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2021 FASB Agenda Consultation Report

August 29, 2022

The FASB has issued their 2021 Agenda Consultation Report to provide an update on how the feedback received from their ITC last year influenced the current standard setting agenda. The report provides insight into the top priorities of various stakeholders and the ultimate decisions of the board based on the feedback.

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Lessons Learned — 2022 Renewals with WBOA CPE Tracker

August 25, 2022

2022 was the first renewal period in which individuals renewing their CPA license were required to report their completed CPE through the Board’s new CPE Tracker, which is located within the online licensing system. Read on to find out what your colleagues learned.

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Envisioning a Results Centered Future

August 23, 2022

We may be “comfort centered” most of the time—doing what we know how to do and avoiding things that make us leave our comfort zones. When we force ourselves to clarify what we want, we are able to be what Robert E. Quinn calls “results centered.” The result? We will become more energized and optimistic. Find out how the WSCPA is working to envision a results centered future.

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7 Tips for Attending Meet the Firm Events

August 18, 2022

As you come back to school for the fall, you’re sure to be invited to Meet the Firm events and Career Fairs. Whether you’re new to these events or a seasoned pro, the WSCPA wants to make sure you have positive interactions with firm representatives and recruiters. Here are 7 tips for getting the most out of any Meet the Firm events you plan on attending.

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Summer Advocacy is Heating Up

August 17, 2022

While the profession has navigated through the health and economic turmoil of the last few years, the WSCPA Advocacy Team has spent the last several months monitoring the legislative session and preparing for the future.

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GASB ED: Certain Risk Disclosures

August 16, 2022

The GASB has issued a proposal around disclosures related to certain risks. The proposal provides disclosure requirements for certain concentrations and constraints. Comments are due September 30, 2022.

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WSCPA Moves to New Office

August 10, 2022

It’s official! The WSCPA office—the home of Washington CPAs—has moved to our new location.

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ESG Merger Completed

August 09, 2022

This week marked a major consolidation in the ESG standard setting arena. The IFRS Foundation completed its consolidation of the Value Reporting Foundation (VRF). The IFRS Foundation is the parent entity to the IASB who writes IFRS. It will now also be the parent to the new International Sustainability Standards Board’s (ISSB).

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Reconciliation Bill Deadline Looms in Congress – Potential Impact on Corporations

July 20, 2022

As negotiations continue on the fast-approaching reconciliation bill, the AICPA remains active in its advocacy efforts, which includes pushing back on the implementation of a minimum book income tax on corporations. With a deadline of September 30, there is little time to pass a bill and sign it into law.

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Tax Structure Work Group Continues Looking at Major Tax Changes for Washington

July 07, 2022

The Tax Structure Work Group (TSWG) is nearing the finish line of their five-year exercise to recommend a new fairer tax system in Washington. At their May meeting, the TSWG voted on a number of proposals and decision points in directing the Department of Revenue to model and draft proposal language for different taxes in Washington.

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Budget 360 – It’s time to take a big picture approach to the process

June 28, 2022

Most organizations have flaws in the process that can make the budget untenable. There are multiple solutions to this process that can help lead your budget to a better place, and one that is more enjoyable for all.

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Ethics Interpretation Proposal: Compliance Audits

June 28, 2022

The AICPA's Professional Ethics Executive Committee (PEEC) has proposed some new independence rules related to compliance audits. The AICPA is aware that much of the new COVID-19 related funding is causing many entities who have not been subject to audit requirements or single audit requirements historically to now be subject to them. The proposal adds two definitions and revises the definition of financial statement attest client to help identify which independence rules apply to these engagements. Comments are due September 1, 2022.

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FASB ITC: Government Assistance for Business Entities

June 21, 2022

FASB has issued an Invitation to Comment to gather feedback about the operability of leveraging IAS 20 for government grants for for-profit entities in the US. The ITC does not include any preliminary views but is to help the FASB staff gather information from stakeholders about any benefits or issues that should be considered in the project. Comments are due September 12, 2022.

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Understanding First-Party and Third-Party Cyber Coverages

June 21, 2022

With cybersecurity threats coming from all directions, it’s important for CPA firms and their staff to be aware of how the risk exposures impact the firm as well as the client. When there is a claim, it is important to understand how cyber insurance coverages work with the legal and technical experts to produce the best possible outcomes for your firm.

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Sourcing a Strong Candidate Pool is Pushing Firms Outside Their Comfort Zone

June 07, 2022

No industry is immune from a lack of labor, even in the professional classifications such as accountants. Firms are hiring remote workers in order to stay competitive. Let's look at ways to protect your firm as you hire a remote workforce.

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How Your Story Will be Told to a Jury

May 25, 2022

One of the most difficult concepts to communicate to CPAs is how their actions for which they are getting sued will be portrayed to the jury. The gap between the experienced reality and the story told at trial is a chasm, yet it is illustrative of what CPAs need to do today to minimize risk tomorrow.

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OMB Issues 2022 Compliance Supplement

May 16, 2022

OMB has issued its 2022 Compliance Supplement. The Compliance Supplement includes new ARPA programs that were not addressed in the 2021 Supplement so this can be very helpful to auditors wrapping up some outstanding 2021 audits. The Supplement should be used for 6/30/22 year-ends and beyond.

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Let’s Connect This Summer: Resources for Students

May 13, 2022

Are you looking for ways to stay connected with your fellow students during the summer? Hoping to do some networking while waiting for meet-the-firm events and campus recruiting to start back up in the fall? Well, the WSCPA has just what you need with WSCPA Connect.

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Use of a Service Provider in the Confirmation Process

May 09, 2022

The PCAOB has issued a staff spotlight looking at some auditor considerations when using a service provider in the confirmation process. It encourages auditors to evaluate whether they have maintained control over the confirmation and to what extent they can rely on third party controls. This is nonauthoritative guidance to help improve audit quality.

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Changes Coming to Peer Review Administration in Washington

May 04, 2022

For more than 25 years Julie Phipps has administered the Peer Review Program for Washington CPA firms on behalf of the American Institute of CPAs (AICPA). Julie plans to retire in May 2023, and the WSCPA has made the decision to outsource the administration of the Peer Review Program to the Colorado Society of CPAs. How will this affect your firm? Read on.

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