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 [...]
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 [...]
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 [...]
On Wednesday, February 12, SCACPA members gathered in Columbia for the second annual Love Our Legislators Day. This impactful event strengthened connections between CPAs and their elected officials. This [...]
Author: Jaclyn Veno, CPA This article originally appeared in the Fall 2024 issue of the South Carolina CPA Report The AICPA’s National Pipeline Advisory Group (NPAG) initially began work [...]
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 [...]
South Carolina CPAs, take note: The IRS has confirmed a systemic input issue that caused erroneous late filing penalty notices for taxpayers in disaster-affected areas. We have learned some [...]
📢 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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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, [...]
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 [...]
The Senate and House of Representatives met this week for their organization session in preparation for the 2025 legislative session. The 126th General Assembly will convene on January 14, 2025, [...]
On September 23, 2024 the AICPA's Accounting & Review Services Committee proposed SSARS Applicability of AR-C Section 70 to Financial Statements Prepared as Part of a Consulting [...]
Renewals for your Certified Public Accounting or Accounting Practitioner license with the South Carolina Board of Accountancy for 2025 are now open. Information to renew your license online was [...]
🚨 Calling All Audit & Assurance Professionals! 🚨 Private equity is shaking things up in the audit world! With more PE money flowing into firms, we’re facing big questions [...]
The AICPA Fall Council Meeting was one for the books! This was Barry Melancon's last council meeting as the AICPA's CEO and included a celebratory [...]
Provided by Copper Dome Strategies, LLC The long-awaited election finally arrived this past Tuesday as South Carolinians set a new record for voting in the Palmetto State. 76% of [...]
The FASB has issued a proposal to clarify accounting for share based payments to customers to reduce diversity in practice. Comments are due November 14th. SCACPA is [...]
GASB 104 was issued in September 2024 and requires state and local governments to provide information about certain types of capital assets. Specifically lease assets reported in [...]
Updated on October 31, 2024 We are pleased to share that the Treasury's Financial Crimes Enforcement Network (FinCEN) has extended Beneficial Ownership Information (BOI) reporting deadlines for certain businesses [...]
On September 12, the AICPA & NASBA issued an exposure draft on the CPA Competency-Based Experience Pathway, offering an additional pathway for CPA candidates to meet initial [...]