Surgent's Going Concern Considerations in the COVID-19 Environment

Overview

Of all the financial reporting impacts related to COVID-19, financial statement disclosure and accountants’ reporting when substantial doubt about an entity’s ability to continue as a going concern is likely to continue for several reporting cycles. In this course, we’ll review the accounting disclosure guidance related to going concern considerations found in ASC 205-40, and provide actual client examples when substantial doubt exists and it has and has not been alleviated by management’s plans.

Further, the course will cover auditors’ responsibilities related to going concern as well as those of the accountant in SSARS engagements. The course will cover standard audit procedures, which an accountant would likely perform regarding management’s mitigation plans, as well as review when and how an accountant in a review engagement would assess management’s plans to alleviate the going concern risk.

Highlights

• FASB guidance in ASC 205-40 regarding required disclosures when substantial doubt about an entity’s ability to continue as a going concern exists
• Sample disclosures under ASC 205-40
• Accountant’s reporting considerations when substantial doubt exists

Prerequisites

Experience in accounting and attestation

Designed For

Accounting and auditing practitioners at all levels desiring to remain up to date on recent pronouncements and other standard setters’ activities

Objectives

• Recall accounting and reporting issues related to going concern considerations and the COVID-19 pandemic
• Apply FASB and AICPA guidance to client situations

Preparation

None

Notice

This on-demand webcast can be taken at any time of your choosing and is valid for one year from the date of purchase. No live instructor is present, and an exam is required to earn credit. You must score 70% or higher to earn the certificate.

How do I access my Self-Study Package?

Visit https://www.surgentcpe.com/login and enter your username (your LCPA email address) and password. If you do not remember your password, press the "Forgot?" button to receive a password reset email. Once logged in, the page will refresh to display your account menu on the left side.