Selected Accounting Standards Updates (ASUs) (Course Id 2666)

• Who is this course for?
  This course is designed for anyone needing Continuing Professional Education (CPE), particularly CPAs and accounting professionals with a basic understanding of U.S. GAAP.

• What is this course about or what problem does this course solve?
  This course addresses selected recently issued Accounting Standards Updates (ASUs), helping professionals stay current on changes involving joint ventures, crypto assets, income tax disclosures, and expense disaggregation.

• How can the knowledge from this course be used?
  Learners can apply the knowledge gained to accurately account for joint ventures and crypto assets, and to implement new disclosure requirements for income taxes and expense disaggregation in financial statements.

• Why is this course important to a CPA, Accountant, or IRS Enrolled Agent?
  Understanding and applying the latest ASUs is essential for ensuring compliance with updated financial reporting standards and maintaining professional competency.

• When is this course relevant or timely?
  Released in 2025 and covering ASUs from 2023 to 2025, this course is timely for professionals needing to stay up-to-date with recent changes in accounting standards.

• How is a course like this consumed or used?
  This is a NASBA QAS self-study text-based course that includes reading materials, review questions, and a final exam, and can be completed entirely online at the participant’s own pace.

The objective of this course is to address selected recently issued accounting standards updates (ASUs). 

Topics include reviewing the new ASUs on accounting for joint ventures,  accounting for crypto assets,  income tax disclosures, and disaggregation of expenses. 

NASBA QAS - Text - NASBA Registry - 2666

Course Learning Objectives

• Review how to account for a joint venture
• Identify attributes of a joint venture
• Identify how to measure a crypto asset
• Review how to record a crypto asset on the balance sheet and income statement
• Recall some of the new disclosures for income taxes required by ASU 2023-09
• Review the bases that can be used to disclose disaggregation of expenses required by ASU 2024-03

Chapter 1 - Selected Accounting Standards Updates (ASUs)

I. Selected Accounting Standards Updates (ASUs)

ASU 2023-05: Business Combinations— Joint Venture Formations (Subtopic 805-60)- Recognition and Initial Measurement

Review Questions

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

Review Questions

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

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

Review Questions

II.   Accounting Standards Updates (ASUs)

Glossary