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| Author : | Steven C Fustolo, CPA, MBA |
| Course Length : | Pages: 59 ||| Review Questions: 13 ||| Final Exam Questions: 10 |
| CPE Credits : | 2.0 |
| IRS Credits : | 0 |
| Price : | $17.95 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - Technical - NASBA Registry |
| Primary Subject-Field Of Study: | Accounting - Accounting for Course Id 1749 |
| Description : | The objective of this course is to inform the reader of the accounting and financial reporting issues related to the receipt and forgiveness of loans received under the Paycheck Protection Program (PPP), including 2021 first- and second-draw loans. Topics include: Understanding the basic rules for PPP loans; a review of how PPP loans should be accounted for under GAAP; accounting for the treatment of PPP loans as debt; how to account for debt issuance costs; accounting for forgiveness of debt; presentation of eligible expenses; presentation of PPP loan transactions on the statement of cash flows; disclosures required for PPP loans; accounting for advances received under the Economic Injury Disaster Loan (EIDL); accounting for PPP loans as grants; CPA independence issues when there is involvement in PPP loan transactions; accountant and auditor reporting issues and use of an emphasis-of-matter paragraph in reports; and more. |
| Usage Rank : | 0 |
| Release : | 2023 |
| 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 : |
Paycheck Protection Program (PPP): What Is It and How to Apply
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 12-Jan-2022 |
| 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 - 1749 |
| Keywords : | Accounting, PPP, Loans, Forgiveness, Accounting, Financial, Reporting, Issues, 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 - PPP Loans and Forgiveness - Accounting and Financial Reporting Issues I. Introduction II. Basic Rules for PPP Loans- SBA A. General rules- CARES Act, as amended by Consolidated Appropriations Act, 2021 III. How Should PPP Loans be Accounted for Under GAAP? A. General IV. Accounting for the PPP Loan as Debt A. General B. Debt issuance costs- PPP loans Review Questions V. Forgiveness of PPP Loan A. General B. Accounting for forgiveness of PPP loan C. PPP loan eligible expenses D. Presentation of PPP loan transactions on the statement of cash flows VI. Tax Effects of PPP Loans A. General VII. Disclosures Required- PPP Loan Treated as Debt A. General VIII. Bank Covenants and Impact of PPP Loan Treated as Debt Review Questions IX. Accounting for an Economic Injury Disaster Loan (EIDL) A. General X. PPP Loans in Tax-Basis Financial Statements XI. Other GAAP Approaches for PPP Loans A. General B. Account for the PPP loan as a grant using ASC 958 guidance C. Account for the PPP loan as a governmental grant using IAS 20 D. Account for the PPP loan as a gain contingency using ASC 450-30 XII. CPA Involvement in a PPP Loan Application and Forgiveness A. General B. Impact on a CPA’s independence C. CPAs receiving agent fees from PPP loan lenders XIII. Accountant and Auditor Reporting Issues- PPP Loans XIV. Reporting and Disclosure Issues Peculiar to 2021 First and Second-Draw PPP Loans Review Questions Glossary |
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