News & Updates

Virginia's newly enacted biennial budget brings a mix of permanent tax relief, targeted new deductions, and structural changes that practitioners should build into client planning now.

The VSCPA submitted comments on July 27, 2026, to the SEC on the Proposed Rule on Registered Offering Reform.

On July 9, 2026, the VSCPA submitted comments to the Public Company Accounting Oversight Board's (PCAOB) Supplemental Request for Comment on the proposed amendments to QC 1000, A Firm's System of Quality Control, and Related Rules and Forms.

On June 23, 2026, the VSCPA Accounting & Advisory Committee submitted comments to the Governmental Accounting Standards Board on the Infrastructure Assets Exposure Draft.

On June 23, 2026, the VSCPA sent comments to the IFRS Foundation on its exposure draft proposing amendments to SASB Standards and IFRS S2 Industry-Based Guidance.

On June 23, 2026, the VSCPA Accounting & Auditing Advisory Committee submitted comments to the SEC on its proposed amendments to Form PF.

On June 5, 2026, the VSCPA followed up on a previous letter regarding the draft VBOA policy on Inactive and Emeritus license statuses.

National Accounting Day, on May 19, offers an opportunity to recognize the essential role CPAs play in strengthening businesses, communities, and the public trust.

The VSCPA joined all other state societies and the AICPA to urge legislators to cosponsor the Accounting STEM Pursuit Act.

New regulations going into effect July 1 put annual and lifetime caps on federal student loans and create new guidelines for repayment. Graduate students in accounting, engineering, nursing, and a host of other professions are subject to an annual borrowing limit of $20,500, with an aggregate lifetime limit of $100,000.

A new VSCPA Board of Directors statement reaffirms the importance of the CPA designation by encouraging continued and appropriate use of the CPA title as the profession evolves.

The VSCPA responded to the exposure draft issued by the AICPA Professional Ethics Division, Proposed Revisions Related to Alternative Practice Structures.

On April 20, 2026, the VSCPA Accounting & Auditing Advisory Committee submitted comments to the International Accounting Standards Board on its proposed amendments to IAS 28.

On April 6, 2026, Virginia Gov. Abigail Spanberger signed legislation into law to establish Inactive and Emeritus CPA license statuses.

On March 31, 2026, the VSCPA supported H.R. 7026, the Fiscal State of the Nation Act, a critical step toward ensuring that Congress has access to fair, balanced, and reliable information when making long-term fiscal decisions on behalf of the American people.

The Virginia General Assembly adjourned this year on March 14, 2026, notably without passing a state budget. Here are the areas the VSCPA worked on and watched closely this year.

The VSCPA submitted comments to the Virginia Board of Accountancy (VBOA) on its proposed regulatory changes related to firm requirements and principal place of business.

On March 12, the VSCPA submitted comments to the Federal Accounting Standards Advisory Board (FASAB) on the exposure draft of proposed staff implementation guidance 64.1.

On Feb. 26, 2026, the VSCPA submitted comments on the U.S. Department of Education’s Notice of Proposed Rulemaking, “Reimagining and Improving Student Education.”

During the 2026 General Assembly Session, the 2026 Amendments to the 2025 Appropriation Act replaced Virginia’s rolling conformity to the IRC with a fixed conformity date of Dec. 31, 2025.