COVID-19: Financial Statement & Disclosure

Description

This webinar is one in a series providing cutting-edge insight on the impact of the COVID-19 pandemic on accounting and audits. Allison Henry, CPA, CGMA, PICPA's vice president of professional and technical standards, will discuss the key standards and considerations related to preparing and reviewing financial statements and disclosures. Auditors and auditees will benefit from the depth and practical applications Allison will cover and look at how the work of CPAs will change during and after the coronavirus outbreak.

This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Highlights

The major topics that will be covered in this class include:

• COVID-19 impact on the economy, businesses, financial statements and audit engagements
• Financial statement implications, including revenue recognition challenges, lease accounting and modification, debt and related issues, CECL for non-financial service companies, equity investments and more
• Evaluating going concern analysis, liquidation of basis accounting, subsequent events, and more

Objectives

After attending this presentation you will be able to...

• Recognize factors where there can be financial statement implications including inventory valuation, accounts receivable and collectability, ASC 606, valuation of assets, change in accounting estimates, debt covenant violations, etc.
• Identify red flags with respect to going concern evaluations and analyze effects of the outbreak
• Use liquidation basis of accounting when liquidation is imminent
• Identify subsequent events and determine if disclosures are required
• Determine the impact on audit engagements pertaining to the nature of the engagement, deadlines, appropriateness of financial reporting framework, risk assessment, fraud risk considerations and additional challenges due to remote work environment

Designed For

CPAs in public practice and members in industry