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Earlier this year, the National Association of State Boards of Accountancy announced that they adopted the Uniform Accountancy Act Model Rule that extended the window to pass all four sections of the CPA. Exam takers would now have 30 months to complete the remaining sections, as opposed to the previous 18-month rule, from the time they receive a passing score on their first section of the exam.

Each year like many nonprofits, the FAF issues their annual report and posts it to their website. The FAF provides an excellent overview of the work of both the FASB and GASB boards. 2022 marked the 50th anniversary of the FAF, so this year's report also includes a great history lesson. If you are interested in learning more about the boards and their mission, this is a great place to start!

The WSCPA has joined with more than 500 businesses and employers to advocate to help pass the Freedom to Invest in Tomorrow's Workforce Act, which would expand qualified expenses under 529 savings plans to include postsecondary training and credentialing.

The AICPA and all 54 State CPA Societies, including the Washington Society of CPAs, sent a letter to the Department of Homeland Security (DHS) requesting DHS recognize accounting under the “T” for Technology in Science Technology Engineering Math (STEM) education.

At the end of July, the FASB proposed new disclosure requirements that would require public business entities to provide more disaggregated data around their income statement expenses. Unlike the recent income tax disclosure proposal, this proposal only impacts public business entities. It is in response to a request from investors to provide more granular information to assist users in understanding the company's cash flows.

In June, the FASB proposed changes to the accounting for purchased financial assets. Based on feedback obtained in its post-issuance review of CECL, stakeholders found the guidance on PCD vs Non-PCD assets confusing and unhelpful. FASB is proposing removing the distinction and expanding the accounting for PCD assets to most purchased financial assets. Comments are due August 28.

The WSCPA highlighted mental health awareness throughout the month of May as part of our mission to celebrate and include the authentic, whole person.

On July 21st, the Office of Chief Counsel at the IRS issued a memorandum to address noncompliance with ERTCs. The memorandum provides responses to various scenarios that employers have been trying to make to qualify as "eligible employers".

Now we look at IFRS S2 - Climate-related Disclosures. Issued the same day as S1, these disclosures focus on strategy, governance, metrics and risk management but particularly in relation to climate related risks and opportunities. S2 is effective for annual reporting periods beginning on or after January 1, 2024. Earlier application is permitted as long as IFRS S1 is also applied.

Kimberly Scott, CAE, President & CEO of the Washington Society of CPAs, and Thomas Neill, CPA (retired), WSCPA member, have been named to the American Institute of CPAs’ (AICPA) newly-formed advisory group representing a broad spectrum of the accounting profession that will help shape a national strategy to address the profession’s talent, including accounting students who go on to obtain a CPA license.

In a world that places much focus and celebration on individual achievement, it’s easy to forget the incredible power that lies within a community. Transformative growth becomes possible when we make connections and share ideas.

The Washington State Department of Revenue (DOR) recently published a draft rule proposing modifications to the Washington Capital Gains Tax. As many CPAs and taxpayers have been grappling with this new tax, it has become evident that numerous challenges are associated with this new type of tax.

As more companies invest in digital assets, they are looking to CPAs to help them with the accounting treatment — and CPAs are looking for guidance on how to audit such investments.

The Washington State Board of Accountancy (WBOA) voted to expose for final consideration a rule change that would grant exam candidates 36 months to complete the CPA Exam. During the WBOA meeting on July 21, 2023, the Board voted unanimously to take the 36-month recommendation of the Exam Window Task Force, which had been established by WBOA in April 2023. This would mean that candidates would have 36 months following their first passing grade to complete all four sections of the CPA exam.

Why would we ask a professional candidate with a well-crafted resume to complete an employment application? While many might think that a resume and an employment application are redundant, not all the information requested on an employment application is included on a resume. It is typically a best practice to simply let the candidate know that for the actual work history section of the application, they can indicate “see attached resume” and complete all other questions. It’s these other questions that can provide a more well-rounded picture of the applicant.

The second quarter of 2023 was a slower one for standard setters. We'll look at the standards that were issued and proposed from April through June of 2023 at the FASB, GASB and AICPA.

Education, Exam, and Experience. These three components serve as the essential building blocks for achieving CPA licensure.

While the 2023 Washington State legislative session ended in April there are still many challenges and changes coming toward the profession in the months ahead. The Department of Revenue (DOR) and Washington State Board of Accountancy (WBOA) are both going through rulemaking.

On June 12-13, 2023, WSCPA members from all stages of their careers converged upon Bellevue, Washington, for the inaugural WSCPA Membership Summit. The event proved to be a remarkable platform for networking, knowledge exchange, and celebrating the accounting profession.

The new Chair of the WSCPA Board of Directors, Andrew Brajcich, carries the WSCPA baton into the year ahead. Learn how Andrew plans to advance the CPA profession under his new leadership.