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VIRUS? WHAT VIRUS? Financial Reporting Implications of the COVID-19 Pandemic

4.4 (1176)

Mark Dauberman, CPA

Mark Dauberman

Wednesday, April 08, 2020 | 12:30 PM EDT

  • CPA

1 Credit


Subject Area


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Course Description

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 the long-term implications.

There are several specific accounting topics that should be evaluated to determine if adjustments disclosures are required.

  • 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 450) – 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.

This seminar will identify the affected areas of accounting, how they are to be applied and provide suggestions for the development of disclosures.

Learning Objectives

  • To identify the areas of accounting and disclosure affected by COVID 19.
  • To recognize the proper accounting treatment for each area including when adjustments are required and when disclosure is appropriate.
  • To recognize 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 recognize the criteria for including disclosure of going concern doubts.

Who Should Attend?

  • Accounting Firm
  • Accounting Practice Owners
  • Cloud Accountants
  • Cloud Firms
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial Accountant
  • Entrepreneurial CPA
  • Young CPA


    [no_of_record] => 1176
    [average] => 4.4107




Details and explanations for the specific disclosure requirements were the greatest take away for me. Great presentation skills and seamless execution. I will get my colleagues and friends for multiple other webinars


The content and inductive communication for presenting was the most effective way of learning for me. Mark is an exceptional educator. Looking forward to learning more at myCPE.


The methodology wherein, he had multiple example disclosure mentioned while learning gave an in-depth understanding regarding the disclosure consideration and requirements of the pandemic


Mark was quite a presenter. I felt, he understood the need of the hour and communicated as per that. Very much required content and presented flawlessly.


All the way Mark's content and a detailed explanation about the process of preparing the disclosures step by step. Definitely recommended.