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    ASU 2022-03

    by WSCPA | Sep 26, 2022
    The FASB has issued ASU 2022-03 which is a niche standard providing clarification around restrictions on sale and their impact on the determination of fair value. The standard also includes an update to an illustration and new disclosure requirements.
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    SAS 148

    by WSCPA | Sep 20, 2022
    SAS 148 updates AU-C 935 for recent changes in SASes 142 and 145 which made the appendix out of date. AU-C 935 is used for Compliance Audits and helps auditors understand how to leverage the other AU-C sections when addressing noncompliance in lieu of misstatement. Changes impacting AU-C section 501 is aligned with the effective date of SAS 142. All other amendments in SAS 148 align with the effective date of SAS 145.
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  • Time is Running Out Buy CPE

    CPE Each and Every Year – 20-hour Minimum Annual Requirement

    by WSCPA | Sep 14, 2022
    Here we are again – post-renewal time for the 2022 renewal crowd. You made it! You are renewed for another 3 years – nicely done! But just because your renewal is complete, doesn’t mean that your business with the Board is done for the year.
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    Revised Statements on Standards for Tax Services Proposal

    by WSCPA | Sep 13, 2022
    The AICPA's Tax Executive Committee has proposed changes to the Statements of Standards for Tax Services (SSTSs). The proposal has two parts. Part 1 is an Exposure Draft of proposed revisions to the SSTSs. Part 2 is an Invitation to Comment on how the AICPA could potentially introduce quality management in the tax realm. Comments are due by December 31st.
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    The Back-to-the-Office Experience

    by Claire Fitzgerald | Sep 13, 2022
    What is and isn’t working as people trickle back into the office in a post-pandemic world? Three CPA firm partners weigh in on why listening to staff is more important than ever as we try to get back to business as usual.
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  • Auditors: AICPA Government Audit Quality Center needs your feedback

    by WSCPA | Sep 06, 2022
    Due to the historic amount of federal pandemic funding, the AICPA Government Audit Quality Center (GAQC) is gathering auditor feedback on how it can best support auditors who work with single audits. If you are work with single audits, please complete this short survey.
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    The Top 6 Skills for Finance CPAs in the Digital Era

    by Dr. Liran Edelist | Sep 06, 2022
    The Office of Finance has evolved to become a key player in supporting strategic business decisions that reaches beyond day-to-day number crunching and Excel spreadsheets. While these tasks are important, technological advances can help CPAs save time and focus on being a strategic business partner that adds value across the entire enterprise.
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    Protecting Trade Secrets in a Remote Work Environment

    by David Duffus, CPA, ABV, CFF | Aug 30, 2022
    Since March 2020, legions of employees have been working from home with nearly unfettered access to company information. Some of that information may be regarded as trade secrets. As more companies offer hybrid or fully remote work environments, the effort to protect these trade secrets will grow as a concern.
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    2021 FASB Agenda Consultation Report

    by WSCPA | Aug 29, 2022
    The FASB has issued their 2021 Agenda Consultation Report to provide an update on how the feedback received from their ITC last year influenced the current standard setting agenda. The report provides insight into the top priorities of various stakeholders and the ultimate decisions of the board based on the feedback.
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    Lessons Learned — 2022 Renewals with WBOA CPE Tracker

    by WBOA | Aug 25, 2022
    2022 was the first renewal period in which individuals renewing their CPA license were required to report their completed CPE through the Board’s new CPE Tracker, which is located within the online licensing system. Read on to find out what your colleagues learned.
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    Envisioning a Results Centered Future

    by Sara Bailey, CPA | Aug 23, 2022
    We may be “comfort centered” most of the time—doing what we know how to do and avoiding things that make us leave our comfort zones. When we force ourselves to clarify what we want, we are able to be what Robert E. Quinn calls “results centered.” The result? We will become more energized and optimistic. Find out how the WSCPA is working to envision a results centered future.
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  • Students Attending Small Firm Career Fair

    7 Tips for Attending Meet the Firm Events

    by Benjamin Warren | Aug 18, 2022
    As you come back to school for the fall, you’re sure to be invited to Meet the Firm events and Career Fairs. Whether you’re new to these events or a seasoned pro, the WSCPA wants to make sure you have positive interactions with firm representatives and recruiters. Here are 7 tips for getting the most out of any Meet the Firm events you plan on attending.
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    Summer Advocacy is Heating Up

    by Mike Nelson | Aug 17, 2022
    While the profession has navigated through the health and economic turmoil of the last few years, the WSCPA Advocacy Team has spent the last several months monitoring the legislative session and preparing for the future.
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    GASB ED: Certain Risk Disclosures

    by WSCPA | Aug 16, 2022
    The GASB has issued a proposal around disclosures related to certain risks. The proposal provides disclosure requirements for certain concentrations and constraints. Comments are due September 30, 2022. Do you believe the proposed disclosures are sufficient?
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    WSCPA Moves to New Office

    by WSCPA | Aug 10, 2022
    It’s official! The WSCPA office—the home of Washington CPAs—has moved to our new location.
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    ESG Merger Completed

    by WSCPA | Aug 09, 2022
    This week marked a major consolidation in the ESG standard setting arena. The IFRS Foundation completed its consolidation of the Value Reporting Foundation (VRF). The IFRS Foundation is the parent entity to the IASB who writes IFRS. It will now also be the parent to the new International Sustainability Standards Board’s (ISSB).
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    Reconciliation Bill Deadline Looms in Congress – Potential Impact on Corporations

    by WSCPA | Jul 20, 2022
    As negotiations continue on the fast-approaching reconciliation bill, the AICPA remains active in its advocacy efforts, which includes pushing back on the implementation of a minimum book income tax on corporations. With a deadline of September 30, there is little time to pass a bill and sign it into law.
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  • Tax Structure Work Group Continues Looking at Major Tax Changes for Washington

    by Mike Nelson | Jul 07, 2022
    The Tax Structure Work Group (TSWG) is nearing the finish line of their five-year exercise to recommend a new fairer tax system in Washington. At their May meeting, the TSWG voted on a number of proposals and decision points in directing the Department of Revenue to model and draft proposal language for different taxes in Washington.
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    Budget 360 – It’s time to take a big picture approach to the process

    by Bob Mims, CPA | Jun 28, 2022
    Most organizations have flaws in the process that can make the budget untenable. There are multiple solutions to this process that can help lead your budget to a better place, and one that is more enjoyable for all.
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    Ethics Interpretation Proposal: Compliance Audits

    by WSCPA | Jun 28, 2022
    The AICPA's Professional Ethics Executive Committee (PEEC) has proposed some new independence rules related to compliance audits. The AICPA is aware that much of the new COVID-19 related funding is causing many entities who have not been subject to audit requirements or single audit requirements historically to now be subject to them. The proposal adds two definitions and revises the definition of financial statement attest client to help identify which independence rules apply to these engagements. Comments are due September 1, 2022.
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