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Wednesday, April 14, 2021 Live Webcast

Financial Reporting Implications of the COVID-19 Pandemic (X1-FRC4-2021-01-WEBNR-104-01)

9:00 AM - 12:30 PM EDT
webcast

Vendor Platform

4.0 CPE Credits in AA

OVERVIEW

In addition to being a significant business interrupter for many entities, the impact of the COVID-19 pandemic will also create significant financial reporting implications for virtually all entities. Many formerly profitable entities will be looking at charges for once unthought-of circumstances, from fixed asset impairment to inventory and receivables write-downs. Further, many entities will need to account for debt and other contractual modifications, including restructuring, forgiveness, and debt covenant modifications. Applying this often complex accounting guidance in these areas may be challenging. In this course, we’ll review in detail the accounting guidance that many entities will need to apply when preparing their next set of financial statements. We’ll also review disclosure guidance for such topics as going concern considerations and subsequent events as well as other relevant financial statement recognition and presentation issues.

DESIGNED FOR

Accounting and auditing practitioners assisting in the preparation of financial statements

BENEFITS

  • Recall common accounting implications of the COVID-19 pandemic.
  • Identify the key accounting guidance for COVID-19–related accounting issues.
  • Discuss the required considerations and disclosures related to going concern.
  • Identify other relevant financial statement presentation and disclosure topics related to COVID-19.

HIGHLIGHTS

  • Impairment accounting model for long-lived assets, including PP&E and goodwill
  • Accounting for inventory and accounts receivable reserves
  • Accounting for debt restructurings, including troubled debt restructurings, rent holidays, and other revisions to debt agreements
  • Going concern evaluation and required disclosures
  • Other financial statement presentation and disclosure issues

COURSE LEVEL

Intermediate

PREREQUISITES

Experience in accounting and auditing.

ADVANCE PREPARATION

None

INSTRUCTOR

Richard Daisley

Richard Daisley, CPA

Surgent Professional Education

Rich is Vice President of Accounting and Auditing Curriculum at Surgent CPE. He is a CPA and has over 30 years of experience in the accounting and auditing field. He has worked in both the client service setting as well as in internal capacities as a facilitator of accounting and auditing courses. He was an assurance manager with PwC, spending time in both the assurance practice as well as with PwC’s Capital Markets and Accounting Advisory Services group, where he advised clients on the implementation of new accounting pronouncements as well as on issues related to public offerings. Rich also worked in PECO Energy’s Merger and Acquisition group, where he performed financial due diligence that supported PECO’s acquisition activity in the energy sector. He has experience in the manufacturing, health care, energy, and pharmaceutical industries. Prior to joining Surgent, Rich also has more than 10 years of experience as a course developer and facilitator, creating and leading training courses on such topics as revenue recognition, stock based compensation, equity instruments and performing integrated audits under the Sarbanes-Oxley legislation. He also designed and delivered courses on instructor development and facilitation skills to senior PwC internal course instructors. In 2015 he joined Surgent as Director, Accounting & Financial Reporting Content. In this role, he manages Surgent’s A&A curriculum, including researching and developing the technical content for Surgent’s Accounting and Financial Reporting curriculum.