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This week marked a major consolidation in the ESG standard setting arena. The IFRS Foundation completed its consolidation of the Value Reporting Foundation (VRF). The IFRS Foundation is the parent entity to the IASB who writes IFRS. It will now also be the parent to the new International Sustainability Standards Board’s (ISSB).

As negotiations continue on the fast-approaching reconciliation bill, the AICPA remains active in its advocacy efforts, which includes pushing back on the implementation of a minimum book income tax on corporations. With a deadline of September 30, there is little time to pass a bill and sign it into law.

The Tax Structure Work Group (TSWG) is nearing the finish line of their five-year exercise to recommend a new fairer tax system in Washington. At their May meeting, the TSWG voted on a number of proposals and decision points in directing the Department of Revenue to model and draft proposal language for different taxes in Washington.

Most organizations have flaws in the process that can make the budget untenable. There are multiple solutions to this process that can help lead your budget to a better place, and one that is more enjoyable for all.

The AICPA's Professional Ethics Executive Committee (PEEC) has proposed some new independence rules related to compliance audits. The AICPA is aware that much of the new COVID-19 related funding is causing many entities who have not been subject to audit requirements or single audit requirements historically to now be subject to them. The proposal adds two definitions and revises the definition of financial statement attest client to help identify which independence rules apply to these engagements. Comments are due September 1, 2022.

FASB has issued an Invitation to Comment to gather feedback about the operability of leveraging IAS 20 for government grants for for-profit entities in the US. The ITC does not include any preliminary views but is to help the FASB staff gather information from stakeholders about any benefits or issues that should be considered in the project. Comments are due September 12, 2022.

With cybersecurity threats coming from all directions, it’s important for CPA firms and their staff to be aware of how the risk exposures impact the firm as well as the client. When there is a claim, it is important to understand how cyber insurance coverages work with the legal and technical experts to produce the best possible outcomes for your firm.

No industry is immune from a lack of labor, even in the professional classifications such as accountants. Firms are hiring remote workers in order to stay competitive. Let's look at ways to protect your firm as you hire a remote workforce.

One of the most difficult concepts to communicate to CPAs is how their actions for which they are getting sued will be portrayed to the jury. The gap between the experienced reality and the story told at trial is a chasm, yet it is illustrative of what CPAs need to do today to minimize risk tomorrow.

OMB has issued its 2022 Compliance Supplement. The Compliance Supplement includes new ARPA programs that were not addressed in the 2021 Supplement so this can be very helpful to auditors wrapping up some outstanding 2021 audits. The Supplement should be used for 6/30/22 year-ends and beyond.

Are you looking for ways to stay connected with your fellow students during the summer? Hoping to do some networking while waiting for meet-the-firm events and campus recruiting to start back up in the fall? Well, the WSCPA has just what you need with WSCPA Connect.

The PCAOB has issued a staff spotlight looking at some auditor considerations when using a service provider in the confirmation process. It encourages auditors to evaluate whether they have maintained control over the confirmation and to what extent they can rely on third party controls. This is nonauthoritative guidance to help improve audit quality.

For more than 25 years Julie Phipps has administered the Peer Review Program for Washington CPA firms on behalf of the American Institute of CPAs (AICPA). Julie plans to retire in May 2023, and the WSCPA has made the decision to outsource the administration of the Peer Review Program to the Colorado Society of CPAs. How will this affect your firm? Read on.

The Great Resignation has been a hot topic of discussion in firms around the country. People are leaving their current jobs — not just for other firms, but for other careers. It’s more important than ever to focus on increasing our ability to get work done with limited resources.

There has been a seismic shift in the role of accountants. Today’s accountants need to continuously adapt, evolve and improve to keep up with business’ accelerated pace of change. Continuing education is a tool accounting professionals can equip themselves with to build a future-ready career.

When thinking of the organizations and companies that have survived and thrived during COVID, practicing agility is usually the most common attribute of success. Here are few of tips for remaining agile, and how the WSCPA is providing resources to guide you through obstacles.

The AICPA has proposed significant changes to AU-C 600 and the requirements of a group audit. Some changes are definitional but the new standard also includes a more risk based approach for addressing financial statements that contain multiple components. Comments are due June 21, 2022.

The WSCPA building was a gathering place. It was a destination for past chair socials for those that built our profession. It was a venue for board meetings and committee collaborations. Tom Sulewski pauses, reflects and smiles about the WSCPA building that triggers great memories for so many members.

The AICPA has proposed significant changes to AU-C 600 and the requirements of a group audit. Some changes are definitional but the new standard also includes a more risk based approach for addressing financial statements that contain multiple components. Comments are due June 21, 2022.

It is WSCPA membership renewal time! Maintain your connection to a supportive community of accounting professionals across the state and keep saving on top-tier CPE and business services. Take just a few minutes to renew today.