Blog

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.

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.