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| Author : | Steven C Fustolo, CPA, MBA |
| Course Length : | Pages: 46 ||| Review Questions: 16 ||| 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 1911 |
| Description : | 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 CARES Act and the Consolidated Appropriations Act, 2021, 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. The course also discusses the accounting for PPP loans and forgiveness, and the accounting for tax changes made by the CARES Act and Consolidated Appropriations Act, and more. |
| Usage Rank : | 0 |
| Release : | 2022 |
| 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 : |
Americans Expect COVID-19 to Greatly Impact Their Finances
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 10-Nov-2021 |
| 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 - 1911 |
| Keywords : | Accounting, Accounting, Financial, Reporting, COVID-19, CARES, Act, PPP, Loans, 2022, Edition, 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, the CARES Act and PPP Loans I. Introduction II. Accounting Issues Related to COVID-19 III. Disclosure of Risks and Uncertainties COVID-19 and Supply-Chain Shortages Review Questions IV. Asset Impairments- Long-Lived Assets A. Overview of Asset Impairment Rules B. Goodwill Impairment Issues V. Writedowns and Disclosures of Stock Market Investments Review Questions VI. Inventory Costs and Valuation Issues VII. Trade Receivables and the Allowance for Doubtful Accounts VIII. Business Interruption Insurance Recovery and Presentation Review Questions IX. Revenue and Contracts A. Variable Consideration Revenue B. Losses on Onerous Contracts- Impact of COVID-19 and Inflation on Unrealized Losses X. Loan Modifications and Covenants Review Questions XI. Income Tax Issues- CARES Act A. Deferred Tax Assets from NOLs- the CARES Act Review Questions XII. Accounting for PPP Loans under the CARES Act A. How Should PPP Loans be Accounted for Under GAAP? B. Accounting for a PPP Loan as Debt C. Forgiveness of PPP Loan D. Tax Effects of PPP Loans E. Disclosures Required- PPP Loan Treated as Debt F. Accountant Reporting and Disclosure Issues Peculiar to 2021 First- and Second-Draw PPP Loans Review Questions Glossary |
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