Auditing & Accounting

Galasso Learning Solutions: Proposed SAS – Use of Specialists and External Pricing Sources

By |2020-11-12T16:50:29-05:00November 12th, 2020|Auditing & Accounting, Educate, Regulatory|

The AICPA's Auditing Standards Board has issued proposed targeted improvements to guidance on the use of specialists and external pricing sources. The proposal incorporates some PCAOB guidance and provides additional [...]

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Meet the Most Wanted Session Speakers at Virtual Fall Fest 2020 (Plus Maybe Win an Apple AirPods Pro!) Nov. 12-13

By |2020-11-13T15:39:05-05:00November 10th, 2020|Auditing & Accounting, Blogs, COVID-19, Educate, Membership, Public Relations, Regulatory, Tax, Technology, Why CPA|

SCACPA’s flagship event, Virtual Fall Fest 2020, is here! To find your online session, go to our Welcome Page at www.scacpa.org/classroom. We’re adopting and innovating so you can earn [...]

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Galasso Learning Solutions: Proposed Targeted Improvements to Leases & Scope of Reference Rate Reform

By |2020-11-09T10:22:49-05:00November 9th, 2020|Auditing & Accounting, Educate, Regulatory|

This installment of the Genuine Learning Blog includes two proposals from the FASB. One proposed ASU addresses three implementation issues identified in implementation of ASU 2016-02, Leases. The other proposal [...]

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Galasso Learning Solutions: 2020 Report to the Nations

By |2020-10-26T16:40:44-04:00October 26th, 2020|Auditing & Accounting, Educate, Public Relations, Regulatory, Technology|

The Association for Certified Fraud Examiners biennially releases its “Report to the Nations.” The 2020 version provides insight into the types of fraud that were most common, who perpetrated [...]

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Meet the CPE Committee of 16, Creating ‘Just in Time’ Education by CPAs, for CPAs

By |2020-11-13T17:47:05-05:00October 19th, 2020|Auditing & Accounting, Business & Industry, Educate, Featured, Legislative/Advocacy, Public Relations, Regulatory, Tax, Technology|

The CPE Committee of 16 is essential in ensuring that SCACPA provides the continuing education that members want. The team is responsible for defining, documenting and identifying sessions and [...]

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Galasso Learning Solutions: Staff Augmentation Exposure Draft

By |2020-10-16T17:29:34-04:00October 16th, 2020|Auditing & Accounting, Blogs, Educate, Membership Page Controls, Regulatory|

The AICPA's Professional Ethics Executive Committee (PEEC) is re-proposing an interpretation for staff augmentation. This proposal would further limit the ability of firms to offer staff augmentation services. The proposal [...]

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An IRS Compliance Alert from SCACPA Partner McGriff Insurance Concerning the Affordable Care Act

By |2020-10-13T17:08:04-04:00October 13th, 2020|Auditing & Accounting, Blogs, Communicate, Governmental, Regulatory, Tax|

McGriff Insurance Special Alert: Watch for IRS Notices 972CG Note: The following is based on an IRS compliance alert from SCACPA partner McGriff Insurance concerning the Affordable Care Act: [...]

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Galasso Learning Solutions: Topic 606 – Franchisor Practical Expedient

By |2020-10-07T18:08:18-04:00September 25th, 2020|Auditing & Accounting, Blogs, Educate, Membership Page Controls, Public Relations, Regulatory|

If you thought we were done with Revenue Recognition and Topic 606, you would definitely be surprised to hear that the Financial Accounting Standards Board (FASB) issued an exposure [...]

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Galasso Learning Solutions: Lease Accounting & CCRCs (New TQA)

By |2020-10-07T18:20:35-04:00September 17th, 2020|Auditing & Accounting, Blogs, Educate, Membership Page Controls, Regulatory|

The AICPA has issued a Technical Q&A titled “Accounting for Lease Components in Type A Life Care Contracts by Continuing Care Retirement Communities.” Issued in August, the TQA addresses [...]

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SCACPA Commends BOA for Addressing Modification of Livestream CPE Rules and Hardship Requests

By |2020-10-29T17:36:52-04:00September 14th, 2020|Advocate, Auditing & Accounting, Blogs, Business & Industry, COVID-19, Featured, Governmental, Legislative/Advocacy, Membership, Membership Page Controls, Public Relations, Regulatory, Tax, Technology, Why CPA|

UPDATE: The South Carolina Board of Accountancy has released its announcement on this development. It is re-printed at the bottom of this post. The BOA's announcement includes a reminder [...]

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Galasso Learning Solutions: Virtual Currency – New Practice Aid

By |2020-10-07T18:15:29-04:00September 10th, 2020|Auditing & Accounting, Blogs, Educate, Membership Page Controls, Public Relations, Regulatory, Technology|

Cryptocurrency is becoming a more recognized transaction with more entities participating in this ecosystem. The AICPA has issued nonauthoritative guidance on accounting and auditing digital assets. FASB does not [...]

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Galasso Learning Solutions: Proposed Changes to Risk Assessment Standards

By |2020-10-07T18:14:56-04:00September 10th, 2020|Auditing & Accounting, Blogs, Educate, Membership Page Controls, Regulatory|

The AICPA has issued a proposed SAS to clarify and improve the risk assessment standards. For the past few years, the AICPA has focused its audit quality initiatives on [...]

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Galasso Learning Solutions: Materiality Considerations for Attestation Engagements

By |2020-10-07T18:21:27-04:00August 27th, 2020|Auditing & Accounting, Blogs, Educate, Legislative/Advocacy, Membership Page Controls, Regulatory|

The AICPA has issued nonauthoritative guidance from its Materiality Working Group of the Assurance Services Executive Committee (ASEC), designed to assist practitioners in determining when there is a material [...]

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Galasso Learning Solutions: ASU 2020-06

By |2020-10-07T18:22:39-04:00August 27th, 2020|Auditing & Accounting, Blogs, Educate, Membership Page Controls, Regulatory|

ASU 2020-06 is designed to reduce complexity and improve comparability for convertible instruments and contracts in an entity’s own equity. Issued: August 2020 What questions do you have? Send [...]

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Galasso Learning Solutions: Proposed Concept Statement – Elements

By |2020-10-07T18:30:50-04:00August 7th, 2020|Auditing & Accounting, Blogs, Educate, Membership Page Controls, Regulatory|

FASB has issued a proposed Concept Statement addressing the definition of elements of financial statements. The 10 key elements (assets, liabilities, equity etc.) are getting an update to better [...]

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Galasso Learning Solutions: GASB’s Proposed Changes to the Financial Reporting Model

By |2020-10-07T18:31:10-04:00August 7th, 2020|Auditing & Accounting, Blogs, Educate, Membership Page Controls, Regulatory|

GASB has proposed its Exposure Draft that would improve the financial reporting model. The proposal includes changes to MD&A, extraordinary items, presentation of proprietary funds and implements the short-term [...]

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NASBA Board Unanimously Approves CPA Evolution Framework

By |2020-07-28T15:15:51-04:00July 28th, 2020|Auditing & Accounting, Blogs, Educate, Featured, Legislative/Advocacy, Membership, Membership Page Controls, Public Relations, Regulatory, Technology, Why CPA|

The National Association of State Boards of Accountancy Board of Directors has announced its unanimous vote of support for the advancement of the CPA Evolution initiative that designs and [...]

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Galasso Learning Solutions: Proposed ASU – Insurance Effective Date

By |2020-10-07T18:37:32-04:00July 23rd, 2020|Auditing & Accounting, Blogs, Educate, Governmental, Membership Page Controls, Regulatory|

FASB has issued an exposure draft that would delay the effective date of ASU 2018-12, which provides updated guidance on financial reporting for long duration insurance contracts. The effective [...]

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Galasso Learning Solutions: SAS 142

By |2020-10-07T18:37:39-04:00July 23rd, 2020|Auditing & Accounting, Blogs, Educate, Membership Page Controls, Regulatory|

Issued in July 2020, SAS 142 explains what constitutes audit evidence and sets out attributes of information when evaluating information. What questions do you have? Send your questions to [...]

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SCACPA and Paychex are Partnering to Provide Helpful Resources

By |2020-11-06T14:00:36-05:00July 21st, 2020|Auditing & Accounting, Blogs, Business & Industry, Communicate, COVID-19, Featured, Membership Page Controls, Partners, Public Relations, Regulatory, Technology|

A message from SCACPA CEO Chris Jenkins: With so much change impacting business, there is no better time for SCACPA and Paychex to be working with one another. SCACPA is [...]

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