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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.
Accounting and auditing practitioners assisting in the preparation of financial statements
CPE Credits: 4
Area of Study: Accounting (Technical) 4
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