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The COVID-19 pandemic has had many far-reaching implications. In addition to the financial reporting impact of the pandemic, many other business functions, such as budgeting and forecasting are also proving to be challenging in the current environment and will require adjustments to how they were done in the past.
As re-opening guidance continues to be issued, companies will have more visibility into when and how they can resume production and operations. Management and the Finance Team will need to work together to accurately forecast the impacts that the pandemic will have on revenue, margins, and costs in both the short term and long-term. Also, accurate operating and cash flow forecasts are essential for updating critical accounting estimates, including impairment models, contract modifications, and going concern risk assessments. They are also essential to determining the extent of operational disruption, supply chain disruptions, and other impacts of the COVID-19 pandemic, as well as identifying potential liquidity and working capital short-falls and access to existing sources of capital.
In this course, we’ll review best practices for budgeting and forecasting in the COVID-19 environment. We’ll discuss what techniques can remain the same and which need to change as entities struggle to assess the impact of this crisis.
Designed for: Accounting and auditing practitioners at all levels desiring to remain up to date on recent pronouncements and other standard setters’ activities
Instructor: Samuel Monastra, CPA
CPE Credits: 4
Area of Study: Accounting (Technical) (4)
3100 South Columbia RoadSuite 500Grand Forks, ND 58201
(701) 775-7111or (877) 637-2727 Email: firstname.lastname@example.org