Accounting and Financial Reporting in a Post- COVID EconomyCode: 25-POSTCOVID

Objectives: 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 2022 and 2023.

Program Content:  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 2022 and 2023 financial statements.

After reading the course material, you will be able to:

•          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