Accounting in the Wake of COVID-19

The COVID-19 pandemic has altered corporate and public accounting in ways we could never have imagined. This broad-based course will discuss accounting and auditing implications that have arisen as a result of the pandemic.

This course, "Accounting in the Wake of COVID-19," provides essential insights into the lasting impacts and necessary adaptations across diverse accounting functions.

Explore key areas including:

• Elevated risk assessment in a changed environment, leveraging tools like the fraud triangle and focusing on areas of influence.
• Accounting and disclosure requirements for government assistance, such as PPP loans, and related single audit considerations, reflecting evolved guidance.
• Implications of recent FASB pronouncements impacting effective dates and financial reporting areas like revenue recognition and leases.
• Adapting auditing procedures, including inventory observation and analytical procedures, in a post-pandemic context, referencing key SAS updates (142, 143, 145, 146) and the focus on outcomes, skepticism, and scalability.
• Evaluating liquidity, debt covenants, and going concern in light of new pressures and economic volatility, utilizing relevant financial models.
• Utilizing managerial accounting tools like CVP analysis and break-even point analysis for decision support in changing cost and volume environments.
• Navigating critical practice and workforce management challenges, including insights on remote work implications, client portfolio assessment, and the importance of robust documentation.
• Understanding the continued importance of financial statement disclosures and subsequent events in reflecting the current business reality.

Gain practical knowledge to understand how accounting practices have evolved, effectively manage risks, apply updated guidance, utilize analytical tools, and position your practice for resilience and success in the wake of COVID-19.