FASB Update and Review (16 Hrs)

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