39 minute read
Remembering
addition to leading the strategy and providing the vision for the organization, he advises affluent, muti-generational families through a comprehensive approach that encompasses investment management and philanthropy, plus tax, estate, and financial planning. He is very involved in the local Birmingham community, where he currently serves on the Cabinet for the United Way of Central Alabama and is a Licensed Foster Parent. Josh resides in Homewood, AL with his wife and their three children.
“It’s an honor to be recognized as one of the Who’s Who in Wealth Management,” says Reidinger. “This past year has been uniquely challenging for so many, due to COVID-19 and the related economic headwinds. It’s been important to me that we help our clients navigate through this unprecedented time. Conversely, we have also been fortunate to help some of our clients with unique opportunities that arose quickly. As we (hopefully) approach a full re-opening of our economy, we are eager to help our clients thrive and accomplish what’s most important to them. Warren Averett Asset Management is blessed with an incredible team of servant-minded advisors and staff that makes our Firm such a special place.”
The 2021 Who’s Who in Wealth Management was featured in this edition of the Birmingham Business Journal. Warren Averett CPAs and Advisors’ Birmingham office was ecently recognized as the largest accounting firm in Birmingham by he Birmingham Business Journal’s (BBJ’s) Book of Lists. This is the eleventh consecutive year that Warren Averett has been at the top of the list.
The rankings were based on the total number of certified pubic accountants at each company. Warren Averett has 286 local employees in the Birmingham office, inclu ing 117 local CPAs and 47 local Members. The Firm has over 800 employees throughout 13 offices in Alabama, Florida, and Georgia, with two affiiate offices in exas and the Cayman Islands. “I am proud of our Firm and the opportunity we have to be Birmingham’s largest firm—not because of he sheer size itself, but because those numbers represent the talented and hard-working people who compose our team,” says Tommy Sisson, CPA, the Birmingham Office Managing Membe. “Each and every individual in our Firm brings unique perspectives, skills and resources to our clients and to each other. When I hear that our accounting firm is he largest, I am honored that we’ve received this recognition, but I’m also immensely proud of our team and the unique and diverse offerings they bring each day which allow us to serve clients at a deep and meaningful level.”
ANTHONY “A.V.” LAROCCA
December 12, 1950−March 22, 2021 Birmingham, AL | Certificate 146
Anthony Vincent LaRocca, age 70, died peacefully on March 22, in the presence of loved ones. He was a dedicated CPA for 49 years and currently with DiPiazza, LaRocca, Heeter & Co.
A.V. had many passions in life but none greater than his love of family and Alabama Football. He was born and raised in Birmingham; went to school at St Aloysius Church, graduated John Carroll High School, and later graduated from the University of Alabama. A.V. was a devoted Catholic parishioner at Our Lady of Sorrows Church where he volunteered for many years as a Sunday school teacher. This generosity continued throughout his life as he was always willing to help those in need. He also attended Saint Peters Catholic Church men’s bible study. In lieu of flowers, donaions may be made in his memory to Our Lady of Sorrows Church or Save-A-Life.
RICHARD YON
July 4, 1949−February 25, 2021 Millbrook, AL | Certificate 2158
Richard N. Yon, former partner at Aldridge Borden, died on February 25 after a brief illness. Yon joined Aldridge Borden in 1976, following graduation from the University of West Florida and service in the U.S. Navy. He became a partner in 1987 and retired in 2017. He was a native of Cottondale, Florida.
Yon was a regular at the ASCPA’s Annual Meeting and many other education events. He served faithfully on the phone bank for the ASCPA Tax Hotline for more than 10 years. Yon was a member of Kiwanis Club for 42 years, serving as its president, vice-president, and treasurer. He was an elder at Millbrook Presbyterian Church, and a member of the board of Autauga Elmore Mental Retardation. He was an avid gardener, happy to share from the fruit trees he cultivated.
CPA EVOLUTION UPDATE
CPA Evolution is a joint initiative of the National Association of State Boards of Accountancy (NASBA) and the American Institute of Certifie Public Accountants (AICPA). The initiative is transforming the CPA licensure model to reflect he rapidly changing skills and competencies the accounting profession requires today and will require in the future. It will put in place a flexible and adaptable icensure approach that will serve as the foundation for future-proofing he CPA profession.
Over three years, NASBA and the AICPA gathered input from more than 3,000 stakeholders from across the profession on how to transform CPA licensure and meet the needs of the marketplace. During these conversations, several key themes became clear: • The profession supports the need to change the CPA licensure model • Newly licensed CPAs should all demonstrate strong common core competencies • The new CPA licensure model should position the CPA for the future • The new CPA licensure model should continue to protect the public interest
Based on this feedback and lessons learned from studying other international and domestic licensure models, NASBA and the AICPA developed a new approach to CPA licensure. In 2020, both the AICPA Governing Council and the NASBA Board of Directors voted to support advancement of the CPA Evolution initiative. The AICPA and NASBA are now moving forward with implementing the new model.
What is the new licensure model?
The new CPA licensure model takes a core + discipline approach, starting with a deep and strong core in accounting, auditing, tax and technology that all candidates will be required to complete. Each candidate will also choose a discipline in which to demonstrate deeper skills and knowledge. Regardless of chosen discipline, this model leads to full CPA licensure, with rights and privileges consistent with any other CPA. A discipline selected for testing will not mean the CPA is limited to that practice area.
This model: • Enhances public protection by producing candidates who have the deep knowledge necessary to perform high-quality work, meeting the needs of organizations, firms and he public. • Is responsive to feedback, as it builds accounting, auditing, tax and technology knowledge requirements into a robust common core. • Reflects he realities of practice, requiring deeper proven knowledge in one of three disciplines that are pillars of the profession.
• Is adaptive and flexible, helping to futue-proof the CPA as the profession continues to evolve. • Results in one CPA license.
What does this mean for the Uniform CPA Examination?
The specific content of he core and the disciplines will be determined by a CPA Exam practice analysis, which is currently underway. Practice analyses — gathering information about the current and future state of the profession and the work of newly licensed CPAs — are conducted periodically as part of the AICPA’s ongoing efforts to make sure the Exam is current and to maintain its the validity and reliability. The current practice analysis will likely wrap up in 2022, and an Exam Blueprint will be exposed for public comment in mid-2022. The AICPA and NASBA expect the new Exam will launch in January 2024. The new CPA licensure model takes a core + discipline approach, starting with a deep and strong core in accounting, auditing, tax and technology that all candidates will be required to complete. Each candidate will also choose a discipline in which to demonstrate deeper skills and knowledge. Regardless of chosen discipline, this model leads to full CPA licensure, with rights and privileges consistent with any other CPA. A discipline selected for testing will not mean the CPA is limited to that practice area. This model: • Enhances public protection by producing candidates who have the deep knowledge necessary to perform high-quality work, meeting the needs of organizations, firms and the public. • Is responsive to feedback, as it builds accounting, auditing, tax and technology knowledge requirements into a robust common core. • Reflects the realities of practice, requiring deeper proven knowledge in one of three disciplines that are pillars of the profession. • Is adaptive and flexible, helping to future-proof the CPA as the profession continues to evolve.
What’s next for students and CPA candidates?
Aspiring CPAs who are college freshmen now will be among the firs to take the overhauled version of the CPA Exam when it launches in 2024. Current CPA candidates will be able to sit for the current CPA Exam until the launch of the new Exam, and a transition plan is being developed for candidates who have started but not completed the CPA Exam process as of January 2024. Under the new model, the AICPA and NASBA expect to attract students that today wouldn’t necessarily choose the CPA route, but who are becoming more critical to the success of the CPA profession.
How are the AICPA and NASBA supporting accounting academic programs and educators?
Kathy Brents Christy Hudson CPA CBI
CBI Broker, Managing
Broker Member
Accounting educators will play a vital role in preparing students to pursue the CPA under this new licensure model. The AICPA and NASBA are committed to helping educators every step of the way.
The AICPA and NASBA have engaged with faculty and practitioner volunteers to build a model curriculum that aligns with the core + discipline licensure model. The model curriculum will launch this June, and updates will be posted on EvolutionofCPA. org.
Faculty can also access the Academic Resource Hub, a free database of content from the AICPA, accounting firms academics and AICPA teaching-award winners that will help faculty prepare students for the rapidly evolving demands of the profession. The hub contains over 200 resources for a range of class levels on topics like data analytics and cybersecurity to use in classroom instruction.
Throughout 2021, the AICPA will be holding a series of faculty webinars including regular updates on CPA Evolution and deep dives into emerging topics to include in accounting courses.
As CPA Evolution continues to progress, please check back for updates at EvolutionofCPA.org. If you have any questions, please reach out to Feedback@EvolutionofCPA.org.
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AICPA PROPOSES NEW QUALITY MANAGEMENT STANDARDS TO ENHANCE CPA FIRMS’ AUDIT QUALITY
BY AHAVA GOLDMAN, SARA LORD, AND JON HEATH
The American Institute of CPAs’ (AICPA) Auditing Standards Board (ASB) has issued the exposure draft (ED) Proposed Quality Management Standards, which includes three interrelated standards that address the way CPA firms manage quaity for their accounting and auditing practices. The standards offer a new proactive, risk-based approach to effective quality management systems within CPA firms, which wil improve the scalability of the standards and promote a system tailored to the firm and its engagements
“As the environment in which practitioners offer services becomes more diverse, it’s more important than ever for CPA firms t tailor their quality management processes to their circumstances and maintain and enhance audit quality,” said Tracy Harding, CPA, AICPA Auditing Standards Board Chair. “Our proposed revisions to the quality management standards offer CPA firms a framework for developing a quaity management system that addresses each firms practice.” The proposed standards include changes such as using the terms quality management and engagement quality review instead of quality control and engagement quality control review, respectively, used in the current standards. The new risk-based approach requires firms to estabish prescribed quality objectives, identify and assess risks to the achievement of those objectives, and design and implement responses.
The proposed standards would:
• supersede Statement on Quality Control
Standards (SQCS) No. 8, A Firm’s System of Quality Control (QC section 10)
• create a new QM section in AICPA Professional Standards,
• supersede SAS No. 122, as amended, section 220, Quality Control for an Engagement Conducted in Accordance with Generally Accepted Auditing Standards (AU-C section 220), • substantially converge with the
International Audit & Assurance Board’s (IAASB) quality management standards, and
• affect every firm wi h an accounting and auditing practice.
The next few paragraphs summarize the three proposed standards.
Proposed Statement on Quality Management Standards (SQMS) A Firm’s System of Quality Management (Proposed SQMS 1)
OVERVIEW
Proposed SQMS 1 requires a firm to design implement, and operate a system of quality management that is customized for the nature and circumstances of its accounting and auditing practice.
The proposed standard consists of:
• Eight components that operate in an iterative and integrated manner
• Other requirements that address the roles and responsibilities for the system, leadership’s overall evaluation of the system, network requirements or network services, and documentation.
SIGNIFICANT CHANGES
Proposed SQMS 1 includes new requirements or expectations in the following areas:
• Governance and leadership • Risk-based approach focused on achieving quality objectives • Resources, including human, intellectual, and technological • Information and communication
• Monitoring and remediation • Annual evaluations of the system of quality management • Use of networks
Another significant change is he prohibition for self-inspection. Under QC section 10, a partner, or other member of the team, may perform an inspection of their own work during a firms monitoring functions. In order to improve audit quality, proposed SQMS 1 prevents this type of selfinspection, consistent with the IAASB quality management standards.
OTHER ITEMS OF INTEREST
Proposed SQMS 1 is intended to support flexibiity and scalability, thus allowing firm to tailor their system of quality management to their specific facts and cicumstances (i.e. practice). The ASB believes that the proposed standard is not overly prescriptive but moving from a rules-based approach to a more principle-based approach could be challenging.
In particular, the ASB is concerned that this shift might be challenging for smaller firms t implement; therefore, they have:
• Extended outreach to various groups • Posed questions specifica ly targeting scalability, accompanying the Exposure
Drafts
Proposed SQMS, Engagement Quality Reviews (Proposed SQMS 2)
OVERVIEW
Proposed SQMS 2 aims to respond to issues and challenges with the requirements for engagement quality (EQ) reviews in extant QC sec. 10 and AU-C section 220, by making changes that clarify and strengthen aspects of those requirement for a more robust EQ review. An EQ review is a specified esponse designed and implemented by the firm t address quality risks. Proposed SQMS 1 requires that the firm determine when an E review is an appropriate response to quality risks.
SIGNIFICANT CHANGES
Besides highlighting the importance of EQ reviews as a response to quality risks by separating it into its own standard, other significant changes include
• Enhanced eligibility criteria for EQ reviewers, • More robust performance and documentation requirements, • A two (2) year cooling off period for engagement partners to serve as an EQ reviewer (EQR), and • A preclusion for the engagement partner to date the engagement report until notificaion from the EQR that the EQ review is complete.
OTHER ITEMS OF INTEREST
If an EQ review is required as a response to quality risk, then proposed SQMS 2 requires a cooling off-period of 2 years before an engagement partner can return to serve as an EQR.
Consistent with the IAASB quality management standards, the ASB has proposed shifting the dating of the report until after the EQR completes their review. The ASB’s current rules require the EQR to be performed prior to release date, not report date.
The ASB is interested in scalability, in general, but particularly related to the 2-year cooling off period and new dating requirements.
Proposed Statement on Auditing Standards (SAS) Quality Management for an Engagement Conducted in Accordance with Generally Accepted Auditing Standards (Proposed QM SAS)
OVERVIEW
The proposed QM SAS clarifies an strengthens the specific esponsibilities of the auditor regarding quality management at the engagement level for an audit of financia statements, and the related responsibilities of the engagement partner.
SIGNIFICANT CHANGES
The proposed QM SAS impacts audits by introducing changes in:
• Engagement-level quality • Partner responsibilities • Interaction of a firm s system of quality management and engagement-level quality • Professional skepticism • Relevant ethical requirements • Resources
ASB Extends Quality Management Exposure Draft Comment Period
The AICPA Auditing Standards Board is announcing an extension of the comment period on its exposure draft of three interrelated standards that address quality management. Interested parties now have until August 31 (extended from June 11, resulting in a six-month comment period) to submit their feedback to the ASB at CommentLetters@aicpa-cima. com. The ASB has also posted Executive Summaries of each proposed standard, and a comment letter template for those who wish to use it.
You can find he following at the respective web addresses:
• Exposure Draft on Proposed
Statements on Quality Management Standards
http://bit.ly/QMExposureDraft
• Executive Summaries of Proposed
SASs, SSAEs, and SQCSs and designated Comment Letter Templates
https://www.aicpa.org/ research/exposuredrafts/ accountingandauditing.html
OTHER ITEMS OF INTEREST
Areas of particular interest from the ASB include engagement partner direct responsibilities versus those that can be delegated, the interaction between the firms (or potentially the network’s) system of quality management and the engagement team’s role in quality management, and scalability.
Interested parties are encouraged to submit their feedback to the ASB at CommentLetters@aicpa-cima.com by June 11, 2021.
Ahava Goldman is an Associate Director of the AICPA’s Audit & Attest Standards Team. Sara Lord is the Chief Auditor and Member of the Board of the Directors at RSM US LLP and the ASB’s Quality Management Task Force Co-Chair. Jon Heath is Co-Chair of the ASB’s Quality Management Task Force.
Business leaders across the globe are now focusing on rejuvenating their businesses in a post-pandemic environment. No doubt, the past eighteen months have been challenging for everyone. But now, as organizations seek to regroup and recover, managers must consider carefully the state of their organizations’ technology and what adjustments and investments they should make to maximize their organization’s chances to succeed. This article examines several critical technologies that leaders should have near the top of their lists.
Remote Work Environments Demand Better Planning
OK, let’s face it. In March of 2020, we got pushed into a world few could have imagined. In a single week, managers told millions to pack their desks, go home, and figue out how to work remotely with, in many cases, little, if any, assistance from the IT department. Although challenges and failures materialized, most workers innovated and found creative solutions to their challenges. Now, with many workers choosing to work remotely on at least an occasional basis, it is time to assess the state of these environments and see what we can and should do better.
These issues certainly include technology. Do our team members have optimal bandwidth to connect and communicate? Have we adequately secured team members’ internet connections? Should we equip our remote workers with additional peripheral devices, such as scanners? But these types of questions are just the tip of the iceberg when implementing remote work strategies for the long haul. For example, have we addressed issues such as ergonomics in the home office Keep in mind that workers’ compensation issues still exist, even when team members work from home. Therefore, employers generally must provide a safe workspace, even if that workspace is remote. Similarly, have we addressed potential overtime issues and conflicts in emote work situations involving non-exempt team members? If non-exempt team members work more than eight hours a day or forty hours a week, generally, employers must pay overtime wages. Therefore, appropriate scheduling and monitoring tools should be in place.
THOMAS G. STEPHENS, JR., CPA, CITP, CGMA
Collaboration Tools Are Essential
No doubt, the popularity of collaboration tools such as Microsoft Teams, Slack, Zoho Connect, and Google Workspace make it
easy for team members to communicate and share documents. The usage of these platforms exploded almost overnight with the pandemic’s – Microsoft, for example, experienced an 894% increase in Teams usage from March through June 2020. Now that team members are accustomed to these platforms, it’s time to leverage them for better productivity while simultaneously striking an appropriate balance over data control. For example, we should ensure that team members know how to take advantage of multi-user, simultaneous to standard document types such as Excel, Word, and PowerPoint. Additionally, we need to safeguard against storing redundant copies of data files in our colaboration platforms. When used properly, these tools elevate productivity, but they can become a managerial nightmare when used haphazardly.
Security Issues Continue To Proliferate
A notable trend observed during the pandemic was the explosion of phishing attacks. Many security professionals believe that these attacks grew because of perpetrators seeking to exploit lesssecure home networks. Most of these same professionals agree that security attacks will continue to haunt organizations of all sizes and types for the foreseeable future. Accordingly, security needs to remain a topof-mind consideration in all organizations.
Examples of critical security measures you should consider implementing include:
• Utilizing password management tools;
• Implementing Zero Trust Security
Models;
• Ensuring ongoing updates to operating systems and applications;
• Encrypting data at every opportunity;
• Backing up data on an ongoing basis and regularly testing your backups;
• Maintaining physical control of all devices; and
• Using Mobile Device Management software.
Consider Implementing Innovative Tools
Of course, innovation provides an everexpanding list of technology tools to improve productivity and efficienc. Some of these are tools found in everyday applications, such as Excel. For example, Excel’s Power Query feature provides extraordinary capabilities for linking data into Excel and creating transformations to clean up the data and make it more useful. Yet, very few Excel users take advantage of this feature. Similar productivity-boosting features frequently appear in other applications we use on an everyday basis.
Beyond new features in familiar applications, we should consider the potential positive impact of newer technologies. For example, where do you and your organization stand with automating workflows and appoval processes? Did you know you can do precisely that by taking advantage of Power Automate, a solution already available in many Microsoft 365/Office 365 subscripions? With Power Automate, you can create a custom workflo and approval process that facilitates automating approval processes.
Likewise, have you considered the ever-growing list of third-party applications that can enhance your accounting solution? From eCommerce integration to document management to enhanced financia reporting, third-party solutions are available for virtually every accounting application and service in use today. These tools provide functions and features not otherwise available in your accounting application and eliminate rote, manual processes often implemented as stop-gap measures. Accordingly, they can have a tremendous positive impact on productivity.
Another innovative technology that merits consideration is Liscio, a client-focused collaboration tool. Instead of using email to request documents, you can request documents easily in the Liscio platform, and clients can securely provide these documents to you. Moreover, private messaging, task tracking, and eSignature capabilities are available in the platform too. Liscio makes it easy for accounting firms mortgage originators, law firms, and simila organizations to interact with their clients and provide superior service.
Training Is More Critical Than Ever
Of course, none of the technologies mentioned above will provide the promised benefits if team members do not know how t use them effectively. More than ever, training is a crucial driver for all types of businesses to achieve their goals in a post-pandemic environment. A significant component o your post-pandemic planning should be devoted to ensuring that team members can access the learning options they need to work effectively in a post-pandemic workplace. Team members might choose to participate in formal training sessions – web-based or in-person – or they may take advantage of informal “lunch-and-learn” environments. Likely, many will participate in both types of delivery methods. When arranging for training options, one critical consideration is not to assume that team members are as fluent wih common applications – Excel and Adobe Acrobat, for example – as many believe. Many team members continue to rely on “brute force” methods when working in these applications, even though newer features can allow them to work more efficienly, accurately, and securely.
Summary
No doubt, post-pandemic work environments will be different from those of the past, just as our work environments changed dramatically after the widescale introduction of the personal computer. Some of these changes will be cultural in nature – social distancing, as an illustration – but many will be technological. For example, remote work environments, collaboration tools, addressing security risks, and taking advantage of new breeds of innovative tools all capitalize on the ever-improving world of technology. When you couple these types of tools – and others sure to emerge – with appropriate training, you are indeed setting the stage for organizational success in post-pandemic environments. Best of luck as you plan for success in a post-pandemic environment!
Tommy is one of the shareholders of K2 Enterprises. At K2, Tommy focuses on creating and delivering content and is responsible for many Firm management and marketing functions. You may reach him at tommy@k2e.com, and you may learn more about K2 Enterprises at www.k2e.com.
BEWARE 12/31/21: THE A&A DEFERRALS ARE OVER!
The significant changes in accouning and reporting that were supposed to already be in effect were postponed due to the pandemic. That was the good news. The bad news is most all changes were postponed to the same period: that is, periods ending on or after December 15, 2021 or years beginning on or after December 15, 2021.
So, here we are, already deep in to 2021 and we haven’t yet had the time to review what is coming our way in just a few short months. The purpose of this article is to briefly eview the coming changes in accounting and reporting that will impact most all practitioners, whether in public or industry.
The first set of major changes comes i the form of SSARS 25, “Materiality in a Review of Financial Statements and Adverse Conclusions,” which goes into effect for preparations, compilations and reviews for periods ending after December 15, 2021. You can also early adopt for a client if you want to deal with this right now. While SSARS 25 only makes minor changes to the conduct of a preparation or compilation engagement, it makes MAJOR changes to the way most of us conduct a review engagement! The most significant of hose changes are as follows:
1. Establishes a definiion of “limited assurance” as: “A level of assurance that is less than the reasonable assurance obtained in an audit engagement but is at an acceptable level as the basis for the conclusion expressed in the accountant’s review report.”
I know this creates a lot of excitement for you but, believe it or not, the term hasn’t been defined befoe and that creates issues if you ever find yoursef in litigation relating to what exactly our job is in a review. This is a good thing for us.
2. Defines he term “professional skepticism” as: “An attitude that includes a questioning mind, being alert to conditions that may indicate possible misstatement due to fraud or error, and a critical assessment of review evidence.”
The standard shockingly requires that we conduct our review utilizing professional skepticism. I certainly realize that most of us already utilize professional skepticism in our reviews of client financial statements, but, as above, it has never been laid out in the review guidance as a mandate.
3. Here is where it starts to get fun.
Paragraphs 19 and 20 of clarified section 90 of the AR-C read like this:
.19: The accountant should determine materiality for the financial statements as a whole and apply this materiality in designing the procedures and evaluating the results obtained from those procedures.
.20: The accountant should revise materiality for the financial statements as a whole if the
accountant becomes aware of information during the review that would have caused the accountant to have determined a different amount initially.
If you are an auditor, these requirements should sound familiar. They are pretty much the same. Prior to doing anything substantive in the review, you need to calculate materiality, both quantitatively and qualitatively, document it and then show its “linkage” to the review procedures performed. I know some practitioners that do this currently, but not many. Expect this to add some significant ime to your reviews.
4. There is a new review report! No, it’s nothing like the new audit report to be discussed next but there is a change in every single report.
A single sentence added to the
Accountant’s Responsibility section that reads:
“We are required to be independent of XYZ Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our reviews.”
The second area of major change deals with SAS 134, “Auditor Reporting…,” which completely rewrites our audit report for audits of periods ending on or after December 15, 2021. This can also be early adopted. Some of the significant changes bought by this standard include:
1. The opinion section is presented first.
Right out of the gate we say what we did and how it came out. I personally think this will cause many users to discard the remainder of the report, but that’s just my opinion.
2. Enhanced auditor reporting relating to going concern. The audit report will state that management has the responsibility to evaluate going concern and the auditor has the responsibility to conclude on going concern.
3. An enhanced description of the auditor’s responsibilities. I am a fan of one part of the new wording that, in essence says, an auditor can’t guarantee that the financial statements are free from material misstatement. Being a veteran of evaluating malpractice cases for the defense, I can tell you that many users believe an audit report that is clean is a guarantee of the statements accuracy. This is a good add for the profession.
4. The ability to add key audit matters (KAMs) directly to the report. The auditor can be engaged by the client to add key audit matters to the report.
Finally, the leasing standard goes into effect for privately-held businesses for years beginning after December 15, 2021. You have probably heard of the standard by now as it was in exposure draft mode from 2010-2016 and finaized in 2016. You probably know by now that it requires all leases who meet a relatively squirrely definiion of a lease to be capitalized, whether they are operating or finance lease (new term for capital leases). You probably also know by now that the standard has no real impact on the income statement but can have a massive impact on the balance sheet. I believe it to be a great idea to calculate the lease liability impact of this standard as of December 31, 2021, so you can inform your client or employer (and, in turn, their lenders or investors) as to what the impact of this statement will be when you publish the December 31, 2022 financial statements. N surprises should be your adoption year goal for the leasing standard.
Well, there you have it. A lot more stuff to be on the lookout for as of the end of 2021! I look forward to seeing you in CPE this year to further discuss these fun times (and fun standards)! Isaiah 41:10.
James (“Jim”) Martin, CPA, CGMA is a true “general practitioner” who, for 35 years, has specialized in both income tax and accounting and audit areas. In addition to serving the accounting and tax needs of 150 clients, Jim performs 75-80 continuing education seminars per year for CPAs and attorneys throughout the United States. To date, he has prepared and presented over 2250 full and half-day seminars on accounting and taxation topics. Jim’s philosophy of CPE is simple: spend the class time on topics of applicability and relevance to all and present the topics in an entertaining and fast-moving manner. Jim also regularly consults with CPA fims throughout the United States on a variety of accounting and auditing technical issues and serves as expert counsel in litigation manners.
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Internal Control Changes for Telecommuting Worker
Thursday, August 19, 2021 9:00 AM – 10:40AM Egnatoff, Karl | 2 AA
003
Controller’s Update: Today’s Latest Trends
Friday, August 20, 2021 8:00 AM – 11:30AM Hamilton, Marc | 4 OTHER
004
Friday, August 20, 2021 8:00 AM – 9:40 AM Martin, Jim D. | 2 Ethics
005
Real World Ethics Update for CPAs in Industry
Friday, August 20, 2021 10:00AM – 11:40AM Martin, Jim D. | 2 Ethics
006
The Unique Accounting and Disclosure Issues Spawned by the Pandemic-NEW
Wednesday, August 25, 2021 8:00 AM – 11:30AM Martin, Jim D. | 4 AA
007
Surgent’s S Corporation, Partnership, and LLC Tax Update (BCP4)
Wednesday, August 25, 2021 8:00 AM – 11:30AM Frost, Michael A. | 4 TX
008
Unique Considerations When Auditing (or Reviewing) VirtuallyNEW
Wednesday, August 25, 2021 12:30PM – 4:00 PM Martin, Jim D. | 4 AA
009
Surgent’s Individual Income Tax Update (BIT4)
Wednesday, August 25, 2021 12:30PM – 4:00 PM Frost, Michael A. | 4 TX
010
Governmental Accounting and Auditing Update
Thursday, August 26, 2021 8:00 AM – 11:30AM Galasso, Melisa | 4 AA
011
K2’s Mastering Advanced Excel Functions
Thursday, August 26, 2021 8:00 AM – 11:30AM Tankersley, Brian F. | 4 TX
012
Section 199A: Applications and Challenges (AIG4)
Thursday, August 26, 2021 8:00 AM – 11:30AM Frost, Michael A. | 4 TX
013
Not for ProfitA&A Update
Thursday, August 26, 2021 12:30PM – 4:00 PM Galasso, Melisa | 4 AA
014
K2’s Securing Your Data – Practical Tools for Protecting Information
Thursday, August 26, 2021 12:30PM – 4:00 PM Tankersley, Brian F. | 4 Other
015
Advanced Trust Issues: A Roadmap for Success in An Increasingly Complex Area (TRS4)
Thursday, August 26, 2021 12:30PM – 4:00 PM Frost, Michael A. | 4 TX
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Accounting and Auditing Update
Friday, August 27, 2021 8:00 AM – 11:30AM Brand, Michael L. | 4 AA
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K2’s Ethics and Technology
Friday, August 27, 2021 8:00 AM – 11:30AM Tankersley, Brian F. | 4 Ethics
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Preparation, Compilation, and Review Engagements: Update and Review
Friday, August 27, 2021 12:30PM – 4:00 PM Brand, Michael L. | 4 AA
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K2’s Integrating Data for Improved EfficiencyAnd Control
Friday, August 27, 2021 12:30PM – 4:00 PM Tankersley, Brian F. | 4 Other
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Internal Control Planning for the Post Pandemic World
Friday, September 17, 2021 8:00 AM – 11:30AM Egnatoff, Karl | 4 AA
021
B&I Quarterly Meeting-September
Friday, September 17, 2021 8:30 AM – 10:10AM 2 Other
022
Peer Review Update Course
Tuesday, September 21, 2021 8:00 AM – 11:30AM Brand, Michael L. | 4 AA
023
Succession Planning for the Small Business Owner: Finding the Exit Ramp (BSP4)
Tuesday, September 21, 2021 8:00 AM – 11:30AM Frost, Michael A. | 4 TX
024
Four Tiers of Loss Limitations: A Guide to the New Rules for Passthrough Entities (FTL4)
Tuesday, September 21, 2021 12:30PM – 4:00 PM Frost, Michael A. | 4 TX
025
2021 Preparation Compilation & Review (SSARS) Update for the Local Firm
Wednesday, September 22, 2021 8:00 AM – 11:30AM Martin, Jim D. | 4 AA
026
Select Estate and Life Planning Issues for the Middle-Income Client (PMI4)
Wednesday, September 22, 2021 8:00 AM – 11:30AM Frost, Michael A. | 4 TX
027
2021 Accounting and Auditing for Tax People Who Absolutely Detest Accounting and Auditing
Wednesday, September 22, 2021 12:30PM – 4:00 PM Martin, Jim D. | 4 AA
028
Maximizing Your Social Security Benefits (SSR4)
Wednesday, September 22, 2021 12:30PM – 4:00 PM Frost, Michael A. | 4 TX
029
Revenue Recognition and Disclosure Changes for Not-forProfits-NE
Thursday, September 23, 2021 8:00 AM – 11:30AM Martin, Jim D. | 4 AA
030
Performing and Agreed-Upon Procedures Engagement Under SSAE 19-NEW
Thursday, September 23, 2021 12:30PM – 4:00 PM Martin, Jim D. | 4 AA
031
Tuesday, September 28, 2021 8:00 AM – 11:30AM Brand, Michael L. | 4 AA
032
Tuesday, September 28, 2021 8:00 AM – 9:40 AM Martin, Jim D. | 2 Ethics
033
Real World Ethics Update for CPAs in Industry
Tuesday, September 28, 2021 10:00AM – 11:40AM Martin, Jim D. | 2 Ethics
034
Wednesday, September 29, 2021 8:00 AM – 11:30AM Brand, Michael L. | 4 AA
035
B&I Quarterly Meeting-December
Friday, December 17, 2021 8:30 AM – 10:10AM 2 Other
ABM
ASCPA’s Annual Business Meeting
Tuesday, June 15, 2021 10:30AM – 12:00PM Miller, Karen R. | 1.5 Other
ACM
ASCPA’s Annual CPE Meeting
Thursday, September 30, 2021 8:00AM – 3:30PM 4 OTHER
BI2
Forensics and Fraud for CPAs in Business and Industry (B&I Quarterly)
Friday, June 18, 2021 8:30AM – 10:10AM Hamilton, Marc | OTHER
FAAC
Friday, September 24, 2021 8:00AM – 3:30PM 8 AA
GAAF
Thursday, December 9, 2021 - Friday, December 10, 20211 8:00AM – 3:30PM 8 AA
LS06008
Tuesday, June 22, 2021 7:00 AM – 2:30 PM 8 OTHER
LS07004
Live Stream: Advanced Accounting, Reporting, and Auditing for the Construction Industry
Monday, July 19, 2021 7:00 AM – 2:30 PM Ristaino, Gene | 8 AA
LS07005
Live Stream: Asset Protection Strategies
Monday, July 19, 2021 7:00 AM – 2:30 PM Werner, Arthur | 8 TX
LS07008
Live Stream: Tax Issues of Real Estate Development Estate Development and Home Building
Tuesday, July 20, 2021 7:00 AM – 2:30 PM Ristaino, Gene | 8 TX
LS07009
Wednesday, August 04, 2021 7:00 AM – 10:30AM Van Der Aa, Douglas J. | 4 TX
LS07019
Thursday, August 05, 2021 7:00 AM – 10:30AM 4 TX
LS08007
Live Stream: Metrics Management: Choose and Use Key Performance Indicators (New)
Monday, August 16, 2021 7:00 AM – 2:30 PM Farmer, Don | 8 AA
LS08008
Live Stream: CFO Series: Numbers Rule the World (New)
Tuesday, August 17, 2021 7:00 AM – 2:30 PM 4 OTHER, 2 AA, 2 ETHICS
LS08013
Live Stream: Restaurant Accounting and Controls
Thursday, August 19, 2021 7:00 AM – 2:30 PM Reis, Michael | 6 AA, 2 OTHER
LS09010
Live Stream: Live Stream: Family Businesses: Boon or Bane? (New)
Friday, September 24, 2021 7:00 AM – 2:30 PM Lindell, James | 8 Other
LS10003
Live Stream: The Essential Audit Course: Best Practices in Smaller Audits
Monday, October 11, 2021 7:00 AM – 2:30 PM Louis, Jennifer | 8 AA
LS10004
Live Stream: Leading High Performance Teams
Wednesday, October 13, 2021 7:00 AM – 2:30 PM Lindell, James | 8 Other
LS10005
Live Stream: Running a Not-forProfit Lie a Business
Thursday, October 14, 2021 7:00 AM – 2:30 PM Lindell, James | 8 OTHER
LS10006
Live Stream: Lions and Tigers and Numbers, Oh My! Finance for the Non-Financial Manager
Thursday, October 14, 2021 7:00 AM – 2:30 PM Margaritis, Peter | 8 OTHER
LS10018
Live Stream: Criminal Law and White Collar Crime
Friday, October 22, 2021 7:00 AM – 2:30 PM Wiggins, Michael R. | 6 AA, 2 OTHER
LS10021
Live Stream: Value Pricing 2.0 for Accounting Firms
Monday, October 25, 2021 7:00 AM – 2:30 PM Baker, Ronald | 8 OTHER
LS11008
Live Stream: Business Law for Accountants
Wednesday, November 03, 2021 7:00 AM – 2:30 PM Wiggins, Michael R. | 8 OTHER
LS11038
Live Stream: Successfully Leading 5.5 Generations
Tuesday, November 16, 2021 7:00 AM – 2:30 PM Elder, Jennifer | 8 Other
LS11058
Live Stream: Creative Strategies for Buying, Selling, or Gifting a Business
Tuesday, November 23, 2021 7:00 AM – 2:30 PM Werner, Arthur | 8 TX
LS11066
Live Stream: Audit and Attest Quality Matters That Should be on Your Radar: Avoiding Common Peer Review Deficiencies in SAS SSARS and SSAE
Tuesday, November 30, 2021 7:00 AM – 2:30 PM Louis, Jennifer | 8 AA
LS12003
Live Stream: The Latest Nonprofit Internal Control Scoop: Practical Insights into Mitigating Financial Reporting, Compliance and Other Risks
Wednesday, December 01, 2021 7:00 AM – 2:30 PM Louis, Jennifer | 8 AA
LS12004
Live Stream: Foreign Investment in Real Property (NEW)
Wednesday, December 01, 2021 7:00 AM – 2:30 PM 8 TX
LS12006
Live Stream: Preparing and Reviewing Workpapers - Essential Tips for Avoiding DeficientAudit and Other Attest Engagements
Thursday, December 02, 2021 7:00 AM – 2:30 PM Louis, Jennifer | 8 AA
LS12009
Pat Garverick’s Federal Tax Update: Individual and Business Current Developments
Friday, December 03, 2021 7:00 AM – 2:30 PM Garverick, J. P. | 8 TX
LS12011
Live Stream: Excel Dollars and Sense (Bring Your Own Laptop)
Monday, December 06, 2021 7:00 AM – 2:30 PM Calhoun, Charlton P. | 4 AA, 4 OTHER
LS12027
Tuesday, November 16, 2021 7:00 AM – 2:30 PM Farmer, Don | 8 TX
LS12031
Tuesday, December 14, 2021 7:00 AM – 2:30 PM Farmer, Don | 6 OTHER, 2 ETHICS
LS12054
Tuesday, December 07, 2021 7:00 AM – 2:30 PM Farmer, Don | 8 TX
LS12064
Wednesday, December 08, 2021 7:00 AM – 2:30 PM Peters, David | 8TX
LS12065
Thursday, December 09, 2021 7:00 AM – 2:30 PM Peters, David | 8TX
LS13001
LIVE STREAM: 2021 Real Estate Conference
Thursday, June 17, 2021 7:00 AM – 3:15 PM Martin, Jim D. | 8 Other
LS13026
LIVESTREAM 2021 Employee Benefit Plan onference
Thursday, May 13, 2021 7:05 AM – 3:25 PM Clark, Gregory | 8 AA
LS13040
LIVE STREAM: 2021 Technology Conference
Thursday, July 15, 2021 7:00 AM – 3:00 PM McClelland, Lawrence A. | 16 Other
LS13050
Wednesday, October 27, 2021 7:00 AM – 3:30 PM 8 Other
PLAN
What You Need to Know About Succession Planning
Friday, July 16, 2021 12:00PM – 1:00PM Frost, Michael A. | 1 TX
SEC
Summer Education Conference
Sunday, July 18, 2021 – Thursday, July 22, 2021 8:00AM – 3:30PM Brand, Michael L. | 6 AA, 4 OTHER
SPW
Succession Planning Workshop
Friday, July 30, 2021 9:00AM – 11:00AM Frost, Michael A. | 2 TX
SUB10
Getting Ready to Implement SAS 135- 140 (Other New Auditing Fun)
Thursday, November 18, 2021 12:00PM – 1:15PM Martin, Jim D. | 1.5 AA
SUB11
ASU 2020-07: Disclosures of NonFinancial Donations to a Not-forProfit
Thursday, December 16, 2021 12:00PM – 1:15PM Martin, Jim D. | 1.5 AA
SUB12
Final Preparations for the Leasing Standard
Thursday, January 20, 2022 12:00PM – 1:15PM Martin, Jim D. | 1.5 AA
SUB13
SSARS 25 is Live!
Thursday, February 17, 2022 12:00PM – 1:15PM Martin, Jim D. | 1.5 AA
SUB4
New SSAE 19: Agreed-Upon Procedures Engagements: A Very Efficient NewWay to Do AUPs!
Thursday, May 13, 2021 12:00PM – 1:15PM Martin, Jim D. | 1.5 AA
SUB5
A Refresher on Growing Concern Responsibilities of Management and the Accountant
Thursday, June 10, 2021 12:00PM – 1:15PM Martin, Jim D. | 1.5 AA
SUB6
Ethics Update for All CPAs Part 1
Thursday, July 15, 2021 12:00PM – 1:15PM Martin, Jim D. | 1.5 Ethics
SUB7
Ethics Update for All CPAs Part 2
Thursday, August 12, 2021 12:00PM – 1:15PM Martin, Jim D. | 1.5 Ethics
SUB8
Getting Ready to Implement SSARS 25 (Big Changes for Reviews)
Thursday, September 16, 2021 12:00PM – 1:15PM Martin, Jim D. | 1.5 AA
SUB9
Getting Ready to Implement SAS 134 (Brand New Audit Reports)
Thursday, October 14, 2021 12:00PM – 1:15PM Martin, Jim D. | 1.5 AA
TXBT2110
Wednesday, June 16, 2021 8:00 AM – 10:00AM Auerbach, Arthur | 2 TX
TXBT2111
Tuesday, July 20, 2021 8:00 AM – 10:00AM Auerbach, Arthur | 2 TX
TXBT2112
Friday, August 13, 2021 8:00 AM – 10:00AM Auerbach, Arthur | 2 TX
TXBT2113
Thursday, September 23, 2021 8:00 AM – 10:00AM Auerbach, Arthur | 2 TX
TXBT2114
Tuesday, October 26, 2021 8:00 AM – 10:00AM Auerbach, Arthur | 2 TX
TXBT2115
Friday, December 10, 2021 8:00 AM – 10:00AM Auerbach, Arthur | 2 TX
TXBT2116
Friday, January 14, 2022 8:00 AM – 10:00AM Auerbach, Arthur | 2 TX
TXBT2117
Thursday, February 10, 2022 8:00 AM – 10:00AM Auerbach, Arthur | 2 TX
TXBT21-9
Live Stream Series: Tax Bites with Art Auerbach: Funding the IRS, Cybercurrency Reporting, Payroll Tax Credits and Nexus
Thursday, May 06, 2021 8:00 AM – 10:00AM Auerbach, Arthur | 2 TX
