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| Author : | Steven C Fustolo, CPA, MBA |
| Course Length : | Pages: 31 ||| Review Questions: 22 ||| Final Exam Questions: 10 |
| CPE Credits : | 2.0 |
| IRS Credits : | 0 |
| Price : | $19.95 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - Technical - NASBA Registry |
| Primary Subject-Field Of Study: | Accounting - Accounting for Course Id 1647 |
| Description : | The objective of this course is to inform the reader of the accounting and financial reporting impacts of the economic crisis created by the coronavirus (COVID-19), and the changes made by the 2020 CARES Act. Topics include: Disclosures of subsequent events and risks and uncertainties; impairment issues related to goodwill; accounting for variable consideration revenue and onerous contracts; dealing with inventory costs and stock market investment losses; and business interruption insurance; With respect to the 2020 CARES Act, the course discusses the accounting for Paycheck Protection Plan (PPP) loans, accounting for tax changes made by the CARES Act, and more. |
| Usage Rank : | 0 |
| Release : | 2020 |
| Version : | 1.0 |
| Prerequisites : | General understanding of accounting and financial reporting standards. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
Statement on the Importance of High-Quality Financial Reporting in Light of the Significant Impacts of COVID-19
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 24-Apr-2020 |
| NASBA Course Declaration : | Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
| Approved Audience : | NASBA QAS - Text - Technical - NASBA Registry - 1647 |
| Keywords : | Accounting, Accounting, Financial, Reporting, COVID-19, CARES, Act, 2 hour, version, cpe, cpa, online course |
| Learning Objectives : |
Course Learning Objectives After reading the course material, you will be able to:
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| Course Contents : | Chapter 1 - Accounting and Financial Reporting for COVID-19 and the CARES Act I. Accounting and Financial Reporting Issues Related to COVID-19 and the CARES Act II. Subsequent Events: ASC 855, Subsequent Events III. Disclosure of Risks and Uncertainties Review Questions IV. Goodwill Impairment V. Writedowns and Disclosures of Stock Market Investments A. Disclosure of Stock Losses B. Impairment Losses- Investments in Equities Securities C. Impairment Test- Equity Securities Without a Readily Determinable Fair Value Review Questions VI. Inventory Costs and Valuation Issues A. Overview B. GAAP Review of Inventories VII. Business Interruption Insurance Recovery and Presentation Review Questions VIII. Revenue and Contracts A. Variable Consideration Revenue B. Losses on Onerous Contracts IX. Loan Modifications and Covenants Review Questions X. Income Tax Issues- CARES Act A. Tax Rate for Deferred Income Taxes under the 2020 CARES Act B. Deferred Income Tax Assets from NOLs- the 2020 CARES Act C. New 50% Limitation on Interest Deduction- the 2020 CARES Act XI. Accounting for CARES Act Loans- Paycheck Protection Program Review Questions Glossary |
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