CPE Credit Hours: 2
Field of Study: Accounting
Publication date: November 2022
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.
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.
This is a self-study CPE course.
Program level: Overview
Prerequisites: General understanding of accounting, financial reporting, auditing, and compilation and review standards
Advanced Preparation: None Required
Minimum Final Examination Passing Grade: 70%
Maximum Time Allowed To Complete Program: One Year From Date Of Purchase
