Thriving in a Period of Disruption - The Impact of COVID 19 on Accounting and Auditing Webcast

Sep 24
8:00 - 11:30 a.m.

Online

4-A&A
CPE Credits

Navigate financial statement presentation and reporting issues resulting from the pandemic. Stay in compliance with U.S. GAAP and AICPA requirements and avoid peer review findings. Discuss the key standards and considerations related to preparing and reviewing financial statements and disclosures in the age of COVID-19. Look at how the work of CPAs will change during and after the pandemic.
Highlights
* Highlight financial statement presentation and reporting challenges created by COVID-19, including accounting for discontinued operations and insurance proceeds, accounting for business interruption claims and other contingencies, the impact of changes to the business operations on the footnote disclosures, new and challenging risks and uncertainties, material subsequent events including the declaration of the state of emergency, receipt of PPP loan proceeds, refinancing, and challenges to the going concern assumption inherent in the financial presentation * Get an in-depth look at the related U.S. GAAP requirements, including guidance related to evaluating contingencies, disclosing key risks and uncertainties, analyzing subsequent events, and assessing going concern * Discuss key financial reporting and audit considerations, including evaluating the impact of subsequent events and going concern on financial reporting and disclosure and the auditors’ reports * COVID-19 impact on businesses, financial statements, and audit engagements * Financial statement implications, including revenue recognition challenges, lease accounting and modification, debt and related issues, CECL for nonfinancial service companies, and equity investments * Evaluating going-concern analysis, liquidation of basis accounting, and subsequent events * FASB activities related to COVID- 19, such as concessions for lease modifications and changes to the effective date of the revenue recognition standard * How to account for CARES Act funding * Valuation of assets, inventory valuation, accounts receivable and collectability, ASC 606, change in accounting estimates, and debt covenant violations

Registration

PICPA Member: $139
Nonmember: $189

More Information

Course No. 784802

Level: Update

Prerequisites: None

Notes
This is a four-credit seminar.

Speaker(s)

Allison Henry

Vice President - Professional & Technical Standard

Pennsylvania Institute of CPAs

Allison M. Henry, CPA
Vice President, Professional & Technical Standards
PICPA

Allison is presently the Vice President - Professional & Technical Standards for Pennsylvania Institute of CPA’s (PICPA) where she is responsible for overseeing the administration of the AICPA’s Peer Review Program in Pennsylvania, Delaware, and the Virgin Islands. She also administers PICPA’s Joint Ethics Enforcement Program with the AICPA, and serves as the technical staff liaison to seven state-wide committees and two newly-created task forces; specifically, the Peer Review, Professional Ethics, Accounting and Auditing Procedures, Forensic and Litigation Services, Business Valuation, Not-for-Profit and Employee Benefit Plan Committees and the Healthcare Reform and Marcellus Shale Task Forces. In addition, she fields technical inquiries, writes columns for the CPA Journal and Pursuit publications, provides technical updates at PICPA chapter events, and assists in writing responses to technical exposure drafts.

Allison has been in the profession for about twenty years, including twelve years in public accounting and over eight years with PICPA. Her public accounting experience consists of several years as senior manager with a regional accounting firm and nine years at Deloitte & Touche, LLP, where she worked in their assurance and advisory services group. Her diverse client service experience includes many not-for-profit, healthcare, and world relief organizations, as well as small and large manufacturing, distribution, and other service-oriented entities. She has also served as the designated employee benefits specialist. Prior to her experience with Deloitte, she spent four years in internal accounting positions including the Department of Defense, while her husband was serving on active duty with the U.S. Army.

Allison is a graduate of Washington University in St. Louis and holds an accounting equivalency from the University of Arkansas in Little Rock. She is a member of the Pennsylvania Institute of Certified Public Accountants and the American Institute of Certified Public Accountants. She is also a member of Washington Crossing United Methodist Church, where she serves on the financial accountability team, and volunteers for the children’s ministry. She is a native of St. Louis, Mo. and is an avid runner.

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