News & Updates

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 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.

Crossover was Tuesday, Feb. 17, and it has reshaped the landscape at the General Assembly. While tax conformity and PTET are expected to be resolved in the caboose budget, several other tax policy issues remain active as bills move to the opposite chamber.

For this year, it appears tax conformity will be resolved through committee amendments to the caboose budget bills (HB 29 and SB 29) rather than standalone legislation.

Here's where things stand on major tax proposals before the Virginia General Assembly, as well as the bill to introduce a CPA, Emeritus licensure status.

As the General Assembly session moves deeper into February and crossover approaches, the gravitational pull of the budget is becoming impossible to ignore. Even for bills that don’t directly appropriate funds, fiscal impact is increasingly shaping which proposals advance, pause, or change form.