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Current Developments as of 2026 - Accounting and Financial Reporting (Course Id 2938)

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Author:

 Steven C Fustolo, CPA, MBA

Course Length:

 Pages: 283 ||| Word Count: 91,823 ||| Review Questions: 108 ||| Final Exam Questions: 80

CPE Credits:

 16.0

IRS Credits:

 0

Price:

 $125.95

Passing Score:

 70%

Course Type:

 Text
Current Developments as of 2026 - Accounting and Financial Reporting - CPE course for CPAs

Technical Designation:

 Technical

Field Of Study:

 Accounting

Approved Audience:

 NASBA QAS - NASBA Registry

Key Takeaways:

This course updates accounting professionals on significant 2026 GAAP changes, FASB projects, and recently issued Accounting Standards Updates.

  • Covers financial reporting practice issues including leases, financial instruments, credit losses, pensions, and the statement of cash flows.
  • Reviews accounting for investments in gold and other metals, along with unrealized losses on debt and equity securities.
  • Discusses tax issues impacting financial statements alongside a review of selected recently issued Accounting Standards Updates.
  • Worth 16.0 CPE credits in Accounting as a self study text course spanning 283 pages, requiring an 80 question final exam preceded by 108 review questions (optional) and a 70% passing score.

Frequently Asked Questions:

Current Developments as of 2026 Accounting and Financial Reporting covers the gradual demise of company pension plans and its impact on plan liabilities.

This course reviews how to measure investments in gold and other metals under GAAP.

Current Developments as of 2026 Accounting and Financial Reporting reviews unrealized losses on debt and equity securities in 2025 and 2026.

This course reviews selected recently issued Accounting Standards Updates alongside FASB agenda projects pending in 2026.

Current Developments as of 2026 Accounting and Financial Reporting is a Technical, self study text course worth 16.0 CPE credits in Accounting spanning 283 pages, requiring an 80 question final exam preceded by 108 review questions (optional) and a 70% passing score. CPEthink is approved by NASBA as a CPE sponsor and lists this course on the NASBA site as a courtesy for CPAs to search https://nasba.org.

Description:

The purpose of this course is to inform the reader of the various changes to accounting and financial reporting affecting the accounting professional. Topics include a review of FASB projects including those related to leases and financial instruments, practice issues involving the statement of cash flows, fair value reporting, pensions, the international convergence project, little GAAP, and more. The course also includes a discussion of tax issues impacting financial statements and a review of selected recently issued accounting standards updates (ASUs). 

The structure of the course is to encourage the reader to recall existing GAAP rules coupled with identifying, stating, and outlining rules related to new and proposed pronouncements.

Usage Rank:

 30000

Release:

 2026

Version:

 1.0

Prerequisites:

 General understanding of U.S. GAAP.

Experience Level:

 Overview

Additional Contents:

 Complete, no additional material needed.

Additional Links:
Internal: Accounting CPE Courses for CPAs
Internal: Compilation CPE Courses for CPAs
External: Financial accounting
External: Understanding Financial Accounting: Principles, Methods & Importance

Advance Preparation:

 None.

Delivery Method:

 QAS Self Study

Intended Participants:

 Anyone needing Continuing Professional Education (CPE).

Revision Date:

 12-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.

Keywords:

 Current Developments as of 2026 - Accounting and Financial Reporting - CPE course for CPAs

Learning Objectives:

Section I: Latest Developments on the Accounting Front

After reading the Section I course material, you will be able to: 

  • Identify one of the top individual reasons for financial statement restatements
  • Recognize one of the characteristics of a multi-employer pension plan
  • Recognize the impact that life expectancy has on the amount of a pension liability
  • Recall a trend in investments in retirement plans.
  • Review the financial statement presentations permitted under the LIFO Conformity Requirement
  • Review how debt and equity securities should be accounted for under GAAP
  • Recognize how to measure an investment in gold under GAAP
  • Recognize the type of instruments that ASC 326-20’s credit loss model applies to
  • Review the method used to estimate credit losses under ASU 2016-13
  • Recognize ASU 2025-05’s accounting policy election and how receivables collected after the balance sheet date are treated
  • Review how a lease asset is accounted for by a lessee under the lease standard
  • Identify the way in which a lessee accounts for initial direct costs under the lease standard
  • Recognize how to account for CAM charges under the lease standard
  • Recognize a permitted rate that can be used to compute a lease liability under the lease standard
  • Review the requirement of ASU 2023-01’s practical expedient as it applies to short-term leases
  • Identify ASU 2023-01’s rule for amortizing leasehold improvements with a lease between entities under common control.
  • Review the IRS rule for determining whether a lease is capitalized for tax purposes
  • 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
  • Recall how LIFO inventories should be valued under GAAP
  • 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 

Section II: GAAP Income Tax Issues - 2026 and 2025

After reading the Section II course material, you will be able to:

  • 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:
  • Recall how to present the adjustment of the deferred tax asset and liability from a change in tax status from S to C corporation
  • Recognize when a state might be able to charge sales tax under the Wayfair decision
  • Identify how to account for the Pass-Through Entity (PTE) Tax under GAAP
  • Recall the rule for deductibility of interest in IRC 163(j) 

Section III: Other Financial Reporting Issues

After reading the Section III course material, you will be able to:

  • Recognize the VIE accounting alternative for leases under common control
  • Identify GAAP disclosures that are and are not pertinent to a start-up company
  • Identify some unusual transactions and how they are recorded on the statement of cash flows

Section IV: Accounting Standards Updates (ASUs)

After reading the Section IV course material, you will be able to:

  • Recognize examples of internal-use software
  • Identify criteria to begin and end capitalization of internal-use software
  • Recall some of the new disclosures for income taxes required by ASU 2023-09
  • Review how to measure and record a crypto asset on the balance sheet and income statement 
  • Identify a new method that is authorized to record treasury stock in accordance with ASC 505

Course Contents:

Section 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. The Gradual Demise of Company Pension Plans

Review Questions


F. LIFO in An Inflationary Environment

G. Dealing with Debt Unrealized Losses in 2025 and 2026

H. Investments in Certificates of Deposit (CDs) and Money Market Accounts

I. Equity Securities Unrealized Losses in 2025 and 2026

J. Disclosure of Stock and Bond Losses After Year End

K. Investments in Gold and Other Metals

L. Post- Implementation of ASU 2016-13: Credit Losses (Topic 326)

Review Questions


M. Post-Implementation Issues- New Lease Standard – ASU 2016-02 and ASU 2023-01

Review Questions


N. FRF for SMEs

O. Going-Concern Assessment by Management

P. The Death of ESG Disclosures

Review Questions


Q. Post-Implementation Update on Revenue Recognition Standard

R. Earnings Manipulation

S. Inventory Costs and Valuation Issues – Impact of Tariffs

T. Dealing with Estimates- Variable Revenue

U. Loan Modifications and Covenants

V. Remote Engagements

W. Losses on Onerous Contracts

X. Some Banks are in Trouble

Y. GAAP Deficiencies in Peer Review

Review Questions


Section II - GAAP Income Tax Issues - 2026 and 2025

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

Review Questions


F. Accounting for the Change to C Corporation

G. Accounting for Bonus and Section 179 Depreciation in GAAP Financial Statements

H. Presenting Deferred Tax Assets and Liabilities on the Balance Sheet

Review Questions


I. Accounting and Disclosures for the Pass-Through Entity (PTE) Tax

Review Questions


Section III - Other Accounting and Financial Reporting Issues

A. The VIE Rules- Using ASU 2018-17 with Common Control Arrangements

B. Start-Up Entity Disclosures

C. Order of Placement of Financial Statements

Review Questions


D. The Statement of Cash Flows – Unusual Reporting Issues

Review Questions


Section IV - Accounting Standards Updates (ASUs)

A. Summary of ASUs issued 2000 to 2025

ASU 2025-12: Codification Improvements

B. 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

Review Questions


ASU 2023-09: Income Taxes (Topic 740)-Improvements to Income Tax Disclosures

Review Questions


ASU 2023-08: Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets

Review Questions


ASU 2025-12: Codification Improvements

Review Questions


Glossary
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