Limited Period Access to myCPE Prime Unlimited CPE Access starting at $199. Subscribe Now

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

  • Accountant
  • CPA/ABV
  • CPA/CFF
  • CFE
  • CGFM
  • CIA
  • CMA
  • CPA (US)
  • CVA
  • CFA
  • CGMA
  • IAP
  • QIAL
  • CIPM
  • CBA/MCBA
  • FPAC
  • CFIRS
  • CWS

Published: December, 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

  • 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

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. 

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.

Recommended For

  • This online CPE webinar on Accounting is recommended for CPA, CMA, CFE, CFF, and Other Accounting Professionals who desire to have the necessary information to ensure they gain a proper understanding of what is expected in the financial statements.

    Who Should Attend?

    • Accountant
    • Accounting Firm
    • Accounting Managers
    • Accounting Practice Owners
    • Accounts Director
    • Chief Accounting Officer
    • Cloud Accountants
    • Cloud Firms
    • CPA (Industry)
    • CPA - Mid Size Firm
    • CPA - Small Firm
    • CPA in Business
    • Entrepreneurial Accountant
    • Entrepreneurial CPA
    • Senior Accountant
    • Staff of Accounting Firm
    • VP Accounts
    • Young CPA

    Course Qualification

    Webinar Qualifies For

    • 1 CPE Credit of Accounting for Chartered Global Management Accountants (CGMA)
    • 1 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
    • 1 CPE Credit of Financial Reporting for Certified Management Accountants (CMA)
    • 1 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
    • 1 CE Credit for Certified Wealth Strategist (CWS)
    • 1 General Credit of Accounting for Accountant/Bookkeeper/Tax Professionals
    • 1 CPD Credit of Financial Reporting for Certified Financial Forensics (CFF)
    • 1 CPE Credit of Accounting for Certified Fraud Examiner (CFE)
    • 1 CPE Credit of Accounting for Certified Government Financial Manager (CGFM)
    • 1 CPE Credit of Financial Accounting for Certified Internal Auditors (CIA)
    • 1 CPE Credit of Financial accounting for Certified Valuation Analyst (CVA)
    • 1 PL Credit of Accounting for Chartered Financial Analyst (CFA)
    • 1 CPE Credit of Accounting & Auditing (Govt.) for Internal Audit Practitioner (IAP)
    • 1 CPE Credit of Accounting & Auditing (Govt.) for Qualification in Internal Audit Leadership (QIAL)
    • 1 PL Credit of Accounting for Certificate In Investment Performance Measurement (CIPM)
    • 1 CPE Credit of Financial accounting for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
    • 1 CRE Credit of Financial accounting concepts for Certified Corporate FP&A Professional (FPAC)
    • 1 CPD Credit of Financial Reporting for Accredited in Business Valuation (ABV)

    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

    Mark Dauberman, CPA (US)

    Owner, Mark Dauberman

    Mark provides CPE and technical staff training for CPA firms, private industry, state CPA societies, and government organizations.  His topics include accounting, SSARS, ethics, fraud, internal and external auditing, internal control development (COSO), entrepreneurship, and developing a business plan.  Mark is in the process of initiating a new entity, The Internal Control Institute, which will be offering CPE and staff training related to internal controls, and in conjunction with professors from Claremont Graduate University, will be providing internal control consulting.

    Mark is also an expert witness in the defense of CPAs in cases involving primarily ethics, fraud, and compliance with standards in the performance of professional services.

    Mark also provides consulting services to CPA firms with an A & A practice that do not have an expert on GAAP or requirements of Professional Standards within the firm.  He addresses such matters as conformity with GAAP, adequacy of disclosures, compliance with professional standards, risk assessment, development and performance of audit and review processes, engagement documentation, compilation and preparation engagements, ethics and independence requirements, assessing and enhancing internal controls for the firm and clients, preparation for peer review, and staff training and CPE.  He also provides consulting services related to client management and marketing.

    Mark’s public accounting experience includes working with Kenneth Leventhal & Company and more recently, he was a partner at NSBN, a Beverly Hills CPA and business consulting firm. Mark’s industry experience includes serving as assistant controller of a large trucking and warehousing firm along with controller and Vice President of Finance and Administration for major real estate development companies.  Mark also spent nearly 30 years as an entrepreneur, operating a company that prepared individuals for the CPA exam nationwide.

    Mark has been involved in accounting education at CSU Northridge, CSU San Bernardino, Loyola Marymount University and UCLA.  He obtained his bachelor’s degree in accounting from CSU Northridge. He obtained his Executive MBA at the Peter Drucker and Masatoshi Ito School of Management at Claremont Graduate University, where he previously had been a student of Dr. Drucker’s.  He also obtained an Internal Control Certificate from COSO.  Until recently, he authored “Knowledge Based Preparation, Compilation, and Review Engagements” for CCH and updated their checklists for SSARS engagements.  He also served as Senior Editor for Roger CPA Review.

    About Company

    Mark Dauberman

    www.markdauberman.com

    Mark Currently provides CPE and technical staff training for CPA firms, private industry employers of accountants, and government organizations on topics that include accounting, compilation and review, fraud, internal and external auditing, developing internal controls, strategic planning, and practice management.  He is also the Senior Editor for Roger CPA Review Course and authors CCH’s “Knowledge-Based Compilations and Reviews”.

    Mark’s public accounting experience includes working with various local firms throughout high school and college, and employment with Kenneth Leventhal & Company. More recently, he was a partner at NSBN, a Beverly Hills CPA and business consulting firm, where he served as director of the audit practice and was responsible for recruiting, training, business development, quality control, and strategic planning for the firm. Mark’s industry experience includes serving as assistant controller of a large trucking and warehousing firm. He has been both a controller and the Vice President of Finance and Administration for major real estate development companies.  Mark also spent nearly 30 years as an entrepreneur, operating a business that prepared individuals for the CPA exam.

    Mark taught his first university accounting class in 1969 and has been involved in accounting education since, most recently a visiting lecturer at California State University at San Bernardino.

    Mark obtained his bachelor’s degree in accounting from California State University at Northridge. He obtained his Executive MBA at the Peter Drucker and Masatoshi Ito School of Management at Claremont Graduate University, where he previously had been a student of Dr. Drucker’s.

    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

    4.4

    42 Ratings

    Excellent

    22

    Very Good

    16

    Average

    4

    Poor

    0

    Terrible

    0

    DC

    Debbie Cuppett, Accountant, CPA (US)

    Dec 11th, 2020

    very informative course

    AS

    Amy Salentine, CPA (US)

    Dec 13th, 2021

    Fantastic

    ER

    Elizabeth Reider, CPA (US)

    Jul 24th, 2020

    I was hoping for more detailed topics or checkpoints to consider covid 19 impact on disclosures. Some of the questions in the Final Quiz are grammatically incorrect. They read as if a non-english speaking person wrote them. Put them through a grammar check next time.

    DZZ

    Diana Zawada Zawada, CPA (US)

    Dec 4th, 2021

    The instructor explained the information well and gave some good examples, however the questions are poorly written and are incomplete sentences.

    We use cookies to make your experience on this website better