Course Information

FASB Updates – Accounting and Reporting Post-Pandemic

Overview

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.

Find this course for your license

License or Certification

Regulator

Objectives

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

Designed For:

CPAs, managers, tax practitioners, other accounting and financial advisors

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. For more information regarding WebCE administrative policies such as refunds, cancellations and concerns, please contact Support Services at 877-488-9308.

Course Information

Adding additional credit may change exam requirements.

Prerequisites:	General understanding of accounting, financial reporting, auditing and compilation and review standards.
Advanced Preparation:	None

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