2026 FASB SSARS and SAS Update and Review (Course Id 2924)

New / QAS / Registry

Author :	Steven C Fustolo, CPA, MBA
Course Length :	Pages: 495 \|\|\| Word Count: 14,0342 \|\|\| Review Questions: 167 \|\|\| Final Exam Questions: 120
CPE Credits :	24.0
IRS Credits :	0
Price :	$145.95
Passing Score :	70%
Course Type:	NASBA QAS - Text - NASBA Registry
Technical Designation:	Technical
Primary Subject-Field Of Study:	Accounting - Accounting for Course Id 2924

Frequently Asked Questions :	Who is this course for? This course is for CPAs, accountants, auditors, and other professionals needing Continuing Professional Education (CPE) who have a basic understanding of U.S. GAAP, compilation and review, and auditing standards and need an overview of 2026 accounting and auditing developments. What is this course about or what problem does this course solve? This course provides an extensive 2026 update and review of accounting, compilation and review, and auditing standards, including newly issued FASB Accounting Standards Updates, credit losses under ASC 326, current financial reporting developments, lease accounting, income tax issues including OBBBA changes, SSARS developments, SAS Nos. 146�149, and current auditing practice issues. Where can the knowledge from this course be used? The knowledge from this course can be applied when accounting for and preparing financial statements under U.S. GAAP, performing compilation and review engagements under SSARS, conducting audits under applicable auditing standards, addressing financial reporting and disclosure issues, and evaluating accounting and auditing practice matters. Why is this course important to a CPA or Accountant? This course is important to a CPA or accountant because it helps professionals understand and recall significant new and existing accounting and auditing requirements affecting 2026 engagements, including changes to FASB guidance, SSARS requirements, recently issued SASs, and other current financial reporting and practice issues. When is this course relevant or timely? This course is particularly relevant in 2026 because it addresses newly issued and current accounting and auditing developments, including 2025�2026 FASB updates, ASU 2025-05, OBBBA tax changes, SSARS Nos. 26�27, SAS Nos. 146�149, and other financial reporting and auditing developments affecting current professional practice. How is a course like this consumed or used? This is a 24-CPE-credit QAS self-study text course consisting of 495 pages, with no advance preparation or additional materials required, and participants must complete the final examination within one year of purchase and earn a score of at least 70% to receive CPE credit.
Description :	The purpose of this course is to inform the reader of the various changes affecting accounting, compilation and review, and auditing engagements as well as a review and recall of existing standards. Topics include a summary of newly issued FASB statements, new statements issued by the Auditing Standards Board, changes in compilation and review, current and pending developments, practice issues, and more. Field of study: 16 hours accounting 8 hours auditing
Usage Rank :	20031
Release :	2026
Version :	1.0
Prerequisites :	Basic understanding of U.S. GAAP, compilation and review, and auditing standards.
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 :	08-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 - 2924
Keywords :	2026 FASB SSARS and SAS Update and Review - 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 Chapter 6 - Compilation and Review Update and Review - 2026 After reading Chapter 6 material, you will be able to: Identify services that are and are not considered consulting services engagements Recognize the standards to follow in preparing financial statements as part of a consulting services engagement Identify which party is responsible for determining that engagement team members have appropriate competence and capabilities to perform a SSARS engagement Recognize the definition of materiality found in SAS No. 138 Identify a threshold in a review engagement under which an accountant is not required to accumulate misstatements. Recall the least profitable engagement to perform Identify the type of reporting an accountant should perform when management elects to include disclosures about a few matters in the notes Identify a recommendation to mitigate the risk associated with performing bookkeeping services Review actions that would and would not impair an accountant�s independence Recognize bookkeeping functions that would impair independence, and Identify a key factor in determining whether the performance of a nonattest service impairs an accountant�s independence. Chapter 7 - SAS Nos. 146-149: Recently Issued Auditing Standards After reading the course material on SAS No. 146, you will be able to: Recall the date by which an engagement partner must take responsibility for determining that ethical requirements are fulfilled Identify certain requirements an engagement partner must satisfy in performing an audit engagement Recognize examples of resources assigned or made available by a firm to support performance of an audit engagement Identify a type of unconscious bias defined in SAS No. 146 After reading the course material on SAS No. 147, you will be able to: Identify when a successor auditor should request management to authorize a predecessor auditor�s response to the successor auditor�s inquiry Recognize one of the new inquiries a successor auditor should make of a predecessor auditor by SAS No. 147 Recall the extent of a predecessor auditor�s response to a successor auditor�s inquiries when there are certain restrictions on the predecessor auditor. After reading the course material on SAS No. 148 and SAS No. 149, you will be able to: Identify an example of a recently issued auditing standard that SAS No. 148 incorporates into amendments to AU-C 935, Compliance Audits. Recall examples of inherent risk factors related to identifying and assessing risks of material misstatement in a compliance audit. Identify the party required to take overall responsibility for the quality on a group audit engagement in accordance with SAS No. 149. Chapter 8 - Auditing Developments - 2026 After reading Chapter 8 material, you will be able to: Identify a scenario in which it would be impracticable for an auditor to attend a physical inventory Recognize an advantage of remote auditing Recognize the benchmark used to evaluating going concern of an entity Identify a behavioral trait of most occupational fraudsters Recall a red flag that is most prominent with a man versus woman fraudster Recognize when negative accounts receivable confirmations should not be used Identify the form of a comfort letter that would be appropriate for an accountant to make to a lender
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 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 Chapter 6 - Compilation and Review Update and Review - 2026 I. SSARS No. 27: Applicability of AR-C Section 70 to Financial Statements Prepared as Part of a Consulting Services Engagement A. General B. Specific Changes Made to AR-C 70 by SSARS No. 27: C. Accountant who is also a Stockholder, Partner, Director, Office or Employee of an Entity II. SSARS No. 26: Quality Management for an Engagement Conducted in Accordance With Statements on Standards for Accounting and Review Services A. General B. Overview of SQMS No. 1 and 2 (as amended by SQMS No. 3) C. Overview of SSARS No. 26- for SSARS Engagements D. SSARS No. 26 Amendments to AR-C 60 of SSARS No. 21: E. Changes made to AR-C 60 regarding Quality Management of a SSARS Engagement F. SSARS No. 26 Amendments to AR-C 70 - Preparation of Financial Statements G. SSARS No. 26 Amendments to AR-C 80 - Compilation Engagements H. SSARS No. 26 Amendments to AR-C 90 - Review of Financial Statements I. SSARS No. 26 Amendment to AR-C 90 � Review Engagement Letter III. Materiality in a Review Engagement IV. The Move Toward the Tax-Basis Review Engagement V. Selected Information- Substantially All Disclosures Required by GAAP Are Not Included VI. Liability to Accountants Who Perform Bookkeeping Services VII. Number of Days Test on Trade Receivables VIII. Reporting on a Tax Return IX. Independence Issues- Assistance Engagements for Attest Clients A. Overview of the Independence Rules in ET 1.295 B. Discussion of the THREE SAFEGUARDS Chapter 7 - SAS Nos. 146-149: Recently Issued Auditing Standards Introduction SAS No. 146: Quality Management for an Engagement Conducted in Accordance With Generally Accepted Auditing Standards I. Objective of SAS No. 146 II. Background A. General III. Overview of SAS No. 146 A. General B. The Firm�s System of Quality Management and the Role of Engagement Teams C. The Engagement Partner�s Responsibilities D. Amendments to Other SASs by SAS No. 146 IV. Scope of SAS No. 146 A. General Scope V. Definitions VI. Requirements of SAS No. 146 A. Leadership Responsibilities for Managing and Achieving Quality on Audits B. Relevant Ethical Requirements, Including Those Related to Independence C. Acceptance and Continuance of Client Relationships and Audit Engagements D. Engagement Resources E. Engagement Performance F. Monitoring and Remediation G. Taking Overall Responsibility for Managing and Achieving Quality H. Documentation I. Scalability Issues J. Engagement Partner Communicating Professional Skepticism SAS No. 147: Inquiries of the Predecessor Auditor Regarding Fraud and Noncompliance With Laws and Regulations I. Objective of SAS No. 147 II. Background A. General III. Definitions IV. Requirements of SAS No. 147 A. Amendments to AU-C 210, Terms of Engagement V. Flowchart from SAS No. 147 SAS No. 148: Amendment to AU-C Section 935 I. Objective of SAS No. 148 II. Background A. General B. General Amendments to AU-C 935 Appendix Arising from SAS No. 142 C. General Amendments to AU-C 935 Appendix Arising from SAS No. 145 D. Other Revisions III. Requirements of SAS No. 148 A. Amendments to AU-C 935, Compliance Audits B. Amendments to Appendix to AU-C 935 C. Amendments to Illustrate Report on Internal Control SAS No. 149: Special Considerations � Audits of Group Financial Statements (Including the Work of Component Auditors and Audits of Referred-to Auditors) I. Objective of SAS No. 149 II. Overview of SAS No. 149 III. Requirements and Key Changes made by SAS No. 149 A. Scope and Applicability of the Standard B. Risk-Based Approach C. New Terminology to Describe Reporting Options D. New Terms and Definitions E. Managing and Achieving Audit Quality in a Group Audit- Engagement Partner F. Equity Method Investments G. Scalability H. Professional Skepticism I. Communications Between the Group Auditor and Component Auditors J. Restrictions on Access to Information K. Documentation Requirements L. Auditor�s Report M. Group Audit Scenarios and Relevant Requirements Chapter 8 - Auditing Developments - 2026 I. Auditing Engagement Issues A. Remote Auditing B. Accounts Receivable Confirmations C. Physical Inventory Observations D. The Future of Remote Auditing II. Going Concern in 2026 A. Overview- Going Concern B. GAAP Requirements- Going Concern C. Auditing Engagement Requirements- Going Concern D. One-Year Going-Concern Window E. Going-Concern Mitigating Factors in the 2026 Economic Climate F. Using a Financial Support Letter to Mitigate Substantial Doubt of Going Concern III. Client and Employee Fraud A. Report to the Nations on Occupational Fraud and Abuse IV. Practice Issues Relating to Auditing A. Inventories B. Issuing Comfort Letters to Client Lenders V. Auditing Standards Board (ASB) Agenda Glossary

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2026 FASB SSARS and SAS Update and Review (Course Id 2924)

Accounting - Accounting for Course Id 2924

NASBA QAS - Text - NASBA Registry - 2924