 2021

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

  • For-profit vs. Not-profit
    2 mins
  • PPP Loan conditions
    18 mins
  • Who may qualify
    28 mins
  • Reapplying and loan increase
    33 mins
  • PPP First Draw Terms for loan fogiveness
    46 mins
  • Accounting for PPP loans as debt extinguishment
    66 mins

Course Description

When accounting for Paycheck Protection Program (PPP) loans, for-profit entities may wish to apply the conditional contribution method that has been more commonly associated with not-for-profits’ PPP accounting.

when the PPP’s eligibility and loan forgiveness criteria are expected to be met, a for-profit could account for a PPP loan in accordance with FASB Accounting Standards Codification (ASC) Subtopic 958-605 as a conditional contribution.

Although regulators and many legislative bodies have imposed strict controls, accounting for the loans that are forgivable along with some of the interest can be a little confusing.

This Online continuing education course will not only explain how PPP loans work but will also provide guidance for the choices and judgments you are called upon to make.

Major Topics Covered in this online CPE webinar:

  • What is a PPP loan?
  • How Fist draws and Second draws work.
  • Accounting choices and their consequences.
  • We will walk you through the entry details.
  • Financial Statement presentation.
  • Required disclosures.

Learning Objectives

  • To state the basics of the PPP loan program.
  • To discuss what loan conditions you need to meet.
  • To Become familiar with first and second draw requirements.
  • To analyze your accounting choices.
  • To discuss the rules for and develop strategies for using PPP loan proceeds.
  • To Apply appropriate accounting policies.

Recommended For

This online CPE webinar is recommended for CPAs and other accounting professionals who wants to learn tips for applying NFP accounting rules for PPP to For-profit entities

Who Should Attend?

  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm

Course Qualification

Webinar Qualifies For

  • 2 CPE Credit of Accounting & Auditing for Certified Internal Auditors (CIA)
  • 2 CPE Credit for Certified Management Accountants (CMA)
  • 2 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
  • 2 CPE Credit for Internal Audit Practitioner (IAP)
  • 2 CPE Credit for Qualification in Internal Audit Leadership (QIAL)

Presenter

About Presenter

Michel Morley

Founder Mike Morley

Mike Morley is a Certified Public Accountant and a recognized authority in the field of finance with more than 25 years experience in finance, including SOX and IFRS implementation.

An entertaining and informative speaker and trainer, Mike is the author of:

“IFRS Simplified” which provides a jump start for accountants and finance executives who want to quickly and easily get up to date on IFRS.

 “Sarbanes-Oxley Simplified” which is an easy-to-read explanation of the requirements of the U.S. legislation that makes CEO's & CFO's personally responsible for the accuracy of their company's financial statements.

“Financial Statement Analysis Simplified” which translates the accounting language of financial statements into clear, easy-to-understand terms that anyone who needs to make well-informed financial decisions quickly will appreciate.

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

4.2

6 Ratings

Excellent

2

Very Good

4

Average

0

Poor

0

Terrible

0