The objective of this course is to inform the reader of the accounting and financial reporting impacts of the economic crisis created by the coronavirus (COVID-19), as well as the changes made by the 2020 CARES Act.

Topics discussed in this course include disclosures of subsequent events and risks of uncertainties, impairment issues related to goodwill, accounting for variable consideration revenue and onerous contracts, dealing with inventory costs and stock market investment losses, and business interruption insurance. 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.

After reading the course material, you will be able to:

• identify types of subsequent events that require disclosure
• recognize some types of concentrations that might require disclosure under the risk and uncertainty rules
  
• recognize the formula for testing goodwill impairment and recall the frequency in which an entity should test goodwill for impairment
• recall how to classify business interruption insurance proceeds on the financial statements
• identify a method that can be used to measure variable consideration revenue
  
• recognize how a company should present CARES Act loan forgiveness on its financial statements