Current Developments in Accounting and Financial Reporting 

Course Description:

Learning Objectives:

Upon successful completion of this course, participants will 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
• 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)
• 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
• 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