Blog

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.

The Washington CPA Foundation is accepting applications for its 2023 grant program. This will be the sixth award cycle for the Washington CPA Foundation grant program, which aims to improve the diversity of the CPA pipeline in Washington.

The best things in life are not free—they are priceless. Here are the free perks included with your membership. Utilize your benefits and see how far they can take you.

While many are tempted to delay addressing the new lease accounting standard until the last possible moment, your life will be easier if you learn what to do—and what not to do—sooner rather than later.

The AICPA has issued 3 new questions and answers around the implementation of the new Information System Services interpretation which will be effective in January 2023. The interpretation has been delayed twice—first due to COVID and then due to concerns around implementation.

While the value of the Society is different for everyone because of what resources they utilize, Sara Bailey, CPA, Board Chair, shares a few reasons why she personally values the WSCPA.

The FASB has proposed a new standard that is intended to reduce diversity in practice related to joint venture accounting at inception. When items are contributed to a joint venture, the proposal would require the use of fair value of the items contributed. The proposal also includes new disclosure requirements. Comments are due December 22, 2022

The initial guidance for 529 plans was issued back in 2005. Since then, there have been significant changes to how plans are run. The AICPA's Professional Ethics Executive Committee had received feedback and in the Work Plan looked at reevaluating the area. In September 2022, they issued a technical correction to make the safeguard easier to apply for holders of 529 plan investments.

The Tax Structure Work Group is considering recommending that the legislature replace Washington State's B&O tax with what many are calling a Texas-style margin tax. How close is this to becoming a reality? Mike Nelson, WSCPA Manager of Government Affairs, takes a look at the current state of the margin tax proposal.

FASB has issued a new ASU relating to supplier finance programs. Prior to this ASU, there were no explicit disclosure requirements and users requested more understanding of these types of financing. The new ASU provides disclosures to provide more insight for financial statement users.

Washington CPA Foundation scholarship applications for the 2023-2024 academic year are now open! Whether you’ll be a first-year college student in fall 2023, a PhD candidate, or anything in between, there is a scholarship waiting for you.

Quarter 3 of 2022 is in the books. Find out which accounting and auditing (and ethics) standards were issued by standard setters this past quarter

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.

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.

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.

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.

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.

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.