Genuine Learning Blog: Derivative Scope Exception
GLS is celebrating their 300th blog! This one is a very exciting one! The FASB has issued a proposed ASU, DERIVATIVES SCOPE REFINEMENTS AND SCOPE CLARIFICATION FOR [...]
Genuine Learning Blog: Detecting Government Fraud
The AICPA's Government Performance and Accountability Committee issued the Detecting Government Fraud report in June 2024. The report highlights 4 cases of government fraud with what controls could [...]
Genuine Learning Blog: SSAE 23
This past June, the AICPA has issued SSAE No. 23, Amendments to the Attestation Standards for Consistency With the Issuance of AICPA Standards on Quality Management. SSAE [...]
Genuine Learning Blog: Working Draft of Chapters 8 and 9 of Valuation of Privately-Held-Company Equity Securities Issued as Compensation Guide
The AICPA's Financial Reporting Executive Committee has issued an early working draft of chapter 8, "Inferring Value From Transactions in a Private Company's Securities," and chapter 9, [...]
Genuine Learning Blog: TQA on DOE’s Related Party Disclosure Requirements
The AICPA has issued a TQA to assist auditors with addressing how to consider the new Department of Education's related party disclosure requirements. The TQA provides example [...]
IRS Announces Relief for Areas Hit by Hurricane Debby
The Internal Revenue Service today announced tax relief for individuals and businesses in four states affected by Hurricane Debby. Affected taxpayers in South Carolina, North Carolina, Florida and Georgia [...]
Genuine Learning Blog: Proposed Changes to the Green Book
The GAO has issued proposed changes to the Standards for Internal Control in the Federal Government (the Green Book) which were last updated in 2014. The proposal [...]
SCACPA Educational Fund Awards $88,000 in Scholarships to Aspiring CPAs
SCACPA continues its steadfast commitment to fostering the next generation of Certified Public Accountants. In alignment with its objective to propel promising students into the CPA profession, the SCACPA [...]
SC Board of Accountancy Newsletter Available
The most recent edition of the SC Board of Accountancy Newsletter is available for download here. The newsletter details the upcoming New CPA Oath Ceremony to be held in [...]
Genuine Learning Blog – Why GFOA is Rethinking Financial Reporting
The Government Finance Officers Association (GFOA) has recently issued a report on Why GFOA is Rethinking Financial Reporting. Annual financial reports take a considerable amount of time and [...]
Genuine Learning Blog – Updates to Digital Assets Practice Aid
The AICPA's Digital Assets Working Group has updated the Digital Assets Practice Aid. The AICPA updated this practice aid by adding two new chapters on auditing the valuation [...]
Key Supreme Court Decisions Impacting Tax Professionals in 2023-2024 Session
The latest session of the Supreme Court brought significant decisions that directly impact the realm of tax law. Here’s a concise look at the major cases and their implications: [...]
OMB Pre-Releases Changes to Uniform Guidance
By Melisa F. Galasso, CPA, Galasso Learning Solutions LLC This article originally appeared in the Spring 2024 issue of the South Carolina CPA Report On April 4, the Office [...]
Fair Value Measurement Required for Crypto Assets Under ASU 2023-08
Jaclyn Veno, CPA | Member since 2023 This article originally appeared in the Spring 2024 issue of the South Carolina CPA Report Over the past few years cryptocurrency has [...]
Artificial Intelligence in Small CPA Firms: Balancing Innovation with Security
By Chris Jenkins, CAE, SCACPA CEO This article originally appeared in the Spring 2024 issue of the South Carolina CPA Report Artificial intelligence (AI) is reshaping how businesses operate, [...]
SCDOR Tips for Your Clients in the Business Life Cycle
South Carolina Department of Revenue This article originally appeared in the Spring 2024 issue of the South Carolina CPA Report Between March 2021 and March 2022, 21,778 South Carolina [...]
Is It Really Possible to Eliminate Busy Season?
David R. Peters, CPA, CFP, CLU, CPCU This article originally appeared in the Spring 2024 issue of the South Carolina CPA Report As the accounting pipeline continues to dwindle, [...]
Genuine Learning Blog: FASB & AICPA Issue Annual Reports
Both the AICPA and FASB are nonprofit organizations that make their financial statements available to the public. Both organizations also have a December fiscal year end which [...]
Accountable Podcast : Growing without the Pains with Dan Grech
We all want to grow our businesses, but when is it enough? On this episode, David is joined by Dan Grech, Founder and Lead Instructor of BizHack, which provides [...]
Genuine Learning Blog: 2023 Enhancing Audit Quality Report
Through the Enhancing Audit Quality initiative, the AICPA promotes high quality auditing and assurance, with a focus on subject matter that has created challenges for practitioners. According [...]
Genuine Learning Blog: Proposed Ethics Interpretation on Recruiting
The AICPA's Professional Ethics Executive Committee (PEEC) has issued another proposed interpretation, this one addressing recruiting as a nonattest service. The proposal provides updated guidance on the [...]
Genuine Learning Blog: Ethics Proposal: Tax Services
The AICPA's Professional Ethics Executive Committee (PEEC) is proposing changes to the tax services rules with respect to independence. As part of their IESBA convergence, the rules [...]
Genuine Learning Blog: GASB 103
GASB 103, Financial Reporting Model Improvements, was issued by the GASB. This standard does not make the sweeping changes to governmental funds proposed in earlier versions of the [...]
View From the Dome | June 14, 2024
Provided by Copper Dome Strategies, LLC The Conference Committee on the state budget met this week but did not adopt a Conference Report. Primary elections were held on Tuesday [...]
Genuine Learning Blog – Proposal: CECL & Programmatic Investments
The AICPA has released a proposal of Chapter 8 of the Not-for-Profit A&A Guide on Programmatic Investments. The chapter provides context as to the impact of CECL [...]
Participate in Important Research on Gender and Career Advancement in Accounting
SCACPA has been asked to help support a research study conducted by a doctoral student in the Professional Leadership program at Converse University. The dissertation, titled "A Study of [...]
From Paychex: Help your clients with BOI reporting
This content was submitted by Paychex and is not indicative of SCACPA's position, interpretation, or opinion of BOI Reporting. Paychex will offer a Beneficial Ownership Information (BOI) Reporting Service [...]
View From the Dome | May 31, 2024
Provided by Copper Dome Strategies, LLC The Conference Committee on the state budget met and organized this week. The General Assembly will return beginning next week to deal with [...]
Understanding IRS CAF Numbers and “Pending Review” Status
CAF (Centralized Authorization File) numbers are vital for tax practitioners, enabling them to represent taxpayers before the IRS. However, these numbers can sometimes be placed in "pending review" status [...]
View From the Dome | May 24, 2024
Provided by Copper Dome Strategies, LLC State economists met this week and increased the revenue estimate adding more funds to the state budget. Governor Henry McMaster signed a number [...]