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

4.4 (9)

Mark Dauberman, CPA (US)

Mark Dauberman

  • CMA
  • CPA (US)
  • CGMA

Published: June, 2020

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

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

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. These topics are : 

  • 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.

This free CPE webinar 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 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.

Who Should Attend?

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

Testimonial

4.4

(9)
56%
33%
11%
0%
0%

DC

very informative course

DC

very informative course