Impact of COVID-19 on Financial Reporting & Disclosures Self-Study Webinar (5 Hours)

Overview: 

The global economy is experiencing unprecedented economic upheaval due to the Coronavirus crisis. Stock markets are on a roller coaster ride. Oil is trading at a 17-year low. Businesses have temporarily closed, and millions of workers have been laid off. These issues could have significant implications for impairments and business value. This self-study webinar will explore:

  • Current economic conditions
  • Industries that may experience adverse financial reporting effects
  • Impairment and troubled-debt restructuring literature and accounting implications
  • Possible impacts on current expected credit loss model/allowance for bad debts
  • Impacts of uncertain cash flows on Discounted Cash Flow (DCF) valuations
  • Potential effects of defined benefit pension plans
Objective: 

To review financial reporting issues that may arise due to economic conditions caused by the Coronavirus pandemic, and discover ways to account for those financial reporting issues.
 

Please See Two Additional New Self-Study Webinars on COVID-19:

COVID-19: The New Legal Landscape for Employers and Employees Self-Study Webinar (2 Hours)

Tax Aspects of the "Coronavirus Aid, Relief & Economic Security (CARES) Act" Self-Study Webinar (4 Hours)

Emphasis: 
  • Current state of the economy
  • Potential Impairments
  • Financial reporting and disclosures
  • Loss of business value
  • Restructurings and troubled-debt restructurings
  • Negative cash flow implications

Recognize common steps taken by world governments to date as a response to the COVID-19 pandemic

Identify the significant societal consequences of the pandemic

Identify the SEC filing delays granted to qualifying issuers by the SEC within the CARES Act

Recognize the economic impact of the COVID-19 virus on specified industries

Recognize the most reliable evidence to fair value from the perspective of the FASB

Identify the characteristics of market participants’ perspective when determining fair value

Identify those factors that should be taken into account when making fair value assessments in the context of the pandemic, as opined by the AICPA

Identify the extent to which auditors are likely to scrutinize management’s valuation projections surrounding the current economic environment

Recognize the overriding perspective of expected credit losses under the CECL model

Recognize the CECL-related effective date extensions afforded financial institutions within the CARES Act as a result of the COVID-19 virus

Identify likely outcomes to certain inventories due to the pandemic

Identify the unit of account for which goodwill impairment is assessed

Recognize the required timing of impairment testing of long-lived assets held and used

Identify the required timing of impairment testing of indefinite-lived intangibles

Recognize the criteria on which the qualitative assessment of goodwill impairment is based

Recognize relevant events and circumstances affecting a reporting unit’s fair value

Recognize the current account representing the expected economic benefits to be realized through the use of NOL carryforwards

Identify the funding status of  most state- and municipal-defined benefit pension plans before the effects of the COVID-19 virus

Identify the trigger for providing footnote disclosure regarding going concern uncertainties
 

Bottom
Price: 
$149.00
Prerequisite: 

None.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Intermediate.

CPE Credit: 
5.00
NASBA Field of Study: 
Accounting