Virus? What Virus? Financial Reporting Implications of the Covid-19 Pandemic

Learning Objectives

• To identify the areas of accounting and disclosure affected by COVID 19.
• To recognize and implement the proper accounting treatment for each area including when adjustments are required and when disclosure is appropriate.
• To indicate the intent and required content of disclosures that may be required as a result of the pandemic.
• To identify when disclosures that are not required may be appropriate.
• To choose the criteria for including disclosure of going concern doubts.

Course Description

COVID-19 Pandemic has interrupted business activities worldwide, disrupted many industries, and completely changed how they operated. Further, the events of recent weeks and months in response to the Corona Virus have disrupted economies worldwide and almost every business entity is affected.  In addition, at least at this time, there is no means for determining how long the immediate effects will last and what will be the long-term implications. It also affected virtually all entities through its financial reporting impact. Therefore, it is required for every institution that how they will have to deal with the new reporting requirements and challenges that have come with it.

Several specific accounting topics should be evaluated to determine if adjustments disclosures are required. This Online CPE webinar on Accounting will cover the following Major Topics: 

• Accounting and reporting issues potentially affected
• Going Concern (Topic 205-40) - Depending on the severity and duration of the effects of the pandemic, doubts may be raised as to the entity’s ability to continue as a going concern. 
• Risks and Uncertainties (Topic 275) - The nature of an entity’s operations may change due to potential losses of customers and suppliers; furloughed employees not returning to work; significant estimates used to prepare financial statements becoming invalid or unreliable; and the failure of many small businesses. 
• Contingencies (Topic 470) - Scheduled events or transactions may fail to occur, while unanticipated activities may occur due to the volatility caused by the pandemic. 
• Subsequent Events (Topic 855) - Reporting values of balance sheet items may have changed and transactions or activities that are pending or in the process may be terminated or canceled. 
• What is required to be disclosed and what additional disclosure is desirable
• How to determine if specific financial statement elements are affected
• Responsibilities for evaluating the going concern
• Challenges and opportunities independent CPAs might encounter

This CPE webinar will provide you with the necessary points of concern for financial statement reporting. 

Overview

• Financial ReportingIssues Related to COVID-19

  3 mins
• Disclosure of the Pandemic

  5 mins
• Disclosure Considerations

  16 mins
• Preparing Disclosures

  20 mins
• Other Financial Statement Elements Potentially Affected

  27 mins
• Going Concern Considerations

  29 mins
• Reporting Considerations of Going Concern Doubts

  38 mins
• Other Issues

  40 mins