Author : | Steven C Fustolo, CPA, MBA |
Course Length : | Pages: 55 ||| Review Questions: 29 ||| Final Exam Questions: 20 |
CPE Credits : | 4.0 |
IRS Credits : | 0 |
Price : | $39.95 |
Passing Score : | 70% |
Course Type: | NASBA QAS - Text - Technical - NASBA Registry |
Primary Subject-Field Of Study: | Accounting - Accounting for Course Id 1645 |
Description : | The purpose of this course is to review 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; going-concern reporting and disclosure issues; 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; exit and termination benefit obligations; contingencies, and accounting and auditing engagement matters. 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.
Recommended CPE hours:
2 hours accounting
2 hours auditing
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Usage Rank : | 0 |
Release : | 2020 |
Version : | 1.0 |
Prerequisites : | General understanding of accounting, financial reporting, auditing and compilation and review 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 : | 21-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 - 1645 |
Keywords : | Accounting, Accounting, Financial, Reporting, COVID-19, CARES, Act, 4 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. Introduction II. Accounting and Auditing Issues Related to the Coronavirus (COVID-19) III. Subsequent Events: ASC 855, Subsequent Events IV. Disclosure of Risks and Uncertainties Review Questions V. Asset Impairments- Long-Lived Assets A. Goodwill impairment issues B. Indefinite Lived Intangible Assets- Impairment C. Finite Lived Intangible Assets- Impairment D. Long-Lived Tangible Assets- Equipment and Real Estate Impairment E. Ordering of Impairment Tests VI. Writedowns and Disclosures of Stock Market Investments A. Disclosure of Stock Losses B. Impairment Losses- Investments in Certain Equities and Debt Securities C. Impairment Test- Equity Securities Without a Readily Determinable Fair Value D. Impairment Test- Debt Securities Available for Sale and Held to Maturity Review Questions VII. Inventory Costs and Valuation Issues A. Overview B. GAAP Review of Inventories VIII. Trade Receivables and the Allowance for Doubtful Accounts IX. Exit and Termination Costs X. Contingencies and Exposure to Third-Party and Employee Claims XI. Business Interruption Insurance Recovery and Presentation XII. Going Concern and COVID-19 A. GAAP Requirements- Going Concern B. Auditing and Review Engagement Requirements- Going Concern Review Questions XIII. Funded Status Deterioration- Multi-Employer Plan Obligations XIV. Revenue and Contracts A. Variable Consideration Revenue B. Losses on Onerous Contracts XV. Loan Modifications and Covenants XVI. Impact of Lower Interest Rates on Lease Obligations XVII. Auditing and Review Engagement Issues- COVID- 19 A. Accounts Receivable Confirmations B. Physical Inventory Observations C. Emphasis-of-Matter Paragraph- COVID-19 D. Remote Auditing Review Questions XVIII. 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 XIX. Accounting for CARES Act Loans- Paycheck Protection Program Review Questions Glossary |