Accounting and Financial Reporting Update (16 hrs)

Course No. F010
Instructional Delivery Method: QAS Self-Study
Format: Online pdf (395 pages). Printed book available.
Purchase the optional printed book: Book Only
Prerequisites: None
Advance Preparation:None
Level: Overview
CPE Credit: 16 hrs.
Field of Study: Accounting: Technical
Course expiration:  You have one year from date of purchase to complete the course.
Course Revision Date: March 2026

I. Latest Developments on the Accounting Front

After reading the Section I course material, you should 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

II. GAAP Income Tax Issues- 2026 and 2025

After reading the Section II course material, you should 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)

III. Other Financial Reporting Issues

After reading the Section III course material, you should 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

IV. Accounting Standards Updates (ASUs)

After reading the Section IV course material, you should 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