View from the Dome March 21, 2025
Week ten is now complete, with just eight more weeks remaining in the legislative session. The House was on furlough this week, as it usually is the week following [...]
South Carolina Lawmakers Propose Flat 3.99% Income Tax Rate
At a press conference on March 25, state legislative leadership including Speaker of the South Carolina House of Representatives Murrell Smith, Senate President Thomas Alexander, Senate Finance Chairman Harvey [...]
FinCEN Issues Interim Final Rule Removing Requirement for U.S. Companies and U.S. Persons to Report BOI
In a March 21 release, FinCEN announced its issuance of an interim final rule (IFR) that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership [...]
Genuine Learning Blog: FASB Issues ITC on KPIs
On November 14, 2024, the Financial Accounting Standards Board (FASB) issued an Invitation to Comment (ITC) on Financial Key Performance Indicators (KPIs) for Business Entities. This ITC [...]
View from the Dome March 14, 2025
The House passed its version of the state budget just after midnight on Tuesday and went home for the week. The Senate continues to work on tort reform legislation [...]
Genuine Learning Blog: Proposed ASU on Environmental Credits (Topic 818)
From Gray to Green: New Proposed Standards for Environmental Credits Accounting for environmental credits has been a gray area for years, but FASB is looking to bring some [...]
View from the Dome March 7, 2025
Tort reform legislation took center stage in both the Senate and House this week. The House passed regulatory relief legislation and the Chief Justice of the Supreme Court addressed [...]
IRS Strives to Maintain Tax Season Service Levels Amid Conflicting Reports
On March 7, Mark Koziel, CPA, CGMA, President and CEO of the AICPA, issued a statement addressing conflicting reports about the state of the IRS. “With the volatility of [...]
Genuine Learning Blog: FASB ITC – 2025 Agenda Consultation
The FASB has issued an Invitation to Comment for a 2025 Agenda Consultation. Similar to the 2021 Consultation, the FASB is proposing a variety of potential future [...]
View from the Dome February 28, 2025
Major legislation passed the Senate this week on government restructuring, while the House passed school choice. Tort reform, another major issue, cleared its first major hurdle, passing out of [...]
Genuine Learning Blog: Proposed ASU on Interim Reporting (Topic 270)
Don't let Annual Reporting steal all the spotlight! Interim Reporting matters too! The FASB has proposed updates to Interim Reporting (Topic 270) to improve clarity and ensure [...]
View from the Dome February 21, 2025
The House Ways and Means Committee adopted its version of the state budget. School choice, energy generation, government restructuring and tort reform were also debated this week in committee. [...]
Genuine Learning Blog – AICPA Ethics: Simultaneous Employment Proposal
On December 16, 2024 the AICPA's Professional Ethics Executive Committee (PEEC) issued proposed revisions related to simultaneous employment or association with an attest client. Key changes from [...]
View from the Dome February 14, 2025
State economists met and increased the budget estimate for next year due to our growing economy. The House passed its first major legislative priority dealing with energy generation. Numerous [...]
Genuine Learning Blog: FASB Proposes Changes to Grant Accounting for Businesses
The FASB has proposed new accounting guidance for business entities who receive government grants. ASU 2018-08 explicitly excludes transfers of assets from government entities to business entities [...]
View from the Dome February 7, 2025
The General Assembly met in a Joint Session this week for the election of judges. Numerous subcommittees and committees met to advance bills, including several major priorities of school [...]
Genuine Learning Blog: GASB Subsequent Events – Exposure Draft
📢 GASB Exposure Draft on Subsequent Events: Public Comments Welcome! 📢 The Governmental Accounting Standards Board (GASB) has released a new Exposure Draft on Subsequent Events, aiming to enhance [...]
Genuine Learning Blog: 2023-2024 Review of the Private Company Council
In December 2024, the Financial Accounting Foundation (FAF) released its 2023-2024 Review of the Private Company Council (PCC). The purpose of this report is to review the [...]
View from the Dome January 24, 2025
The second week of the session saw a few meetings take place and others canceled as a winter storm left snow and ice over much of the state, making [...]
Genuine Learning Blog: Stages Out, Simplicity In: Proposed Updates to Accounting for Internal-Use Software
Stages Out, Simplicity In: FASB's New Proposal on Internal-Use Software Accounting! With the rise of agile development and modern technology, it’s time to ditch the old stage-based [...]
Genuine Learning Blog: GASB Implementation Guidance Update 2025 – Exposure Draft
The GASB recently released an exposure draft for the 2025 Implementation Guidance Update. This guidance includes Q&As that address inquiries about previously issued statements and to help [...]
Modernizing CPA Regulations: A Win for Public Protection and Workforce Development
The new legislative session kicked off on Tuesday, January 14, marking the beginning of South Carolina's two-year legislative cycle. This first year sets the stage for critical discussions and [...]
View from the Dome January 10, 2025
The first regular session of the 126th South Carolina General Assembly will convene this Tuesday, January 14, at noon. The 18-week session will be the first year of a [...]
Genuine Learning Blog: 2024 Year in Review
The number of issued standards likely hit one of the lowest points in history! This blog will review the accounting, auditing and ethics standards issued by the [...]
Genuine Learning Blog: ASU 2024-04
Introducing our latest GLS nano training on ASU 2024-04: Induced Conversions of Convertible Debt Instruments! Learn what changes this new guidance brings! Including: 🧩 Clarity on the [...]
Fifth Circuit Circuit Court Vacates Motion to Stay
Beneficial Ownership Information reporting continues to take center stage in the Fifth Circuit Court. Last night, the Court vacated the motion to stay the injunction. According to a communication [...]
Genuine Learning Blog: GASB Infrastructure Assets – Preliminary Views
GASB has issued its Preliminary Views on the accounting and financial reporting for infrastructure assets and is looking for your comments on the issues. Watch this week's genuine [...]
Genuine Learning Blog: FASBs New Proposal on VIE Acquirers
Who's Really In Charge? Dive into our latest Genuine Learning Blog video where we unpack the Proposed Accounting Standards Update on Business Combinations (Topic 805) and Consolidation (Topic [...]
Effect of Nationwide Injunction on BOI Reporting
Recent litigation has temporarily halted compliance with the Corporate Transparency Act (CTA), introducing new complexities for CPAs advising clients on Beneficial Ownership Information (BOI) reporting. On December 3, 2024, [...]
Genuine Learning Blog: FASB Proposes Changes to CECL For Private Companies
Earlier this month FASB issued an exposure draft titled, Financial Instruments—Credit Losses (Topic 326): Proposed Accounting Standards Update, Measurement of Credit Losses for Accounts Receivable and Contract Assets for Private Companies and [...]