Genuine Learning Blog: ASU 2021-09
FASB issued ASU 2021-09, Discount Rate for Lessees That Are Not Public Business Entities. The much-anticipated changes to permit the use of the private company alternative without having to [...]
IRS Clarifies Accounting and Reporting of Forgiven PPP Loans and 7 more topics! Nichols’ Tax Update, Issue 21-47
Updates Near for Fixing Obsolete Professional Conduct Rules Treasury is reviewing draft revisions to Circular 230 that are said to provide changes for unenforceable provisions and clarify sections that [...]
Genuine Learning Blog: Temporary Policy Statement Related to the USERRA
The AICPA's Professional Ethics Executive Committee (PEEC) has issued a Temporary Policy Statement Related to the Uniformed Services Employment and Reemployment Rights Act(USERRA) and parallel state statutes. They are [...]
This week on Accountable, How CPAs Can Avoid Burnout, with Frank Castillo, CPA
This week on Accountable: How CPAs Can Avoid Burnout, with Frank Castillo, CPA In addition to being a SCACPA advisor on B&I topics, David Peters is an acclaimed and [...]
Genuine Learning Blog: Disclosure Framework— Proposed Changes to Interim Disclosure Requirements
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 [...]
Genuine Learning Blog: SEFA Reporting for Provider Relief Funds
The AICPA has issued a Technical Q&A to address questions surrounding reporting on the SEFA when the amount reported does not tie back to the financial statements due to [...]
IRS Announces Pension Plan Limits for 2022 and 4 more topics! Nichols’ Tax Update, Issue 21-45
Practitioners See Need for Guidance on Controlled Group Rules Provisions of the controlled group rules have been working their way beyond qualified plans, making the code section ripe for [...]
Genuine Learning Blog: ASB Survey on Auditing LCEs
The AICPA's Auditing Standards Board (ASB) is interested in hearing from auditors who perform audits of less complex entities (LCEs). They want to know your thoughts on what the ASB [...]
This week on Accountable, How You Can Start-Up Your Start-Up, with Advance CPE CEO John Larkin
This week on Accountable: How You Can Start-Up Your Start-Up, with Advance CPE CEO John Larkin In addition to being a SCACPA advisor on B&I topics, David Peters is [...]
IRS Cracking Down on Crypto Noncompliance and 6 more topics! Nichols’ Tax Update, Issue 21-44
Nichol's Tax Update, Issue 21-44 IRS Cracking Down on Crypto Noncompliance The IRS is going full steam ahead on addressing noncompliance related to cryptocurrency, and tax professionals may need [...]
Genuine Learning Blog: SSARS Proposal – QM
The AICPA's Accounting & Review Services Committee (ARSC) has issued an exposure draft titled Quality Management for an Engagement Performed In Accordance with SSARS. As the AICPA has already [...]
Genuine Learning Blog – ASU 2021-08
Today Financial Accounting Standards Board (FASB) issued ASU 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. It addresses how to account for contract assets recognized [...]
Genuine Learning Blog – ASU 2021-07
The Financial Accounting Standards Board (FASB) has issued another private company alternative, ASU 2021-07, Determining the Current Price of an Underlying Share for Equity-Classified Share-Based Awards. This is a [...]
This week on Accountable, How You Can Leverage Today’s Virtual Environment for Your Firm, with Chris Hervochon, CPA, CVA
This week on Accountable: How You Can Leverage Today's Virtual Environment for Your Firm, with Chris Hervochon, CPA, CVA In addition to being a SCACPA advisor on B&I topics, [...]
Genuine Learning Blog – SAS 145
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 [...]
Genuine Learning Blog – Proposed Ethics Revisions: Loans, acquisitions, and other transactions
The AICPA has issued a proposal to update key terminology and certain ethics interpretations to better align with changes made by the SEC. The AICPA issued a temporary enforcement [...]
Genuine Learning Blog – GASB 98
Governmental Accounting Standards Board (GASB) has issued GASB Statement 98 renaming the Comprehensive Annual Report to the Annual Comprehensive Financial Report. The standard eliminates an unintended consequence when the acronym [...]
Economic Nexus . . . Remote Seller in South Carolina and 5 more topics! Nichols’ Tax Update Issue 21-41
Nichols' Tax Update, Issue 21-41 Economic Nexus . . . Remote Seller in South Carolina At ‘Press time” only three states, Alaska, Montana, and Oregon had NOT enacted some [...]
Genuine Learning Blog – Proposed Changes to Peer Review
The AICPA has issued a proposal to make updates to the Peer Review standards. The changes are primarily formatting to make the standards more user friendly. There are a [...]
Temporary Regs Implement IDR Requirements in Surprise Billing Law and 3 more topics! Nichols Tax Update 21-40
Nichols Tax Update 21-40 IRS Announces Extension of Replacement Period for Sold Livestock The IRS has announced (IR-2021-193) that farmers and ranchers who previously were forced to sell livestock [...]
Genuine Learning Blog – Q3 2021 In Review
This week's GLS blog addresses the final standards that were issued by the AICPA, FASB and GASB in the third quarter of 2021. While it was a light quarter [...]
Life Insurance Proceeds Included in Company’s Estate Tax Valuation and 6 more topics! Nichols Tax Update Issue 21-39
Divorce-Related Property Transfers Are Tax Free The IRS ruled that an annuity payment arrangement includes nontaxable transfers between former spouses that are incident to divorce under section 1041 and [...]
Genuine Learning Blog – Ethics Revised Exposure draft: Unpaid Fees
The AICPA's Professional Ethics Executive Committee (PEEC) has issued a proposal to revise the rules around unpaid fees. The current rules use a one year period with no considerations [...]
Genuine Learning Blog – Ethics Exposure Draft: Accounting Standards Implementation Services
The AICPA has issued a proposed ethics interpretation to help CPAs understand to what extent they can assist clients with implementing new accounting standards. The proposal identifies certain items [...]
SCACPA Launches Video Archive
SCACPA announces the launch of its Video Archive as part of its new CPA Resources Center. Have you ever wanted to hit "rewind" on a technology session or suffered [...]
Genuine Learning Blog – FASB Proposal: Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions
FASB has issued a proposed ASU addressing the accounting for investments in equity securities measured at fair value that are subject to contractual restrictions preventing the sale of those [...]
This week on Accountable: Mental Wellness in the Workplace, with Nikissia Craig, LCSW, CCTP
This week on Accountable: Mental Wellness in the Workplace, with Nikissia Craig, LCSW, CCTP In addition to being a SCACPA advisor on B&I topics, David Peters is an acclaimed [...]
Genuine Learning Blog: IFR4NPO Consultation Paper – Part 2
This week's blog addresses part 2 of the IFR4NPO Consultation Paper. The second part of the paper focuses on NFP Specific Financial Reporting Issues. The project is looking for [...]
Genuine Learning Blog: AICPA Survey on New CPA Exam
The AICPA is in the process of updating the CPA exam and is looking for CPAs to give them feedback as to whether their plan meets the needs of [...]
What about mentoring? Learn more about SCACPA mentoring opportunities.
Did you have someone help guide your professional development? An experienced advisor can change a career, and a life, with their insight. SCACPA is seeking mentors to help guide [...]