2025 FASB Update and Review
The objective of this 2024 FASB Update course is to inform the reader of the various changes affecting accounting and financial reporting, as well as a review and recall of existing accounting standards. Topics include a summary of newly issued FASB statements, the new standard on the allowance for credit losses, post-implementation issues involving the new lease standard, discussion of accounting and financial reporting issues including impact of high inflation and interest rates, GAAP issues related to income taxes, newly issued accounting standards updates (ASUs), and more.
This course is included in the Accounting & Auditing Bundle and our MEGA CPE Special.
Course information
Course No. F100
Format: Online pdf (531 pages). Printed book available.
Instructional Delivery Method: QAS Self-Study
Prerequisites: Basic understanding of U.S. GAAP.
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: May 2025
Objectives
2025 FASB Update Chapter 1: Selected Accounting Standards Updates (ASUs)
After reading the Chapter 1 course material, you will be able to:
- 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 2: The New Allowance for Credit Losses ASU 2016-13 Financial Instruments – Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments-2025
After reading the Chapter 2 course 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 how credit losses should be recorded under new ASU 2016-13
- Recognize some of the disclosures required by ASU 2016-13
- Identify examples of entities that are under common control
- Recognize an example of a debt security with zero risk of default
- Identify how a decline in fair value of a held-to-maturity debt security should be handled under GAAP
- Recognize the new impairment model for available-for-sale debt securities under ASC 326-30
Chapter 3: Current Developments – Accounting and Financial Reporting – 2025
After reading the Chapter 3 course material, you will be able to:
- Identify GAAP and non-GAAP measurements
- Review an example of a rate used as the discount rate for pension obligations
- Recognize the impact that life expectancy has on the amount of a pension liability
- Review how debt and equity securities should be accounted for under GAAP
- Recognize the approaches that are used to record revenue under the revenue standard
- Identify a loan covenant most directly impacted by an increase in the interest rate
- Identify a threat that exists with certain banks
- Recognize a peer review deficiency identified by the AICPA
- Recognize the VIE accounting alternative for leases under common control
- Recognize the disclosure required for a start-up company
Chapter 4: The Lease Standard
Post-Implementation Issues– 2025 Edition
Includes ASU 2023-01- Common Control Arrangements
After reading the Chapter 4 course material, you will be able to:
- Recall an example of a type of lease for a lessee under the lease standard
- Identify an example of a type of lease for a lessor under the lease standard
- Recognize a attributes of a lease under the lease standard
- Identify some of the types of benefits a lessee can obtain from a leased asset
- Identify a threshold for a lease term to be considered a major part of an asset’s remaining economic life
- Recall why an entity might not want to use the risk-free interest rate in a lease transaction
- Identify some types of leases for a lessee and a lessor
- Identify how a lessor should account for lease payments received on the income statement for an operating lease
- Identify how deferred income taxes will be treated for lessees under ASU 2016-02
- Recall the potential impact that the new lease standard might have on a lessee’s EBITDA and debt-equity ratios, and
- Recall the IRS rules as when an entity should and should not capitalize a lease for tax purposes.
Chapter 5: GAAP for Selected Income Tax Issues
After reading the Chapter 5 course material, you will be able to:
- Recognize the options for presenting the ERC on the statement of income.
- Recall types of entities that most states do not permit to make the PTE tax election
- Identify how to present the deferred state tax liability related to the PTE tax
- Recognize the adjustment that must be made to convert to C corporation status
- Identify the adjustment required when there is a change in the corporate tax rate
- Recall the rule for disclosures related to unrecognized tax positions
Chapter 6: Selected Practice Issues
After reading the Chapter 6 course material, you will be able to:
- Recognize how to account for restricted cash on the statement of cash flow
- Recall how to account for non-cash transactions on the statement of cash flow
- Identify the approach taken to present a purchase of business assets on the statement of cash flow
- Recognize an example of a sustainable flow
- Recognize an example of an unused carryover item that a C corporation might have
Thank you for pointing out the error, Adam. We have corrected question #30 on quiz #2.