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PPP Loans and Forgiveness - Accounting and Financial Reporting Issues

Exam Questions: 10
Course Level: Basic
Pages: 92 | Content: 88, Supplemental: 4
NASBA Area of Study: Accounting
Not Acceptable for: Enrolled Agents
Version: 7960B

The objective of this course is to inform the reader of the accounting and financial reporting issues related to the receipt and forgiveness of loans received under the Paycheck Protection Program (PPP). Updated to Reflect Accounting and Financial Reporting Issues Related to the Consolidated Appropriations Act, 2021. PLEASE NOTE: Not accepted for Enrolled Agents. All course material provided. No prerequisites. Course level: Basic.

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Course Information

Table of Contents
  • PPP Loans and Forgiveness
Objectives
  • To identify some of the eligible expenses related to use of PPP loan proceeds
  • To recognize approaches to account for PPP loans under GAAP
  • To recall how to present debt issuance costs on the financial statements
  • To recognize how to account for PPP loan forgiveness
  • To recognize how to present a gain on extinguishment on the statement of cash flows
  • To identify how to treat the forgiveness of a PPP loan for tax purposes
  • To recognize how the IAS 20 grant approach is used to account for its PPP loan
  • To recognize actions that impact a CPA's independence in a PPP loan assistance engagement
  • To recall some of the rules pertaining to a CPA receiving an agent fee from a PPP loan lender
  • To identify whether an emphasis-of-matter paragraph may be used in an accountant's report when there is a forgiveness of a PPP loan

PLEASE NOTE: CPE credit measurement is based on NASBA Registry and QAS guidelines of one credit for every 50 minutes. Credit calculation may vary in different states — check with your State Board of Accountancy. Unless otherwise noted in the specific course description, no advanced preparation is required in order to register or complete any PES CPE course. Use of materials or services provided by Professional Education Services, LP ("PES") are governed by the Terms and Conditions stated on PES' website www.mypescpe.com. PES provides these courses with the understanding that it is not providing any accounting, legal, or other professional advice and assumes no liability whatsoever in connection with its use. PES has used diligent efforts to provide quality information and material to its customers, but does not warrant or guarantee the accuracy, timeliness, completeness, or currency of the information contained herein. Ultimately, the responsibility to comply with applicable legal requirements falls solely upon the individual licensee, not PES. PES encourages you to contact your state Board for the latest information and to confirm or clarify any questions or concerns you have regarding your duties or obligations as a licensed professional.