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Inclusion and Diversity in the World of Professional Services and Accounting

February 07, 2022

The conversation around diversity, equity and inclusion (DEI) should be at the forefront of all discussions at all levels within organizations to align with and create an innovative and sustainable future. In professional service firms, specifically accounting – defining and crafting DEI goals and initiatives is critical in fostering a diverse and inclusive culture.

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WSCPA Applauds Lawmakers for Signing Bipartisan Letter Calling for Taxpayer and Tax Preparer Relief from the IRS

February 02, 2022

The launch of income tax filing season last week comes as taxpayers and preparers are already feeling frustration with the IRS over unprocessed prior year returns and unanswered correspondence.

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Proposed ASU - Disclosure of Supplier Finance Program Obligations

January 31, 2022

FASB has issued an exposure draft which would require additional disclosure about supplier financing arrangements sometimes referred to as reverse factoring. These disclosures would provide users with information about the agreements and the location of the obligation in the financial statements. Comments are due March 21.

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Long Term Care Trust Act Officially Delayed

January 27, 2022

A package of two bills to delay and expand exemptions for the Long Term Care Trust Act (Long Term Care Act) were signed by Governor Inslee on January 27.

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Chapter 4, Conceptual Framework: Elements

January 25, 2022

The FASB has issued an update to the definition of key elements in the Concept Statements. The definitions of an asset, liability, revenue and expenses have all received an update. This blog will discuss what's changing and how the concept statements interact with the writing of ASUs.

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Membership Value in a New Year

January 25, 2022

Achieving success in the coming year will again take focus, flexibility, and creative solutions to both known and unknown challenges. The WSCPA is here to help you every step of the way.

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10 Actions You Can Take Today to Be More Inclusive at Work

January 24, 2022

“Diversity, equity, and inclusion” can sound vague and jargony if you don’t know how it translates into everyday action. Read on for 10 things you can do today to create a more inclusive work environment.

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Avoiding Social Engineering Scams & Fraudulent Wire Transfers

January 21, 2022

CPAs continue to be at high risk of social engineering attempts due to the type of information firms gather and store, and CAMICO has observed an uptick in the frequency of these attempts, along with fraudulent email requests for wire transfers. Here are practical tips and best practices for avoiding these scams.

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Crypto Curious? What to Know Before Accepting Digital Payments

January 20, 2022

Once primarily the financial darling of tech geeks and the dark web, cryptoassets such as bitcoin and dogecoin have emerged as household names in the past few years. Wondering if you should join the crypto club? Here's what you need to know.

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Your Office of the Future

January 19, 2022

Typically, when you see a title or headline that mentions the office of the future, it is focused on technology. While technology is absolutely key to any office, there are many more variables related to the office of the future which are keeping CPAs up at night.

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Information System Services Ethics Update

January 18, 2022

The Professional Ethics Executive Committee (PEEC) of the AICPA has postponed the implementation of the Information System Services Interpretation an additional year. In addition, PEEC has also provided a new practice aid. The interpretation will now be effective in January 2023.

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Proposed Changes at the IRS

January 18, 2022

AICPA and other members of the Taxpayer Relief Coalition have sent a letter to the House Ways and Means and Senate Finance Committee members regarding the considerable delays in response from the Internal Revenue Service (IRS) and the challenges getting ahold of them.

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Washington CPA Foundation Report: Focus on Diversity

January 18, 2022

The Washington CPA Foundation is committed to promoting diversity in the accounting profession. In 2016, the first year of the Washington State Board of Accountancy scholarship partnership, only 17 percent of scholarship applicants identified themselves as diverse (with 34 percent as Caucasian and 46 percent unidentified).

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5 Steps to Completing Your Accounting Scholarship Application On Time

January 17, 2022

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.

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2021 A&A Year in Review

January 10, 2022

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.

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2022 Legislative Preview

January 10, 2022

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.

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Disclosure Framework— Proposed Changes to Interim Disclosure Requirements

January 03, 2022

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.

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SAS 145

November 01, 2021

The long awaited changes by the AICPA to Risk Assessment have been issued. SAS 145, which will be effective in 2023, updates several definitions and provides clarity on areas that had significant practice issues. We’ll review at a high level the key changes you need to know about that are coming down the pike!

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Early Black-Owned CPA Firms Spurred Diversity Efforts

October 12, 2021

Firms established by pioneering Black CPAs have left an indelible legacy on today’s accounting profession. Built by Black CPAs who succeeded despite adversity, the firms continue to play an important role in the profession’s recruitment and advancement initiatives, and with the clients they serve.

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