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Accounting and Financial Reporting: Current Developments

  • ITEM SKU
    6445
  • CPE Hours
    16
  • Full Course Price
    $109.50
Exam Questions: 80
Course Level: Basic
Pages: 402 | Content: 388, Supplemental: 14
NASBA Area of Study: Accounting
Not Acceptable for: Enrolled Agents
Version: 6445Q

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, 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 (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. PLEASE NOTE: Not accepted for Enrolled Agents. All course material provided. Prerequisites: General understanding of U.S. GAAP. Course level: Overview/Basic.

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Course Information

Table of Contents
  • LATEST DEVELOPMENTS ON THE ACCOUNTING FRONT
  • Significant GAAP Changes as of 2026
  • FASB Agenda
  • Selected Projects- Pending 2026
  • Restatements and Other Financial Reporting Abuses
  • The Gradual Demise of Company Pension Plans
  • LIFO in An Inflationary Environment
  • Dealing with Debt Unrealized Losses in 2025 and 2026
  • Investments in Certificates of Deposit (CDs) and Money Market Accounts
  • Equity Securities Unrealized Losses in 2025 and 2026
  • Disclosure of Stock and Bond Losses After Year End
  • Investments in Gold and Other Metals
  • Post- Implementation of ASU 2016-13: Credit Losses (Topic 326)
  • Post-Implementation Issues– New Lease Standard– ASU 2016-02 and ASU 2023-01
  • FRF for SMEs
  • Going-Concern Assessment by Management
  • The Death of ESG Disclosures
  • Post-Implementation Update on Revenue Recognition Standard
  • Earnings Manipulation
  • Inventory Costs and Valuation Issues- Impact of Tariffs
  • Dealing with Estimates- Variable Revenue
  • Loan Modifications and Covenants
  • Remote Engagements
  • Losses on Onerous Contracts
  • Some Banks are in Trouble
  • GAAP Deficiencies in Peer Review
  • GAAP INCOME TAX ISSUES- 2026 AND 2025
  • Impact of the OBBBA Tax Changes for Businesses
  • R&E Costs Under the OBBBA 2025
  • NOL Carryforwards and Deferred Tax Assets
  • Higher Interest Rates and the Limitation on Interest Deduction - OBBBA
  • Risk of Unrecorded Sales Tax Liabilities- Wayfair Decision
  • Accounting for the Change to C Corporation
  • Accounting for Bonus and Section 179 Depreciation in GAAP Financial Statements
  • Presenting Deferred Tax Assets and Liabilities on the Balance Sheet
  • Accounting and Disclosures for the Pass-Through Entity (PTE) Tax
  • OTHER ACCOUNTING AND FINANCIAL REPORTING ISSUES
  • The VIE Rules- Using ASU 2018-17 with Common Control Arrangements
  • Start-Up Entity Disclosures
  • Order of Placement of Financial Statements
  • The Statement of Cash Flows- Unusual Reporting Issues
  • ACCOUNTING STANDARDS UPDATES (ASUs)
  • Summary of ASUs issued 2000 to 2025
  • Selected Accounting Standards Updates (ASUs)
  • ASU 2023-09: Income Taxes (Topic 740)-Improvements to Income Tax Disclosures
  • ASU 2023-08: Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets
  • ASU 2025-12: Codification Improvements
Objectives
  • To identify one of the top individual reasons for financial statement restatements
  • To recognize one of the characteristics of a multi-employer pension plan
  • To recognize the impact that life expectancy has on the amount of a pension liability
  • To recall a trend in investments in retirement plans
  • To review the financial statement presentations permitted under the LIFO Conformity Requirement
  • To review how debt and equity securities should be accounted for under GAAP
  • To recognize how to measure an investment in gold under GAAP
  • To recognize the type of instruments that ASC 326-20’s credit loss model applies to
  • To review the method used to estimate credit losses under ASU 2016-13
  • To recognize ASU 2025-05’s accounting policy election and how receivables collected after the balance sheet date are treated
  • To review how a lease asset is accounted for by a lessee under the lease standard
  • To identify the way in which a lessee accounts for initial direct costs under the lease standard
  • To recognize how to account for CAM charges under the lease standard
  • To recognize a permitted rate that can be used to compute a lease liability under the lease standard
  • To review the requirement of ASU 2023-01’s practical expedient as it applies to short-term leases
  • To identify ASU 2023-01’s rule for amortizing leasehold improvements with a lease between entities under common control
  • To review the IRS rule for determining whether a lease is capitalized for tax purposes
  • To identify a challenge that may exist if a company uses the AICPA’s FRF for SMEs
  • To recall the general GAAP rule for management’s evaluation of going concern
  • To review the SEC’s rule for ESG disclosures
  • To recognize one of the two approaches that are used to record revenue under the revenue standard
  • To recall how LIFO inventories should be valued under GAAP
  • To 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
  • To identify a method that can be used to record variable consideration under the revenue standard
  • To identify a loan covenant most directly impacted by an increase in the interest rate
  • To recognize a threat that exists with certain banks
  • To review the tax treatment for domestic research and experimental (R&E) expenditures found in OBBBA of 2025
  • To review how to present the tax benefit from using an NOL on the income statement
  • To recall how to present the adjustment of the deferred tax asset and liability from a change in tax status from S to C corporation
  • To recognize when a state might be able to charge sales tax under the Wayfair decision
  • To identify how to account for the Pass-Through Entity (PTE) Tax under GAAP
  • To recall the rule for deductibility of interest in IRC 163(j)
  • To recognize the VIE accounting alternative for leases under common control
  • To identify GAAP disclosures that are and are not pertinent to a start-up company
  • To identify some unusual transactions and how they are recorded on the statement of cash flows
  • To recognize examples of internal-use software
  • To identify criteria to begin and end capitalization of internal-use software
  • To recall some of the new disclosures for income taxes required by ASU 2023-09
  • To review how to measure and record a crypto asset on the balance sheet and income statement
  • To identify a new method that is authorized to record treasury stock in accordance with ASC 505

PLEASE NOTE: CPE credit measurement is based on NASBA Registry and QAS guidelines of one credit for every 50 minutes. Credit calculation may vary in different states — check with your State Board of Accountancy. Unless otherwise noted in the specific course description, no advanced preparation is required in order to register or complete any PES CPE course. Use of materials or services provided by Professional Education Services, LP ("PES") are governed by the Terms and Conditions stated on PES' website www.mypescpe.com. PES provides these courses with the understanding that it is not providing any accounting, legal, or other professional advice and assumes no liability whatsoever in connection with its use. PES has used diligent efforts to provide quality information and material to its customers, but does not warrant or guarantee the accuracy, timeliness, completeness, or currency of the information contained herein. Ultimately, the responsibility to comply with applicable legal requirements falls solely upon the individual licensee, not PES. PES encourages you to contact your state Board for the latest information and to confirm or clarify any questions or concerns you have regarding your duties or obligations as a licensed professional.