In addition to being a significant business interrupter for many entities, the impact of the COVID-19 pandemic will also create significant financial reporting implications for virtually all entities. Many formerly profitable entities will be looking at charges for once unthought-of circumstances, from fixed asset impairment to inventory and receivables write-downs. Further, many entities will need to account for debt and other contractual modifications, including restructuring, forgiveness, and debt covenant modifications. Applying this often complex accounting guidance in these areas may be challenging. In this course, we’ll review in detail the accounting guidance that many entities will need to apply when preparing their next set of financial statements. We’ll also review disclosure guidance for such topics as going concern considerations and subsequent events as well as other relevant financial statement recognition and presentation issues.
Impairment accounting model for long-lived assets. including PP&E and goodwill. Accounting for inventory and accounts receivable reserves. Accounting for debt restructurings. including troubled debt restructurings. rent holidays. and other revisions to debt agreements. Going concern evaluation and required disclosures . Other financial statement presentation and disclosure issues.
Accounting and auditing practitioners assisting in the preparation of financial statements.
Recall common accounting implications of the COVID-19 pandemic. Identify the key accounting guidance for COVID-19-related accounting issues. Discuss the required considerations and disclosures related to going concern. Identify other relevant financial statement presentation and disclosure topics related to COVID-19.
4.71 stars out of 5 - speaker rating for 2019 “Joann Cross did a great job!!” - past attendee
Dr. Cross earned her B.S. from the University of Wisconsin Madison in Theoretical Mathematics with minors in Meteorology Linguistics and Theater Arts. Her research and consulting interests are in accounting history, and the application of financial reporting standards. She is a Certified Public Accountant, a Certified Management Accountant, and a Certified Government Financial Manager.
Non-Member Price $183.00
Member Price $158.00