Accounting & Auditing Standards Event Covers COVID-19 Considerations
Published on by Kat Jenkins in Assurance, COVID-19
Hundreds of financial professionals joined Barnes Dennig’s annual Accounting and Auditing Standards event on September 16 to gain insight into accounting considerations for the COVID-19 recovery economy. In a 90-minute session jam-packed with information, insight, and real-world examples, accounting industry thought leaders Tom Groskopf and Matt Rosen led attendees on a deep-dive through multiple topics, including:
- Accounting alternatives for Payroll Protection Program (PPP) loans
- How different accounting models apply to PPP loan forgiveness
- Financial reporting implications of COVID-19
- Implications of impairment testing
With in-depth knowledge and a clear passion for the subject, the two led an engaging and informative session that provided critical information for multiple types and sizes of businesses and not-for-profits.
Adapting on the Fly
Using a series of interactive poll questions that also enabled continuing professional education (CPE) credits for participants, the presenters adjusted on the fly to accommodate audience priorities, answer questions, and offer resources to help participants successfully navigate the way ahead.
The two also shared a few interesting PPP loan statistics, including one garnered live from polling data.
- More than 5 million PPP loans have been issued
- Average PPP loan size is just over the $100K mark, at $104K
- 90% of session attendees say they expect their PPP loans will be fully forgiven
In-Depth Insight Inspires Questions
In addition to PPP loan accounting implications and considerations, Groskopf and Rosen covered Accounting Standards Updates (ASU) on leases and revenue recognition, including wide-ranging potential impacts of factors such as customer credit risk, contract costs, and disclosures., as well as the end of the London Interbank Offered Rate (LIBOR) and the economic and accounting implications.
As often happens in events with great information and insight, attendee questions were flying throughout– so many, in fact, that some had to be answered offline following the event. (Within minutes of the session wrap-up, they had already requested the list of questions they weren’t able to address, along with contact information for those who asked the questions.)
View the Event and Download the Slides
Barnes Dennig’s September Accounting and Audit Update is one of our most highly anticipated events of the year, and today’s session clearly illustrates why. In our current virtual world, you can still experience it with the webinar recording; you can also download the slides. (A password is required for both – request the password now.)
We’re Here to Help
Whether you have questions about standards implementation, need an accounting consultation, or are ready to dig into PPP loan forgiveness issues, the professionals at Barnes Dennig are here to help. Contact us for a conversation or take our PPP loan forgiveness quick test – we’re here to help.
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