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Check out the course at https://www.cpethink.com/course/accou...

Today we're going to talk about accounting and financial reporting for COVID-19 and the Cares Act.

This is a two hour version of this course by Steven C Fostolo, CPA, MBA.

It is a NASBA QAS Self-Study and Registry course, it is text-based, it is considered to be technical.

The objective of this course is to inform the reader of the accounting and financial reporting impacts of the economic crisis created by the Coronavirus COVID-19 and the changes made by the 2020 Cares Act.

Topics include disclosures and subsequent events and risks and uncertainties. impairment issues related to Goodwill.

Accounting for variable consideration revenue and honor risk contacts contracts with inventory costs and stock market investment losses and business interruption insurance.

With respect to the 2020 Cares Act the course discusses the accounting for the paycheck Protection Plan loans BPP loans, accounting for tax changes made by the Cares Act and more.

After reading the course material, you will be able to:
• Identify types of subsequent events that require disclosure
• Recognize some types of concentrations that might require disclosure under the risk and uncertainty rules
• Identify the definition of near term
• Recall the frequency in which an entity should test goodwill for impairment
• Recognize the formula for testing goodwill impairment
• Recall how to classify business interruption insurance proceeds on the financial statements
• Identify a method that can be used to measure variable consideration revenue
• Recognize an example of a construction-type contract
• Identify a tax-law change made by the CARES Act, and
• Recognize how a company should present CARES Act loan forgiveness on its financial statements.

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