Blog

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.

The International Sustainability Standards Board (ISSB) has issued the first of their new sustainability disclosure standards. The goal is to provide a single, global baseline of sustainability disclosures to enhance the providing of disclosures. This blog reviews S1, General Requirements for Disclosure of Sustainability-related Financial Information, which were issued recently.

The Seattle Office of City Finance has scheduled a public hearing on updated rules for Penalties, Warranties and Maintenance Agreements, Computer Software, Computer Hardware, Taxation of Information Services and Computer-Related Services. New rules are also being introduced for Digital Products and Information Requests—Aggregation and Confidentiality. The hearing will be held on July 11, 2023, from 10:00 a.m. to 11:30 a.m.

The AICPA's Professional Ethics Executive Committee (PEEC) has proposed a new definition of publicly traded company and has revised the definition of public interest entity as part of their IESBA convergence. The definition explains when AICPA independence standards would apply and when related ethics standards like PCAOB and NAIC standards would apply. Comments are due September 15.

This article focuses on the narrow outcome when CPAs settle a claim before contacting their professional liability insurance provider.

As an accounting student, you're likely aware of the significance of networking in today's competitive job market. Building connections with accounting firms not only increases your chances of securing internships and full-time positions but also provides valuable insights and mentorship opportunities. Let’s explore the best ways for accounting students to network effectively with accounting firms, allowing you to pave a path towards a successful career in the field.

Last month, CPAs from Washington joined their partners at the American Institute of CPAs (AICPA) in Washington, D.C. to meet with lawmakers on issues important to the accounting profession during the AICPA Spring Meeting of Council and Annual Members Meeting.

This week's GLS Genuine Learning Blog gives an overview of the happenings at the Spring 2023 AICPA Council meeting with a look at the agenda and key topics covered during Hill visits. We'll review the key focus areas of the 2 day meeting.

On Friday May 19, the Office of Management & Budget issued the 2023 Compliance Supplement. This blog will review the largest changes of the various parts of the Supplement. The new Supplement is effective starting with our June 30, 2023 year ends.

Recently the WSCPA celebrated International Women’s Day and Women’s History Month by recognizing the contributions women have made to the accounting profession.

Outsourcing is a hot topic right now for the profession as CPA firms struggle with staffing constraints. Current challenges associated with firms attracting and retaining talent are expansive and include issues such as staffing qualified professionals for complex engagements, employee burnout, unrealistic and “heavy” workloads, as well as limitations on the ability to maintain and foster high-touch client relationships.

The internet has been buzzing with the latest leap in technology, ChatGPT. This innovative AI tool has the potential to revolutionize the way CPAs work. Find out what this means for our profession and you.

Under the Financial Crimes Enforcement Network (FinCEN)’s Corporate Transparency Act, most businesses created in or registered to do business in the United States will need to report information on their beneficial owners to FinCEN starting January 1, 2024. There are stiff taxpayer penalties for noncompliance with this requirement.