Instructor for this course

Sadly, on March 12, 2020, World Health Organization (WHO) declared coronavirus outbreak (COVID-19) a pandemic; since then, the virus is rapidly spreading around the world. Such unusual circumstances have its significant impact on global trade and business operations of various sectors such as reductions in sales, earnings, or productivity, closure of facilities and stores, inability to raise funds, increments in credit risk exposures, increased volatility in the asset's value, etc. Consequently, these challenges may raise financial reporting considerations for some entities when preparing their financial statements.

This course provides a reminder of the existing accounting requirements that should be considered when addressing the economic effects of the coronavirus pandemic when preparing financial statements, highlighting the going concern assumption. The impacts of this pandemic are considered adverse events that shall be taken into consideration when assessing entities' ability to continue as a going concern, and whether the going concern assumption is appropriate.

Course Key Concepts: Coronavirus, pandemic, COVID-19, Going Concern, Subsequent events, Fair value measurement, Impairment of Property, plant, and equipment, Impairment of intangible assets and goodwill, Losses from uncollectible receivables.

Learning Objectives

  • Explore the conditions and events, both positive and negative, that are relevant to the entity's ability to continue as a going concern.
  • Identify the potential mitigating effect of management's plans that have been fully implemented as of the date that the financial statements are issued.
  • Discover the conditions or events that raised substantial doubt about the entity's ability to continue as a going concern, considering the potential mitigating effect of management's plans.
Last updated/reviewed: February 21, 2021

8 Reviews (38 ratings)Reviews

Anonymous Author
It's very helpful to have this overview when evaluating a global event that has never before been seen in our history. Great context.
Anonymous Author
good overview of Going Concern Assumption and relating it to current issues with Coronavirus made it more relevant
Anonymous Author
The recording would be more effective if additional information was provided besides what is written on the slide
Member's Profile
Useful facts, but presentation is bad: very difficult to listen to. I would not recommend this course.
Anonymous Author
Pretty interesting overview of the topic. Could have had a more professional-looking slides.
Anonymous Author
OK course. Good summary of information, but teacher speaks very slowly and is repetitive.
Member's Profile
This course wasn't easy to pass. You put a lot of thought into the questions!
Anonymous Author
Good content overall on a "deep dive" topic. Thanks for the unique course.


Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course.

Education Provider Information

Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
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
  1:52Introduction to Coronavirus' impact on financial statements – Going Concern Assumption
  3:46Going Concern Definition
  8:52Going Concern Assessment
  23:08Adverse Events Evaluation (With Case Studies)
  21:06Mitigation Plans (With Case Studies)
  1:03:21Coronavirus' impact on financial statements – Going Concern Assumption
  PDFSlides: Coronavirus' impact on financial statements - Going Concern Assumption
  PDFCoronavirus' impact on financial statements - Going Concern Assumption Glossary/ Index