Blog

In December 2022, the FASB issued two Accounting Standard Updates that make changes to previously-issued standards. ASU 2022-05 updates the transition guidance for ASU 2018-12 impacting long duration contracts. ASU 2022-06 extends the sunset date for reference rate reform.

The WSCPA Board of Directors has been working on devising a strategy for investing in the future of our profession. Sara Bailey, WSCPA Board Chair, shares the five areas that will comprise the WSCPA’s strategic plan.

The Washington State Board of Accountancy (WBOA) announced today that a CPE summary upload feature has gone live on the WBOA service dashboard via SecureAccess Washington (SAW). Any licensee can now upload CPE from a pre-formatted CSV file into the state’s CPE Tracker, which is mandatory for license renewal.

The de minimis threshold for information reporting was lowered as part of the American Rescue Plan Act of 2021, and will substantially increase the number of Forms 1099-K required to be filed with the Internal Revenue Service (IRS) and furnished to recipients by third-party settlement organizations and their electronic payment facilitators.

The AICPA has issued proposed changes to the peer review standards. The proposal is filled with several technical corrections and wording changes with the intent to improve clarity of existing standards. Comments are due January 31, 2023.

GASB has issued nine questions for public comment that relate to leases, SBITA and accounting changes. The implementation guidance which would be issued in 2023 would be authoritative interpretations of the related standards. Comments are due January 20, 2023.

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.

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.

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.

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.

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.

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.

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 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.

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.

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.

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.