please reply of at least 140 words by 11:59 p.m. (ET) on Sunday of the assigned Module: Week. For each thread, in addition to the course textbooks, students must support their assertions with at least 2 scholarly citations in APA format. Each reply, in addition to the course textbooks, must incorporate at least 1 scholarly citation in APA format. Any sources cited must have been published within the last five years.
- and if they want to report an event that falls below this threshold. In the event of the coronavirus, many businesses were not prepared for what happened. Governments issued grants and monies to help companies remain open during this unexpected event. PPP funds were given based on companies’ payroll and utilities to help them remain open and keep people employed. Loan forgiveness was issued to some companies. Reporting these funds on an organizations financial statements were a must. Some companies didn’t receive forgiveness until the next year therefore the loan was outstanding on their balance sheet. These funds allowed companies to remain open and in business rather than shutting down forever.
- Explain the accounting and auditing issues related to the coronavirus event with respect to accurately determining reportable amounts and disclosures of events. Many companies faced decisions they were not prepared to make during the coronavirus pandemic. Companies had to decide whether to remain open, close temporarily, or close permanently. There were also large hits to their financial assets as well. These assets are sometimes subject to impairment and due to the Covid-19 outbreak some saw huge drops in investments or other assets. Recognition of impairments depends on the type of investment. Investments that should be considered for impairment are investments measured at fair value, temporary investments, and portfolio investments (Mitevska et al., 2021). Loan receivables and tax claims are other areas that had to be considered during this pandemic. Reevaluation of fees and the collectability of loans or taxes had to be determined and decided when to write off or adjust for impairment.
- Which group(s) represent the public interest with respect to accounting for the events surrounding the coronavirus and what are their interests? Public sector entities are companies that are affected by the public. The spread of this virus affected the public sector in many ways such as reduced consumer demand for goods and services as a result of loss revenue and restrictions on consumers ability to move freely, decreased ability to provide goods and services due to government imposed movement restrictions, difficulties in raising funds from clients, taxpayers, and other contracting parties facing financial difficulties, formation of market prices for goods and financial assets including equity and debt instruments, increase of security grants from the government, uncertainty of future income, reduced donations, and many more (Mitevska et al., 2021). Many of these organizations had to determine if their business would remain intact or if it would close. Business continuity was in the forefront of business owner’s minds and whether they could remain fully functional during the pandemic. The pandemic is a circumstance that has caused many changes and fast shift of economic changes, that the entities are forced to make a more robust assessment of business continuity (Mitevska et al., 2021).
- Based on what you know to date, evaluate whether the crisis has been handled properly by the various stakeholders. Use ethical reasoning to support your view. Many would say the crisis was handled terribly. Many would say the governments should have seen this coming and been ready. Many would say the leaders didn’t see the effects of this pandemic or how bad it really was. I am not a leader of this country, nor would I want to be. Tornadoes are unpredictable. Tsunamis are unpredictable. We can’t control Mother Nature just like we can’t control the widespread of the coronavirus. The public were the ones in control of this pandemic. If people would have abided by the regulations set forth by the CDC, the virus may not have spread as quickly as it did. Many people considered this a political ploy rather than a medical issue. Politics were the main reason many refused to follow the rules. Care and concern for others were not a factor in the people’s decisions. We are now two years post pandemic, and the cases are beginning to decline. However, this does not mean we are in the clear. As we have seen many variants of this virus crop up often. While we can go back to some normalcy, we need to beware that this could rage again at any point in time. It is the responsibility of the people to ensure this doesn’t happen to the extent it did before.
Leviticus 19:18 says, “You shall not take a vengeance or bear a grudge against the sons of your own people, but you shall love your neighbor as yourself; I am the Lord.” Luke 6:31 states, “And as you wish that others would do to you, do so to them.” These verses are telling us to treat one another the way you would want to be treated and show compassion in your decisions. Without compassion in your heart, you are not doing the Lord’s work. Be considerate of others and their needs as well as your own.