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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: June 14, 2021

2 Reviews (14 ratings)Reviews

4
Member's Profile
The amount of content was a bit overwhelming but instructor did a good job of explaining major issues..
5
Member's Profile
This course is full of great information and the instructor is great.

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 .
Course Syllabus
INTRODUCTION AND OVERVIEW
  4:44Introduction to Accounting and Financial Reporting Considerations Due to COVID
  11:42Ongoing Assessment of the Impact of COVID
  13:26Impacted Accounting Topics-Part 1
  12:37Impacted Accounting Topics-Part 2
  14:32Impacted Accounting Topics-Part 3
  14:58Impacted Accounting Topics-Part 4
  3:41 Internal Control Considerations
  7:34Disclosures
  4:26Risk Factors and MD & A
  12:13Earning Release and Non-GAAP Measures
  1:42Summary
CONTINUOUS PLAY
  1:41:34Accounting and Financial Reporting Considerations Due to COVID and the Economic Downturn
SUPPORTING MATERIAL
  PDFSlides: Accounting and Financial Reporting considerations due to COVID and the Economic Downturn
  PDFAccounting and Financial Reporting considerations due to COVID and the Economic Downturn Glossary/ Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM