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The deadline for Washington CPA Foundation Accounting Scholarship applications is only a month away. Check out this handy infographic for help breaking down the application process into a few manageable, weekly steps over the next month.

Let's wrap up 2021 with a review of all things accounting and auditing! 2021 saw a flurry of activity from the AICPA, FASB and GASB. We'll review the final and proposed standards that were issued in 2021.

The 2022 Legislative Session got underway today, Monday, January 10. This year is shaping up to be another mostly virtual session given the ongoing COVID-19 pandemic. The House of Representatives has moved to an entirely virtual setup to start, while the Senate is currently planning to vote in person but will hold committee meetings virtually.

The FASB has issued an exposure draft as part of its Disclosure Framework project to update the disclosure requirements for interim reporting. The proposal follows ASU 2018-13 and 2018-14 in updating disclosures using the new conceptual framework. Comments are due January 31, 2022.

The AICPA's Professional Ethics Executive Committee (PEEC) has issued a Temporary Policy Statement Related to the Uniformed Services Employment and Reemployment Rights Act(USERRA) and parallel state statutes. The temporary policy is effective until rescinded by PEEC.

In preparation for the upcoming Legislative Session the WSCPA has worked with legislators to propose HB 1648 and SB 5519. These bills would set a timeline for phasing out certificate status while also creating a new CPA–Inactive license status.

Governor Inslee announced a delay in collections of the payroll tax until April 2022. This gives the legislature time during their upcoming session to make tweaks and address some concerns that have been raised over the last few months.

FASB issued ASU 2021-09, Discount Rate for Lessees That Are Not Public Business Entities. The much anticipated changes to permit the use of the private company alternative without having to elect it for all leases has been issued. This should help reduce cost and complexity by allowing nonpublic entities to decide when to apply the alternative.

With the loss of work events such as a full schedule of meetings, happy hours, golf tournaments, networking mixers, holiday parties, etc., not to mention casual interactions with colleagues, what once was a robust professional network can get pretty diminished without taking action pre-retirement (or during the honeymoon phase), risking the loss of social connections along the way.

The transition to remote work has not come without its challenges. Creative CPAs with a strong work ethic and a narrowed focus are capable of overcoming these challenges with grace. As is often said, if there is a will, there is a way. Let’s take a look at the “way” of working efficiently from home and other remote locations.

FASB has issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. This much awaited ASU addresses disclosures for for profit entities about the types of government assistance as well as the accounting for the assistance.

Successful supply chain cyberattacks are particularly troubling because they poison a trusted well. So how does the board help management answer challenging questions related to supply chain preparedness, given recent events and the expectation that such activities will increase in both frequency and severity? Read on for three practical steps for a balanced approach.

The AICPA has issued a Technical Q&A to address questions surrounding reporting on the SEFA when the amount reported does not tie back to the financial statements due to DHHS's requirement to report based on the reporting to the Portal. The TQA provides guidance on the application of AU-C 725 to this scenario.

The Financial Accounting Standards Board (FASB) has issued another private company alternative, ASU 2021-07, Determining the Current Price of an Underlying Share for Equity-Classified Share-Based Awards.

Once past the thrill of not having to engage in work-related activities or tasks that you’re happy to leave behind, the loss of routine and structure to your days in retirement can feel heavy over time. Here are some things to think about to set you up for a fulfilling and successful retirement

Financial Accounting Standards Board (FASB) issued ASU 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. It addresses how to account for contract assets recognized under Topic 606 in a business combination.

The Washington State Board of Accountancy (WBOA) has been looking to make a few rule changes this year to streamline some processes for active CPAs and prospective CPA candidates.

There is certainly no shortage of things to keep parents up at night. Work and businesses are experiencing similar growing pains. Business-as-usual still means new rules and protocols while also dealing with economic uncertainty, safety concerns, supply chain shortages and perhaps most impactfully, staffing shortages.

Before we know it, the next tax season or next crunch time will be here, if it ever in fact left. If COVID-19 taught CPAs anything, it’s that planning ahead can be priceless, especially when the world is thrust into lockdown.

The all-new Washington Nonprofit Corporation Act (New Act) completely replaces the current Washington Nonprofit Corporation Act, which has seen only minor updates since its adoption in 1967. This New Act makes major, overarching changes in the areas of modernization, charitable assets held by nonprofit corporations, and membership organizations.