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Impact of Coronavirus on US GAAP Financial Statements (Virtual Classroom)

Course summary
16 hours
1,850 GBP
Part time
Online courses
Next available date: 10/05/2021 - Online courses
Professional Training

Course description

Impact of Coronavirus on US GAAP Financial Statements (Virtual Classroom)

This virtual training is being delivered live and online over 4 individual sessions. The sessions will run each day from 13:00 – 17:00 London (UK).

The spread of coronavirus continues to affect lives and economies across the world. Many national governments have introduced a range of different measures to control the virus and to mitigate its effects on individuals and corporations. Lockdowns, supported by travel bans and quarantine restrictions, have resulted in disruption and lost revenue which threaten the survival of operators in different sectors. Governments have responded by establishing and promoting temporary schemes including employment protection subsidies, loan guarantees, deferral of payments of costs such as taxes and rents, as well as cash grants, with the objective of preserving capacity to accelerate recovery.

All interim and annual US GAAP financial statements ending in 2020 are affected by the consequences of the pandemic. How exactly an entity is affected depends on a combination of factors including industry sector, location and financial strength. But all preparers must exercise new judgements and estimates, draft relevant disclosures and apply US GAAP in these changed circumstances.

This two-day course reviews in detail approaches to accounting for, and disclosing the effects of, coronavirus in interim and annual financial statements. It includes reminders of those accounting standards most affected, illustrative financial statements, examples and interactive participation from delegates.

This program answers questions such as:

  1. How to determine whether to apply the going concern basis?
  2. How to account for government emergency support schemes?
  3. Which disclosures concerning coronavirus are appropriate?

Suitability - Who should attend?

This training course is especially suitable for:

  • Accountants in finance and reporting teams that prepare US GAAP financial statements
  • External and internal auditors
  • Financial and credit analysts who review financial statements

Outcome / Qualification etc.

After attending this course you will be able to:

  • Identify which specific standards require consideration by your organisation for the impact of coronavirus when preparing US GAAP financial statements for 2020
  • Set out the process for establishing whether the going concern basis of accounting is appropriate and draft relevant disclosures for material uncertainties identified
  • Specify the accounting and disclosure requirements for coronavirus support schemes
  • Apply the requirements for testing financial and other assets for impairment
  • Apply GAAP to provisioning for closure and reorganisation costs, onerous contracts and possible insurance recoveries

This course is worth 16 CPD hours.

Training Course Content

This course is designed to cover the following key topics:

  • Presentation of Financial Statements
    • Going concern status and treatment of substantial doubt (ASC 205-40)
    • Subsequent events (ASC 855)
    • Disclosure of risks and uncertainties (ASC 275)
    • Interim reporting (ASC 270)
    • Fair value measurement (ASC 820)
  • Impairment of Assets
    • Goodwill and intangibles (ASC 350), long-lived assets (ASC 360)
    • Investments – equity method and joint ventures (ASC 323)
    • Inventories (ASC 330)
  • Liabilities
    • Leases (ASC 842) – including rent concessions
    • Employee benefits (ASC 715) – employment support, termination benefits
    • Exit or disposal obligations (ASC 420), loss contingencies (ASC 450), insurance recoveries (ASC 450-30)
  • Financial Instruments
    • Financial assets - classification, expected credit losses (ASC 326)
    • Financial liabilities - debt modifications and loan covenants (ASC 470)
    • Hedge accounting (ASC 815)
  • Government Support
    • Government grants and assistance
    • Income taxes (ASC 740)
  • Revenue
    • Revenue from Contracts with Customers (ASC 606) – variable consideration, contract modifications


The cost of this training course is £1,850. 

In-House Training

In addition to the scheduled dates and locations, IASeminars can also run this course as in-house training, to meet the specific requirements of your team. Contact them here to request a customised training solution for your team.

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IASeminars Offer Client Focus Training Solutions 

Whatever your requirements are for training in international accounting, you can be assured that IASeminars are ready to deliver. Offering topics such as IFRS, US GAAP, IPSAS, Management Accounting and Banking Regulation we are passionate about helping you progress your...

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15 Westferry Circus
Canary Wharf
E14 4HD London

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