COVID-19: Quarantines, Shutdowns, and "Going Concern" Alarm Bells

Overview

The impacts of the COVID-19 pandemic are far-reaching from an economic standpoint, and the impacts are felt across many areas of the accounting and reporting spectrum. The significant slowdowns, and in many cases complete shutdowns, of governments, companies, and certain industries across the world, means companies need to be aware of the potential accounting impacts which span from asset impairments and income taxes all the way to hedge accounting and revenue recognition. As well as, Financial reporting and disclosure considerations include areas ranging from loss contingencies, going concern, and subsequent events. Companies are undoubtedly being stretched to consider all the various areas that present additional risk, especially with newly remote workforces. In this course, we'll focus on a handful of the impacted areas companies need to consider.

Please note: In this course, we'll focus on a handful of the key topics and explore how the impacts from the COVID-19 pandemic are forcing companies to take a hard look at these areas to ensure any financial statement impacts are being thoroughly considered. The topics presented represent only a portion of the areas that are being impacted from the COVID-19 pandemic. You should seek out additional resources which are widely available online for information on other areas not discussed.

Learning Objectives

Upon completion of this course, you will be able to:

  • identify the steps required in the impairment analysis of long-lived assets held and used
  • understand impairment considerations related to goodwill
  • recognize recent guidance from the FASB related to lease modifications
  • identify impacts from COVID-19 with respect to financial statement disclosures

Designed For

CPAs and accountants who want an overview of the financial accounting and reporting impacts of the COVID-19 pandemic

Prerequisites

General understanding of accounting and reporting principles
WebCE® is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
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