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Accounting and Financial Reporting in a Post-COVID Economy: Inflation, Interest Rates, and Recession #313626

Course Overview

Credit

Amount

CPA

Course Author: Steven C. Fustolo, CPA Field of Study (CPA): Accounting, Auditing

Course Description

Course publication/revision date: This course was updated on 4/13/2026.

The objective of this course is to address the accounting and financial reporting for the current post-COVID economic climate including the effects of inflation, supply-chain shortages, rising interest rates, and other events affecting company financial statements for 2025 and 2026.

Topics include: Disclosures of risks and uncertainties related to supply-chain concentrations; going-concern reporting and disclosure issues; impairment issues related to goodwill and real estate; accounting for variable consideration revenue and onerous contracts; dealing with inventory costs and stock market and bond investment losses; collectability of trade receivables; exit and termination benefit obligations; contingencies, use of LIFO in an inflationary environment; and accounting and auditing engagement matters. The course also discusses the accounting for selected tax changes affecting 2025 and 2026 financial statements.

Table of Contents

Introduction8

Accounting and Auditing Issues Related to the Post-COVID Economy9

Disclosure of Risks and Uncertainties- Supply-Chain Concentrations9

REVIEW QUESTIONS18

SUGGESTED SOLUTIONS121

Index122

Glossary123

Course Details

Author: Steven C. Fustolo, CPA

Mr. Fustolo is a partner with the Boston CPA firm of James J. Fox & Company and Director of the National Tax Institute, Inc. He is a frequent lecturer and author of numerous tax and accounting issues affecting closely held businesses. An AICPA author, Mr. Fustolo’s articles are regularly featured in The Practical Accountant and other publications. He is the author of Practice Issues: Compilation and Review, Accounting and Auditing Reference Guide, Everything You Never Wanted to Know About GAAP, Enron: Fraud, Deception and the Aftermath, FASB Review for Industry, and FASB, SSARS and SAS Update and Review and numerous other books and manuals that have been published by Practitioners Publishing Company (PPC) and Commerce Clearing House (CCH). He is the recipient of several Outstanding Discussion Leader awards from many professional organizations including the New York and Florida Societies of CPAs. Mr. Fustolo’s course entitled FASB, SSARS and SAS Update and Review continues to receive accolades and is regarded as one of the top live CPE programs in the country today with ratings that average 4.91 on a scale of 5.0. He speaks regularly for professional groups including being a guest lecturer at the AICPA Advanced Accounting and Auditing Technical Symposium. Mr. Fustolo is the recipient of the Elijah Watts Sells Award (AICPA) and Silver Medal (Massachusetts) for scores received on the CPA Examination.

Publication/Revision Date: 4/13/2026

Course Exam Questions (online): 20 (multiple-choice)

Program Delivery Method: NASBA QAS Self-Study

Available Formats of Course Text: Downloadable PDF, Printed/Mailed

Course Level, Prerequisites, and Advance Preparation Requirements

License	Course Level	Prerequisites	Advance Preparation Requirements
CPA	Overview	None	None

* This program is appropriate for professionals at all organizational levels.

Sponsor ID Numbers

National Registry of CPE Sponsors I.D.: 107615

State CPA Board Sponsor ID Numbers (where applicable)

Florida Division of Certified Public Accounting: 0004761

Hawaii Board of Public Accountancy: 14003

New York State Board for Public Accountancy: 002146

Ohio Accountancy Board: CPE .51 PSR

Pennsylvania State Board of Accountancy: PX178025

Texas State Board of Public Accountancy: 009349

Learning Objectives

As a result of studying the course material, you should be able to meet the objectives listed below:

Recognize some types of concentrations that might require disclosure under the risk and uncertainty rules
Identify the definition of near term
Recall the frequency in which an entity should test goodwill for impairment
Recognize some exit and disposal costs
Recall how to classify business interruption insurance proceeds on the financial statements
Recognize the relationship of a change in interest rates on real estate values
Identify the benchmark used to determine going concern
Recognize how to report on going concern in an audit
Identify a method that can be used to measure variable consideration revenue
Recognize an example of a construction-type contract
Identify an advantage of remote auditing
Identify whether the LIFO IPIC approach is acceptable for GAAP
Recall the net operating loss rules

Online Book, Online Exam

$45.00

Hardcopy Book, Online Exam

$57.00

Course Option

Clear

Long-Lived Tangible Assets- Real Estate and Equipment Impairment	21
Goodwill impairment issues	33
Ordering of Impairment Tests	39

Debt Securities- Unrealized Losses and Gains	40
Equity Securities- Unrealized Gains in 2025	45
Disclosure of Stock and Debt Investment Losses After Year End in 2026	47

GAAP's Lower of Cost and Net Realizable Value for FIFO and Average Cost Inventories	53
Impact of Capacity on GAAP Inventory Valuations	57

GAAP Requirements- Going Concern	68
Auditing and Review Engagement Requirements- Going Concern	69