Genuine Learning Blog – GASB ED: Certain Risk Disclosures
The GASB has issued a proposal around disclosures related to certain risks. The proposal provides disclosure requirements for certain concentrations and constraints. Comments are due September 30, 2022. GASB EXPOSURE DRAFT—CERTAIN RISK DISCLOSURES Do [...]
Genuine Learning Blog – ESG Merger Completed
This week marked a major consolidation in the ESG standard setting arena. The IFRS Foundation completed its consolidation of the Value Reporting Foundation (VRF). The IFRS Foundation is the parent entity to the IASB [...]
SCACPA Announces Collaboration with Oliver Gospel Mission
The Oliver Gospel Mission in Columbia helps those experiencing homelessness, poverty, or addiction. Its vision is to guide those in need from separation to transformation. The organization works with those in need to transition [...]
Finding the Right DEI Implementation is Critical to Future Success
From The Center for Accounting Transformation Research shows organizations that embrace all differences come out ahead on every level. To deepen our understanding of DEI journeys of accounting professionals, the Center for Accounting Transformation [...]
From SCDOR: State’s Top Delinquent Taxpayers paid $8.5M to State in 2021
Submitted by the South Carolina Department of Revenue Hundreds of South Carolina’s top delinquent taxpayers paid the state more than $8.5 million in 2021 after their debts were published online. The payments mean that [...]
Genuine Learning Blog- Proposed ASU: Transition for Sold Contracts (Long Duration Contracts)
The FASB has issued a proposal to address transition for insurance entities in applying ASU 2018-12. The proposal addresses the requirements to apply the new standard to contracts that have been sold. This is [...]
Genuine Learning Blog – AICPA Proposes Changes to CPA Exam Blueprint
The AICPA has provided more details about the upcoming transition for the CPA exam which is scheduled for January 2024. The new blueprint provides details on the types of skills expected of newly licensed [...]
Genuine Learning Blog – Q2 2022 In Review
The second quarter of 2022 is behind us and it was a very busy one for standard setters. The AICPA issued their suite of standards related to quality control. They also issued a SAS [...]
Exposure Draft: Proposed 2024 CPA Exam Changes
The Exposure Draft, Maintaining the Relevance of the Uniform CPA Examination® - Aligning the Exam with the CPA Evolution Licensure Model, is available for public comment. The draft is a proposal for the 2024 [...]
From SCDOR: Is Your Client’s Hobby a Business? Tips to Help You Find Out
Submitted by the South Carolina Department of Revenue Even before the pandemic, a majority of U.S. households had a hobby that involved making a product, from artwork and furniture to knitting and crafting, according [...]
From SC BOA: Ethics CPE Requirement for 2022 Calendar Year
The following was sent to all SC CPA Licensees from the South Carolina Board of Accountancy on July 1, 2022. The Board may be contacted at Contact.Accountancy@llr.sc.gov. To support SC CPAs in completing the [...]
Genuine Learning Blog – PEEC Conforming Amendments
The AICPA's Professional Ethics Executive Committee (PEEC) has proposed changes to a few interpretations to align the verbiage around ownership with previously issued interpretations related to loans. The proposed changes address three sections of [...]
SCDOR: Help Your Clients Plan for Tax Free Weekend
Submitted by the South Carolina Department of Revenue South Carolina’s 2022 Tax Free Weekend is August 5-7, and the South Carolina Department of Revenue (SCDOR) wants to help retailers prepare. Help your clients in [...]
Genuine Learning Blog – Ethics Interpretation Proposal: Compliance Audits
The AICPA's Professional Ethics Executive Committee (PEEC) has proposed some new independence rules related to compliance audits. The AICPA is aware that much of the new COVID19 related funding is causing many entities who [...]
Tax to the Max | June 23 – IRS Push with Form 7203 For S Corp Basis Reporting
A monthly conversation about the latest tax issues and updates. What's trending this month? Be Careful About Ownership Structure to Pass Credits Through to Owner Disability Benefits Included in Income? Yes! Fact Sheets and [...]
Genuine Learning Blog: FASB ITC- Government Assistance for Business Entities
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 not include any preliminary views [...]
From SCDOR: Help Your Clients Go Green & Save Time & Money
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 Carolina Department of Revenue (SCDOR) [...]
CPA Practice Act Passed: What Comes Next
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, reams of paper with draft [...]
Genuine Learning Blog: Engage 2022
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 exhibit booth and at various [...]
Genuine Learning Blog: AICPA Issues TQA on OI
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 some additional performance and reporting [...]