Course Details
Author: Steven C. Fustolo, CPA
Mr. Fustolo is a partner with the Boston CPA firm of James J. Fox & Company and Director of the National Tax Institute, Inc. He is a frequent lecturer and author of numerous tax and accounting issues affecting closely held businesses. An AICPA author, Mr. Fustolo’s articles are regularly featured in The Practical Accountant and other publications. He is the author of Practice Issues: Compilation and Review, Accounting and Auditing Reference Guide, Everything You Never Wanted to Know About GAAP, Enron: Fraud, Deception and the Aftermath, FASB Review for Industry, and FASB, SSARS and SAS Update and Review and numerous other books and manuals that have been published by Practitioners Publishing Company (PPC) and Commerce Clearing House (CCH). He is the recipient of several Outstanding Discussion Leader awards from many professional organizations including the New York and Florida Societies of CPAs. Mr. Fustolo’s course entitled FASB, SSARS and SAS Update and Review continues to receive accolades and is regarded as one of the top live CPE programs in the country today with ratings that average 4.91 on a scale of 5.0. He speaks regularly for professional groups including being a guest lecturer at the AICPA Advanced Accounting and Auditing Technical Symposium. Mr. Fustolo is the recipient of the Elijah Watts Sells Award (AICPA) and Silver Medal (Massachusetts) for scores received on the CPA Examination.
Publication/Revision Date: 2/9/2026
Course Exam Questions (online): 80 (multiple-choice)
Program Delivery Method: NASBA QAS Self-Study
Available Formats of Course Text: Downloadable PDF, Printed/Mailed
Course Level, Prerequisites, and Advance Preparation Requirements
| License | Course Level | Prerequisites | Advance Preparation Requirements |
|---|
| CPA | Overview | None | None |
* This program is appropriate for professionals at all organizational levels.
Sponsor ID Numbers
National Registry of CPE Sponsors I.D.: 107615
State CPA Board Sponsor ID Numbers (where applicable)
Florida Division of Certified Public Accounting: 0004761
Hawaii Board of Public Accountancy: 14003
New York State Board for Public Accountancy: 002146
Ohio Accountancy Board: CPE .51 PSR
Pennsylvania State Board of Accountancy: PX178025
Texas State Board of Public Accountancy: 009349
Learning Objectives
As a result of studying the course material, you should be able to meet the objectives listed below:
Section I- Recognize a reason public companies over disclose in their notes to financial statements
- Recall the definition of free cash flow
- Recognize some of the key ratios used to analyze working capital
- Identify some of the symptoms of inefficiently managed working capital
- 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
- Identify the shift in the types of retirement plans over the past decade
- Review the financial statement presentations permitted under the LIFO Conformity Requirement
- Review how debt and equity securities should be accounted for 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 a key change found in the lease standard
- Identify how a lessee recognizes a lease liability under the lease standard
- Identify potential impacts from implementing the lease standard
- Recognize the general structure of the FASB Accounting Standards Codification (ASC)
- Recall the general GAAP rule for management's evaluation of going concern
- Identify a method that can be used to record variable consideration under the revenue standard
- Recognize the approaches that are used to record revenue under the revenue standard
- Recall how LIFO inventories should be valued under GAAP
- Identify a loan covenant most directly impacted by an increase in the interest rate
- Recognize the VIE accounting alternative for leases under common control
Section II- Recognize how to present the Employee Retention Credit (ERC) in the statement of income
- Identify how to account for the Pass-Through Entity (PTE) Tax under GAAP
- Review the accounting for a net operating loss
- Recall the rule for deductibility of interest in IRC 163(j)
Section III- Identify a particular way in which most marijuana businesses must operate
- Recognize when a state might be able to charge sales tax under the Wayfair decision
- Identify some unusual transactions and how they are recorded on the statement of cash flows
Section IV- Identify an attribute of a joint venture
- Identify how to measure a crypto asset and record it on the balance sheet and income statement
- Recall some of the new disclosures for income taxes required by ASU 2023-09
- Recognize one of the bases used for disclosing disaggregation of expenses in ASU 2024-03
