The spread of coronavirus continues to affect lives and economies across the world. Many national governments have introduced a range of different measures to control the virus and to mitigate its effects on individuals and corporations. Lockdowns, supported by travel bans and quarantine restrictions, have resulted in disruption and lost revenue which threaten the survival of operators in different sectors. Governments have responded by establishing and promoting temporary schemes including employment protection subsidies, loan guarantees, deferral of payments of costs such as taxes and rents, as well as cash grants, with the objective of preserving capacity to accelerate recovery.
All interim and annual US GAAP financial statements ending in 2020 are affected by the consequences of the pandemic. How exactly an entity is affected depends on a combination of factors including industry sector, location and financial strength. But all preparers must exercise new judgements and estimates, draft relevant disclosures and apply US GAAP in these changed circumstances.
This two-day course reviews in detail approaches to accounting for, and disclosing the effects of, coronavirus in interim and annual financial statements. It includes reminders of those accounting standards most affected, illustrative financial statements, examples and interactive participation from delegates.
This program answers questions such as:
- How to determine whether to apply the going concern basis?
- How to account for government emergency support schemes?
- Which disclosures concerning coronavirus are appropriate?