FASB has proposed changes to Topic 842, Leases for related parties under common control. The proposal would change the evaluation of the lease term for private entities under common control to allow the use of what was in writing. The proposal would also change the amortization of leasehold improvements for all common control entities including public entities. Comments are due January 16, 2023

With the 2022 elections behind us, we adjust our focus to the 2023 Legislative Session. As we prepare for the launch of the session, WSCPA members will be meeting with legislators in Olympia during Hill Day on January 19 to discuss key matters expected to come before the legislature.

Join us in Olympia on January 19 for one of the year's most important advocacy events. This upcoming legislative session will be the first in-person session since 2020 and will be our first Hill Day in three years due to COVID-19.

Economists warn that a fiscal storm is brewing, with prolonged recession the likely result. Bankruptcy filings seem imminent, and there will be a growing need for CPAs to assist their clients in financial distress. CPAs should be aware of key issues and opportunities when their clients face Chapter 11.

NASBA is proposing changes to Rule 5-7 Retake and Granting of Credit Requirements related to the CPA exam. The date from which credit is calculated varies among the jurisdictions and with upcoming changes to the exam, NASBA is looking to streamline and provide for potential delays that may come out of the changes. Comments are due December 12, 2022.