GAAP Update 26-27

Overview

This course is designed to give you a clear and concise understanding of the latest FASB changes that impact nonpublic entities, perfect for professionals who prepare or audit GAAP financials. In the first section, we’ll walk through every Accounting Standards Update (ASU) issued in 2023 to 2026 that take effect in 2026 and beyond. We’ll focus on explaining what’s changed, which topics are affected, and the key provisions you need to know about. Additionally, we’ll discuss how these updates impact financial reporting and disclosure, and, when possible, we’ll explore the reasons behind the changes. By the end of this section, you’ll be able to identify which ASUs apply to your clients or your own practice and where you may need to dive deeper into further research. In the second section, we’ll explore the FASB’s technical project and agenda, including a discussion of proposed Accounting Standards Updates that were exposed for public comment in 2025 and 2026. This section will provide you with practical insights to help you navigate the evolving landscape of GAAP and ensure compliance.

Highlights

• Equity method investments and joint ventures • Changes in U.S. GAAP financial statement presentation and disclosure requirements • Accounting and disclosure for crypto assets • Various other Accounting Standards Updates (ASUs) issued during 2023 through 2026 • FASB Technical Projects and Agenda, including recently exposed Proposed ASUs

Prerequisites

Knowledge of GAAP and awareness of the FASB Accounting Standards Codification.

Designed For

CPAs, auditors, and financial professionals working with nonpublic entities.

Objectives

• Identify relevant areas of accounting that have changed in recent years • Determine when changes are not likely to affect financial statements, allowing for simplified approaches materially • Understand the nature of significant changes and identify trends • Improve the presentation and content of financial statements and disclosures

Preparation

None