Accounting and Financial Reporting in a Post-COVID Economy

Exam Questions: 20
Course Level: Basic
Pages: 132 | Content: 124, Supplemental: 8
NASBA Area of Study: Accounting and Auditing
Not Acceptable for: Enrolled Agents
Version: 8200A

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-chains, rising interest rates, and other events on 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 investment losses; collectibility of trade receivables; exit and termination benefit obligations; contingencies; use of LIFO; and accounting and audit engagement matters. The course also discusses the accounting for selected tax changes affecting 2023 and 2024 financial statements. *** PLEASE NOTE: This course qualifies for 2 Accounting hours and 2 Auditing hours. Not accepted for Enrolled Agents. All course material provided. No prerequisites. Course level: Basic.

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Course Information

Table of Contents
  • Introduction
  • Accounting and Auditing Issues Related to the Post-COVID Economy
  • Disclosure of Risks and Uncertainties - Supply-Chain Concentrations
  • Asset Impairments - Long-Lived Assets - 2023 and 2024 Issues
  • Write-Downs, Write-Ups, and Disclosures of Stock Market and Bond Investments
  • Inventory Costs and Valuation Issues
  • Trade Receivables and the Allowance for Doubtful Accounts
  • Exit and Termination Costs
  • Post-COVID Contingencies and Exposure to Third-Party and Employee Claims
  • Business Interruption Insurance Recovery and Presentation- Post-COVID Damage
  • Going Concern in the 2023-2024 Inflationary Economy
  • Joint and Several Risk- Multi-Employer Plan Obligations
  • Revenue and Contracts
  • Loan Modifications and Covenants in Light of Higher Interest Rates
  • Remote Engagements
  • LIFO in a New High-Inflation Environment
  • GAAP Income Tax Issues- 2023 and 2024
  • To recognize some types of concentrations that might require disclosure under the risk and uncertainty rules
  • To identify the definition of near term
  • To recall the frequency in which an entity should test goodwill for impairment
  • To recognize some exit and disposal costs
  • To recall how to classify business interruption insurance proceeds on the financial statements
  • To recognize the relationship a change in interest rates has on real estate values
  • To identify the benchmark used to determine going concern
  • To recognize how to report on going concern in an audit engagement
  • To identify a method that can be used to measure variable consideration revenue
  • To recognize an example of a construction-type contract
  • To identify an advantage of remote auditing
  • To identify whether the LIFO IPIC approach is acceptable for GAAP
  • To recall the net operating loss rules

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.