Dec 22, 2020

PICPA Resources on Coronavirus, Avenue M Survey Revisited

Christina SnyderBy Christy Snyder, PICPA learning content administrator

The PICPA partnered with Avenue M back in June to survey our members to see how COVID-19 was affecting accounting firms and other companies statewide and nationally. You can view the Pennsylvania-specific results and the national results. With the pandemic still in full swing, we conducted a second survey with Avenue M in the fall and found that members are craving current information on taxes, stimulus benefits, and PPP legislation. Well, the PICPA has you covered with a full slate of resources that address these issues and more to help you through the pandemic.

The most popular responses related to coronavirus resources included updates on accounting and financial considerations related to COVID-19, guidance for advising clients on small business loans or other federal relief programs, and guidance for managing a remote workforce long term. Members would also like to receive complimentary access to on-demand webinars on current topics, complimentary access to live webinars on current topics with Q&A, and guidance on compliance with new government relief programs.

Blogs and Podcasts Related to COVID-19

Virus molecules overlaying business graphsSince the start of the pandemic in March, the PICPA has worked tirelessly to provide up-to-date content on the pandemic with tips on how to keep your business and firm on top. Here are some blogs and podcasts that are focused on just that:

And this is just a sample! In CPA Now blogs alone, we published more than 50 posts covering issues affected by the pandemic.

Paycheck Protection Program

The PICPA has many offerings to assist your firm with navigating the Paycheck Protection Program (PPP) and loan forgiveness. Brian Kassalen offers a fantastic video on the Paycheck Protection Program and Loan Forgiveness. Also featured on CPA Now is PPP Loan Accounting Guidance from the AICPA, authored by Nicole K. Cradic. PICPA’s Allison Henry also breaks down PPP issues in Accounting for PPP Loans: AICPA Q&A Provides Flexibility. Wondering about paying back your small business’s PPP loan? Glenn Sandler discusses this and more on CPA Conversations, PPP Loan Repayment: Good Things Come to Those Who Wait?

The PICPA will be offering its second PPP Town Hall featuring the AICPA on Jan. 13, 2021, at 8:00 a.m. Register now for this program, which is free for PICPA members.

Updates on COVID-19 Accounting and Financial Considerations

According to survey respondents, CPA firms want updates on accounting and financial considerations related to COVID-19. PICPA has multiple offerings to assist with this. PICPA’s Allison Henry has released a vlog and webinar, COVID-19: Complex Financial Statement Reporting and Auditing Issues as well as FASB Updates and AICPA Guidance in Response to COVID-19, along with many webcasts and webinars, including Audits, Financial Statements, and Ethics in Uncertain Times. Michael McAllister and Barry Pelagatti joined us on CPA Conversations to discuss COVID-19’s effect on risk factors brought on by the pandemic, complications of the necessary rush to digitize business operations, and more, Internal Controls and Auditing Considerations in the New Normal.

Thought Leader Town Halls

Despite not being able to meet in person, the PICPA adapted to host virtual monthly town halls featuring top thought leaders from the profession and business community. All can be freely viewed, and one of them is among our complimentary On-Demand CPE offerings for CPE credit.

Our Town Halls have been presented monthly since September, and the first featured Barry Melancon, AICPA’s CEO, who delivered a presentation called Delivering Confidence in Historic Times. This program is also included in our On Demand complimentary CPE offerings for CPE credit. The October Town Hall was on Diversity, Equity, Inclusion, and Belonging, and was presented by David Kessler and Risa Levine. November’s Town Hall was an Economic Update presented by Patrick Harker and Ryo Tishiro of the Federal Reserve Bank of Philadelphia. December’s Town Hall featured Gene Marks, who delivered a presentation called Beyond the Pandemic and After the Elections.

On-Demand CPE

The PICPA has multiple On-Demand CPE offerings that exist because of changes brought on by COVID-19. PICPA’s Allison Henry presented a series of four webinars covering these issues. The first is on Revenue Recognition Implications, which covers key standards and considerations related to remote audits, preparing and reviewing financial statements and disclosures, conducting preparations, compilations and reviews, and the impact on ASC 606, Revenue from Contracts with Customers. The second offering is on COVID-19’s Impact on SSARS and Other Attest Engagements, which is an early look at how the work of CPAs will change during and after the coronavirus outbreak. The third webinar is COVID-19: Financial Statement & Disclosure, which will assist you in recognizing factors where there can be financial statement implications, including inventory valuation, accounts receivable and collectability, and more. The fourth and final On-Demand CPE offering in the series is on COVID-19’s Impact on the Audit, which addresses how to identify fraud risks and new risk areas during times of crisis, among other analytical review processes.

Other Tips

If you’d like to make a job switch during the pandemic, we have advice for you on that as well. Jason Fleischer wrote a blog, Navigating Career Changes During COVID-19 and Beyond. As working from home continues, Erin Daiber guides us through best practices of remote working in her blog, Challenges of Leading a Remote Team and Building Engagement. And finally, if you are serving as a leader during this time and feeling unsure about how to best proceed, Maria Church has some wonderful guidance on how to lead through vulnerability in her blog, Leadership Tips: Five Steps to Deal with Uncertainty.

We are continuously updating the content posted on our coronavirus resources page. We have conducted Q&A webinars with the Pennsylvania Department of Revenue and Department of Labor, both of which have been recorded and are available for both members and nonmembers. The PICPA will continue to gather feedback from our members and produce programming and services to help address the needs of our membership.

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Statements of fact and opinion are the authors’ responsibility alone and do not imply an opinion on the part of PICPA officers or members. The information contained in herein does not constitute accounting, legal, or professional advice. For professional advice, please engage or consult a qualified professional.
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