The objective of this course is to address the accounting and financial reporting for the current post-COVID economic climate including the effects of inflation, supply-chain shortages, rising interest rates, and other events affecting company financial statements for 2023 and 2024.
Topics include: Disclosures of risks and uncertainties related to supply-chain concentrations; going-concern reporting and disclosure issues; impairment issues related to goodwill and real estate; accounting for variable consideration revenue and onerous contracts; dealing with inventory costs and stock market and bond investment losses; collectability of trade receivables; exit and termination benefit obligations; contingencies, use of LIFO in an inflationary environment; and accounting and auditing engagement matters. The course also discusses the accounting for selected tax changes affecting 2023 and 2024 financial statements.
Course Publication Date:
March 13, 2024
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-COVID4-6184 |
| 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.
- 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.
- Recognize the relationship a change in interest rates has on real estate values.
- Identify the benchmark used to determine going concern.
- Recognize how to report on going concern in an audit engagement.
- 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.
- Identify whether the LIFO IPIC approach is acceptable for GAAP.
- Recall the net operating loss rules.