Important Regulations Updates & More from Legislative Season
Last year, the passage of S.812 significantly updated the Accounting Practice Act. Almost as soon as the ink dried on the bill, task forces began drafting revisions to the [...]
Genuine Learning Blog – AICPA Issues Pipeline Plan
The AICPA issued the 4th version of their plans to improve the pipeline of accounting professionals. The AICPA provides some examples of what is causing the issues [...]
Genuine Learning Blog – FASB ED: Profits Interests
The FASB has issued a proposal to provide guidance for companies (both public and private) to reduce diversity in practice around accounting for profits interests. The proposal includes [...]
South Carolina Governor Appoints Brian J. Gaines as Comptroller General
In an Executive Order issued today, South Carolina Governor Henry McMaster announced the appointment of Brian J. Gaines as the new Comptroller General of the State of South Carolina. [...]
Leases
By Jaclyn Veno, CPA, Galasso Learning Solutions This article appears in the Spring 2023 issue of the South Carolina CPA Report For more than a decade, leases have been a [...]
Genuine Learning Blog: NASBA Changes Conditioning Rule for CPA Exam
NASBA announced that they have extended the time to sit and pass the CPA exam from 18 months to 30 months after receiving over 850 comment letters. [...]
SCDOR Launches Enhanced Online Business Tax Application
The South Carolina Department of Revenue (SCDOR) has launched an enhanced online Business Tax Application to simplify the registration process for new businesses in the state. The updated application [...]
Genuine Learning Blog: COSO Issues Report on Internal Controls Over Sustainability Reporting (ICSR)
COSO has issued a nonauthoritative report on how organizations can leverage the 17 principles and 81 points of focus in COSO 2013 to sustainability reporting. The report [...]
Genuine Learning Blog – Proposed Ethics Interpretation: Fees
On March 15, 2023, the AICPA’s Professional Ethics Executive Committee (PEEC) issued an exposure draft relating to fees. The exposure draft includes new interpretations for determining fees [...]
Genuine Learning Blog – Proposed ASU: Income Tax Disclosures
The FASB has issued an exposure draft regarding new disclosure requirements relating to income taxes. In addition to new disclosures, the proposal also includes removal of existing [...]
Genuine Learning Blog: Q1 2023 in Review
Q1 2023 started off slow but ended with a burst of activity. We'll review the standards issued by the AICPA and FASB in the first quarter of [...]
Genuine Learning Blog: ASU 2023-02
FASB has issued ASU 2023-02 which expands the use of the proportional amortization method beyond LIHTC structures so long as the investment meets certain conditions. They also [...]
Mitch Unfiltered: Seahawks Free Agent Daily Schnoz & Tax Tips with David Peters
Rundown Today's episode begins with Hotshot explaining his Starbucks run on the way to the Levy house because he forgot his own and how much money he spends there [...]
Genuine Learning Blog: ASU 2023-01
The FASB issued ASU 2023-01 in response to feedback from private companies around the consideration of legal enforceability when leases were between entities under common control. It [...]
Genuine Learning Blog – Proposed Ethics Interpretation: Cheating in CPE
The AICPA's Professional Ethics Executive Committee (PEEC) has issued an exposure draft to make falsifying attendance records or sharing answers (when not permitted) in CPE an act [...]
Genuine Learning Blog: FASB Issues Crypto ED
The Financial Accounting Standards Board (FASB) has issued an exposure draft to address feedback from users, preparers and auditors that crypto currency disclosures needed attention. The proposal [...]
Accountable: Starting a Mortgage Loan Company with James Goodwillie
James Goodwillie, Co-Owner of Brightleaf Mortgage LLC, sits down with Dave to talk about his experience building a company from the ground up and what you should do if [...]
Genuine Learning Blog: SAS 149
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 [...]
Genuine Learning Blog: Proposal for International Non-Profit Accounting Guidance
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 [...]
Genuine Learning Blog: FAF Rolls Out Free Access to Codification & GARS
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 [...]
Genuine Learning Blog: OMB Proposed Changes to 2 CFR
The OMB provided notice of Request for Information (RFI) and notification of proposed guidance to 2 CFR. The OMB, through the RFI and the proposed rule revisions, [...]
Genuine Learning Blog: FASB Affirms Changes to Leases (Topic 842)
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 [...]
Genuine Learning Blog – Proposed SBITA Implementation Guide Question
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 [...]
Genuine Learning Blog – Proposed Changes to Yellow Book
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 [...]
Genuine Learning Blog – 2024 CPA Exam Blueprints
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 [...]
Genuine Learning Blog- New Ethics Interpretation: Compliance Audits
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, [...]
SCACPA Board response to the AICPA DRAFT 8-POINT PLAN
At the beginning of 2023, the AICPA released a draft of an 8-point plan to address the challenges facing the CPA Pipeline. The SCACPA Board of Directors reviewed this plan [...]
Genuine Learning Blog: FAF Strategic Plan
The FAF has released its strategic plan which includes the mission, vision and values of the FAF which is the parent entity to the FASB and GASB. The plan [...]
Engagement Alternatives to Single Audits for For-Profit Entities Receiving Provider Relief Funds – Further Reading
Further Reading AU-C 805, Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial Statement Governmental Audits of Single Financial Statements or Elements, [...]
Genuine Learning Blog: 2022 in Review
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 [...]