Financial Reporting Implications of COVID-19 Pandemic (FRC4)

Overview

In addition to being a significant business interrupter for many entities, the financial impact of the COVID-19 pandemic is still creating a significant financial reporting impact 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, as well as the receipt and forgiveness of Paycheck Protection Program loans. Applying this often-complex accounting guidance in these areas may be challenging.   In this course, we will review in detail the accounting guidance that many entities will need to apply when preparing their next set of financial statements. We will 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.

Objectives:

Recall common accounting implications of the COVID-19 pandemic. Identify the key accounting guidance for COVID-19–related accounting issues. Discuss the required considerations and disclosures related to going concern. Identify other relevant financial statement presentation and disclosure topics related to COVID-19.

Designed For:

Accounting and auditing practitioners assisting in the preparation of financial statements.