Accounting and Financial Reporting for COVID-19, the CARES Act and PPP Loans 2022 Edition
The objective of this course is to review the impact that COVID-19 has on accounting and financial reporting, and the changes made by the CARES Act and the Consolidated Appropriations Act, 2021, including accounting for Paycheck Protection Program (PPP) loans and forgiveness.

Topics include: Disclosures of risks and uncertainties; going-concern reporting and disclosure issues; impairment issues related to goodwill and other long-lived assets; accounting for variable consideration revenue and onerous contracts; dealing with inventory costs and stock market investment losses; collectability of trade receivables; exit and termination benefit obligations; contingencies, and accounting and auditing engagement matters. The course also discusses the accounting for PPP loans and forgiveness, and the accounting for tax changes made by the CARES Act and Consolidated Appropriations Act, and more.

Course Publication Date: December 21, 2021

This course is available with NO ADDITIONAL FEE if you have an active self study membership or all access membership or can be purchased for $40.00!

Author:Steven Fustolo
Course No:ACT-COVID4-6182
Recommended CPE:4.00
Delivery Method:QAS Self Study
Level of Knowledge:Overview
Prerequisites:General understanding of accounting, financial reporting, auditing and compilation and review standards
Advanced Preparation:None
Recommended Field of Study:Accounting
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Learning Objectives
  • Recognize some types of concentrations that might require disclosure under the risk and uncertainty rules including supply-chain shortages.
  • Identify the definition of near term.
  • Recall the frequency in which an entity should test goodwill for impairment.
  • Recognize some exit and disposal costs.
  • Recall how to classify business interruption insurance proceeds on the financial statements.
  • Identify the benchmark used to determine going concern.
  • Recognize how to report on going concern.
  • Identify a method that can be used to measure variable consideration revenue.
  • Recognize an example of a construction-type contract.
  • Identify an advantage of remote auditing.
  • Recall how to present debt issuance costs in the financial statements.
  • Recognize how to account for PPP loan forgiveness.
  • Identify how to treat the forgiveness of a PPP loan for tax purposes, and.
  • Identify an example of a circumstance in which an emphasis-of-matter paragraph might be necessary.

CPE Depot Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website:

Sponsor Number: 109423


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