PPP Loans and Forgiveness Accounting and Financial Reporting Issues
Author: Steven C. Fustolo, CPA
Electronic version only
The objective of this course is to inform the reader of the accounting and financial reporting issues related to the receipt and forgiveness of loans received under the Paycheck Protection Program (PPP) Including first- and second-draw loans.
With this 2-hour course you will:
- Get a 92-page PDF manual
- Identify some of the eligible expenses related to use of PPP loan proceeds
- Recognize approaches to account for PPP loans under GAAP
- Recall how to present debt issuance costs on the financial statements
- Recognize how to account for PPP loan forgiveness
- Recognize how to present a gain on extinguishment on the statement of cash flows
- Identify how to treat the forgiveness of a PPP loan for tax purposes
- Recognize how the IAS 20 grant approach is used to account for its PPP loan
- Recognize actions that impact a CPA’s independence in a PPP loan assistance engagement
- Recall some of the rules pertaining to a CPA receiving an agent fee from a PPP loan lender, and
- Identify whether an emphasis-of-matter paragraph may be used in an accountant’s report when there is a forgiveness of a PPP loan
Course level: Overview
General understanding of accounting, financial reporting, auditing, and compilation and review standards is required.
Want to order by phone? Call us at: (714) 776-7850
Spidell Publishing, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State Boards of Accountancy have the final authority on the acceptance of individual course for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. This self-study is designed to meet the requirements for 2 hours of continuing education for the California Board of Accountancy. Level: Overview. Field of Study: Auditing. Delivery Method: Self-Study. For more information regarding administrative policies, such as complaints or refunds, contact Spidell Publishing at (714) 776-7850. Prerequisite: General understanding of accounting, financial reporting, auditing, and compilation and review standards is required.