Accounting and Financial Reporting in a Post-COVID Economy: Inflation, Supply Chains and Interest Rates - 2024 Edition
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.

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: www.nasbaregistry.org.

Sponsor Number: 109423

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