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Impact of Coronavirus on US GAAP Financial Statements (Virtual Classroom)

Course Details

Code:2085v
Select a start date for more details
Virtual Classroom
09 Nov - 12 Nov 2020
Level
Update
CPD
16 Hours
Time
13:00-17:00
Location
Virtual Classroom
Cost
£1,850.00
Subject to Online Tax From Web (Read more)
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Introduction

This virtual training is being delivered live and online over 4 individual sessions. The sessions will run each day from 13:00 – 17:00 London (UK).

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:

  1. How to determine whether to apply the going concern basis?
  2. How to account for government emergency support schemes?
  3. Which disclosures concerning coronavirus are appropriate?

Learning Objectives

  • Identify which specific standards require consideration by your organisation for the impact of coronavirus when preparing US GAAP financial statements for 2020
  • Set out the process for establishing whether the going concern basis of accounting is appropriate and draft relevant disclosures for material uncertainties identified
  • Specify the accounting and disclosure requirements for coronavirus support schemes
  • Apply the requirements for testing financial and other assets for impairment
  • Apply GAAP to provisioning for closure and reorganisation costs, onerous contracts and possible insurance recoveries

Who Should Attend

  • Accountants in finance and reporting teams that prepare US GAAP financial statements
  • External and internal auditors
  • Financial and credit analysts who review financial statements

Topics

  • Presentation of Financial Statements
    • Going concern status and treatment of substantial doubt (ASC 205-40)
    • Subsequent events (ASC 855)
    • Disclosure of risks and uncertainties (ASC 275)
    • Interim reporting (ASC 270)
    • Fair value measurement (ASC 820)
  • Impairment of Assets
    • Goodwill and intangibles (ASC 350), long-lived assets (ASC 360)
    • Investments – equity method and joint ventures (ASC 323)
    • Inventories (ASC 330)
  • Liabilities
    • Leases (ASC 842) – including rent concessions
    • Employee benefits (ASC 715) – employment support, termination benefits
    • Exit or disposal obligations (ASC 420), loss contingencies (ASC 450), insurance recoveries (ASC 450-30)
  • Financial Instruments
    • Financial assets - classification, expected credit losses (ASC 326)
    • Financial liabilities - debt modifications and loan covenants (ASC 470)
    • Hedge accounting (ASC 815)
  • Government Support
    • Government grants and assistance
    • Income taxes (ASC 740)
  • Revenue
    • Revenue from Contracts with Customers (ASC 606) – variable consideration, contract modifications

Teaching Method

  • Group internet instruction by specialist instructors
  • Description and explanation of US GAAP requirements in clear and simple language
  • Use of case studies and real-world examples to illustrate practical application
  • Interactive participation is encouraged
  • All participants receive a comprehensive electronic binder containing copies of the presentation slides, handouts and other course materials
  • This virtual training is being delivered live and online over 4 individual sessions. The sessions will run each day from 13:00 – 17:00 London (UK).

Instructors

The instructor for this course will be drawn from one of our core faculty of subject matter experts. Further details will be published at the earliest opportunity.

Venue

Our seminars take place in 4 star professional conference facilities, generally in city-centre hotels like the Marriott, Sheraton or Hilton brands. Detailed Joining Instructions are sent to all registered delegates by email approximately one month before the event. The Joining Instructions will confirm exact venue details and nearby (or onsite) hotel recommendations with bedroom rates where available. Coffee and lunch will be provided.

CPE/CPD Accreditation

IASeminars is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

 

Field of study: Accounting

Prerequisites

A reasonable prior knowledge of the requirements of US GAAP. No advance preparation is required for this course.