Blog

The WSCPA has been closely watching two bills, one that would replace the B&O tax with a margin tax, and a potential wealth tax bill. Mike Nelson shares an update on whether these bills are expected to move forward in the legislative process.

The AICPA has issued SAS 149, Special Considerations — Audits of Group Financial Statements (Including the Work of Component Auditors and Audits of Referred-to Auditors), which supersedes extant AU-C 600. The SAS is effective for audits of group financial statements for periods ending on or after December 15, 2026.

Taking a big first step towards a global nonprofit accounting framework, IFR4NPO has issued the first of 3 expected exposure drafts for public comment. The exposure draft addresses scope and basic framing for the development of a new global framework for nonprofit organizations. Comments are due March 31.

In celebration of International Women's Day and Women's History Month, Kimberly Scott, WSCPA President & CEO, recently caught up with three amazing women CPAs to learn more about their professional journeys.

GLS is very excited about the recent roll out by the Financial Accounting Foundation (FAF) of its free (and enhanced) access to the FASB Codification and the GASB's Governmental Accounting Research System. This makes accessing and researching accounting more accessible especially for smaller entities to comply with the standards.

The Board of Directors is pleased to announce the nominees for the Society's 2023-2024 Board of Directors. All nominees will be declared elected by the secretary at the annual meeting unless other nominations, supported by at least one percent of membership, are received by April 1, 2023.

The Office of Management and Budget (OMB) provided notice of Request for Information (RFI) and notification of proposed guidance to 2 Codes of Federal Regulation (CFR). The OMB, through the RFI and the proposed rule revisions, is seeking to harmonize the regulations of federal grants and agreements to improve efficiencies, allow for greater transparency, and create a more effective process for both grant recipients and federal agencies. Feedback on the guidance and revisions to 2 CFR are due on or before March 13, 2023.

On February 15, 2023, FASB affirmed the proposed changes to Topic 842, Leases for related parties under common control. The Board unanimously affirmed a practical expedient for private entities & nonprofits without conduit debt under common control arrangements to allow these entities to use the written terms and conditions of their leases to apply Topic 842.

The GASB has exposed one additional question related to cloud computing arrangements and the scope of GASB 96. The question provides guidance on how to evaluate cloud computing arrangements in the context of a SBITA. Comments are due March 10, 2023.

GAO has issued a proposed update to GAGAS. The main changes include, similar to the AICPA, a movement to quality management and a more risk based approach to quality and quality reviews. They also provide application guidance around key audit matters. Comments are due by April 28, 2023.

At its meeting on January 27 in SeaTac, Washington, the Washington State Board of Accountancy adopted a rule that allows candidates in Washington to sit for the CPA exam after having earned 120 semester hours. This rule change does not modify the 150 hours required to be licensed as a CPA.

Test Description

Many Excel formulas are quite manageable, but sometimes a formula can end up spanning two or more rows in Excel’s formula bar. Such formulas are tricky to audit and to edit because they often repeat calculations in two or more places.

The AICPA has issued the final blueprints for the new CPA exam which will launch in 2024. Based on the comments received in the exposure draft phase, the AICPA made updates and tweaks to the proposal and has issued the final blueprints.

Conflicts of interest have long been a major factor in professional liability claims against CPAs. Part of the problem is that potential conflicts of interest are hard to recognize or identify until something goes wrong.

The AICPA's Professional Ethics Executive Committee (PEEC) has issued a new ethics interpretation around Compliance Audits. The interpretation adds two new definitions and revises a third definition. In addition, several Q&As were added to provide context for the application of the independence rules for these engagements.

Understanding the wants and needs of today’s young professionals is key to building a sustainable talent pipeline for your firm of tomorrow.

As organizations rapidly pursue initiatives to support their values and meet the expectations of stakeholders, it’s crucial to implement, track, report, and assure standards that accurately define and measure your progress. Implementing an ESG strategy can help achieve these initiatives, while driving further growth and brand loyalty.

The accounting profession needs to increase diversity and inclusion efforts to remain competitive to their workers, customers, and reputation. It’s incumbent on all organizations to implement actionable steps, appropriate to their organization, to move us all forward. Organizations that don’t are sure to be left behind as investors, customers, and their employees demand it.

We kick off 2023 with a look at the final standards that were issued by the FASB, GASB and AICPA throughout 2022. We'll give an executive overview of what was issued and how it may impact financial reporting, auditing and ethics.