THE CORONAVIRUS IMPACT ON ACCOUNTING AND FINANCIAL REPORTING: WHAT EVERY CPA SHOULD KNOW

4.7 (82)

Jennifer Louis, CPA

Emergent Solutions Group LLC

  • CPA
  • CMA
  • CGMA

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

Overview

  • SUBSEQUENT EVENTS
  • VALUATION OR RECOVERABILITY OF FINANCIAL AND TANGIBLE ASSETS
  • IMPAIRMENT OF INTANGIBLEASSETS, INCLUDING GOODWILL
  • DEBT, LOSS CONTINGENCIES & OTHER LIABILITIES
  • REVENUE RECOGNITION
  • GOING CONCERN
  • DISCLOSURES OF RISK AND UNCERTAINTY
  • SPECIAL PURPOSE FRAMEWORKS
  • INTERNAL CONTROL CONSIDERATIONS
  • TIPS FOR PUBLIC ACCOUNTANTS

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 course will 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. This course will also 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.

MAJOR TOPICS COVERED :

  • 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.

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 thereafter. We will also cover some real-life examples.

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.

Who Should Attend?

  • Finance Pros
  • Tax Practitioners
  • Accountant
  • CPA - Small Firm
  • CPA - Mid Size Firm
  • Accounting Firm
  • CPA (Industry)
  • Young CPA
  • CPA in Business
  • Entrepreneurial CPA
  • Outsourced CFO
  • Tax Accountant (Industry)
  • Tax Director (Industry)
  • Accounting Practice Owners
  • Finance Director
  • Senior Accountant
  • VP Accounts
  • Accounts Director
  • Entrepreneurial Accountant
  • Tax Managers
  • Accounting Managers
  • Government Contractor
  • Staff of Accounting Firm

Testimonial

4.7

(82)
72%
24%
4%
0%
0%

AT

Jennifer discussed information that is very useful in understanding and gaining knowledge about the reporting financial statements. She shared some real-life examples on risk & uncertainty disclosures of companies.

JP

Jennifer provided the latest possible information on implications triggered by various U.S. GAAP. She was able to distill some of the current and most relevant items we need to know

CC

This was an excellent presentation, with an effective subject matter expert and engaging presenter, and timely topics.

KH

Great instructor, clear guidance

DL

The information presented at this webinar was extremely informative and helped clarify a number of questions I had with respect to the financial statements and audits.