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: 4/13/2026
Course Exam Questions (online): 50 (multiple-choice)
Program Delivery Method: NASBA QAS Self-Study
Available Formats of Course Text: PDF only or PDF plus printed copy sent in the mail
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 ID: 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:
- Identify an accounting standard that exempts non-public entities from its application
- Recall a disadvantage of the AICPA's Financial Reporting Framework for SMEs
- Recognize the type of criteria on which the other basis of accounting is based
- Recall whether a one-member LLC is permitted to issue tax-basis financial statements
- Identify the best use for tax-basis accrual financial statements
- Recognize an example of a permanent difference
- Recall an example of a GAAP disclosure that can be eliminated by using tax-basis financial statements
- Identify a situation in which tax-basis financial statements might be misleading
- Recall ways in which nontaxable revenues and nondeductible expenses can be presented in tax-basis financial statements
- Recognize which type of exchange of assets no longer qualifies for like-kind treatment in tax-basis financial statements
- Recall how to account for the installment sales method under GAAP as compared with tax-basis financial statements
- Recognize how an entity accounts for a change in accounting method in the tax-basis of accounting
- Identify how to account for certain transactions on tax-basis financial statements
- Recognize whether supplementary information is part of the financial statements
- Identify titles that are appropriate and not appropriate for tax-basis financial statements
- Recall types of legends that might be included on pages of tax-basis financial statements
- Recall how a statement of cash flows should be accounted for and presented in tax-basis financial statements
- Recognize the rules for presenting a statement of comprehensive income in tax-basis financial statements
- Identify categories of disclosures that should be included in tax-basis financial statements
- Recognize elements that are and are not relevant to tax-basis financial statements in preparing a summary of significant accounting policies
- Recall how certain GAAP disclosures should be handled in tax-basis financial statements
- Recall how to account for the pass-through entity (PTE) tax under tax-basis financial statements
- Recognize the reporting requirement for preparation and compilation of tax-basis financial statements engagements under SSARS Nos. 21-25
- Recall the appropriate title for a review report on tax-basis financial statements
- Identify certain language that should be included in an audit report on tax-basis financial statements
- Identify the reporting option when an entity changes from GAAP to tax-basis financial statements
- Recognize how an accountant should report on a grantor trust or one-member LLC
- Identify the disclosures that are required if an accountant issues a report on a tax return
- Recall the rules to issue a compilation report on a tax return
- Identify disclosures that are and are not relevant to cash-basis financial statements
- Recognize an element that would be made in a summary of significant accounting policies for the modified cash basis
- Identify other types of special purpose frameworks other than tax basis
