PPP Loans and Forgiveness - Accounting and Financial Reporting IssuesCode: 25-COVID2

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Course Details

75 pages

Objectives: 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 2020 CARES Act, including accounting for Paycheck Protection Program (PPP) loans and forgiveness.

This course has been updated to reflect Accounting and Financial Reporting Issues Related to the Consolidated Appropriations Act, 2021


Program Content:  Topics include: Disclosures of risks and uncertainties; 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; loan modification; dealing with business interruption insurance. With respect to the CARES Act, the course discusses the accounting for PPP loans and forgiveness, accounting for tax changes made by the CARES Act, and more.

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
  • Identify a method that can be used to measure variable consideration revenue
  • Recognize an example of a construction-type contract subject to the onerous contract rules
  • Recognize how to account for PPP loan forgiveness, and
  • Identify how to treat the forgiveness of a PPP loan for tax purposes.

Presentation Method:  Self-Study

 

Category:  Accounting

CPE credit:   2 Hours

Program Level:  Basic to intermediate

Prerequisites:  General understanding of U.S. GAAP

Advance Preparation:  None

Exam expiration date:  Participants must submit exams for grading within one year from the date of purchase

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American CPE, 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

 

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