Financial Statement Impact of COVID-19: Subsequent Events, Risk and Uncertainties, and Going Concern

Recording of a 110-minute CPE webinar with Q&A


Conducted on Wednesday, June 24, 2020

Recorded event now available

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Program Materials

This webinar will address financial reporting considerations in light of the recent pandemic. The panel will detail financial statement, disclosure, and reporting matters, including loss contingencies, going-concern and subsequent event disclosures, collectibility of assets, and other areas that accountants must consider after COVID-19.

Description

The impact of COVID-19 on financial reporting is phenomenal. In addition to determining what areas are impacted, an accountant must also decide whether the effect should be recognized, disclosed, or both. Determinations as to what is or is not reported or disclosed are often affected by the level of statement issued.

Even when the impact of the pandemic is after the financial statement date, disclosures may be required. ASC Topic 855, Subsequent Events explains requirements for subsequent events. The overall decline in the market touches most balance sheet accounts, requiring an evaluation of asset impairment, loss contingencies, and estimates.

After analyzing, the accountant must consider whether an Emphasis-of-Matter Paragraph and Other-Matter Paragraph in the accountants' report may be required. Financial preparers must be aware of the numerous matters that they must address in light of the coronavirus.

Listen as our panel of reporting experts explains new considerations after COVID-19, including disclosures for going concern, subsequent event, risk and uncertainties, loss contingencies, and how the level of financial statement issued impacts these determinations.

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Outline

  1. Financial statement disclosures
    1. Subsequent even
    2. Going concern
    3. Loss contingencies
    4. Risks and uncertainties
  2. Auditor and accountants' reporting matters
    1. Accountants' report
    2. Compiled, reviewed, and audited report differences

Benefits

The panel will review these and other critical issues:

  • When a subsequent event disclosure is required under ASC 855
  • When the accountants' report may need an additional paragraph
  • What risk and uncertainties should be reported under ASC 275
  • How going concern disclosures are determined and made

Faculty

Henry, Allison
Allison M. Henry, CPA, CGMA

Vice President - Professional & Technical Standards
Pennsylvania Institute of CPAs

Ms. Henry manages PICPA's peer review and ethics programs and by monitoring the global accounting trends within the...  |  Read More

Singer, Grace
Grace Singer, CPA

Partner
Berdon

Ms. Singer is the Partner-in-Charge of the firm’s Quality Control with more than 30 years of experience in public...  |  Read More

Victor, George
George I. Victor, CPA, CGMA

Shareholder
Giambalvo Stalzer & Company

Mr. Victor has extensive experience in providing accounting and advisory services to both privately held and SEC...  |  Read More

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