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

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.