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Risks and Opportunities for the CPA in Client Bankruptcies

November 29, 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.

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Foundation to Grant up to $30,000 to Improve Diversity in CPA Pipeline

November 22, 2022

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.

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Membership Benefits

November 21, 2022

The best things in life are not free—they are priceless. Here are the free perks included with your membership. Utilize your benefits and see how far they can take you.

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5 Mistakes to Avoid When Implementing the New Lease Standard

November 16, 2022

While many are tempted to delay addressing the new lease accounting standard until the last possible moment, your life will be easier if you learn what to do—and what not to do—sooner rather than later.

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Technical Q&A (TIS) Section 250: Ethics

November 15, 2022

The AICPA has issued 3 new questions and answers around the implementation of the new Information System Services interpretation which will be effective in January 2023. The interpretation has been delayed twice—first due to COVID and then due to concerns around implementation.

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Joint Venture Accounting

November 07, 2022

The FASB has proposed a new standard that is intended to reduce diversity in practice related to joint venture accounting at inception. When items are contributed to a joint venture, the proposal would require the use of fair value of the items contributed. The proposal also includes new disclosure requirements. Comments are due December 22, 2022.

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Your WSCPA Benefits: Advocacy to CPE

November 07, 2022

While the value of the Society is different for everyone because of what resources they utilize, Sara Bailey, CPA, Board Chair, shares a few reasons why she personally values the WSCPA.

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A Margin Tax for Washington: Where Are We Now?

October 31, 2022

The Tax Structure Work Group is considering recommending that the legislature replace Washington State's B&O tax with what many are calling a Texas-style margin tax. How close is this to becoming a reality? Mike Nelson, WSCPA Manager of Government Affairs, takes a look at the current state of the margin tax proposal.

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Ethics Technical Correction: 529 Plans

October 31, 2022

The initial guidance for 529 plans was issued back in 2005. Since then, there have been significant changes to how plans are run. The AICPA's Professional Ethics Executive Committee had received feedback and in the Work Plan looked at reevaluating the area. In September 2022, they issued a technical correction to make the safeguard easier to apply for holders of 529 plan investments.

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ASU 2022-04

October 24, 2022

FASB has issued a new ASU relating to supplier finance programs. Prior to this ASU, there were no explicit disclosure requirements and users requested more understanding of these types of financing. The new ASU provides disclosures to provide more insight for financial statement users.

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Q3 2022 in Review

October 11, 2022

Quarter 3 of 2022 is in the books. Find out which accounting and auditing (and ethics) standards were issued by standard setters this past quarter.

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Washington CPA Foundation Scholarships Now Open!

October 11, 2022

Washington CPA Foundation scholarship applications for the 2023-2024 academic year are now open! Whether you’ll be a first-year college student in fall 2023, a PhD candidate, or anything in between, there is a scholarship waiting for you.

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ASU 2022-03

September 26, 2022

The FASB has issued ASU 2022-03 which is a niche standard providing clarification around restrictions on sale and their impact on the determination of fair value. The standard also includes an update to an illustration and new disclosure requirements.

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SAS 148

September 20, 2022

SAS 148 updates AU-C 935 for recent changes in SASes 142 and 145 which made the appendix out of date. AU-C 935 is used for Compliance Audits and helps auditors understand how to leverage the other AU-C sections when addressing noncompliance in lieu of misstatement. Changes impacting AU-C section 501 is aligned with the effective date of SAS 142. All other amendments in SAS 148 align with the effective date of SAS 145.

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CPE Each and Every Year – 20-hour Minimum Annual Requirement

September 14, 2022

Here we are again – post-renewal time for the 2022 renewal crowd. You made it! You are renewed for another 3 years – nicely done! But just because your renewal is complete, doesn’t mean that your business with the Board is done for the year.

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Revised Statements on Standards for Tax Services Proposal

September 13, 2022

The AICPA's Tax Executive Committee has proposed changes to the Statements of Standards for Tax Services (SSTSs). The proposal has two parts. Part 1 is an Exposure Draft of proposed revisions to the SSTSs. Part 2 is an Invitation to Comment on how the AICPA could potentially introduce quality management in the tax realm. Comments are due by December 31st.

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The Back-to-the-Office Experience

September 13, 2022

What is and isn’t working as people trickle back into the office in a post-pandemic world? Three CPA firm partners weigh in on why listening to staff is more important than ever as we try to get back to business as usual.

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Auditors: AICPA Government Audit Quality Center needs your feedback

September 06, 2022

Due to the historic amount of federal pandemic funding, the AICPA Government Audit Quality Center (GAQC) is gathering auditor feedback on how it can best support auditors who work with single audits. If you are work with single audits, please complete this short survey.

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The Top 6 Skills for Finance CPAs in the Digital Era

September 06, 2022

The Office of Finance has evolved to become a key player in supporting strategic business decisions that reaches beyond day-to-day number crunching and Excel spreadsheets. While these tasks are important, technological advances can help CPAs save time and focus on being a strategic business partner that adds value across the entire enterprise.

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Protecting Trade Secrets in a Remote Work Environment

August 30, 2022

Since March 2020, legions of employees have been working from home with nearly unfettered access to company information. Some of that information may be regarded as trade secrets. As more companies offer hybrid or fully remote work environments, the effort to protect these trade secrets will grow as a concern.

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