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FASB has issued a new Chapter to the Concepts Statements focusing on Presentation. Presentation includes how the elements are presented as totals and subtotals on the face of the financial statements. While Concept Statements are not GAAP, they are the theory used by the board to create GAAP.

The conversation around diversity, equity and inclusion (DEI) should be at the forefront of all discussions at all levels within organizations to align with and create an innovative and sustainable future. In professional service firms, specifically accounting – defining and crafting DEI goals and initiatives is critical in fostering a diverse and inclusive culture.

The launch of income tax filing season last week comes as taxpayers and preparers are already feeling frustration with the IRS over unprocessed prior year returns and unanswered correspondence.

FASB has issued an exposure draft which would require additional disclosure about supplier financing arrangements sometimes referred to as reverse factoring. These disclosures would provide users with information about the agreements and the location of the obligation in the financial statements. Comments are due March 21.

A package of two bills to delay and expand exemptions for the Long Term Care Trust Act (Long Term Care Act) were signed by Governor Inslee on January 27.

The FASB has issued an update to the definition of key elements in the Concept Statements. The definitions of an asset, liability, revenue and expenses have all received an update. This blog will discuss what's changing and how the concept statements interact with the writing of ASUs.

Achieving success in the coming year will again take focus, flexibility, and creative solutions to both known and unknown challenges. The WSCPA is here to help you every step of the way.

“Diversity, equity, and inclusion” can sound vague and jargony if you don’t know how it translates into everyday action. Read on for 10 things you can do today to create a more inclusive work environment.

CPAs continue to be at high risk of social engineering attempts due to the type of information firms gather and store, and CAMICO has observed an uptick in the frequency of these attempts, along with fraudulent email requests for wire transfers. Here are practical tips and best practices for avoiding these scams.

Once primarily the financial darling of tech geeks and the dark web, cryptoassets such as bitcoin and dogecoin have emerged as household names in the past few years. Wondering if you should join the crypto club? Here's what you need to know.

Typically, when you see a title or headline that mentions the office of the future, it is focused on technology. While technology is absolutely key to any office, there are many more variables related to the office of the future which are keeping CPAs up at night.

The Professional Ethics Executive Committee (PEEC) of the AICPA has postponed the implementation of the Information System Services Interpretation an additional year. In addition, PEEC has also provided a new practice aid. The interpretation will now be effective in January 2023.

AICPA and other members of the Taxpayer Relief Coalition have sent a letter to the House Ways and Means and Senate Finance Committee members regarding the considerable delays in response from the Internal Revenue Service (IRS) and the challenges getting ahold of them.

The Washington CPA Foundation is committed to promoting diversity in the accounting profession. In 2016, the first year of the Washington State Board of Accountancy scholarship partnership, only 17 percent of scholarship applicants identified themselves as diverse (with 34 percent as Caucasian and 46 percent unidentified).

The deadline for Washington CPA Foundation Accounting Scholarship applications is only a month away. Check out this handy infographic for help breaking down the application process into a few manageable, weekly steps over the next month.

Let's wrap up 2021 with a review of all things accounting and auditing! 2021 saw a flurry of activity from the AICPA, FASB and GASB. We'll review the final and proposed standards that were issued in 2021.

The 2022 Legislative Session got underway today, Monday, January 10. This year is shaping up to be another mostly virtual session given the ongoing COVID-19 pandemic. The House of Representatives has moved to an entirely virtual setup to start, while the Senate is currently planning to vote in person but will hold committee meetings virtually.

The FASB has issued an exposure draft as part of its Disclosure Framework project to update the disclosure requirements for interim reporting. The proposal follows ASU 2018-13 and 2018-14 in updating disclosures using the new conceptual framework. Comments are due January 31, 2022.

The long awaited changes by the AICPA to Risk Assessment have been issued. SAS 145, which will be effective in 2023, updates several definitions and provides clarity on areas that had significant practice issues. We’ll review at a high level the key changes you need to know about that are coming down the pike!

Firms established by pioneering Black CPAs have left an indelible legacy on today’s accounting profession. Built by Black CPAs who succeeded despite adversity, the firms continue to play an important role in the profession’s recruitment and advancement initiatives, and with the clients they serve.