2026 FASB Review for Industry (Course Id 2923)

New / QAS / Registry

Author :	Steven C Fustolo, CPA, MBA
Course Length :	Pages: 339 \|\|\| Word Count: 94,485 \|\|\| Review Questions: 123 \|\|\| Final Exam Questions: 80
CPE Credits :	16.0
IRS Credits :	0
Price :	$125.95
Passing Score :	70%
Course Type:	NASBA QAS - Text - NASBA Registry
Technical Designation:	Technical
Primary Subject-Field Of Study:	Accounting - Accounting for Course Id 2923

2026 FASB Review for Industry - CPE course for CPAs

Frequently Asked Questions :	Who is this course for? This course is designed for CPAs, accountants, and other professionals seeking Continuing Professional Education (CPE) who have a basic understanding of U.S. GAAP and want an overview of the latest FASB accounting and financial reporting developments. What is this course about or what problem does this course solve? This course reviews the latest FASB Accounting Standards Updates (ASUs), recent GAAP developments, accounting and financial reporting changes, post-implementation lease issues, credit loss guidance, and selected income tax accounting topics, helping professionals stay current with evolving accounting standards and reporting requirements. Where can the knowledge from this course be used? The knowledge gained from this course can be applied in preparing, reviewing, and analyzing GAAP-compliant financial statements, implementing new FASB standards, evaluating accounting treatments, and addressing financial reporting issues across industry organizations. Why is this course important to a CPA or Accountant? This course helps CPAs and accountants maintain current knowledge of significant FASB standards, accounting updates, financial reporting requirements, lease accounting guidance, credit loss rules, and GAAP income tax issues so they can apply current accounting guidance accurately in professional practice. When is this course relevant or timely? This course is especially relevant for the 2026 reporting period because it covers newly issued Accounting Standards Updates (ASUs), current FASB developments, recent implementation guidance, and emerging accounting and financial reporting issues affecting organizations during 2025 and 2026. How is a course like this consumed or used? This self-study text course is completed independently by reading the course material, reviewing the instructional content, and successfully passing the final examination with a minimum score of 70% within one year of purchase to earn CPE credit.
Description :	The objective of this course is to inform the reader of the various changes affecting accounting and financial reporting, as well as a review and recall of existing accounting standards. Topics include a summary of newly issued FASB statements, the new standard on the allowance for credit losses, post-implementation issues involving the new lease standard, discussion of accounting and financial reporting issues including impact of high inflation and interest rates, GAAP issues related to income taxes, newly issued accounting standards updates (ASUs), and more.
Usage Rank :	20031
Release :	2026
Version :	1.0
Prerequisites :	Basic understanding of U.S. GAAP.
Experience Level :	Overview
Additional Contents :	Complete, no additional material needed.
Additional Links :	Internal: Practice Issues: Compilation and Review Update Including SSARS Nos. 21‑26 course detail Internal: SSARS No. 25: Materiality in a Review of Financial Statements and Adverse Conclusions course detail External: Wikipedia article on Statements on Auditing Standards (United States) External: Financial Accounting Standards Board
Advance Preparation :	None.
Delivery Method :	QAS Self Study
Intended Participants :	Anyone needing Continuing Professional Education (CPE).
Revision Date :	06-Aug-2026
NASBA Course Declaration :	Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :	NASBA QAS - Text - NASBA Registry - 2923
Keywords :	2026 FASB Review for Industry - CPE course for CPAs
Learning Objectives :	Chapter 1 - Selected Accounting Standards Updates (ASUs) - 2026 After reading the Chapter 1 material, you will be able to: Recognize examples of internal-use software Identify criteria to begin and end capitalization of internal-use software Review how to determine the accounting acquirer in a business combination Recognize how to account for forfeitures related to share-based consideration payable to a customer Recall some of the new disclosures for income taxes required by ASU 2023-09 Identify how to measure a crypto asset Review how to measure and record a crypto asset on the balance sheet and income statement Review how to measure and account for a joint venture Recognize the type of entity which is subject to the new disaggregation of expenses disclosures required by ASU 2024-03 Identify a new method that is authorized to record treasury stock in accordance with ASC 505 Chapter 2 - The New Allowance for Credit Losses: ASU 2016-13: Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments - 2026 (Including newly issued ASU 2025-05) After reading the Chapter 2 material, you will be able to: Recognize examples of assets that are and are not subject to the ASC 326-20 expected credit loss model Recognize the model that ASU 2016-13 uses to deal with credit losses Recall how an entity should present the new allowance for credit losses on the balance sheet Identify examples of entities that are under common control Recognize two elections that can be made under ASU 2025-05 Recall how subsequent collections of trade receivables are measured in the year-end allowance balance Identify how a decline in a held-to-maturity debt security is accounted for Recognize the new impairment model for available-for-sale debt securities under ASC 326-30 Recognize some new and not new disclosures under ASU 2016-13 Chapter 3 - Current Developments: Accounting and Financial Reporting - 2026 After reading the Chapter 3 material, you will be able to: Identify one of the top individual reasons for financial statement restatements Recognize how to measure an investment in gold under GAAP Identify a challenge that may exist if a company uses the AICPA�s FRF for SMEs Recall the general GAAP rule for management�s evaluation of going concern Review the SEC�s rule for ESG disclosures Recognize one of the two approaches that are used to record revenue under the revenue standard Identify a reason why a company may wish to hold sales prices when there is an increase in the cost of purchases due to tariffs Identify a method that can be used to record variable consideration under the revenue standard Identify a loan covenant most directly impacted by an increase in the interest rate Recognize a threat that exists with certain banks Recognize the disclosure required for a start-up company Chapter 4 - The Lease Standard - Post Implementation Issues - 2026 After reading the Chapter 4 material, you will be able to: Recognize a key change made to GAAP by the new lease standard Identify a type of lease that exists for a lessee under ASU 2016-02 Recall a type of lease for which the ASU 2016-02 rules do not apply Identify a threshold for a lease term to be considered a major part of an asset�s remaining economic life Recognize who an entity might not want to use the risk-free rate to compute the present value of lease payments Identify how a lessee should account for initial direct costs Recognize items that are and are not components of a lease term Recall the IRS rules as when an entity should and should not capitalize a lease for tax purposes Chapter 5 - GAAP and Financial Reporting for Selected Income Tax Issues - Including Changes Made by the OBBBA - 2026 After reading the Chapter 5 material, you will be able to: Identify a factor that primarily explains the decline in the federal effective taxes paid rate for C corporations under OBBBA beginning in 2025 Review the tax treatment for domestic research and experimental (R&E) expenditures found in OBBBA of 2025 Review how to present the tax benefit from using an NOL on the income statement: Identify a feature of Section 1202 stock that was expanded by the OBBBA to encourage C corporation conversion or formation Recall how to present the adjustment of the deferred tax asset and liability from a change in tax status from S to C corporation Recall when an auditor must quantify the effect of a GAAP departure in the audit report Identify types of carryforwards for which deferred tax assets must be recognized Review the disclosures that are required by a nonpublic entity when it has not recorded any uncertain tax positions Recall how an entity should account for the PTE tax on its financial statements Review the rule as to whether a Company is required to allocate consolidated income tax expense to its single-member LLCs that do not pay taxes
Course Contents :	Chapter 1 - Selected Accounting Standards Updates (ASUs) - 2026 I. Selected Accounting Standards Updates (ASUs) ASU 2025-12: Codification Improvements ASU 2025-06: Intangible�Goodwill and Other�Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software ASU 2025-03: Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity ASU 2025-04: Compensation�Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer ASU 2023-09: Income Taxes (Topic 740)-Improvements to Income Tax Disclosures ASU 2023-08: Intangibles�Goodwill and Other�Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets ASU 2023-05: Business Combinations� Joint Venture Formations (Subtopic 805-60)- Recognition and Initial Measurement ASU 2024-03: Income Statement�Reporting Comprehensive Income�Expense Disaggregation Disclosures (Subtopic 220-40)- Disaggregation of Income Statement Expenses and ASU 2025-01: Income Statement�Reporting Comprehensive Income�Expense Disaggregation Disclosures (Subtopic 220-40)- Clarifying the Effective Date ASU 2025-12: Codification Improvements II. Accounting Standards Updates (ASUs) Chapter 2 - The New Allowance for Credit Losses: ASU 2016-13: Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments - 2026 (Including newly issued ASU 2025-05) I. Objective II. Background A. Previous GAAP- Incurred Loss Model (Pre- 2023) B. New ASC 326, Financial Instruments- Credit Losses C. Recent FASB ASUs Targeted at ASC 326�s Credit Losses III. ASU 2016-13 Amendments IV. ASC 326-20 Expected Credit Loss Model A. Overall Scope of ASC 326-20 B. General Amendments to ASC 326-20 Made by ASU 2016-13 C. New Expected Credit Loss Model D. Subsequent Measurement -Reporting Changes in Expected Credit Losses E. Financial Statement Presentation of Allowance Balance and Activity F. Loans and Trade Receivables- Common Control G. Examples from ASU 2016-13 H. Financial Assets Secured by Collateral I. Purchased Financial Assets With Credit Deterioration NEW per ASC 326-10 V. Held-to-Maturity Debt Securities- ASC 326-20 A. Basic GAAP Rules- Debt Securities-ASC 320 B. Held-to-Maturity (HTM) Debt Securities and ASC 326-20 C. HTM Debt Securities and the Expected Credit Loss Model in ASC 326-20 D. Investments in Certificates of Deposit (CDs) and Money Market Accounts VI. Available-For-Sale Debt Securities- Impairment- ASC 326-30 VII. Disclosures- ASU 2016-13 VIII. Implementation of ASU 2016-13 Chapter 3 - Current Developments: Accounting and Financial Reporting - 2026 I. Latest Developments on the Accounting Front A. Significant GAAP Changes as of 2026 B. FASB Agenda C. Selected Projects- Pending 2026 D. Restatements and Other Financial Reporting Abuses E. Equity Securities Unrealized Losses in 2025 and 2026 F. Disclosure of Stock and Bond Losses After Year End G. Investments in Gold and Other Metals H. FRF for SMEs I. The Death of ESG Disclosures J. Post-Implementation Update on Revenue Recognition Standard K. Earnings Manipulation L. Inventory Costs and Valuation Issues � Impact of Tariffs M. Dealing with Estimates- Variable Revenue N. Loan Modifications and Covenants O. Losses on Onerous Contracts P. Some Banks are in Trouble Q. GAAP Deficiencies in Peer Review R. Start-Up Entity Disclosures Chapter 4 - The Lease Standard - Post Implementation Issues - 2026 I. Background II. Basic Concepts of ASU 2016-02 A. General Rules III. Issue 1: Identifying the Scope and Scope Exceptions of the Lease Standard IV. Issue 2: Identifying a Lease V. Issue 3: Overview of the Lessee Rules A. Lease Classification - Lessee B. Initial Measurement of Lease- Lessee C. Lease Modifications - Lessee D. Lease Payments - Lessee E. Lease Term and Purchase Options- Lessee F. Subsequent Reassessment of Lease Elements- Lessee G. Short-Term Leases- Lessee H. Subsequent Measurement and Accounting for Leases- Lessee I. Amortization of Leasehold Improvements J. Financial Statement Presentation Matters- Lessee K. Disclosures by Lessees VI. Issue 4: Avoiding the Lease Standard Chapter 5 - GAAP and Financial Reporting for Selected Income Tax Issues - Including Changes Made by the OBBBA - 2026 I. GAAP Income Tax Issues- 2025 and 2026 A. Impact of the OBBBA Tax Changes for Businesses B. R&E costs under the OBBBA 2025 C. NOL Carryforwards and Deferred Tax Assets D. Higher Interest Rates and the Limitation on Interest Deduction - OBBBA E. Risk of Unrecorded Sales Tax Liabilities- Wayfair Decision II. GAAP Income Tax Issues- 2025 and 2026 A. Accounting for the Change to C Corporation B. Accounting for Bonus and Section 179 Depreciation in GAAP Financial Statements C. Deferred Tax Asset Recorded on Other Carryovers D. Presenting Deferred Tax Assets and Liabilities on the Balance Sheet E. Income Tax Disclosures When There are No Uncertain Tax Positions- Nonpublic Entities III. GAAP Income Tax Issues- 2025 and 2026 A. Accounting and Disclosures for the Pass-Through Entity (PTE) Tax IV. GAAP Income Tax Issues- 2025 and 2026 A. Accounting Allocating Tax Expense to Non-Tax Subsidiaries Glossary

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2026 FASB Review for Industry (Course Id 2923)

Accounting - Accounting for Course Id 2923

NASBA QAS - Text - NASBA Registry - 2923