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Are you a California CNA?
The purpose of this course is to inform the reader of the various changes affecting accounting, compilation and review, and auditing engagements as well as a review and recall of existing standards. Topics include a summary of newly issued FASB statements, new statements issued by the Auditing Standards Board, changes in compilation and review, current and pending developments, practice issues, and more.
Course Publication Date: October 06, 2026
This course is available with NO ADDITIONAL FEE if you have an active self study membership or all access membership or can be purchased for $240.00!
| Author: | Steven Fustolo |
| Course No: | ACT-FSS-61926 |
| Recommended CPE: | 24.00 |
| Delivery Method: | QAS Self Study |
| Level of Knowledge: | Update |
| Prerequisites: | None |
| Advanced Preparation: | None |
| Recommended Field of Study: | Accounting (16.00 Recommended CPE)
Auditing (8.00 Recommended CPE)
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Learning Objectives
- Recognize examples of internal-use software.
- Identify criteria to begin and end capitalization of internal-use software.
- Review how to determine the accounting acquirer in a business combination.
- Recognize how to account for forfeitures related to share-based consideration payable to a customer.
- Recall some of the new disclosures for income taxes required by ASU 2023-09.
- Identify how to measure a crypto asset.
- Review how to measure and record a crypto asset on the balance sheet and income statement.
- Review how to measure and account for a joint venture.
- Recognize the type of entity which is subject to the new disaggregation of expenses disclosures required by ASU 2024-03.
- Identify a new method that is authorized to record treasury stock in accordance with ASC 505.
- 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 examples of entities that are under common control.
- Recognize two elections that can be made under ASU 2025-05.
- Recall how subsequent collections of trade receivables are measured in the year-end allowance balance.
- Identify how a decline in a held-to-maturity debt security is accounted for.
- Recognize the new impairment model for available-for-sale debt securities under ASC 326-30.
- Recognize some new and not new disclosures under ASU 2016-13.
- Identify one of the top individual reasons for financial statement restatements.
- Recognize how to measure an investment in gold under GAAP.
- 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.
- 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.
- Recognize the disclosure required for a start-up company.
- Recognize a key change made to GAAP by the new lease standard.
- Identify a type of lease that exists for a lessee under ASU 2016-02.
- Recall a type of lease for which the ASU 2016-02 rules do not apply.
- Identify a threshold for a lease term to be considered a major part of an asset’s remaining economic life.
- Recognize who an entity might not want to use the risk-free rate to compute the present value of lease payments.
- Identify how a lessee should account for initial direct costs.
- Recognize items that are and are not components of a lease term.
- Recall the IRS rules as when an entity should and should not capitalize a lease for tax purposes.
- Identify a factor that primarily explains the decline in the federal effective taxes-paid rate for C corporations under OBBBA beginning in 2025.
- 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.
- Identify a feature of Section 1202 Stock that was expanded by the OBBBA to encourage C corporation conversion or formation.
- Recall how to present the adjustment of the deferred tax asset and liability from a change in tax status from S to C corporation.
- Recall when an auditor must quantify the effect of a GAAP departure in the audit report.
- Identify types of carryforwards for which deferred tax assets must be recognized.
- Review the disclosures that are required by a nonpublic entity when it has not recorded any uncertain tax positions.
- Recall how an entity should account for the PTE tax on its financial statements.
- Review the rule as to whether a Company is required to allocate consolidated income tax expense to its single-member LLCs that do not pay taxes.
- Identify services that are and are not considered consulting services engagements.
- Recognize the standards to follow in preparing financial statements as part of a consulting services engagement.
- Identify which party is responsible for determining that engagement team members have appropriate competence and capabilities to perform a SSARS engagement.
- Recognize the definition of materiality found in SAS No. 138.
- Identify a threshold in a review engagement under which an accountant is not required to accumulate misstatements.
- Recall the least profitable engagement to perform.
- Identify the type of reporting an accountant should perform when management elects to include disclosures about a few matters in the notes.
- Identify a recommendation to mitigate the risk associated with performing bookkeeping services.
- Review actions that would and would not impair an accountant’s independence.
- Recognize bookkeeping functions that would impair independence.
- Identify a key factor in determining whether the performance of a nonattest service impairs an accountant’s independence.
- Recall the date by which an engagement partner must take responsibility for determining that ethical requirements are fulfilled.
- Identify certain requirements an engagement partner must satisfy in performing an audit engagement.
- Recognize examples of resources assigned or made available by a firm to support performance of an audit engagement.
- Identify a type of unconscious bias defined in SAS No. 146.
- Identify when a successor auditor should request management to authorize a predecessor auditor’s response to the successor auditor’s inquiry.
- Recognize one of the new inquiries a successor auditor should make of a predecessor auditor by SAS No. 147.
- Recall the extent of a predecessor auditor’s response to a successor auditor’s inquiries when there are certain restrictions on the predecessor auditor.
- Identify an example of a recently issued auditing standard that SAS No. 148 incorporates into amendments to AU-C 935, Compliance Audits.
- Recall examples of inherent risk factors related to identifying and assessing risks of material misstatement in a compliance audit.
- Identify the party required to take overall responsibility for the quality on a group audit engagement in accordance with SAS No. 149.
- Identify a scenario in which it would be impracticable for an auditor to attend a physical inventory.
- Recognize an advantage of remote auditing.
- Recognize the benchmark used to evaluating going concern of an entity.
- Identify a behavioral trait of most occupational fraudsters.
- Recall a red flag that is most prominent with a man versus woman fraudster.
- Recognize when negative accounts receivable confirmations should not be used.
- Identify the form of a comfort letter that would be appropriate for an accountant to make to a lender.
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