Accounting and Financial Reporting in Today’s Economy- 06/14/22 (2PM ET) (Currently Unavailable)

Major economic and financial markets, and virtually all industries and governments are facing challenges associated with the economic conditions resulting from efforts to address it. The accounting industry has faced ongoing challenges brought about by attempting to implement new standards, remote work, emerging technologies and increased cyber risk. In addition, the recent economic and geopolitical turmoil has created unique accounting issues.

Companies have had to continue to report on their operations, financial condition, and cash flows during this crisis, and those reports will have to be audited. There are numerous considerations management and auditors will need to take when preparing and auditing financial statements. There have been many interrelated financial reporting impacts on economic activity.

Entities must carefully consider their unique circumstances and risk exposures when analyzing how recent events may affect their financial reporting. Financial reporting and related financial statement disclosures may need to convey all material current. Management must also understand the risks entities face and how they are affected by them.

The purpose of this session is to provide an up-to-date highlight of some of the most common matters for consideration, and to provide practical guidance for auditors and preparers. We will focus on cases where substantial judgment and professional skepticism are necessary to assess the facts and ensure that the operative standards are applied. We will also discuss key considerations and issues for accounting and financial reporting related to the impact of various economic stimulus acts. The bullet points outlined in the learning objectives are intended to provide an overview of areas that will be examined.

Who Should Attend
CFO’s, CEO’s, Board Members, Managers, Supervisors, and any individual seeking to be a leader.

Topics Covered

• Impacted Accounting Topics
• Internal Control Considerations
• Disclosures
• Risk Factors and MD&A
• Economic stimulus factors

Learning Objectives

• Identify specific accounting and concern areas that may be impacted by conditions of the pandemic
• Identify emerging topic matters for accounting and financial reporting
• Recognize how to examine the impact of preparation of current and forward-looking financial statements
• Recognize how to evaluate the need for proper financial statement disclosures
• Describe the impact of Economic and Geopolitical issues on accounting
• Identify emerging trends in information technology and how this impacts financial reporting

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (1 hour)

Program Prerequisites
None

Advance Preparation
None