Compilation, Preparation, and COVID-19 (Completed)

Date: Thursday, January 21, 2021
Instructor: Pat Patterson
Begin Time:  9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time
CPE Credit:  2 hours for CPAs

This course explains the varied and unusual details of Generally Accepted Accounting Principles (GAAP) and Special Purpose Financial Standards that impact the accounting, compilation, and preparation principles for privately held entities during the Corona Virus Global Pandemic (COVID-19). SSARS 25 is discussed for application to preparation and compilation engagements.

Who Should Attend
The course is designed for CPAs in public practice, professionals in business, industry, and other accounting professionals working in the accounting and financial statement preparation areas under the COVID-19 threats. In addition, the AICPA’s Code of Professional Conduct (as revised) is also important to understand as it relates to independence, documentation, and form and content of financial statements, if any.

Topics Covered

  • Required disclosures in a period of uncertainty including omission of all disclosures.
  • Related party issues in small closely held entities.
  • How the differences involving going concern issues impact the engagement.
  • What level of service is required and when?
  • Revenue Recognition, Leases, Ethics, and Financial Instruments during a pandemic.

Learning Objectives

  • Identify the types of accounting standards in preparation and compilation engagements that are available to a privately held entity in the time of a global pandemic
  • Discuss the mechanics of providing financial statements to an entity depending on the type of entity and the level of attention needed
  • Recognize the procedures that accountants may use concerning revenue, estimates, concentrations, and subsequent events for the entity
  • Identify when an owner may be affected by the professional accounting implications
  • Identify and explain the vulnerabilities of a private entity

Level
Intermediate

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
The participants should be familiar with the basics of accounting and Compilation Standards using GAAP, Other Special Purpose Financial Standards, and Ethics.

Advance Preparation
None

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