Financial Reporting & Accounting for: COVID-19, CARES Act and PPP Loans-2021

  • Credits: 2
  • Format: Self-Study eBook
  • Field of Study: Accounting
  • Author/Speaker: Steven C. Fustolo, CPA
Course ID: Advanced Preparation: Experience Level:
SF-318.S None Overview
Published Date: Program Prerequisites: Other Course Formats:
© February 2021 General understanding of Accounting, Financial Reporting, Auditing and Compilation and Review Standards Self-Study eBook
COURSE DESCRIPTION

[Updated to reflect Accounting and Financial Reporting Issues Related to the Consolidated Appropriations Act, 2021]

The objective of this course is to review the impact that COVID-19 has on accounting and financial reporting, and the changes made by the 2020 CARES Act, including accounting for Paycheck Protection Program (PPP) loans and forgiveness.

Topics include:
  • Disclosures of risks and uncertainties;
  • impairment issues related to goodwill and other long-lived assets;
  • accounting for variable consideration revenue and onerous contracts;
  • dealing with inventory costs and stock market investment losses;
  • collectability of trade receivables;
  • loan modification;
  • dealing with business interruption insurance.
  • With respect to the CARES Act, the course discusses the accounting for PPP loans and forgiveness, accounting for tax changes made by the CARES Act, and more.

Learning Objectives:

After reading the course material, you will be able to:

  • Recognize some types of concentrations that might require disclosure under the risk and uncertainty rules
  • Identify the definition of near term
  • Recall the frequency in which an entity should test goodwill for impairment
  • Identify a method that can be used to measure variable consideration revenue
  • Recognize an example of a construction-type contract subject to the onerous contract rules
  • Recognize how to account for PPP loan forgiveness, and
  • Identify how to treat the forgiveness of a PPP loan for tax purposes

Who Should Attend:
  • All Certified Public Accountants (CPAs)

Qualifies and Approved with all State Boards of Accountancy and the following sponsorship’s:
NASBA