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.

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 governmental global responses to the COVID-19 pandemic

Identify current expectations for economic growth in 2021 per the US Budget Office

Identify current expectations for unemployment at year end 2021 per the US Budget Office

Recognize the predicted 2021 retail store closures relative to 2020

Identify the perspective from which fair value is measured under GAAP

Identify key factors in making fair value assessments

Recognize the extent to which outside auditors will assess management’s valuation projections surrounding the current economic environment

Identify the general characteristics of the CECL model

Recognize the FASB staff concessions made to accounting for lease concessions during the pandemic

Recognize the circumstances under which an impairment loss is recognized for a long-lived asset

Identify the basis upon which the qualitative assessment of goodwill impairment is made

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

Recognize the valuation method requiring the identification of comparable companies

Identify the manner in which the expected economic benefits to be realized through the use of NOL carryforwards are represented on the balance sheet

Recognize 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