The COVID-19 pandemic is affecting major economic and financial markets, and virtually all industries and governments are facing challenges associated with the economic conditions resulting from efforts to address it.

Companies will have to report on their operations, financial condition, and cash flows during this crisis, and those reports will have to be audited. There are numerous considerations management and auditors will need to take when preparing and auditing financial statements. There will likely be many interrelated financial reporting and auditing implications of the coronavirus (COVID-19) pandemic and its impact on economic activity.

Entities must carefully consider their unique circumstances and risk exposures when analyzing how recent events may affect their financial reporting. Financial reporting and related financial statement disclosures may need to convey all material current or potential effects of the COVID-19 pandemic. Management must also understand the risks entities face and how they are affected by them.

SEC registrants must consider whether to disclose information in areas such as MD&A or the risk factors section in addition to their disclosures in the footnotes to the financial statements.

Who Should Attend:

  • CFO’s, CEO’s, Board Members
  • Managers, Supervisors
  • Any individual seeking to me a leader

 

Topics Covered:
The purpose of this session is to provide an up-to-date highlight of some of the most common matters for consideration and to provide practical guidance for auditors and preparers. We will focus on cases where substantial judgment and professional skepticism are necessary to assess the facts and ensure that the operative standards are applied. We will also discuss key considerations and issues for accounting and financial reporting related to COVID-19 and the CARES Act. The bullet points outlined in the learning objectives are intended to provide an overview of areas that will be examined. This course and content will address up-to-date issues as of the webinar date.

Learning Objectives
  • Explore and examine the impact of preparation of current and forward looking financial statements.
  • Identify and examine specific accounting and concern areas that may be impacted by conditions of the pandemic including:
    • Contract modifications
    • Accounting for financial assets
    • Recoverability of impairment of assets
    • Subsequent events
    • Going concern
    • Disclosures
  • Explore emerging topic matters for accounting and financial reporting.
Last updated/reviewed: March 10, 2024
16 Reviews (82 ratings)

Reviews

5
Anonymous Author
An excellent, comprehensive overview of accounting/reporting considerations for organizations as a result of the pandemic. This course armed me with relevant and useful information, albeit a lot to absorb. Lynn's supporting materials always serve as a trusted source for future reference!

5
Member's Profile
I understand COVID-19 directly affects business continuity as business operations reduce, supply chains dry up, and demand plunges. These risks may quickly lead to liquidity risks, pressure on covenants, re-financing requirements, and increasing third party risk.

4
Member's Profile
This course was information and with detail however, i had to review the writing material a few times fin order to answer the questions on the exam. It was a difficult subject for me.

4
Anonymous Author
I've taken a lot of courses by Lynn. She is a great instructor, but this content was pretty heavy. Not her fault, just a heavy topic for anyone who is not in accounting.

5
Member's Profile
Good course on the impact of COVID on financial reporting, it covers a lot of topics which you may not have been aware of.

4
Member's Profile
The amount of content was a bit overwhelming but instructor did a good job of explaining major issues..

5
Anonymous Author
COVID has affected us in so many ways, and I need courses like this to help me stay up to date!

4
Member's Profile
I wonder if we can get a look back now that we are coming off of the peak of the pandemic

5
Member's Profile
Interesting overview on the impact Covid had/has on accounting and financial reporting.

5
Anonymous Author
She is my favorite instructor. She speaks in a way that is easy for me to understand.

5
Member's Profile
Very informative and enlightening. Thank you for sharing this wealth of information.

5
Member's Profile
Very informative course. Lots of information. Very well organized and presented.

5
Member's Profile
This webinar was very educational. Thank you for the opportunity to view it.

5
Member's Profile
This course is full of great information and the instructor is great.

4
Anonymous Author
COVID 19 regs are difficult to understand. This was helpful.

5
Member's Profile
Good course material, and the course was well organized.

Prerequisites
Course Complexity: Foundational

No advanced preparation or prerequisites are required for this course.

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
Course Syllabus
INTRODUCTION AND OVERVIEW
  Introduction to Accounting and Financial Reporting Considerations Due to COVID4:44
  Ongoing Assessment of the Impact of COVID11:42
  Impacted Accounting Topics-Part 113:26
  Impacted Accounting Topics-Part 212:37
  Impacted Accounting Topics-Part 314:32
  Impacted Accounting Topics-Part 414:58
  Internal Control Considerations3:41
  Disclosures7:34
  Risk Factors and MD & A4:26
  Earning Release and Non-GAAP Measures12:13
  Summary 1:42
CONTINUOUS PLAY
  Accounting and Financial Reporting Considerations Due to COVID and the Economic Downturn1:41:35
SUPPORTING MATERIAL
  Slides: Accounting and Financial Reporting considerations due to COVID and the Economic DownturnPDF
  Accounting and Financial Reporting considerations due to COVID and the Economic Downturn Glossary/ IndexPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam