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Financial Reporting Implications of the COVID-19 Pandemic

1:00 pm–4:45 pm ET

# of CPE Credits

4

Description

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.

Objective

* 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

Highlights

* 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

Who Should Attend

Accounting and auditing practitioners assisting in the preparation of financial statements

Required Knowledge

Experience in accounting and auditing

Advanced Prep

None

Event Speaker(s)

Mr. Michael Morgan ( Surgent McCoy CPE, LLC, Pasadena, MD ),

Additional Event Information

Technical Support
Contact NCACPA if you need assistance with your online program. For the quickest results, email the Online Learning Team at [email protected], and a team member will contact you shortly.

If you need assistance with internet access issues, browser capability, or when the NCACPA office is closed* please call Freestone Technical Support at 866-702-3278 or by email at [email protected] .

*NCACPA office hours are 9:00 am–5:00 pm ET. Online Learning Team members will be available via email 30 minutes prior to the start of a live online program.

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Share This Event

Event Vendor:Surgent McCoy CPE, LLC
Field of Study:Accounting
Level: Intermediate

Event Type:Webcast
NASBA Instructional Method:Group Internet Based
Event Code:W0056321

Registration Fees

RegistrationEarly BirdRegular
NCACPA MemberN/A$135.00
Non-MemberN/A$185.00
CPE Sponsors LogoThe North Carolina Association of Certified Public Accountants 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 information regarding refund, complaint, program cancellation or other policies, visit our Registration Policies page or call 800-469-1352.