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It’s no surprise that pursuing a career in accounting can be expensive and that cost is a considerable barrier to many students. Scholarships and other financial assistance become essential to these students and make a real difference in their overall success.

Identifying barriers can be a challenge. We are well conditioned to maintain the status quo if we personally do not see things as broken or cumbersome. We also tend to insert our own experiences, opinions, and biases in everything we do. It takes conscious thought and practice to notice a potential barrier and dissect it. It can be even more difficult to bring others along with you.

You know what qualities and expertise are needed in your accounting field, but did you know there’s a plant species that can actually complement those qualities? We’ve put together a fun list of accounting types and matched them with a common houseplant (or office plant) that is sure to thrive and bloom in your particular environment.

As I sat down to write this column, I planned to write about our return to in-person events and encourage our members to look at the WSCPA’s conferences and other in-person CPE events. We also have a very exciting Membership Summit and annual meeting in June (and it’s free!), with great topics and speakers teed up. These in-person events will provide you with a great opportunity to see old friends in person, share stories with students and new professionals, and network.

As part of our mission to celebrate and include the authentic, whole person. Kimberly Scott, WSCPA President & CEO, sat down with therapist and CPA, Carrie Potter, to discuss steps leaders can take to support their employees' mental health.

Effective May 1, 2023, the Peer Review Program for Washington CPA firms will be administered by the Colorado Society of CPAs (COCPA). Visit the COCPA website for more information.

On March 15, 2023, the AICPA’s Professional Ethics Executive Committee (PEEC) issued an exposure draft relating to fees. The exposure draft includes new interpretations for determining fees for an attest engagement and new fee dependency interpretations, as well as a revised conceptual framework for independence interpretation and revised client affiliates interpretation. Comments are due by June 15, 2023.

The FASB has issued an exposure draft regarding new disclosure requirements relating to income taxes. In addition to new disclosures, the proposal also includes removal of existing disclosure requirements. Comments are due May 30. Do you agree with the new disclosure requirements?

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.

Many CPAs are considering (or have used) contingent fee billing arrangements to assist their clients with obtaining Employee Retention Credits (ERC). Unfortunately, many believe they’re permitted to accept contingent fees for amending their clients’ payroll tax and income tax returns. But CPAs are not permitted to charge contingent fees for amending these returns to obtain these payroll tax credits. Professional standards prohibit CPAs from charging contingent fees to prepare original or amended returns. Some CPAs erroneously believe these services fit within one of Treasury Circular 230’s or the AICPA Code of Conduct’s exceptions.

On April 24th, the National Association of State Boards of Accountancy (NASBA) announced that they adopted Uniform Accountancy Act (UAA) Model Rule that allows exam candidates 30 months, from the time they receive their first section score, to pass all four sections of the CPA exam.

The Washington CPA Foundation awarded $30,000 in grants to local organizations this year. These organizations all had programs or events designed to improve the diversity of the CPA and accounting pipeline in our state.

The FASB issued ASU 2023-01 in response to feedback from private companies around the consideration of legal enforceability when leases were between entities under common control. It allows private companies and nonprofits without conduit debt to use the written terms and conditions for accounting for leases under common control.

On Monday, April 17, the Department of Revenue began a new pilot program to allow individuals to make comments on proposed Washington Tax Decisions (WTD). This program will allow individuals to comment on proposed WTDs before they are published.

Q1 2023 started off slow but ended with a burst of activity. We'll review the standards issued by the AICPA and FASB in the first quarter of 2023 including the new leases under common control standard as well as SAS 149 for group audits

The AICPA's Professional Ethics Executive Committee (PEEC) has issued an exposure draft to make falsifying attendance records or sharing answers (when not permitted) in CPE an act discreditable to the profession. This expands the rules around sharing answers or requesting answers to the CPA Exam. Comments are due by May 15.

On February 15, NASBA released an exposure draft of the Uniform Accountancy Act Rule 5-7. The draft proposes multiple changes, but notably would increase the amount of time that a CPA candidate has to pass all required CPA exam sections from a rolling 18-month period to a rolling 24-month period. Comments are due April 17

The exposure draft would increase the amount of time that a CPA candidate has to pass all required CPA exam sections from a rolling 18-month window to 24 months. The WSCPA Board wants 36+ months.

The Financial Accounting Standards Board (FASB) has issued an exposure draft to address feedback from users, preparers and auditors that crypto currency disclosures needed attention. The proposal would require entities to measure crypto assets at fair value (with adjustments flowing through net income). It would also add disclosures around significant holdings, restrictions, and changes in those holdings. Comments are due June 6th!

On Friday, March 24, 2023, the Washington State Supreme Court upheld the capital gains tax. In a 7-2 ruling in the Quinn v Washington State case, the majority ruled that the capital gains tax is an excise tax and is, therefore, legal in Washington State. Since it was ruled an excise tax, they did not weigh in on the constitutional questions.