ASCPA Magazine May 2014

ALABAMA CPA MAGAZINE MAY 2014

Membership Issue

The Alabama CPA MAGAZINE Alabama Society of Certified Public Accountants P.O. Box 242987 Montgomery, Alabama 36124-2987 1-800-227-1711 334-834-7650 www.ascpa.org Officers Renee B. Hubbard, Chair Don McCleod, Chair-Elect Dr. Lowell S. Broom, Vice-Chair James R. L. Carroll, Secretary-Treasurer Steven A. Shelton, Past Chair Board of Directors James Adam Causey Allison H. Guice Paul Marcus Hamilton Kate J. Ham Sharon S. Jackson Robert Rush Letson III Bradford A. Lynch Jason L. Miller Amanda N. Paul Michael C. Reibling Matthew T. Roeder Lewis T. Shreve Chasity L. Sweatmon Daniel K. Tew Alison Nicole Cunningham, Young CPA Lindsey S. Weems, Young CPA

Message from the Chair...

First of all, thank you for giving me the opportunity to serve as your chair this year. We have a great association and I believe the reason is because our members are not spectators. So many of you volunteer your time to make a difference in our profession. That continuing commitment has allowed us to strengthen the CPA brand.

This issue is focused on membership. Our members benefit from many ASCPA programs and continuing education is one of them. The offerings are being modified constantly to meet your needs and learning preferences. This year the ASCPA will offer over 300 webinars, which is almost double the number offered last year. Keep in mind that CPE revenue helps supplement your dues. When you select CPE from the ASCPA you are supporting the Society’s entire range of programs. If you have a suggestion or need for education that we may have overlooked, please contact Jennifer Oleksa, joleksa@ascpa.org.

In addition to education, we provide our members with channels for young CPAs to grow. On May 1 we graduated 33 from Leadership Academy Class III and began Class IV on May 2 with 24 participants. To complement this class, we have added a two-day workshop for accounting staff with less than 3 years’ experience. The Best Foot Forward was in response to a member request and will launch in August and provide new hires with soft skills training to complement their technical expertise. Our firm will be participating in both of these programs and I urge you to consider them.

The ASCPA plays a vital role in developing future CPAs by encouraging students in high school and college to consider a career in accounting. This is accomplished through high school and college outreach and by providing scholarships to students via the Educational Foundation. This year we are taking that commitment a step further. Jeannine is working with the Alabama State Department of Education to prepare teachers for (what we hope will be) AP accounting in the 2015/16 school year. Training will begin this summer for 40-50 teachers who are already teaching accounting and ramp up next year once the College Board approves the AP class.

I began this year by thanking those who are and have been so important to me: family, friends, colleagues . . . “my village.” There are so many people who contribute to our success both personally and professionally. I hope that you will pay it forward and mentor someone in your village.

The Young CPA Golf Tournament is June 4th and I invite you to join us. I will be participating (saying I am playing is a stretch). You won’t be able to miss me - I’ll be the one looking for my ball in the rough. FORE!

AICPA Council Members William H. Carr Renee B. Hubbard E. Lamar Reeves Jimmy L. Williamson, Past Chair, AICPA The Alabama CPA Magazine is published by Alabama Society of Certified Public Accountants as a membership service to Society members.

Views and opinions appearing in this publication are not necessarily endorsed by the ASCPA. The deadline for submitting materials for publication is the first of the month preceding issue date.

Jeannine P. Birmingham, CPA, CAE, CGMA President and CEO Diane L. Christy, Editor

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Barry Melancon, Jeannine Birmingham, Don McCleod and AICPA Chair-elect Tommye Barie

Annual Meeting Notice Under provisions of Article VI of the ASCPA bylaws, notice is hereby given of the annual business meeting of the Alabama Society of CPAs. The meeting will be held Thursday, June 5 at the Cahaba Grand Conference Center, beginning at noon.

The Alabama CPA MAGAZINE

C O N N E C T. P R O T E C T. E D U C AT E

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t the Alabama Society of CPAs, it’s a new fiscal year. It’s also time to celebrate that the Society is 95 years old. You’re going to see these three words often, Connect.Protect.Educate. The three action words reflect both the mission and vision statements of the ASCPA, which are centered on service to members. Because, ultimately, it’s all about YOU. Here are some snapshots of how these three words play out in the life of the ASCPA.

CONNECT The Young CPAs take great pride in their biggest event - the Young CPA Charity Golf Tournament, generously sponsored again in 2014 by PangeaTwo. Use this beautiful day to network internally or externally. Get to know colleagues from other firms, from other professional disciplines.

Reward members of your firm, entertain clients or prospects. Think business development!

PROTECT Fred McCallum, chairman of the Business Council of Alabama and president of AT&T Alabama, was pleased with passage of the Taxpayer Bill of Rights (TBOR II) into law during the 2014 Alabama legislative session.

McCallum stated, “I want to commend Jeannine Birmingham, CEO of the Alabama Society of CPAs, BCA Board member and chair of the BCA Tax Committee for her hard work in promoting this pro-taxpayer legislation.”

Other ASCPA members that played a role in getting this vital tax legislation passed are Carl Jamison, immediate past chair of the BCA, and Marty Abroms, chair of CPA PAC and BCA Vice-Chair. The Business Council of Alabama partnered with the Alabama Society of CPAs and the Alabama Retail Association in advocating for an independent tax tribunal. This, and other measures, will ensure that Alabama is perceived as equitable in dealing with business and individual taxpayers. Throughout the process of passing this important legislation, the Alabama Society of CPAs stressed its valued relationship with the Alabama Department of Revenue. The legislation was not intended to imply that taxpayer appeals and hearings under the current system The Alabama CPA MAGAZINE

have not been handled fairly. However, the new legislation will give all taxpayers greater assurance that their rights to a fair and impartial hearing are safeguarded.

EDUCATE Dr. Andrew Sharp, accounting instructor at Spring Hill College, shared a remembrance of Tom Ratcliffe and included what he called “Tom-isms”.

They sum up the spirit of the many presentations which Ratcliffe made to members of the ASCPA. “Do not have a buffet line luncheon where I have to carry my tray and put my food and drink on it” “If you ever see my car broken down on the side of the Interstate with the hood up and my head looking under the hood, just shoot me; I have no idea what is under there or how to fix it.”

“We will take the 15 minute break, that will turn into 45 minutes for you, at 10:00.”

“This is for the one person here who cares about it.”

“This new standard requires some sexy journal entries.”

“Do not use the telephone number in your course materials for Munter & Ratcliffe, CPAs.” “Updating work papers and forms does not mean merely initialing and dating the documents.”

“We do not know how to do it does not mean N/A on a work paper or checklist.”

“But the client prefers to do it this way (not recognize the loss) is not acceptable, any more than just because the client does not want to do something is a justification.”

“Just because it was done this way last year does not mean it is right to do it that way this year.”

“An audit only works as long as the client does things right => WRONG!” “Subtraction alone is not an analytical procedure; investigate the difference and determine why an increase or decrease occurred.”

“Follow the performance standards.”

“Do not violate your quality control document.”

“A lack of professional competence is trouble.”

“A lack of integrity leads to fraud.”

“If you cheat, you will lie.”

“There is no right way to do the wrong thing.”

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Meet the Candidates CHAIR Don McCleod is a Dothan sole proprietor.

He manages all day-to-day operations of his firm and is active in the Dothan community.

Previously he was a staff auditor at Grant Thornton. McCleod is a past president of the ASCPA Young CPA Board of Directors. He is an at-large member of the AICPA Council and serves on the AICPA Commission on Diversity and Inclusion.

CHAIR-ELECT Dr. Lowell Broom is chair of the department of accounting and management information systems at Samford University. Early in his career he was an auditor with EY and began teaching at Louisiana Tech in 1976. Broom was appointed to serve on two economic development commissions by Governor Bob Riley. He was associate dean of the University of Alabama at Birmingham’s School of Business for more than 6 years before moving to Samford.

BOARD of DIRECTORS Jamey Carroll is a partner at MDA Professional Group in Huntsville. He works primarily in audit with clients in manufacturing, construction, emergency services, government contracting and employee benefits sectors.

Carroll is a past member of the Young CPA Board and served as its president. He’s been an active member of the Huntsville ASCPA Chapter performing in all officer roles at least once.

Buddy Johnsey is a partner at Watkins Johnsey & Associates in Florence. He is a graduate of the University of North Alabama.

Johnsey is a founding board member and former treasurer of the Florence Educational Foundation. He is a past officer and board member of the North Florence Kiwanis Club as well as past president and treasurer of the North Alabama ASCPA Chapter.

Jason Miller is A&A manager at Huntsville firm Anglin Reichmann Snellgrove & Armstrong. He specializes in the government contracting, manufacturing, technology, construction and not-for-profit sectors. He also manages specialized audit engagements. He is a graduate of the University of Alabama in Huntsville. Miller is an Eagle Scout.

Mike Reibling is immediate past president of the Mobile ASCPA Chapter. He is a sole practitioner in Mobile following 12 years in financial executive positions in private industry and 22 years in public accounting. He holds CVA, ABV and CFF designations. Reibling is a graduate of Florida State University.

Greg Sellers is a shareholder at Warren Averett in Montgomery. He has been in practice for more than 27 years and specializes in estate,

gift and trust tax planning and preparation.

Sellers is president of the National Association of Estate Planners & Councils, previously served as president of the Montgomery Estate Planning Council and has been on both organizations’ boards for 8 years. Sellers is a graduate of Huntingdon College.

Dennis Sherrin is the managing shareholder of Hartmann, Blackmon & Kilgore in Fairhope.

He’s been with the firm for 23 years. His areas of interest are financial reporting engagements, tax and valuation services. He consults with corporation and not-for-profits on strategic planning. He holds the CVA, CFF and CGMA designations and is a graduate of the University of South Alabama.

Rachel Taylor is a tax manager at JamisonMoneyFarmer in Tuscaloosa. She is a graduate of the University of Alabama with a master of tax accounting degree. Rachel is a past member of the Young CPA Board of Directors, has been a recruiting volunteer at high schools and colleges, helped organize a Tuscaloosa Young CPA chapter, and was a member of the first Leadership Academy class.

Caitlin Glass is a certified fraud examiner and valuation analyst at Forensic Strategic Solutions in Birmingham, providing financial services in the areas of fraud examination and investigative consulting. She is a graduate of Birmingham-Southern College.

Kate Ham is the economic development finance manager at the City of Auburn. She is responsible for all the financial aspects of deal structuring and packaging for industrial and commercial recruiting by the city. She is a graduate of Auburn University with undergraduate degrees in accounting and finance and a master’s degree in finance. She is a past president of the East Alabama ASCPA Chapter.

Marc Hamilton is the treasurer for the Westervelt Company in Tuscaloosa and a past president of the Tuscaloosa ASCPA Chapter.

He has a master of tax accounting degree from the University of Alabama. Hamilton practiced in public accounting for 10 years with Deloitte in Nashville and with KPMG in Atlanta and Birmingham. At Westervelt he is responsible for the cash, investing and financing functions as well as risk management and tax management.

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The Alabama CPA MAGAZINE

95th Annual Meeting

s k c o 95 R

The Alabama Society of Certified Public Accountants Cahaba Grand Conference Center Birmingham / June 5, 2014 7:00 - 8:00

President’s Breakfast

8:00 – 12:00 Morning Concurrent Sessions (A) 2014 FASB and PCC Update and Miscellaneous Compilation Fun James D. Martin, CPA ( B) New Game, New Rules: Living with the Affordable Care Act William Horton, Esq. (C) Working Across Generations: Understanding Different Perspectives to Build More Effective Teams Deb Lockwood and Joy Koch, SPHR 12:00 – 1:30 Luncheon and Annual Business Meeting ASCPA Chair Renee Hubbard, presiding Professional Issues Update Bill Balhoff, AICPA Chair 1:30 - 5:00 Afternoon Concurrent Sessions (D) Navigating Your Way Through the Clarified Statements on Standards of Accounting and Review Services Michael Brand, CPA, CGMA (E) New Tax on Passive Investment Income Under Section 1411

Planning Under the Permanent Estate Tax Laws – (Until it All Changes Again) Ron A. Levitt, Esq.

Jim Martin, CPA is the founding member of Real World Seminars of Georgia, LLC, and provides “real world” accounting and auditing education for local practitioners who deal with privately-held organizations. Martin is a true general practitioner who has specialized in income tax, accounting and auditing for 28 years in his firm in Sandy Springs, Georgia. He was named the ASCPA 2012/13 Thomas A. Ratcliffe Outstanding Discussion Leader.

William “Bill” Horton, Esq. is a member of Johnston Barton’s Health Care and Business/Tax Practice groups, where his primary focus is on the representation of health care providers, financial services organizations and other business enterprises. He serves as an adjunct professor at the University of Alabama School of Law. Debra Lockwood is a general services partner at McGladrey, LLP, working in the Accounting Industry Services (AIS) line of business which includes the McGladrey Alliance. She currently works with firms to develop strategic business and marketing plans as well as access and use the client service, marketing, talent management and technical resources of McGladrey.

Joy Koch, SPHR is a director with McGladrey LLP and serves as human resources director for the McGladrey Alliance. As a certified senior human resources professional, Koch assists members with a variety of HR issues through consulting and training, an annual talent engagement survey, performance management, leadership development, generational perspectives, various assessments and other people-related needs.

William “Bill” E. Balhoff, CPA is 2013/14 Chair of the American Institute of CPAs. He is the managing director and CEO for Postlethwaite & Netterville in Baton Rouge and has 36 years of experience in technical audit, accounting, and consulting activities. He serves in the AICPA’s Private Companies Practice Section (PCPS) as chair of the executive committee 2001/04 and the strategic assessment task force 2002/04. Balhoff is a past president of the Baton Rouge Chapter of the Louisiana Society of CPAs and has served on their board of directors.

Michael L. Brand, CPA is a partner in the firm of Johnson, Feigley, Newton & Brand in Athens, Alabama. He has been in the practice of public accounting for over 24 years. He has been involved in all aspects of public accounting, with an emphasis in providing accounting, audit, and review services to clients in for profit, not-forprofit, and governmental sectors. Brand teaches continuing education classes across the country.

Ron A Levitt, Esq. is a shareholder at Sirote & Permutt. His practice focuses on business and tax planning issues, particularly for closely-held and family-owned businesses. Levitt counsels clients in business planning, succession planning, entity formation, representation of S Corporations, limited liability companies and other flow-through entities.

The Alabama CPA MAGAZINE

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MEMBERS IN MOTION New Positions and Promotions Paul Dickey was recently named the new chief financial officer of Indian Rivers MHC in Tuscaloosa. He is a graduate of the University of Alabama and has over 10 years of auditing and accounting experience at both the international and local levels.

United Cerebral Palsy of Greater Birmingham announced the hiring of Doug Marshall as its new chief financial officer. As CFO, Marshall will be responsible for all financial and accountDoug Marshall ing functions of UCPGB. Marshall was most recently vice president and controller for Alagasco, where he was responsible for leading its financial and accounting functions for more than 5 years. For the majority of his prior 20 years at Energen, he was director of tax, formulating and implementing the company’s tax policy.

Marshall previously worked in the Birmingham office of EY.

Scott Stewart

Justin Heberling

Sellers Richardson Holman & West, LLP announced that S. Scott Stewart has become a partner in the firm and that Justin Heberling and Erol Wallace have been promoted to senior manager. Stewart is a member of the firm’s accounting and auditing practice. He began his career at PricewaterhouseCoopers, serving in managerial and supervisory roles. His practice is focused on real estate entities, with an additional concentration in the manufacturing and distribution. Stewart currently serves on several committees for Manufacture Alabama, and is a member of the National Association of Industrial and Office Properties.

Mary McCallister is new Education Coordinator You will notice a new name on the ASCPA’s staff roster as you begin to register for 2014 education programs. Mary McCallister joined the Society last November after a career with Cumulus Broadcasting.

Mary is from Prattville, attended Prattville High School and then started classes at Southern Union in Auburn. She envisioned a life of beauty as she pursued a career in cosmetology and worked briefly in a salon.

“I am a real people person and thought that this would be an ideal way to relate to the public. But it was really tough meeting their (sometimes) Mary McCallister unrealistic expectations for a 45 minute appointment.”

When her dad became ill, she moved back to Prattville and began school again, this time in liberal arts at Auburn Montgomery. She majored in mass communication and minored in marketing. While taking business classes she met Jennifer Oleksa, who was teaching as an adjunct instructor.

“I was able to work on projects involving some complex event planning and that really suited me. In one marketing class we were completely in charge of a large fund-raising event for the school and raised $10,000. I made an A in the class and had a good time, too.”

As she completed her degree, Mary looked for an internship and went to Cumulus to inquire about one. She learned that they had a part-time opening and ended up getting a job. Initially she was a receptionist, but learned a lot and started doing promotions, producing, and even did some on-air work.

A friend contacted her about the job posting at the ASCPA and Mary recognized Jennifer’s name as her instructor at Auburn Montgomery. After two rounds of interviews at the ASCPA, she was hired.

Mary is passionate about music of all kinds and attended the Hangout Festival in Gulf Shores last summer. She’s debating whether to go to Birmingham or Atlanta to see Dave Matthews in a few months. Cross Fit is her current hobby and she works out 4 times per week at the Cross Fit River Region in Millbrook.

“I am looking forward to our first event, the Women’s Summit in May and can’t wait for ASCPA education programs to really get rolling.”

Please take a moment to meet Mary when you’re at the Society office.

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Heberling is a member of the audit department. He has over 9 years of public accounting experience and currently provides accounting, auditing and advisory services to a significant portion of the firm’s affordable housing clients. Heberling currently serves on the scholarship committee of the Alabama Council for Affordable and Rural Housing and is an active member of the Phoenix Club of Birmingham.

Wallace is also a member of the SRHW audit department and works extensively with investment companies, primarily investing in U.S. and international timberland/natural resources. He is a member of the Freshwater Land Trust’s junior board and is a charter member of the McWane Science Center’s New Element group.

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38th

Annual Sandestin Conference

July 20-24, 2014 Hilton Sandestin Beach and Golf Resort & Spa

Opening Reception

Sunday, July 20th 6:00 pm – 8:00 pm Attend the Opening Reception for the Sandestin Conference to enjoy heavy hors d’oeuvres while mingling with colleagues.

Golf Tournament

ASC PA Beach Party

Enjoy lunch and a round of golf with spectacular views from the beach to the bay at the beautiful Baytowne Golf Club! $140 per person

Fun for all ages!

Come and slide down the Tiki Island Water Slide and grab a snow cone.

Boxed lunches and beverages included. $15.00 per person

Monday, July 21st Tuesday, July 22nd 1:00 pm – 5:00 pm 1:00 pm – 4:00 pm

The Alabama CPA MAGAZINE

Agenda – 2014 Sandestin Conference Sunday, July 20th 3:00 pm - 5:00 pm 6:00 pm - 8:00 pm

Registration Opening Reception

Monday, July 21st 8:00 am - 12:00 pm 2014 Compilation & Review Update: Here Comes a Lot of Change: AGAIN! James D. Martin, CPA, CGMA, MAcc This course is a must for 2014 because of the sweeping changes being proposed to compilation engagements that practitioners could be allowed to implement in 2014! It offers an in-depth look at the three proposed SSARS “Preparation Engagements”, “Compilation Engagements” and “Association with Financial Statements” and a real world look at their implementation as well as implementation issues. This course also includes 10 new cases for 2014 covering all aspects of SSARS application including accounting, disclosure and reporting from the perspective of a local firm practitioner.

Several new accounting standards are integrated into the new cases, including proposed changes to lease accounting and a brief discussion of the new revenue recognition standard. A complete and thorough review of everything compilation and review for 2014 and beyond!

1:00 pm - 5:00 pm

Baytowne Golf Club Tournament

Tuesday, July 22nd 8:00 am - 12:00 pm

Federal Tax Issues Art Auerbach, CPA • Update on tax preparer regulation.

• Update on any Congressional action and pending federal legislation.

• The progress or lack thereof of tax reform.

• Any significant IRS pronouncements, regulations, rulings.

• Any important tax cases that have reported.

1:00 pm - 4:00 pm

ASCPA Beach Party

Wednesday, July 23rd 8:00 am - 12:00 pm Fraud and Accounting: What You Need to Know?

Dr. DeWayne Searcy, CPA, CIA, CMA During the course we will discuss the types of fraud committed, who commits fraud and why do people commit fraud. Specifically we will examine financial statement fraud schemes, auditors’ and management’s responsibilities to detect fraud, and how fraud can be prevented.

Thursday, July 24th 8:00 am - 12:00 pm Recent Tax Developments in AL, MS, FL and GA and Congressional Efforts on the State Tax Front Bruce Ely, Esq. Bruce will survey recent state and local tax developments in these states, including legislative, judicial and administrative changes, plus what’s happening in Congress that will affect the tax structures/revenues of these states if enacted. Bruce will begin his presentation by dancing a jig in celebration of the passage of the Alabama Taxpayer Fairness Act, formerly known as the Alabama Taxpayers’ Bill of Rights II, after 12+ years of effort.

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More Preparation Needed for Accounting’s Perfect Storm –

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William F. O’Brien, MBA, CPA, Executive Education, Inc.

ccording to Wikipedia, a perfect storm is a rare combination of circumstances that drastically aggravates a situation. While the storm’s intensity has somewhat abated, the accounting profession still is facing a storm which could significantly alter many company’s income statements and balance sheets presentation over the next few years.

Three events have the potential to dramatically impact financial reporting for both public and non-public companies in different degrees of intensity. The events are: 1) International Financial Reporting Standards (IFRS) adoption by public companies, 2) introduction of reporting alternatives for private companies and 3) completion of the convergence effort including the potential reformatting of everyone’s financial statements.

What makes the situation even more complex is the fact that different agencies are driving each initiative. The Securities and Exchange Commission (SEC) is responsible for IFRS adoption. The Financial Accounting Foundation (FAF) and the American Institute of CPAs (AICPA) are driving the GAAP revisions. The Financial Accounting Standards Board (FASB), as the third party to the process, owns the reformatted financial statement convergence project.

This article will briefly update you about status of the storm’s components, as well as explore how to Prepare for Accounting’s Perfect Storm. My goal is to both alert and alarm you about the approaching changes to generate action to help you weather the impending storm. Never before in the history of United States accounting, have so many critical events occurred together. Let us continue to prepare ourselves for the impact!

Do not let habitual complacency enter into your world!

The Storm’s Status IFRS Adoption is on the SEC’s back burner, but has not gone away. Although, SEC leadership appears more concerned about enforcement, a uniform, global financial reporting model remains a very real possibility.

The transparency of worldwide economic results depends upon the direction taken in

the U.S. If the world’s economic leader does not choose to go along with the accepted international model, other nations might not adopt full IFRS as well. Washington is aware of this reality, so adoption is clearly still alive.

Convergence plods along—three years behind schedule. The major topics of revenue recognition, lease accounting and financial instrument accounting are likely to be finalized in 2014. Reformatted financial statement presentation should move to the forefront in 2015.

Lastly, private company financial reporting options abound in 2014. The Private Company Council (PCC), FASB carve-out model, is actively working. Similarly, the AICPA, nonGAAP, Financial Reporting Framework (FRF) is gaining momentum. Non-public entities need to study the business aspects of these options and make an informed choice of the appropriate model.

Ten Tactics for Preparation First, determine what impacts you.

The initial step a company needs to take is to decide which perfect storm elements will affect your business. The division between public and private company may seem trivial; however, lending, underwriting or business strategy considerations may force many private companies into the public company reporting arena.

Identify your experts. The number of IFRS, SME reporting and convergence experts currently on the payroll will surprise most companies. These employees bring formal education, IFRS-based reporting experience and direct foreign subsidiary management expertise to the office every day.

Take advantage of their skills. Prepare a roster of these critical subject matter experts.

Consider the relevant issues. Using your team of financial subject matter experts, meet with senior management and assess how the storm will impact your business. Impact areas will include at a minimum, computer systems, financial reporting policies and procedures, user education, incentive compensation, loan agreements, tax planning, and performance metrics. Brainstorm each of these areas to avoid surprises as your implementation plans move forward.

As the storm clouds gather closer to our shore, rumors and concerns will heighten.

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Remember, the more your can do without consultant assistance the less costly the process becomes.

Develop a Plan for Success. Approach this process as product development or construction project. Prepare an activities timeline with deadlines and individual responsibilities. Review the plan frequently since the storm is dynamic and may suddenly change direction. Use this plan as a vehicle for updating senior management and other key stakeholders, including your external auditors. Recall the old adage: “Those who fail to plan; plan to fail.”

Generate Pro-forma Financials. Access the FASB’s website and download a copy of the staff draft of the financial statement presentation exposure draft. Use this document to prepare several pro-forma financial statement alternatives. Once again, your financial subject matter experts will provide valuable assistance in completing this task. Depending on your company’s unique facts, circumstances and business strategy, I would suggest three sets of pro-forma financials: 1) new format financials based on current U.S. GAAP, 2) new format financials based on IFRS or proposed private company U.S. GAAP and 3) current format financials based on IFRS or proposed private company U.S. GAAP. These modified financial statements will highlight the most significant measurement and reporting changes areas. Identifying these key areas will help focus your management team’s efforts in dealing with the relevant day-to-day business issues, including the all-important loan covenant discussions with your lenders.

Keep Executive Management Informed Do not keep executive management in the dark. Although your operating management will most likely participate in transition activities, executive staff will generally remain interested observers—some more interested than others. Take the time to positively support the reasons for these changes and the numerous long-range benefits of globally consistent financial reporting. Consider this fact. Research showed a sixty basis-point drop in the cost of capital when the European Union adopted IFRS in 2005.

In addition, keep the Board of Directors and C-Suite occupants up-to-date on the current status of the storm’s three components and your company’s preparation efThe Alabama CPA MAGAZINE

Do Not Let Habitual Complacency Reduce Your Readiness forts. Quarterly updates should become a standard reporting practice.

Finally, encourage executive management to critically respond to the regulators serving as the decision makers in the process.

This is an extremely important task. If the regulators do not hear from the issuers, the entire implementation project can veer from a practical enhancement to a more theoretical exercise.

Monitor the Landscape Stay current! Begin with the AICPA’s IFRS website and continue with your auditors website. Routinely scour the media for updates in each storm component. You may nominate one of your financial subject matter experts as your company’s “Weatherperson”. This individual will have the responsibility to monitor the information sites and report on any significant happenings that might potentially impact the company. The landscape will change. Don’t get caught in an unexpected downpour!

Continuously Improve Your Competencies Begin a personal commitment to continuing education not only in the financial reporting field but also in the business areas impacted by the storm. If you initiate the process now, the large volume of required knowledge will not seem as daunting in the future.

Lay out a formal curriculum for both yourself and your staff. Look for sources of interesting, but relevant, courses. Discover what other companies are doing in response to the storm.

As you become more knowledgeable, it will be easier for you to communicate concepts to your co-workers. In addition, you will become more versed in dealing with the business issues related to the transition efforts. This will ultimately help to ease the the entire process’s complexity.

Do not keep executive management in the dark.

Communicate with Critical Stakeholders Communicate, communicate, communicate! As the storm clouds gather closer to our shore, rumors and concerns will heighten. Consider producing a periodic newsletter relating current status, preparation activities and issues important to each stakeholder. For example, employees are generally more concerned about workload rather than bond ratings. Keep the various readers’ perspectives in the fore-front of your mind.

Pay special attention to your external auditors. Make sure that they are clearly on the same page as your financial subject matter experts. Failure to do this could result in some unexpected reporting surprises downstream.

Don’t Panic Remember this is simply a process, rather large and encompassing, but none the less, a process. Approach it step-bystep. Do not allow yourself to become overwhelmed. Your company will not be the only player in this game. Listen and learn from what other organizations are doing. Become an information sponge.

Study your unique organizational environment carefully. Determine how to keep your people in the game without pushing the panic button! Most importantly, start now! Do not procrastinate.

Some Final Thoughts Change is never easy. Learning to adapt to new environments and embracing new perspectives is equally challenging. Ten simple steps of anything rarely solve the complex issues we face in business and life. It is my desire, however, that these Ten

Executive Education Seminars Executive Education will present topics for CPAs working in industry at the Gulf Shores Clusters on June 25th and 26th. For course information and to register, visit thw ASCA website The Alabama CPA MAGAZINE

Table 1

Ten Tactics for Preparation 1. Determine what impacts you 2. Identify the experts 3. Consider the issues 4. Develop a plan for success 5. Generate pro-forma financials 6. K eep executive management informed 7. Monitor the landscape 8. C ontinuously improve competencies 9. C ommunicate with critical stakeholders 10. Don’t panic Tactics for Preparation will encourage you to adapt and embrace the changes and challenges you face, as the “Perfect Storm” gets closer in the months ahead.

The preparation you take today will help protect you from the future’s unknown impact. ________ WILLIAM F. O’BRIEN, CPA, MBA is a Santa Clara University and San Jose State University faculty member, and an internationally recognized author and lecturer in the areas of corporate financial management and international accounting. He is a discussion leader for Executive Education, Inc. and frequent speaker at professional CPA events.

• Financial Analysis in a Metrics Driven World: Run the Numbers Effectively Course #018 – June 25 – 8:30 a.m. to 12:00 p.m.

• Ethics in the Real World: Living Values for Today Course #022 – June 25 – 1:00 p.m. to 4:30 p.m.

• How Good Companies Become Great: Secrets to Success Course #025 – June 26 - 8:30 a.m. to 12:00 p.m.

• Creating the Best Projections You Can: Insights and Techniques Course #028 – June 26– 1:00 p.m. to 4:30 p.m.

9

EDUCATE

Leadership Academy III Graduates 33

T

here is no stopping the momentum of the ASCPA’s Leadership Academy. Class III was graduated on May 1 and, without taking much of a breath, Class IV was off and running on May 2.

Instructors Bryan Shelton and Joe Fehrmann of The Rainmaker Companies were joined by Robin Brothers and Adelaide Ness. Recognized for their contribution to the class were:

Allison Guice Individual Project Jackson Thornton Montgomery Matt Lazenby Individual Project ALFA Montgomery Carlton Melton Firm Project McNorton, Ishee & Jones Mobile Jerry Murdick Firm Project Brown CPA Group Northbrook, IL

CLASS IV Rachel Aaron Thomas Adams John Bedsole Stacy Cummings Lyndsey Dixon Michelle Dooley Caitlin Glass Jenny Gray Brittany Harris Dana Hess Kendra James Betsy Jarnigan William Jones Taylor Martin Jon Maskell Kelvin Monroe David Murray Ashley Rhea Diana Russell Lee Sims Mary Beth Terrell Kelley Terry Mark Underhill

JamisonMoneyFarmer Tuscaloosa Silas Simmons Natchez, Mississippi Kalifeh Bedsole & Co. Mobile Wilkins Miller Hieronymus Mobile Wilkins Miller Hieronymus Mobile Thyssen Krupp Steel Calvert Forensic Strategic Solutions Birmingham Barfield Murphy Shank & Smith Birmingham Anglin Reichman Snellgrove Armstrong Huntsville Jackson Thornton Montgomery Raycom Media Montgomery JamisonMoneyFarmer Tuscaloosa Jackson Thornton Montgomery Pearce Bevill Leesburg Moore Birmingham McPhillips, Roberts & Deans Norfolk, Virginia Central Mississippi Medical Center Jackson, Mississippi Coulter & Justus Knoxville, Tennessee Coulter & Justus Knoxville, Tennessee Westervelt Company Tuscaloosa Sellers Richardson Holman & West Birmingham Robert Half Birmingham Auburn University Auburn Barfield Murphy Shank & Smith Birmingham

Kim Perry Spirit Award Joseph DeCosimo & Company Chattanooga Chris Perry Spirit Award Regions Financial Birmingham A reception with members of the ASCPA’s Board of Directors was held immediately following the brief ceremony. Participants in Class IV were also invited to the reception before starting class the next day.

In Memoriam John Fritz Yeager, Jr. November 20, 1934 – February 25, 2014 Tuscaloosa, Alabama Certificate #548 William Lenwood Stephens September 21, 1946 – February 26, 2014 Opelika, Alabama Certificate #1053 10

The Alabama CPA MAGAZINE

Accounting Pilot and Bridge Project Training

F

or the past 6 years, Dr. Dan Deines of Kansas State University and a team of accounting instructors have been training high school teachers on a high-level accounting course curriculum. Simultaneously, the American Institute of CPAs (AICPA), state societies of CPAs, university accounting instructors and high school teachers have been working toward approval of an AP accounting course by the College Board. The goal is to attract collegebound students to a major in accounting, and to jump-start their university course work. You can learn more about the history of this effort here: www.accountingpilot.com.

As of spring 2014, hundreds of teachers have been trained, more than 450 high schools have signed on to teach an AP accounting course when it is approved and 100+ colleges and universities have pledged to accept the AP course for college credit. A college prep accounting course would build bridges between high school accounting educators and college and university accounting programs. Such a course would also increase the opportunity for practicing accounting professionals to become involved in the process. In the long-run, using the existing high school infrastructure is the most cost effective way to attract high-quality students to the profession.

The College Board is considering approval of the AP course during summer 2014, with implementation during the 2015/16 academic year.

The Alabama Society is excited to support this process in our state by planning a training session as implementation draws closer. In partnership with the Alabama State Department of Education, Dr. Deines and his team will travel to Montgomery and conduct three days of training, July 8-10.

With support from the ASCPA Educational Foundation, the 40-50 participants will be housed on the Auburn Montgomery campus, receive a textbook and all materials for the year-long curriculum, have meals at the Society each day and attend an evening reception with accounting professors, practitioners and ASCPA Board of Directors members.

The AICPA Professional Liability Insurance Program

looks at insurance from a fresh perspective…

When you sit down with a client, you strive to see their business from their perspective and make recommendations based on their unique situation. We operate similarly.

Whether your CPA firm is a one person operation or national in scope, the AICPA Professional Liability Insurance Program offers insurance products and solutions designed to fit your needs.

• Insurance created to cover the unique exposures of CPA firms • Premium credits designed to reflect the way CPAs do business • Quality coverage at a price that fits your budget

YOURS

More than 25,000 CPA firms depend on the AICPA Professional Liability Insurance Program.

Please call Vernon Dutton at Regions Insurance, Inc. at 501.661.4959 or visit www.cpai.com/premierad today!

Endorsed by:

Underwritten by:

Administered by:

Aon Insurance Services is the brand name for the brokerage and program administration operations of Affinity Insurance Services, Inc. (AR 244489); in CA and MN, AIS Affinity Insurance Agency, Inc. (CA 0795465); in OK, AIS Affinity Insurance Services Inc.; in CA, Aon Affinity Insurance Services, Inc. (0G94493), Aon Direct Insurance Administrator and Berkely Insurance Agency; and in NY, AIS Affinity Insurance Agency.

One or more of the CNA companies provide the products and/or services described. The information is intended to present a general overview for illustrative purposes only. It is not intended to constitute a binding contract. Please remember that only the relevant insurance policy can provide the actual terms, coverages, amounts, conditions and exclusions for an insured. All products and services may not be available in all states and may be subject to change without notice. The statements, analyses and opinions expressed in this publication are those of the respective authors and may not necessarily reflect those of any third parties including the CNA companies. CNA is a registered trademark of CNA Financial Corporation. Copyright © 2014 CNA. All rights reserved.

E-10486-514 AL

E-10486-514 AL.indd 1 The Alabama CPA MAGAZINE

3/21/14 10:40 AM

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The Alabama CPA MAGAZINE

AICPA How a Few Little Letters Can Change Your Career hen there are hundreds of thousands of CPAs at work in public accounting, business and industry, government, academia and consulting, how can you stand out in such a crowded profession?

Many CPAs do this by leveraging the rapid growth of advisory services. By offering specialized knowledge to your clients or employer, you’re positioned to be more competitive in the marketplace and are able to differentiate yourself from others in the field. And that translates into increased compensation and career advancement opportunities.

Firms, as a whole, are finding that offering more services can increase their bottom line. When you move beyond compliance work to more futureoriented, value-added work, you are able to do more for your clients, serving them in new ways.

Organizations with credentialed professionals realize increased profit margins through the management of risk, improved controls, process and workflow improvements and faster decisionmaking through simulations and data analytics.

The fact is, value-added services are not just a trend, and they are not going away. Of Accounting Today’s Top 100 Niche Services, business valuation consistently has ranked in the top five for the past 15 years. Also, an IBISWorld 2012 report projects that forensic accounting will grow at a rate four times that of the U.S. accounting profession through 2017. Financial planning follows closely at a growth rate that is double that of the accounting profession. According to the Robert Half 2014 Salary Guide, the need for financial professionals with technology experience is rising, given the complexities of systems and tools, and emerging technologies.

Unlock the Possibilities The AICPA offers the only credentials built on the CPA foundation of competency, objectivity and integrity. The credentials are: Certified in Financial Forensics (CFF®), Personal Financial Specialist (PFS™), Accredited in Business Valuation (ABV™) and Certified Information Technology Professional (CITP®).

According to [name], CEO of [State Society name], “CPAs who are looking to move up in their career, add greater value in the workplace and take advantage of the recent growth of advisory services within the accounting profession should pursue a credential after their CPA.” Want further evidence that a credential can be an effective career boost? First, 66% of CPAs say holding an AICPA credential in advisory services makes a difference in receiving job offers.* What’s more, the average salary for CPAs who hold these credentials is 15% greater than CPAs without a specialty credential.* Credentials for All Areas of Interest Forensic accounting has become one of The Alabama CPA MAGAZINE

the fastest growing specialty practice areas for the U.S. CPAs who want to demonstrate their knowledge, skills and experience in the forensic accounting area are pursuing the CFF credential.

It encompasses fundamental and specialized forensic accounting skills that you can apply in a variety of service areas, including bankruptcy and insolvency, computer forensic analysis, family law, valuations, economic damages calculations, and fraud prevention, detection and response. In addition, the CFF credential sets you apart as an expert witness in the courtroom.

The PFS credential showcases a CPA’s expertise in personal financial planning. This credential is an excellent next step for CPAs seeking to expand or diversify a tax-focused practice. Your comprehensive knowledge in financial planning and tax enable you to bring a holistic approach to your clients’ financial needs, whether advising in retirement, estate, tax, risk management and/or investment planning.

Two major factors are driving up the demand for CPA financial planners. First, given the complexities of ATRA and the new net investment income tax that will impact every area of financial planning, clients are looking for the objective guidance that CPAs provide. Secondly, large numbers of boomers are heading into retirement and seeking advisers to help them plan accordingly to avoid outliving their financial resources.

The ABV credential is ideal for CPAs who want to enter this in-demand area by positioning

themselves as a premier business valuation service provider who goes beyond the core service of reaching a conclusion of value to creating value for clients through the strategic application of this analysis.

The rise in demand for business valuation experts and firms that offer this service has been fueled by a rapid increase in merger and acquisition activity, gifting and estate transfers, and the Small Business Administration’s requirement for independent business valuations on loan regulations. Other valuation services include valuing a business due to transfer of ownership, divorce settlement, fair value accounting, ESOP valuations, economic damage calculations, and expert witness or litigation support.

CPAs who have considerable expertise in information management and technology assurance should seek the CITP credential. CPAs who have earned the CITP credential are recognized for their unique ability to provide technology-related assurance and business insight by leveraging knowledge of information, data relationships and supporting technologies. This credential spans a broad base of knowledge — from IT assurance, IT risk management and security, and privacy to analytics and emerging technologies. CITP credential holders are helping their clients or organization improve operations, ensure financial data integrity, determine risks associated with financial reporting, and prevent and detect fraud.

Continued on page 15

The American Institute of CPAs Benevolent Fund was established in 1933 by AICPA members to assist other members through temporary periods of financial difficulty.

When our members face difficult circumstances that are beyond their financial means, the Fund is here to help. Financial assistance grants are provided on a case-by-case basis, depending on financial need and circumstances surrounding that need. Some examples of the types of assistance available are temporary living expenses and temporary medical expenses. One-time emergency grants also are available to help with natural disasters and other unexpected events.

If you need assistance, simply visit the Benevolent Fund web page on aicpa.org and follow the instructions to apply. You may also contact the Benevolent Fund administrator via phone at 866.527.2228 or email at Benevolent_Fund@aicpa.org.

If you wish to make a charitable gift to the Benevolent Fund, visit the web page on aicpa.org.

The Benevolent Fund is a 501(c)(3) organization.

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13

AICPA UPDATE Take the 2014 AICPA PCPS/TSCPA National MAP Survey!

H

ow does your firm stack up against others in the profession? Curious about the latest technology trends in firms around the country? How are you and others leveraging staff in the current economy? Find out by taking part in the CPA profession’s premier benchmarking study – the AICPA PCPS/TSCPA National MAP Survey.

The survey covers key practice management issues that will allow your firm to compare its financial performance and operations to other firms, as well as gain strategic insights into building a more profitable and rewarding practice. Additionally, survey results will help accounting firms benchmark themselves against same-sized firms regionally and nationally.

This year, we have partnered with a new vendor to create a survey platform that is easier to navigate and should speed completion. You’ll find updated content and questions that reflect practice management issues facing today’s practitioners today.

Each participant will receive a free summary report that contains an extract of key performance metrics from the survey such as billing rates, salaries, hours charged/ compensated, services as a percentage of fees, major income statement statistics and more. The comprehensive report – free to PCPS members – will include every performance metric gathered by the survey as well as a host of additional ratios and statistical analysis. In addition, PCPS members will have the ability to manipulate the data to create custom reports and presentations.

We invite you to take the survey. The survey will be open from mid-May through July. Don’t miss this opportunity to be a part of the country’s largest accounting firm practice management survey!

For more information about PCPS and the National MAP Survey, please visit www.aicpa.org/mapsurvey .

14

It’s a light bulb moment!

Your Annual Peer Review Program fees are now due.

BASE FEE $50 $10 per professional staff for ASCPA members. $50 per professional staff for non-members.

Need more information?

Contact Peer Review Administrator Shirley Carroll. scarroll@ascpa.org or 334.386.5755

The Alabama CPA MAGAZINE

CONNECT

Bitcoin A new way to pay your ASCPA dues?

T

here’s a lot of buzz about Bitcoin (the technology) and bitcoin (the actual currency) right now, especially with the recent shutting down of Silk Road and rampant speculation in the marketplace.

Here’s what Wikipedia (the ultimate source for today’s inquiring mind) has to say.

Bitcoin is a peer-to-peer payment system introduced as open source software in 2009. The Bitcoin system is not controlled by a single entity, like a central bank, and this has led the US Treasury to call bitcoin a decentralized currency.

Bitcoins are created by a process called mining, in which computer network participants, i.e. users who provide their computing power, verify

How a Few Little Letters Can Change Your Career Continued from page 13 A Closer Look at the Requirements In addition to holding a valid and unrevoked CPA license or certificate issued by a legally constituted state authority, being an AICPA member in good standing and signing a Declaration of Intent to comply with the requirements of credential recertification, each candidate must also meet the following requirements shown in chart.

Resources Available From the AICPA No matter which credential you pursue, the AICPA supports you every step of the way by providing everything from exam prep materials to exclusive tools and technical resources that will help you, as a credential holder, maintain the highest level of competency in delivering advisory services. When you’re ready to take your career to the next level with an AICPA credential, visit aicpa.org/credentials.

The Alabama CPA MAGAZINE

and record payments into a public ledger in exchange for transaction fees and newly minted bitcoins. Users send and receive bitcoins using wallet software on a personal computer, mobile device, or a web application. Bitcoins can be obtained by mining or in exchange for products, services, or other currencies.

Bitcoin has been a subject of scrutiny amid concerns that it can be used for illegal activities.

In October 2013 the US FBI shut down the Silk Road online black market and seized 144,000 bitcoins worth (at the time) $28.5 million. The US is considered Bitcoin-friendly compared to other governments. In China, new rules restrict bitcoin exchange for local currency. The European Banking Authority has warned that Bitcoin lacks

consumer protections. Bitcoins can be stolen and chargebacks are impossible.

Commercial use of Bitcoin, illicit or otherwise, is currently small compared to its use by speculators, which has fueled price volatility.

Bitcoin as a form of payment for products and services has seen growth, and merchants have an incentive to accept the currency because transaction fees are lower than the 2–4% typically imposed by credit card processors. The largest bitcoin purchase so far was on March 20, 2014 - a villa in Bali worth over $500,000.

Kassouf & Co. shared an article about Bitcoin in its most recent newsletter. The article discussed how the IRS has had to clarify their policies regarding the use of bitcoin. To no one’s surprise, they consider it another currency, just like dollars, euros, pesos or yen.

Therefore, revenue received via bitcoin, as well as expenses paid by bitcoin, are reported no differently.

How does this affect you, as an ASCPA member? Will the Alabama Society begin accepting bitcoin for your annual dues?

Probably not in the immediate future! Right now your 2014 dues can be paid only by check or credit card. However, informing you of trends is one more way that the Society continues to CONNECT, PROTECT and EDUCATE its members.

Contact Senior Manager of Member Services, Shanna Jackson, with questions about your dues payment, sjackson@ascpa.org, 334.386.5754. We look forward to your remaining a member of the ASCPA for a long time!

Business Experience Requirement

Education Requirement

CFF Pass the CFF Examination

1,000 hours of business experience in forensic accounting within the 5-year period preceding the date of the CFF application

75 hours of forensic accounting continuing professional education (CPE) within the 5-year period preceding the date of the CFF application

PFS Pass one of three comprehensive exams: Personal Financial Specialist (CPA/ PFS), Certified Financial Planner® (CFP) or Chartered Financial Consultant (ChFC)

3,000 hours of personal financial planning experience within the 5-year period preceding the date of the PFS application; up to 1,000 hours of tax compliance experience can count toward the total experience requirement

75 hours of personal financial planning CPE within the 5-year period preceding the date of the PFS application

ABV Pass the ABV Examination (this is waived for Accredited Members and Accredited Senior Appraisers of the American Society of Appraisers)

Either 6 business valuation engagements or 150 hours of business valuation experience within the 5-year period preceding the date of the ABV application

75 hours of valuation CPE within the 5-year period preceding the date of the ABV application

CITP Pass the CITP Examination

1,000 hours of business experience in information management and technology assurance within the 5-year period preceding the date of the CITP application

75 hours of information management and technology assurance CPE within the 5-year period preceding the date of the CITP application

Exam Requirement

15

EDUCATION Express No.

Area of Study Title Date(s) Location

AICPA Member Discount

Registration Non-Member Member Fee Fee

029 AA - 8

NEW GAAS from A to Z

7/9/14 Huntsville

275

325

031 AA - 8

Audits of 401(k) Plans

7/10/14

Birmingham

-30

275

325

032 TX - 8

NEW Advanced Estate Planning Strategies

7/10/14

Birmingham

-30

275

325

033 AA - 8

Auditing Defined Contribution Plans

7/10/14

Mobile

-30

275

325

034 AA - 8

Fair Value Accounting: Making the Complex Issues Understandable

7/10/14

Mobile

275

325

035 AA - 8

NEW Internal Control Best Practices for Small and Medium-Sized Entities

7/11/14

Mobile

-30

275

325

037 AA - 8

Internal Control Essentials for Financial Managers, Accountants and Auditors

7/14/14

Tuscaloosa

275

325

038 TX - 8

Advanced Tax Strategies for S Corporations

7/14/14

Tuscaloosa

-30

275

325

040 TX - 8

Shortcuts to Tax Cuts: Individual Tax, Social Security, and Retirement Planning Tools and Strategies

7/14/14

Montgomery

275

325

042 TX - 8

NEW The Top 10 Tax Topics of 2014

7/15/14

Auburn

275

325

044 TX - 8

NEW ObamaCare and Fringe Benefits: 2014 and Beyond

7/15/14

Dothan

275

325

046 TX - 8

NEW Buying and Selling a Business: Critical Tax and Structuring Issues

7/18/14

Montgomery

275

325

047 OTH - 4

Excel Tables - Revolutionize How You Work with Excel!

7/28/14

Auburn - AM

180

230

049 OTH - 4

NEW Technology Update

7/28/14

Auburn - PM

180

230

053 OTH - 4

PDF Forms - What Accountants Need to Know

7/29/14

Birmingham (AM)

180

230

054 TX - 8

Federal Taxation of Timber Growers

7/29/14

Birmingham

275

325

055 OTH - 4

NEW Technology Update

7/29/14

Birmingham (PM)

180

230

057 TX - 8

Advanced Selected Issues for Trusts, Estates, and Their Beneficiaries

7/30/14

Montgomery

275

325

058 OTH - 8

NEW Excel Boot Camp: Two Days of Intensive Excel Training

7/30-31/14 Birmingham

275

325

059 AA - 8

Construction Contractors: Critical Accounting, Auditing, and Tax Issues in Today’s Environment

8/1/14

Mobile

275

325

060 TX - 8

Smart Strategies to Slash Taxes for Closely Held Businesses

8/1/14

Mobile

-30

275

325

061 AA - 8

Audits of Banks and Other Financial Institutions

8/4/14

Birmingham

-30

275

325

062 OTH - 8

NEW Advanced Business Law for CPAs

8/4/14

Birmingham

-30

275

325

063 AA - 8

Fraud and Abuse in Not-for-Profit Entities and Governments: Stealing from Everyone

8/4/14

Tuscaloosa

275

325

064 4AA/4OTH Budgeting, Forecasting and Business Analytics

8/4/14

Tuscaloosa

275

325

065 4AA/4OTH Advanced Excel

8/5/14

Birmingham

275

325

066 TX - 8

Form 990: A Comprehensive Approach to Accurate Preparation

8/5/14

Birmingham

-30

275

325

068 TX - 8

S Corporations: Key Issues, Compliance, and Tax Strategies

8/5/14 Huntsville

-30

275

325

069 AA - 8

Auditing Employee Benefit Plans

8/5/14

-30

275

325

071 AA - 8

Accounting & Auditing Update

8/11/14 Huntsville

275

325

072 AA6/TX2

Advanced Real Estate Accounting, Auditing, and Taxation

8/11/14

Birmingham

-30

275

325

073 TX - 8 Hot IRS Tax Examination Issues for Individuals and Businesses

8/11/14

Birmingham

275

325

074 AA - 8

Accounting & Auditing Update

8/12/14

Birmingham

275

325

075 AA - 8

Construction Contractors Advanced Issues

8/12/14

Montgomery

-30

275

325

076 TX - 8

Mastering Basis, Distributions, and Loss Limitation Issues for S Corporations, LLCs, and Partnerships

8/12/14

Montgomery

275

325

077 AA - 8

Yellow Book Workshop

8/13-14/14 Birmingham

550

600

078 AA - 8

2014 Compilation and Review Update

8/13/14

Auburn

275

325

079 AA - 8

Internal Control Essentials for Accountants and Auditors

8/14/14

Montgomery

-30

275

325

080 OTH - 16

Best Foot Forward

8/14-15/14 Montgomery

595

645

081 AA - 4

Compilation and Review Update

8/14/14

Mobile (AM)

180

230

082 TX - 4 Hot Tax Planning Developments Under the Current Tax Law

8/14/14

Mobile (AM)

180

230

083 AA - 4

8/14/14

Mobile (AM)

180

230

16

Real-World Business Ethics for CPAs in A&A

Mobile

The Alabama CPA MAGAZINE

No.

Area of Study Title Date(s) Location

AICPA Member Discount

Registration Non-Member Member Fee Fee

084 AA - 4

New FASB Developments for Business & Industry

8/14/14

Mobile (PM)

180

230

085 TX - 4

Estates and Trusts: Mastering Complex Income Tax Issues

8/14/14

Mobile (PM)

180

230

086 MG - 4

Doing More with Less: Lean Accounting and Management

8/14/14

Mobile (PM)

180

230

087 AA - 4

Forensic Accounting: Uncovering Schemes and Scams

8/15/14

Mobile (AM)

180

230

088 TX - 4 Health Care Reform Act: Critical Tax and Insurance Ramifications For You and Your Clients

8/15/14

Mobile (AM)

180

230

089 MG - 4

NEW Risk, Cost, and Cash Management for Controllers and Financial Managers

8/15/14

Mobile (AM)

180

230

090 AA - 4

NEW Transaction Processing Controls Best Practices for Small and Medium-Sized Entities

8/15/14

Mobile (PM)

180

230

091 TX - 4

Social Security and Medicare

8/15/14

Mobile (PM)

180

230

092 MG - 4

Taking Planning and Budgeting to a Higher Level: Critical Skills to Make the Trip

8/15/14

Mobile (PM)

180

230

094 AA - 8

NEW Preventing and Detecting Identity Theft

8/15/14

Dothan

-30

275

325

095 AA - 4

Revenue and Cash Receipts: Common Frauds and Internal Controls

8/15/14

Dothan

180

230

217 AA - 4

Forensic Accounting: Uncovering Schemes and Scams

8/15/14

Dothan

275

325

096 AA - 8

Internal Control Essentials for Accountants and Auditors

8/21/14 Huntsville

275

325

098 TX - 8

Determining How Much Money You Need to Retire, and Tax Ideas and Money Management in Retirement

8/21/14

Tuscaloosa

275

325

099 OTH - 8

NEW Toolkit of Best Practices for Today’s Controller & Financial Manager

8/21/14

Tuscaloosa

-30

275

325

100 AA - 8

2014 Compilation & Review Update

8/22/14 Huntsville

275

325

102 OTH - 4

The GO System

8/22/14

Birmingham (AM)

180

230

105 AA - 4

Statement of Cash Flows: Preparation and Presentation Options

8/25/14

Birmingham (AM)

180

230

106 TX - 4

NEW Smart Tax Planning Strategies for Individuals

8/25/14

Birmingham (AM)

180

230

107 AA - 4

Annual Update for State & Local Governments and Not-For-Profits

8/25/14

Birmingham (AM)

180

230

108 AA - 4

New FASB Developments for Business & Industry

8/25/14

Birmingham (PM)

180

230

109 TX - 4

NEW Tax Consequences and Reporting Issues of LLCs, LLPs, LPs and Other Partnerships

8/25/14

Birmingham (PM)

180

230

110 AA - 4

Frequent Frauds Found in Not-for-Profits

8/25/14

Birmingham (PM)

180

230

111 AA - 4

Compilation, Review, and Accounting Service Update

8/26/14

Birmingham (AM)

180

230

112 TX - 4

Health Care Reform Act: Critical Tax and Insurance Ramifications For You, Your Business, and Your Clients

8/26/14

Birmingham (AM)

180

230

113 MG - 4

Financial Forecasting: Planning for Success

8/26/14

Birmingham (AM)

180

230

114 AA - 4

Special Purpose Frameworks - Alternatives to GAAP

8/26/14

Birmingham (PM)

180

230

115 TX - 4

Social Security and Medicare

8/26/14

Birmingham (PM)

180

230

116 MG - 4

NEW Risk, Cost, and Cash Management for Controllers and Financial Managers

8/26/14

Birmingham (PM)

180

230

117 AA - 4

Forensic Accounting: Uncovering Schemes and Scams

8/27/14

Birmingham (AM)

180

230

118 TX - 4

NEW Cancellation of Debt for Individuals and Businesses

8/27/14

Birmingham (AM)

180

230

119 TX - 4

Sales and Use Tax

8/27/14

Birmingham (AM)

180

230

120 AA - 4

Understanding COSO Internal Control Guidance

8/27/14

Birmingham (PM)

180

230

121 TX - 4

NEW Capitalized Costs and Depreciation: Key Issues and Answers

8/27/14

Birmingham (PM)

180

230

122 TX - 4

Multistate Income Tax

8/27/14

Birmingham (PM)

180

230

123 AA - 4

The Statement of Cash Flows: Preparation Guidance and Presentation Illustrations

8/27/14 Huntsville (AM)

180

230

124 TX - 4

Key Partnership and S Corporation Tax Planning Strategies

8/27/14 Huntsville (AM)

180

230

125 MG - 4

Thriving in a Chaotic Economic Environment: Planning and Strategy Formulation for Your Organization

8/27/14 Huntsville (AM)

180

230

126 AA - 4

Financial Statement Disclosures: Guide to Current Requirements and Developing Issues

8/27/14 Huntsville (PM)

180

230

127 TX - 4

NEW Taking Your Medicine: Obama Care in 2014 and Beyond

8/27/14 Huntsville (PM)

180

230

-30

Register 10 days prior to any course and save $25 off the price listed.

The Alabama CPA MAGAZINE

17

Business & Technology Conference August 18-20 Hyatt Regency Wynfrey – Birmingham Earn 24 hours of education designed just for you

Is your finger on the pulse?

Description: Three days of fast-paced and intense education geared toward accountants making financial decisions about budgeting, personnel, banking, mobility and technology. You will learn what will make YOUR company sustainable and profitable as you are challenged to be forward thinking. Attend general sessions and choose from among 16 breakout sessions to get the most current information on technology trends and must-haves as well as topics that steer your decision making in 2014 and beyond. Is your finger on the pulse?

Which Tablet Is Best for You? Mobile Device Management – Not Optional Anymore!

Affordable Healthcare Act Consolidating Data in Excel

Windows 8.1 Tips and Tricks

Tech Update Economic Update

General Session – Security Tips to Protect Sensitive Data CFO/Controller Update Choosing the Best Tools for a CPA Practice

Tech Cookbook - Plain Tech Talk for Your Office

Tech Tools for Budgeting and Forecasting

Top Accounting Software Solutions

Power Up Your PivotTables

Productivity Application Alternatives

The CFOs Role in the Banking Relationship Excel Tables – Database Functionality Comes to Spreadsheets Top 5 Personnel Issues and the Role of the CPA Outlook - The Killer App in Microsoft Office

18

Cloud vs. On-Premise - Risks vs. Rewards

The Alabama CPA MAGAZINE

Continuing Professional Education Registration

Mail this form and payment to: The Alabama Society of Certified Public Accountants Fax to: 334.834.7310 or Register online www.ascpa.org P.O. Box 242987, Montgomery AL 36124-2987

If you have special needs under the Americans with Disability Act, attach a written description Call, or email sruss@ascpa.org or mfgarner@ascpa.org Please reproduce this form for multiple registrants PERSONAL INFORMATION Last Name

First Name

M.I.

Cancellations & Refund Policy REFUND POLICY: If you must cancel during the ten (10) days prior to a course, there will be no refund. However, you may name a replacement by contacting the CPE department, a $20 transfer fee applies. At any time prior to 10 days from a course, a refund less a $25 cancellation fee, will be made upon request.

Firm / Employer Address City

State

Zip

Business Phone

Business Fax

Email Address (for registration confirmation) ______________________________________________________ State Certificate Number _____________________ or ASCPA Member Number __________________

______________________ check if information has recently changed and needs to be updated in your member record

Mail this form and payment to: The Alabama Society of CPAs P.O Box 242987 Montgomery, AL 36124-2987 Phone: 334.834.7650 In-state: 800.227.1711 FAX to: 334.834.7310 Register online www.ascpa.org

Are you a CPA? Yes No Are you a member of the ASCPA? Yes No (If “No”, join now and save!)

Contact Betty Barker bbarker@ascpa.org or go to our web site for an application: www.ascpa.org. Applications in progress qualify for the member rate.

Are you a member of the AICPA? Course Date

City

Yes

No

Course Title

Member Number: ____________________ ( Required for discount; subject to verification) Course Number

Course Fee ASCPA Member

NonMember

Fee Adjustment AICPA Member Discount * See Note

Subtotal

CPAs who are members of the ASCPA may register at the member rate. CPAs who are not a member of the ASCPA or other State Society may register at the Non-Member rate. Please include the appropriate discount(s) when registering for events.  CPAs who are members of the AICPA may deduct $30 from AICPA seminars ONLY (8 hrs classes). (These are identified in the CPE Schedule online or in the ASCPA newsletter). Refunds or credits for this AICPA discount will not be allowed after the registration has been processed.

Check: I have enclosed a check payable to ASCPA in the amount of $ ___________

PAYMENT INFORMATION:

Credit Card: MC Visa Discover AMEX I authorize the ASCPA to charge $ __________ to my credit card below: Month

Year

Expiration Date PRINT CARDHOLDER’S NAME

CARDHOLDER’S SIGNATURE

________________________________________ Address of cardholder

________________________________________________ City, State, Zip of cardholder

The Alabama CPA MAGAZINE

April mag

19

Presorted Std US Postage PAID Permit No. 131 Montgomery, AL MAY

2014

The Alabama Society of Certified Public Accountants 1041 Longfield Court P.O. Box 242987 Montgomery, AL 36124

It’s NOT TOO LATE! Sign up today as an exhibitor or sponsor for the 95th Annual Meeting of the ASCPA.

95 Rocks!

Contact Diane Christy, dchristy@ascpa.org or 334.386.5752 or download the 2014 Marketing Guide from the website.

Light the fireworks, it’s the start of a new year at the ASCPA!

We honor their sacrifice.

MEMORIAL DAY The ASCPA office will be closed on Monday, May 26.

Stay Member Strong at the Alabama Society by paying your 2014 dues.

Dues notices were sent out on April 17.

Questions? Shanna Jackson, senior manager of member services can answer them. sjackson@ascpa.org or 334.386.5754

CONNECT. PROTECT. EDUCATE.

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