VIRUS? WHAT VIRUS? FINANCIAL REPORTING IMPLICATIONS OF THE COVID-19 PANDEMIC
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Course Details

Overview of Topics

  • Financial ReportingIssues Related to COVID-193 mins
  • Disclosure of the Pandemic5 mins
  • Disclosure Considerations16 mins
  • Preparing Disclosures20 mins
  • Other Financial Statement Elements Potentially Affected27 mins
  • Going Concern Considerations29 mins
  • Reporting Considerations of Going Concern Doubts38 mins
  • Other Issues40 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.

Webinar Qualifies for

  • 1 CPE credit of Accounting for all CPAs
  • 1 General Educational credit for Tax Professionals/Bookkeepers/Accountants

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.

About Presenter

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.

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.

Review Questions

  • Question 1 : 00:15
  • Question 2 : 00:30
  • Question 3 : 00:40
  1. How the companies adversely affected in COVID -19 pandemic?
  2. Which accounting topics establishing disclosure requirements?
  3. What are the objectives of the financial reporting implications of the COVID – 19 Pandemic?
  1. Reference is made to management’s plans for ________________ the risk.
  2. When disclosure may require for substantial doubt exists?
  3. Which financial statement elements potentially affected?
  4. When disclosure may not be required if accountant concludes there is no substantial doubt?
  5. When WHO declared the outbreak of a coronavirus (COVID – 19) a pandemic?

FAQ

  • myCPE self-study courses are online.
  • The self-study format allows you to access the material online 24/7 and study at your own pace.
  • As per NASBA guidelines, you have one year from date of registration to complete each program.
  • Complete your final exam at any time and get CPE Credit instantly. You can retake the exam multiple times without any additional charges.
  • Course have minimum passing score of 70% and test takers will not be provided feedback on failed exams.
  • Upon achieving a passing score, test takers will be notified of the correct answers to the questions missed.
  • These are Live recorded presentations converted into Self Study (On-Demand Videos).

Refund/Cancellation Policy

  • For more information regarding refund, complaint and program cancellation policies, please contact our offices at 646-688-5128
  • Please email to   help@my-cpe.com  in case of any self study program queries.

Reviews

4.4
(623)
55%
35%
9%
0%
0%
  • AC
    Amy Chandler , CPA
    Jun 12th 2020
    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
MB
Michael Bonaventure , ACCT./BK, CPA
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.
RK
Rhonda Kempf-Alumpal , MBA, ACCT./BK, M.Tax, Bookkeeper
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
RN
Roger Nerli , CPA
Keep doing what you are doing - the webinar was easy to join, and video and audio worked great.
IB
Irving Beltran
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.
DS
David Starkey , CPA
All the way Mark's content and a detailed explanation about the process of preparing the disclosures step by step. Definitely recommended.

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.

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  • Cost $10
  • CPE Credits 1
  • Subject Area Accounting
  • Course Level Basic
  • Instructional Method QAS Self Study
  • Prerequisites None
  • Advanced Preparation None
  • Recorded Date June 30 ,2020
  • Published Date June 30 ,2020
  • Who should attend? Accountant CPA - Small Firm CPA - Mid Size Firm Accounting Firm Young CPA CPA in Business Entrepreneurial CPA Accounting Practice Owners Senior Accountant VP Accounts Accounts Director Cloud Firms Chief Accounting Officer Entrepreneurial Accountant Accounting Managers Staff of Accounting Firm
  • Handout Material Download
  • Key Terms Download

On-Demand Webinars

Revenue – Five Steps to Recognition
Wednesday, July 29, 2020 View Details/Register
GUIDE TO DEPRECIATION UNDER THE TCJA
Wednesday, July 29, 2020 View Details/Register
PAYROLL FRAUD INFORMATION AND DISCUSSION
Wednesday, July 29, 2020 View Details/Register
Forecasting in a Time of Uncertainty (COVID-19)
Tuesday, July 28, 2020 View Details/Register
TAX IMPLICATIONS AND PLANNING DUE TO COVID-19
Tuesday, July 28, 2020 View Details/Register
UBIT Under The TCJA
Tuesday, July 28, 2020 View Details/Register
Tax Planning Under Tax Cuts & Job Act : 10 Tips to Reduce Taxes for your Clients
Tuesday, July 28, 2020 View Details/Register
Tax Consequences on the CARES Act – Overview of major tax issues from the CARES Act and related notice including planning tec
Monday, July 27, 2020 View Details/Register
CECL Overview
Monday, July 27, 2020 View Details/Register
Accounting for Business Combinations Overview
Monday, July 27, 2020 View Details/Register
Accounting Principle Changes
Monday, July 27, 2020 View Details/Register
CIRCULAR 230
Monday, July 27, 2020 View Details/Register
UNDERSTANDING THE ENTITIES: PLANNING AND COMPLIANCE
Monday, July 27, 2020 View Details/Register
BEYOND WORKING REMOTELY – CASE STUDIES | BENEFITS | CHALLENGES FOR ACCOUNTING & TAX FIRMS.
Friday, July 24, 2020 View Details/Register
Excel Accountant: Auditing Excel Workbooks
Friday, July 24, 2020 View Details/Register