Blog

The Office of Management and Budget (OMB) provided notice of Request for Information (RFI) and notification of proposed guidance to 2 Codes of Federal Regulation (CFR). The OMB, through the RFI and the proposed rule revisions, is seeking to harmonize the regulations of federal grants and agreements to improve efficiencies, allow for greater transparency, and create a more effective process for both grant recipients and federal agencies. Feedback on the guidance and revisions to 2 CFR are due on or before March 13, 2023.

On February 15, 2023, FASB affirmed the proposed changes to Topic 842, Leases for related parties under common control. The Board unanimously affirmed a practical expedient for private entities & nonprofits without conduit debt under common control arrangements to allow these entities to use the written terms and conditions of their leases to apply Topic 842.

The GASB has exposed one additional question related to cloud computing arrangements and the scope of GASB 96. The question provides guidance on how to evaluate cloud computing arrangements in the context of a SBITA. Comments are due March 10, 2023.

GAO has issued a proposed update to GAGAS. The main changes include, similar to the AICPA, a movement to quality management and a more risk based approach to quality and quality reviews. They also provide application guidance around key audit matters. Comments are due by April 28, 2023.

At its meeting on January 27 in SeaTac, Washington, the Washington State Board of Accountancy adopted a rule that allows candidates in Washington to sit for the CPA exam after having earned 120 semester hours. This rule change does not modify the 150 hours required to be licensed as a CPA.

Test Description

Many Excel formulas are quite manageable, but sometimes a formula can end up spanning two or more rows in Excel’s formula bar. Such formulas are tricky to audit and to edit because they often repeat calculations in two or more places.

The AICPA has issued the final blueprints for the new CPA exam which will launch in 2024. Based on the comments received in the exposure draft phase, the AICPA made updates and tweaks to the proposal and has issued the final blueprints.

Conflicts of interest have long been a major factor in professional liability claims against CPAs. Part of the problem is that potential conflicts of interest are hard to recognize or identify until something goes wrong.

The AICPA's Professional Ethics Executive Committee (PEEC) has issued a new ethics interpretation around Compliance Audits. The interpretation adds two new definitions and revises a third definition. In addition, several Q&As were added to provide context for the application of the independence rules for these engagements.

Understanding the wants and needs of today’s young professionals is key to building a sustainable talent pipeline for your firm of tomorrow.

As organizations rapidly pursue initiatives to support their values and meet the expectations of stakeholders, it’s crucial to implement, track, report, and assure standards that accurately define and measure your progress. Implementing an ESG strategy can help achieve these initiatives, while driving further growth and brand loyalty.

The accounting profession needs to increase diversity and inclusion efforts to remain competitive to their workers, customers, and reputation. It’s incumbent on all organizations to implement actionable steps, appropriate to their organization, to move us all forward. Organizations that don’t are sure to be left behind as investors, customers, and their employees demand it.

We kick off 2023 with a look at the final standards that were issued by the FASB, GASB and AICPA throughout 2022. We'll give an executive overview of what was issued and how it may impact financial reporting, auditing and ethics.

The challenges of the last few years have changed us individually and how we work. These changes will ripple into the future. The thought of addressing some of these changes may make you feel overwhelmed. Some changes may seem too monumental and paralyze your ability to decide where to start. Fortunately, some of these we can tackle together.

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.

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.

Hindsight might be 20/20, but we had an amazing 2022 at the WSCPA!

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.