FASB has issued an Invitation to Comment to gather feedback about the operability of leveraging IAS 20 for government grants for for-profit entities in the US. The ITC does [...]
Submitted by the South Carolina Department of Revenue If you or your clients use MyDORWAY, Go Green this summer to save time and money! Starting June 27, the South [...]
One month ago, we celebrated the signing of Senate Bill 812 into law. The CPA Practice Act resulted from hours of conversations around conference tables and discussions with legislators, [...]
The GLS team had a great time this week in Las Vegas for the ENGAGE conference. The team was able to interact with clients and colleagues both at the [...]
The AICPA has issued a TQA in May addressing reporting and dating issues related to Other Information (OI) received after the date of the auditor's report. SAS 137 added [...]
The FAF has issued a draft strategic plan for the FASB, GASB and FAF for public comment. The draft reviews the vision, mission and values of the FAF and [...]
GAO has issued in 2022-2027 Strategic Plan. It includes the identification of 12 trends impacting the United States as well as 4 key efforts which are near-term priorities to [...]
South Carolina CPAs received two significant legislative wins this past week. South Carolina Governor Henry McMaster (R) signed two bills into law that positively impact the CPA profession in [...]
OMB has issued its 2022 Compliance Supplement. While originally promised in April of 2022, OMB issued it on May 12th which is much better than the previous years that [...]
Submitted by David Peters, CPA, David Peters Financial Group As COVID restrictions are starting to come to an end, many companies are making decisions around whether to continue to [...]
The PCAOB has issued a staff spotlight looking at some auditor considerations when using a service provider in the confirmation process. It encourages auditors to evaluate whether they have [...]
With SCACPA member support and the efforts of volunteer leaders, South Carolina CPAs scored a major victory at the State House. On Thursday, May 5, the South Carolina House [...]
FASB has issued a proposal to amend the sunset provision in ASU 2020-04 due to the extension of LIBOR into 2024. In addition, it has proposed to expand the [...]
OMB has updated the 2021 Compliance Supplement for two programs - Provider Relief Funds and Coronavirus State and Local Fiscal Recovery Funds. DHHS can removed the special test & [...]
The AICPA has proposed significant changes to AU-C 600 and the requirements of a group audit. Some changes are definitional, but the new standard also includes a more risk-based [...]
Submitted by the South Carolina Department of Revenue If your clients have a tax bill and are worried they can't pay, the SCDOR wants them to know they have [...]
On March 9th, President Biden issued an executive order encouraging the federal government to research and respond to the use of digital assets including cryptocurrency. It goes so far [...]
Yesterday, the South Carolina Department of Revenue Policy Division released a public draft of Revenue Ruling 22-x: Employer Wage Withholding Requirements. According to the SCDOR, the purpose of this [...]
The SEC has proposed new environmental, social and governance (ESG) reporting and disclosure requirements for public companies. For larger companies, it would also include an attestation requirement regarding greenhouse [...]
As NASBA gets ready to transition the CPA exam to its new format, current students were eager to know what happens if a part they passed changes and how [...]
Submitted by South Carolina Department of Revenue No matter who your clients are, the South Carolina Department of Revenue (SCDOR) has tax tips to help guide taxpayers wherever they [...]
Submitted by the South Carolina Department of Revenue If you have clients who buy or sell exempt agricultural products, learn more about the SCATE card. In February, the South [...]
SCACPA COO/CFO Jacque Curtin, CPA, CGMA, was recently appointed to the Board of Trustees for the South Carolina First Steps to School Readiness. Senator Thomas Alexander, President of the [...]
The AICPA, SCACPA, and 51 other state CPA societies sent a letter to Assistant Treasury Secretary Lily Batchelder and IRS Commissioner Charles Rettig regarding widespread concerns on the Schedules [...]
The AICPA's Government Audit Quality Center has released 4 tools that can help auditors make sense of auditing provider relief funds. It addresses the unique HHS audit requirements as [...]
Submitted by Margaret Krajcer, JD, vice president and general counsel of Tax Credits Group. TCG is a Cleveland-based firm specializing in federal and state R&D tax credits and the [...]
This week on Accountable, How Remote Work is Affecting Taxation, with Frances Ellington, CPA In addition to being a SCACPA advisor on B&I topics, David Peters is an acclaimed [...]
While much of the focus of the implementation of SAS 134-140 have been on the financial statement report and the Single Audit report, it is important to note that [...]
Submitted by the SC Department of Revenue If your work as a tax professional involves helping clients file Individual Income Tax returns, you’re probably finding that each day is [...]
The AICPA's Healthcare Expert Panel has issued a Technical Q&A regarding the accounting for vaccines that were provided during the pandemic. The guidance applies to nonprofits and for-profit entities. [...]