Updated with 2022 information, this course provides a 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; going concern; dealing with inventory costs and stock market investment losses; collectability of trade receivables; dealing with business interruption insurance. Special emphasis is placed on accounting for uncertainties due to supply-chain interruptions.

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.

After successfully completing this course, students will be able to:

• recognize some types of concentrations that might require disclosure under the risk and uncertainty rules
• remember accounting issues related to supply-chain interruptions
• identify the definition of near term
• recall the frequency in which an entity should test goodwill for impairment
• recognize how to account for PPP loan forgiveness
• identify how to treat the forgiveness of a PPP loan for tax purpose