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

New / QAS / Registry

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

Technical Designation:	Technical
Field Of Study:	Accounting
Approved Audience:	NASBA QAS - NASBA Registry
Key Takeaways:
Frequently Asked Questions:	Who is this course for? This course is for CPAs, accountants, and other professionals needing Continuing Professional Education (CPE) who have a general understanding of U.S. GAAP and want an overview of current accounting and financial reporting developments as of 2026. What is this course about or what problem does this course solve? This course provides an update on accounting and financial reporting changes affecting accounting professionals, including FASB projects, leases, financial instruments, credit losses, revenue recognition, pensions, cash flow reporting, income tax issues, crypto assets, internal-use software, and recently issued Accounting Standards Updates (ASUs). Where can the knowledge from this course be used? The knowledge from this course can be used when applying and evaluating U.S. GAAP in financial statements, including accounting for leases, investments, credit losses, income taxes, revenue, inventories, pensions, cash flows, crypto assets, internal-use software, and other financial reporting matters. Why is this course important to a CPA or Accountant? This course is important to a CPA or Accountant because it helps accounting professionals recall existing GAAP requirements while identifying and understanding new, recently issued, and proposed accounting and financial reporting rules that can affect financial statement preparation and reporting. When is this course relevant or timely? This course is particularly relevant in 2026 because it addresses significant GAAP developments, 2025 and 2026 financial reporting issues, OBBBA tax changes affecting businesses, post-implementation issues for major accounting standards, and selected ASUs issued through 2025. How is a course like this consumed or used? This is a 16.0-CPE-credit QAS self-study text course consisting of 283 pages, with review questions throughout, and participants must pass the 80-question final examination with a score of at least 70% within one year of purchase to receive CPE credit.
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:	0
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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Current Developments as of 2026 - Accounting and Financial Reporting (Course Id 2938)

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