PPP Loans and Forgiveness - Accounting and Financial Reporting Issues

Course Description:
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). Topics include: Understanding the basic rules for PPP loans; a review of how PPP loans should be accounted for under GAAP; accounting for the treatment of PPP loans as debt; how to account for debt issuance costs; accounting for forgiveness of debt; presentation of eligible expenses; presentation of PPP loan transactions on the statement of cash flows; disclosures required for PPP loans; accounting for advances received under the Economic Injury Disaster Loan (EIDL); accounting for PPP loans as grants; CPA independence issues when there is involvement in PPP loan transactions; accountant and auditor reporting issues and use of an emphasis-of-matter paragraph in reports; and more.
Learning Objectives:
Upon successful completion of this course, participants will be able to:

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 Number:	SF2009
NASBA Field of Study:	Accounting
Level:	Overview
Author/Instructor:	Steven C. Fustolo
Publication Date:	March 2024
CPE Credits:	2
Program Prerequisites:	General understanding of accounting, financial reporting, auditing and compilation and review standards
Advanced Preparation:	None

Course Format: Online
Test Format: Online
CPE Credit: 2
Level: Overview
NASBA Field of Study: Accounting
Instructional Method: Self Study
Program Prerequisites: General understanding of accounting, financial reporting, auditing and compilation and review standards
Advanced Preparation: None

Average rating : No Rating

Write a review [Rating Stars (5=Best)]

Rating *

Location

Subject

Name *

Email *

Details *

Self Study