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Accounting and Financial Reporting for COVID-19 and the CARES Act (2 hour version) (Course Id 1647)

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Author : Steven C Fustolo, CPA, MBA
Status : Production
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 :
Advance Preparation : None.
Delivery Method : 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:
  • Identify types of subsequent events that require disclosure
  • 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
  • Recognize the formula for testing goodwill impairment
  • Recall how to classify business interruption insurance proceeds on the financial statements
  • Identify a method that can be used to measure variable consideration revenue
  • Recognize an example of a construction-type contract
  • Identify a tax-law change made by the CARES Act, and
  • Recognize how a company should present CARES Act loan forgiveness on its financial statements.
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

CPE Accounting Course: https://www.cpethink.com/gaap-cpe-for-cpas
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