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    Accounting for Callable Debt Securities for State and Local Governments

    by Khaled Abdel Ghany, PhD, CPA | Jan 04, 2018
    In March 2017, the Financial Accounting Standards Board (FASB) issued the Accounting Standards Update No. 2017-08 “Premium Amortization on Purchased Callable Debt Securities.” The requirement of this Update is to shorten the amortization period for certain callable debt securities held at a premium.
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    Foundation Offers Grants to Improve Diversity of CPA Pipeline

    by Kimberly Scott, CAE, WSCPA President & CEO | Jan 04, 2018
    Although providing scholarships to future CPAs is a key program for the Washington CPA Foundation, the Foundation Trustees are also excited to promote the profession to students that may not be aware of the opportunities a career in accounting can bring. One of the ways the Foundation does this is through providing grants to organizations with programs or events designed to improve the diversity of the CPA pipeline in Washington.
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    Complex Partnerships Under New Review

    by Edward R. Jenkins Jr., CPA, CGMA | Jan 04, 2018
    The Bipartisan Budget Act of 2015 (BBA) was passed Nov. 2, 2015. It was then modified by the Protecting Americans from Tax Hikes Act on Dec. 18, 2015. Those new laws substantially changed how partnerships will be audited by the IRS. The statutes took effect on Jan. 1, 2018. This article explains why Congress made the changes and what the changes to the audit regime are, identifies some traps in the new rules, and provides you with tips for compliance.
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    The Question You Need to Ask Yourself

    by Tom G. Donaghy, CPA, WSCPA Chair for 2017-18 | Jan 04, 2018
    I recently watched a video of a life-size robot jumping on and off different levels of platforms. The robot does a full flip afterwards to celebrate. Elon Musk made a comment about this video, “This is nothing. In a few years, that bot will move so fast you'll need a strobe light to see it. Sweet dreams…”
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    Catching Up on Revenue Recognition

    by Laura Hay, CPA, CPE | Jan 04, 2018
    The implementation date for new revenue recognition requirements is rapidly approaching. What should organizations do if they find themselves underprepared?
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The Washington Society of Certified Public Accountants is the only organization in the state of Washington dedicated to serving the professional needs of CPAs, educating consumers about CPAs and the services they provide, and encouraging students to study accounting and enter the profession.

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