Impact.
Insight.
I nsigh t.
Ins p irat io n.
Im p a c t .
Columbia Metropolitan Convention Center • Nov. 3-4, 2011
SC Association of Certified Public Accountants 2011 CPA Summit & Annual Meeting (in conjunction with the Tax and Technology Conferences)
South Carolina
CPA
P rese nted b y S o u th C a r ol i n a ’s F u t u r e Sc h o l a r 5 2 9 C o l l e g e S a v i n g s Pl an Register Now | (888) 557-4814 | www.scacpa.org
1
Impact.
Insight.
INSIGHT. INSPIRATION. IMPACT. Discover all of this in two days. At this premier event you will find insight and inspiration that will have you ready to make an impact! The summit offers over 48 credits across three CPE tracks with hot topic bonus sessions that allow you to earn 17 hours over two days. You will also have time for social activities such as networking with colleagues, sponsors and exhibitors over breaks and two special lunch programs that recognize the 2011 SCACPA award winners and South Carolina accounting students that received 2011 educational scholarships from the SCACPA Education Fund. Insight. Discover a variety of learning and networking opportunities that offer the insight you need to stay relevant and current, and develop relationships you need to benefit you in the future.
Inspiration. Slow down for a few days, and discuss issues and solutions with your peers and industry leaders that will have you inspired and equipped to get things accomplished.
Impact. Take advantage of the opportunity to be challenged by financial professionals and discussion leaders, and be motivated with the confidence you need to make an impact.
REGISTER NOW! 2
South Carolina Association of CPAs | 2011 Annual Summit
DAY 1 - THURSDAY, NOVEMBER 3, 2011 7:15 – 10:30 a.m.
CHECK-IN/CONTINENTAL BREAKFAST/EXHIBITS OPEN
7:45 – 8:25 a.m.
(A01) Annual Business Meeting and Passing of the Gavel
8:30 – 10:10 a.m.
(B01) IFRS for SMEs –Christopher Rouse
10:10 – 10:25 a.m.
REFRESHMENT BREAK/EXHIBITS OPEN
10:25 a.m. – 12:05 p.m.
(C01) Accounting for Leases-Brave New World – Christopher Rouse
12:05 – 1:20 p.m.
(SL1) Summit Luncheon with Awards Ceremony
1:20 – 3:00 p.m.
(D01) Cyber Fraud, Crime, Warfare and Terrorism – Don West
3:00 – 3:20 p.m.
REFRESHMENT BREAK/EXHIBITS OPEN
3:20 – 5:00 p.m.
(E01) A&A Update – Mark Hobbs
5:30 – 6:30 p.m.
New CPA Oath Ceremony (separate event registration, OATH1111)
5:30 – 7:30 p.m.
Old Guard Reception by special invitation only (separate event registration, OLD1111)
6:30 – 7:30 p.m.
(OMR) Opening Member Reception sponsored by CAMICO/Exhibits Open
= CFP
= CLE
(B02) Economic Outlook Panel – Holley Ulbrich, Mark Witte, Kevin Caron
(B03) Evaluating and Selecting of Document Management Systems – John Higgins
(C02) Offshore Bank Accounts and Economic Substance – Erik Doerring
(C03) Document Management Systems Software Review – John Higgins
(D02) Cancellation of Debt and Bankruptcy – Jane Downey
(D03) Building and Converting Professional Firm Value – Jason Blumer and Frank Warren
(E02) Data Safeguards for Tax Professionals – Tom Sheaffer and Ken Newhouse
(E03) The Strategic Firm – Jason Blumer
DAY 2 - FRIDAY, NOVEMBER 4, 2011
= CFP
= CLE
7:00– 10:30 a.m.
CHECK-IN/CONTINENTAL BREAKFAST/EXHIBITS OPEN
7:30 – 10:10 a.m.
Managing Partners Breakfast, sponsored by BB&T Insurance Services – Understanding Generational Differences to Build a More Effective Team – Joy Reutter (by special invitation only - separate event registration, MPB1111)
7:30 – 8:20 a.m.
(F01) BONUS CPE: Social Media Pitfalls Pecha Kucha – Jay Matthews
(F02) BONUS CPE: Accounting Hot Topics IdeazLab – Various Leaders
(F03) BONUS CPE: CPA’s Role in Financing Troubled Clients Café – Michael Grady and Gene King
8:30 – 10:10 a.m.
(G01) Independence and Objectivity for Attest Service Providers – Pete Margaritis
(G02) Hot Topics in Estate & Gift Tax – Dave Sojourner
(G03) Technology Update for Business Professionals – Bob Spencer
10:10 – 10:25 a.m.
REFRESHMENT BREAK/EXHIBITS OPEN (H02) SC Tax Credits and Collection Procedures – Bob Thomas and Perry Mathis
(H03) Managing the Costs of Technology – Bob Spencer
10:25 a.m. – 12:05 p.m. (H01) International Financial Reporting Standards Update – Pete Margaritis 12:05 – 1:15 p.m.
Student Recognition Luncheon – Guest Speaker Scott Voynich
1:15 – 2:55 p.m.
(I01) Forensic Accounting for CPAs – James King
(I02) Patient Protection & Affordable Care Act and Employee Benefits & Payroll Options – Mark Riley and Pete Baney
(I03) Accounting & the 787 at Boeing – Brian Abeel (I04) CPA Exam Simulation by Becker
2:55– 3:10 p.m.
REFRESHMENT BREAK/EXHIBITS OPEN
3:10 – 4:50 p.m.
(J01) SCACPA Legislative Update and SC Board of Accountancy Update –Jason Sweatt, Doris Cubitt and Mark Hobbs
(J02) Judicial and Administrative Highlights – David Aughtry
Register Now | (888) 557-4814 | www.scacpa.org
(J03) AICPA Professional Issues Update – Scott Voynich
3
DAY 1
THURSDAY, NOVEMBER 3
7:15 a.m. – 10:30 a.m.
will provide an update on the current state of the economy and what we may expect to see in the coming years. (CPE: 2.0 EC, CFP: 2.0, CLE:1.67)
Check-in/Breakfast/Exhibits Open
7:45 a.m. – 8:25 a.m.
Annual SCACPA Business Meeting (A01) As a member of SCACPA attend this meeting to elect new board members, approve the 2012 SCACPA budget and hear a brief update on SCACPA's activities that benefit you and the CPA profession.
B03
8:25 a.m. – 8:30 a.m. Change Break
CONCURRENT SESSION B 8:30 a.m. – 10:10 a.m. B01
B02
IFRS for Small and Medium-Size Entities aka SMEs Christopher Rouse, CPA, Windham Brannon, Atlanta, GA Like it or not, international accounting rules are becoming more and more relevant to US accountants, and the newly-released international accounting standards for non-public entities should be understood at some level by all accountants. At only 230 or so pages, this session could spend 25 seconds a page and cover the entire book of IFRS for SMEs; however, rather than attempt that feat the presenter will focus on the several overarching principles embedded in SME GAAP to give you some valuable take-away knowledge. Bottom line observation of the presenter … You have to be a pretty good accountant to apply SME GAAP. (Credits: 2.0 AC)
Evaluating and Selecting a Document Management System John Higgins, CPA, CPA Crossings, LLC, Rochester, NY This introductory session in our document management series provides the foundation of what features and functions are important to look for when considering the implementation of a document management system for your office. (Credits: 2.0 SK)
10:10 a.m. – 10:25 a.m.
Refreshment Break/Exhibits Open
CONCURRENT SESSION C 10:25 a.m. – 12:05 p.m. C01
Economic Outlook Kevin Caron, Stifel Nicolaus & Company, Inc., PA, Florham Park, NJ; Holley Ulbrich, PhD, Clemson University, Clemson, SC; Mark Witte, PhD, College of Charleston, Charleston, SC
Accounting for Leases – Brave New World Christopher Rouse, CPA, Windham Brannon, Atlanta, GA Get the latest on one of the most significant GAAP changes in a long time for both public and nonpublic businesses and not-for-profit enterprises. The newly-revised lease accounting proposal from FASB narrows the range of ultimate outcomes in the final lease accounting document, and greatly changes the balance sheets, and can significantly impact the income statement, of almost every enterprise. While the new exposure draft might not require accountants to know the future, it does come close and it does require management involvement in dealing with the myriad estimates that must be made to come up with the $$ to be booked. Come hear some practical guidance from a practicing accountant on how to deal with the changes in financial reporting that will be caused by this new standard. (Credits: 2.0 AC)
4
Although the US economy has seemingly reached a turning point, there is still a significant amount of uncertainty about the strength of the developing recovery. During this session the panel of experts
South Carolina Association of CPAs | 2011 Annual Summit
Insight.
C02
C03
IRS Continues Offshore Bank Account Initiatives (I) and The Statutory Economic Substance Doctrine: How Has It Changed Things? (II) Erik Doerring, JD, McNair Law Firm, Columbia, SC (I)The IRS recently continued its voluntary
CONCURRENT SESSION D 1:20 p.m. – 3:00 p.m. D01
Cyber Fraud, Crime, Warfare and Terrorism – Our Online World is Under Attack Don West, CPA, CITP, CISA, CISSP, PMP, Columbia, SC
Dimitri Alperovitch of McAfee, stated, “I am convinced that every company in every conceivable industry with significant size and valuable intellectual property and trade secrets has been compromised (or will be shortly), with the great majority of the victims rarely discovering the intrusion or its impact. In fact, I divide the entire set of Fortune Global 2000 firms into two categories: those that know they’ve been compromised and those that don’t yet know.” This session will review the current threats, risks and responses to cyber crimes. (Credits: 2.0 AU)
D02
Document Management Systems Software Review John Higgins, CPA, CPA Crossings, LLC, Rochester, NY
Cancellation of Debt and Bankruptcy Jane Downey, Moore Taylor and Thomas, Columbia, SC
This session will present a review of leading document management software (DMS) solutions that are particularly suited to the CPA firms, as well as provide a "short list" of potential solutions and highlight key features and functions of each vendor's offerings. The solutions we review will cover the market from small, mid-size and large CPA firms, other professional services organizations and accounting offices. (Credits: 2.0 SK)
Do you know how to avoid paying taxes on a cancellation of debt? If not, this session is for you. Hear from an expert on the steps you can take to avoid these tax problems and others as they relate to cancellation of debt and bankruptcy. (CPE: 2.0 TX, CFP:2.0, CLE:1.67)
D03
Building and Converting Professional Firm Value Jason Blumer, CPA, Blumer & Associates CPAs, Greenville, SC; Frank Warren, Warren & Martzin, LLC, Greenville, SC
disclosure program for unreported foreign income as it increases investigation of offshore bank accounts. Return preparers and tax advisers must be aware of the programs and the rules and regulations for reporting client’s foreign income. (II) With the adoption of Code Section 7701(o), we now have a uniform standard for evaluating whether transactions pass muster. The statutory test for evaluating economic substance does differ from its common law namesake, however, and the practitioner must now be aware of the key issues which must be considered. New penalty provisions have also been added potentially eliminating reasonable cause defenses.(CPE: 2.0 TX, CFP:2.0, CLE:1.67)
12:05 p.m. – 1:20 p.m.
Summit Luncheon with Awards Ceremony (SL1) Celebrate with the 2011 award winners during this awards luncheon. This new time frame gives us the opportunity to highlight these accomplished winners in the presence of a larger group of their peers.
Value is an elusive word for most firms. Is our profession valuable? Do our customers find our services valuable? Our profession is slipping into irrelevance and CPAs need to change moving forward to intentionally inject value into the relationship with their clients. Developing your customer’s experience and creating new services are ways to increase the value of your firm. And intentionally seeking to convert that value later in your firm’s life is all about long-term and strategic planning that you must start now! (Credits: 2.0 PD)
Day 1 Continued Register Now | (888) 557-4814 | www.scacpa.org
5
DAY 1
THURSDAY, NOVEMBER 3
3:00 p.m. – 3:20 p.m.
Refreshment Break/Exhibits Open
Keep abreast of the fast-paced changes in accounting and auditing. This session covers major revisions to Governmental Auditing Standards, Auditing Standards, SSARS and Peer Review. (Credits: 2.0 AA)
Data Safeguards for Tax Professionals Thomas Sheaffer, Internal Revenue Service, Columbia, SC; Don West, CPA, CITP, CISA, CISSP, PMP, Columbia, SC
In addition to Federal law and regulations, state laws and industry requirements must be considered when dealing with data security. South Carolina and other states have enacted laws related to identity fraud and theft. The Payment Card Industry Data Security Standards (PCI DSS) are an extensive set of requirements that apply to all organizations that accept debit and credit cards for payment. You will learn what data is covered, what a breach is, how you must respond to a breach and the possible consequences of a breach to you and your organization. We will then review tools and processes you can use to avoid a breach and ensure compliance. (CPE: 2.0 TX, CFP: 1.5, CLE:1.67)
6
Accounting and Auditing Update Mark Hobbs, CPA, The Hobbs Group, Columbia, SC
E02
E03
New CPA Oath Ceremony
Join SCACPA and the SC Board of Accountancy as we conduct the semi-annual New CPA Oath Ceremony. Note: Separate event registration required, OATH1111.
CONCURRENT SESSION E 3:20 p.m. – 5:00 p.m. E01
5:30 p.m. – 6:30 p.m.
The Strategic Firm Jason Blumer, CPA, Blumer & Associates CPAs, Greenville, SC After years of operation, CPAs often find themselves simply acting the way they were taught so many years before. Not much innovation, not much intention to how they should grow and where they want to be in five years. The Strategic Firm looks at the firm’s ecosystem of Practice Management, Pricing, Customer Selection, Innovation, the Cloud and New Service Implementation to seek to re-discover why the CPA is in business and how to apply strategy to their future. (Credits: 2.0 PD)
5:30 p.m. – 7:30 p.m.
Old Guard Reception by special invitation only
CPAs who have been SCACPA members for 30 years or more will reunite with their peers in an intimate setting at the Hilton Hotel. Note: Separate event registration required.
6:30 p.m. – 7:30 p.m.
Opening Member Reception sponsored by CAMICO (OMR) Wind down after a full day of education by renewing acquaintances and making new ones.
2011 SUMMIT SPONSORS PLATINUM SPONSOR
w w w. fut uresc holar. com GOLD & EVENT SPONSORS
http://insurance.bbt.com/
www.camico.com
SILVER SPONSORS n American Pensions n Southeastern Insurance Consultants n WRSequence, LLC
EXHIBITORS • CCH, a Wolters Kluwer Business • IMG, Inc. • KBKG • Thomson Reuters
South Carolina Association of CPAs | 2011 Annual Summit
DAY 2
FRIDAY, NOVEMBER 4
7:00 a.m. – 10:30 a.m.
Check-In/Breakfast/Exhibits Open
7:30 a.m. – 10:10 a.m.
MANAGING PARTNERS BREAKFAST Sponsored by BB&T Insurance Services, by special invitation only Understanding Generational Differences to Build a More Effective Team Joy Reutter, The McGladray Group, Peoria, IL In today’s workplace, we have our hands full in managing the four generations. This diversity plays out in issues with different generational perspectives from rewards to retirement and recruiting to retention. Defining these differing views provides an opportunity to not only respect and validate each generation’s point of view but also understand how and why your team members see the work world the way they do. This session will focus on understanding and building a more engaged, effective multi-generational team. Note: separate event registration, MPB1111. (Credits: 2.0 PD)
F02
Accounting Hot Topics IdeazLab Various Table Discussion Leaders
During this session participants consider ideas and solutions to core questions or challenges on a specific topic or theme. This session begins with table discussion leaders offering their idea or question on a profession issue or topic which allows members to participate in an intimate dialogue. (Credits: 1.0 AA)
F03
CPA’s Role in Financing Troubled Clients Café Michael Grady and Gene King, WR Sequence, Florence, SC
Do you have clients in or on the road to financial trouble? Are you confident that you have the skills and knowledge necessary to help? In this session, Michael Grady and Gene King will share how you can educate your clients to help them survive in today’s economic conditions. Many businesses are paralyzed or even dysfunctional. Others may have a plan in place to achieve profitability; however, most do not have the cash to implement the plan. Obtaining the needed capital is more challenging than ever. As their CPA, you are in a prime position to coach your clients through the difficult questions, understand their struggles and find solutions in today’s financial markets. The goal is to help them first survive and then thrive. We will introduce techniques that promote potential success in financial transactions. This session allows attendees to learn in a comfortable and casual atmosphere. (Credits: 1.0 MAS, CFP:1.0)
CONCURRENT SESSION F 7:30 a.m. – 8:20 a.m. F01
Social Media Pitfalls Pecha Kucha* Jay Matthews, JD, Haynsworth Sinkler Boyd, Greenville, SC
Facebook, Twitter . . . what next? The internet has evolved into a social environment where the workplace and private life are becoming seamlessly integrated. This provocative session will briefly cover the various challenges presented by the overlap between work and play in social media, with an eye towards helping you develop a sound social media policy for your practice. A rapid fire presentation format that allows big ideas to be shared easily, concisely, and efficiently. In this format, the discussion leader shapes a compelling dialogue by presenting slides - no text, only pictures. When the leader has concluded his presentation, participants are able to engage with the leader and each other in an in-depth exchange. The group discussion helps to identify common threads and key take-aways for participants. *Pecha Kucha is Japanese for chit-chat. (Credits: 1.0 PD)
8:20 a.m. – 8:30 a.m.
Refreshment Break/Exhibits Open
CONCURRENT SESSION G 8:30 a.m. – 10:10 a.m. G01
Independence and Objectivity for Attest Service Providers Pete Margaritis, CPA, Business Learning Institute, Towson, MD Due to recent fraud and accounting scandals, there is increased public and regulatory scrutiny related to independence and objectivity of accountants providing attest services Day 2 Continued
Register Now | (888) 557-4814 | www.scacpa.org
7
DAY 2
FRIDAY, NOVEMBER 4 for clients (compilations, reviews, audits, and agreed upon procedures). This session is designed to provide participants with a solid understanding of one of the most important judgment calls made before an attest engagement even begins - whether an accountant is independent to accept or continue with attest services for a client. While this decision is made by the person with final attest authority, the impact of this conclusion has a direct impact on the entire engagement team, as appropriate safeguards to mitigate or eliminate threats to independence and objectivity may be necessary in order to comply with professional and regulatory standards (AICPA, GAO, PCAOB, and SEC). (Credits: 2.0 AA)
G02
Hot Topics in Estate and Gift Tax Dave Sojourner, JD, Ellis Lawhorne, Columbia, SC
This presentation will focus on current developments in estate and gift taxation including techniques for using the increased estate and gift tax exemption, structuring gifts to grantor trusts, and planning issues to consider with the new portable exemption. (CPE: 2.0 TX, CFP:2.0, CLE: 1.67)
G03
Technology Update for Business Professionals Bob Spencer, Ph.D., K2 Enterprises, Hammond, LA
What technology should you consider for the best return on investment? This classic overview of hardware, software, and trends in the industry will emphasize the latest technology for accountants in all walks of the profession. The session will cover the business opportunities for technology, the software and hardware to buy and avoid, and will help you make the right strategic technology choices. (Credits: 2.0 SK)
10:10 a.m. – 10:25 a.m.
Refreshment Break/Exhibits Open
8
CONCURRENT SESSION H 10:25 a.m. – 12:05 p.m. H01
International Financial Reporting Standards Update Pete Margaritis, CPA, Business Learning Institute, Towson, MD
This session focuses on the current status of the IASB and FASB convergence projects, such as revenue recognition, leases, financial statement presentation, financial instruments, and more. An examination into new IFRS standards will be conducted along with any new information concerning the SEC ‘s deliberations toward implementation of IFRS in the United States will be presented. In addition, an overview of the current status of private company accounting standards and what options could be available for small to mediumsize entities. (Credits: 2.0 AC)
H02
SC Tax Credits (I) and Collection Procedures(II) Bob Thomas and Perry Mathis, SC Department of Revenue, Columbia, SC
(I) We will discuss how to navigate through the Code of Laws, and we will look at resources on the Department of Revenue’s website that explain how to claim the credits. Many of these credits were amended beginning January 1, 2011. We will examine the impact of new legislation on tax credits, with particular focus on how the new jobs credit works. (II) During this session you will learn the stages of debt, how to arrange installment agreements, the consequences of levies, rules to show cause, order revocation, lien releases, and who your contacts are at regional offices.(CPE: 2.0 TX, CFP: 2.0, CLE: 1.67)
H03
Managing the Costs of Technology Bob Spencer, Ph.D., K2 Enterprises, Hammond, LA
With arguably the second highest cost, after personnel, in any business being the cost of technology; every business owner is driven to minimize these intrusive costs as much as possible. This is not an easy assignment by any means. However, many SMB and firm owners have turned to the concept of Managed Services over the past five years to achieve this goal. This session will discuss what Managed Services is, how to select the appropriate provider and what you should pay. Included with this seminar will be a checklist of options, estimated costs and action items to get started. (Credits: 2.0 SK)
South Carolina Association of CPAs | 2011 Annual Summit
12:05 p.m.– 1:15 p.m.
I03
Accounting and the 787 at Boeing Brian Abeel, Boeing Commerical Airplanes, Renton, WA
Join SCACPA as we recognize college students majoring in accounting from across the state who are recipients of the 2011 education fund scholarships. In addition, Past AICPA Chairman Scott Voynich will be our guest speaker.
In 2009 Boeing made the decision to locate a second production line for its revolutionary new 787 Dreamliner in North Charleston, SC. Brian Abeel, director of financial accounting for Boeing Commercial Airplanes, will discuss the journey to set up this new production facility, plus provide some insights into the world of accounting inside this $60+ billion aerospace company. (Credits: 2.0 AC)
I04
CPA Exam Simulation presented by Becker
Student Recognition Luncheon (SL2) Past AICPA Chairman Scott Voynich
CONCURRENT SESSION I 1:15 p.m. – 2:55 p.m. I01
Forensic Accounting for CPAs James King, CPA, WebsterRogers, Sumter, SC
This session will provide insight into Forensic Accounting and a summary of the latest 2010 Report to the Nations on Occupational Fraud and Abuse prepared by the Association of Certified Fraud Examiners. James will also cover using computer programs in forensic investigations and searching social networks and social media in fraud examinations. (Credits: 2.0 AC)
I02
Join Becker CPA Review as they simulate the CPA Exam for accounting students and CPA candidates.
2:55 p.m. – 3:10 p.m.
Refreshment Break/Exhibits Open
What Employers Need to Know About PPACA? (I) Payroll Options (II) Mark Riley, American Benefit Services, Columbia, SC; ADP Executives, Charlotte, NC
South Carolina
CPA
(I) This session will focus on what
employers need to know about the Patient Protection and Affordable Care Act in order to make their benefit plans compliant. The discussion will focus on requirements the law places on plans in each year leading up to 2014 and on the major reforms taking place that year. In addition, items such as mandated benefits, employer requirements and employee funding strategies will be covered. (II) Do you have questions about the best payroll option for you or your clients? If yes, this is the session for you. Come here the experts give advice on how to determine what is the best option for you and your clients. (CPE: 1.0 BL/1.0 TX, CFP: 1.0, CLE: 1.67)
Connect with SCACPA before, during and after the CPA Summit through Facebook and LinkedIn, and join the live Twitter conversation by using the hashtag #Summit11.
WWW.SCACPA.ORG/SOCIALMEDIA
Day 2 Continued Register Now | (888) 557-4814 | www.scacpa.org
9
DAY 2
FRIDAY, NOVEMBER 4
CONCURRENT SESSION J 3:10 p.m. – 4:50 p.m. J01
SCACPA Legislative (I) and Board of Accountancy Update (II) Jason Sweatt, CPA, Ernst & Young, Greenville, SC; Doris Cubitt, CPA, SC Board of Accountancy, Columbia, SC; Mark Hobbs, CPA, The Hobbs Group, Columbia, SC
10
(I)SCACPA Legislative Update: Attend this session to hear the accomplishments of the SCACPA legislative team in 2011 and what is on the legislative agenda for SCACPA in 2012. (II)SC Board of Accountancy Update: The session will include the hottest topics facing the SC Board of Accountancy including the following: ethical issues facing CPAs, mandatory peer review findings, disciplinary actions of licensees, current regulatory changes under consideration for amendment, impact of International Accounting and Auditing Standards, mobility - how has it impacted the State of South Carolina, and what licensees need to know about the Board of Accountancy. (Credits: 2.0 PD)
J02
Hold the Mayo: Judicial and Administrative Highlights David Aughtry, JD, Chamberlain, Hrdlicka, White, Williams, Atlanta, GA
From the most insidious Supreme Court tax opinion in 30 years (Mayo) through some checkered conservation easement results to the Jenkins & Gilchrist convictions, 2011 proved to be a turbulent tax year. We will cover all those developments and more. (Credits: 2.0 TX, CLE: 1.67)
J03
AICPA Professional Issues Update Scott Voynich, CPA, Robinson Grimes & Co., Columbus, GA
This session will provide an overview of major issues impacting our profession today. Initiatives addressing change and the dynamics of our current environment will be discussed. Scott will discuss challenges, risks and opportunities facing the profession and what firms, large and small, are doing to address them. He hopes to take on the hard questions and attempt to provide more of “the rest of the story”. Current events, meetings with regulators and an overview of where we are headed will be provided. (Credits: 2.0 PD)
CONTINUING EDUCATION CPE Credits: 17 hours CPE Fields of Study: Accounting (AC) Accounting & Auditing (AA) Auditing (AU) Business Law (BL) Economics (EC) Management Advisory Services (MAS) Personal Development (PD) Specialized Skills & Knowledge (SK) Tax (TX) CLE Credits: 13.33 CFP Credits: 14.5 Method of Presentation: Lecture Level: All Note: Professional education credits are allocated based on sessions attended.
CPE REPORTING DEADLINE South Carolina CPAs: Get a block of your last minute CPE credits before December 31 deadline. Earn up to 17 CPE hours when you attend the CPA Summit.
I n s i g h t.
South Carolina Association of CPAs | 2011 Annual Summit
I n s p i r a ti o n .
I m pa c t .
SPEAKERS Brian Abeel is director of financial accounting for Boeing Commercial Airplanes. In this capacity, he is responsible for leading a team of experienced accountants who form the financial accounting team for BCA, a $30+ billion division of The Boeing Company. Brian is also a member of the Boeing International Finance Leadership Team. I02. Accounting and the 787 Boeing David D. Aughtry, Esq., focuses on civil tax litigation. Since 1986, he has managed the Chamberlain, Hrdlicka Atlanta office. David graduated from The Citadel in 1975 with a B.A. in English, from the University of South Carolina in 1978 with a Masters in Accounting and a law degree, and from Emory University in 1982 with a Masters in Taxation (LL.M.). Upon graduation from law school, David joined the IRS Office of Chief Counsel as a trial attorney, where he also served as a tax shelter coordinator. J02. Hold the Mayo: Judicial and Administrative Highlights ADP Executives I02. Payroll Options Jason M. Blumer, CPA,CITP is managing shareholder of Blumer & Associates, CPAs, PC. He wears flip flops and jeans, says “dude” a lot, and often works in coffee shops with headphones blaring the latest Bloomberg podcasts (though he doesn’t understand most of it). Jason loves new game-changing cloud technology and plays rock and roll too loud. His daily duties include consulting, process design, blogging, marketing and business development, innovative thinking, coaching, practice management, and acting as a change agent. As the industry has changed, the need for new CPA firm leadership has emerged for the younger generation ready to move into the world of firm ownership. Jason founded the THRIVEal +CPA Network to accommodate the needs of this new younger generation.
The THRIVEal +CPA Network looks to enhance and change the CPA profession based on the foundational tenets of Community, Collaboration, Technology and Innovation.D03. Building and Converting Firm Value, E03. Cloud Computing Kevin Caron serves as portfolio manager and co-founder of Stifel Nicolaus’ Washington Crossing Advisors program, and has been responsible for developing many of the processes used in managing the WCA programs. Kevin also serves as a market strategist for Stifel’s private client group and routinely comments for a variety of local and nationally syndicated media outlets, notably CNBC, Fox Business, Bloomberg, the Wall Street Journal, Reuters, Forbes, and Dow Jones. B02. Economic Outlook Doris Cubitt is the administrator for the South Carolina Board of Accountancy. She has served as the board administrator since 2001. Prior to her work at the South Carolina Department of Labor, Licensing & Regulation, Doris worked at the South Carolina Department of Revenue for five years as a tax auditor and as a tax analyst for a year and a half. Doris graduated from the University of South Carolina Spartanburg with a B.S. in Accounting in 1993, and she earned her Master of Professional Accountancy degree with a tax concentration from Clemson University in 1998. J01. SC Board of Accountancy Update Erik P. Doerring, Esq. Spanning a career of 25 years, Erik’s practice focuses on business and tax representation with an emphasis on tax controversy and economic development. His clients are businesses and individuals throughout South Carolina and the Southeast. His educational background and professional experience are firmly rooted in taxation. After graduating from the University of South Carolina School of Law in 1985, Erik served as an attorney
in the Office of Chief Counsel, Internal Revenue Service, where he represented the IRS in the trial of United State Tax Court cases. In 1989, he was appointed Assistant United States Attorney for the United States Department of Justice’s Tax Division representing the IRS in United States District Court, Bankruptcy Court, Courts of Appeal, and in state court. After receiving his Master of Law degree in Taxation from New York University in 1993, Erik joined McNair Law Firm, P.A. where he currently is a shareholder and heads up the tax controversy practice team and economic development practice team for the McNair Law Firm. C02. Foreign Banking and Economic Substance Jane Downey, Esq. is a 1990 graduate of Emory Law School. After working seven years as an associate at Nelson Mullins, she started her own firm. Upon moving to China for six months, she joined Moore Taylor, Thomas, P.A. where she currently practices bankruptcy law. She is a past president of the SC Bankruptcy Law Association and the Bankruptcy Specialization Board. She is a certified specialist in bankruptcy, as recognized by the SC Supreme Court and the national American Board of Certification. D02. Cancellation of Debt and Bankruptcy W. Michael Grady, CPA, CVA, CM&AA is a managing director specializing in merger and acquisition services with WR Sequence, LLC. Michael began his career in 1973 and has over 25 years experience related to mergers and acquisitions. His responsibilities include assisting closely held companies with developing and executing a plan for buying or selling, debt restructure, valuation analysis, negotiating, deal structure and other aspects of a merger and acquisitions transaction including raising needed capital. F03. Financing Troubled Clients Café
Register Now | (888) 557-4814 | www.scacpa.org
Speakers Continued
11
SPEAKERS John Higgins, CPA, CITP is a member of the AICPA Business & Industry Hall of Fame for his work in helping CPAs leverage technology. He has authored and presented over 100 courses on technology related topics for CPAs since 1984 and has consistently received top ratings. As a partner of CPA Crossings, he serves as a strategic technology advisor to CPA firm leaders and as a consultant to the profession. B03. Evaluating & Selecting Document Management System, C03. Document Management Systems Software Review Mark T. Hobbs, CPA, CFF, is the managing shareholder of The Hobbs Group, PA, which provides auditing, accounting, tax and consulting services to a diverse client base in South Carolina. During his 30 plus years in public accounting Mark has acquired extensive experience with privately-owned, closely held businesses, financial institutions, governmental entities, real estate management, nonprofit organizations, and litigation support consultation. Mark is a past president of SCACPA and currently serves as chairman of the SC Board of Accountancy. E01. A&A Update, J01. SC Board of Accountancy Update William G. (Gene) King manages client contacts, works with day-today operations and specializes in the origination process for WRSequence. Gene is a serial entrepreneur with five (5) successful start-up businesses with successful exits. He brings to WRSequence a diverse background with more than 30 years of experience working with small/middle market companies. F03. Financing Troubled Clients Café James King, CPA, ABV, CFF, CVA, CFE, graduated in 1968 from the University of North Carolina-Chapel Hill. He is a partner and director of the Forensic Investigative Accounting Group of WebsterRogers LLP. James is a past
12
member of the Executive Advisory Board, the Litigation Forensic Board and past chairman of the National Conference Committee of the National Association of Certified Valuators and Analysts. I01. Forensic Accounting for CPAs Peter Margaritis, CPA, MAcc, is president of Margaritis Financial Services, LLC D/B/A The Accidental Accountant an education and training business focused on the accounting profession. Peter came up with the name The Accidental Accountant because he is a right-brain person living in a left-brain business world. That's right, an accountant who sees the world creatively. He even performs stand-up and improvisational comedy. He has a Master´s in Accountancy from Case Western Reserve University. H01. IFRS Update, G01. Independence and Objectivity for Attest Service Providers Perry Mathis is a collections manager with the field operations division of the South Carolina Department of Revenue (SCDOR). He has been with SCDOR for over 14 years working his way up from revenue officer to collections supervisor and now to his current position. As a collections manager, he oversees operations of the Central Office Section located in Columbia. H02. Collection Procedures J.W. (Jay) Matthews, III, is a business and commercial litigator, with a heavy emphasis on technology and construction matters. A mechanical engineering graduate from Georgia Tech in 1991, he began his career as an officer in the United States Air Force. Since graduation from the University of Florida Levin College of Law in 2000, he has practiced at Haynsworth Sinkler Body P.A. He serves on the Technology Committee for Haynsworth Sinkler Boyd, and is a member of the Sedona Conference, the leading jurisprudential think tank for e-discovery issues. F01. Social Media Policies
Joy E. Reutter, SPHR, is a director with RSM McGladrey, Inc. and serves as human resources director for the McGladrey Alliances. Joy assists members with a variety of HR issues through consulting and training including an annual talent engagement survey, performance management, leadership development, generational perspectives, various assessments and other people-related needs. In addition, she serves as the human resources director for McGladrey’s Accounting Industry Services group. MBP1111. Generational Differences Mark Riley began his career in the insurance industry in 1993 with MidSouth Insurance Company. In January of 1998 he joined Ferguson Marketing Group in Charleston as an association sales and service representative. In 2003 he formed American Benefit Services LLC, a third party administrator specializing in flexible spending accounts, health reimbursement arrangements, health savings accounts, COBRA administration and other services to assist employers in providing viable health care options to their employees. I02. Employee Benefits Christopher Rouse, CPA, is the firm audit and accounting quality control partner at Windham Brannon, P.C., an Atlanta CPA firm. He is a graduate of Florida State University, and has spent his career with Big-8 and large local firms. He has served primarily audit clients in his career, including clients in the real estate sector and the financial services industry, manufacturing, distribution and service entities, not-for-profit entities and employee benefit plans. B01. IFRS for SMEs, C01. Accounting for Leases Thomas (Tom) Sheaffer is senior stakeholder liaison (tax professionals) with the small business / self employed division of the Internal Revenue Service.
South Carolina Association of CPAs | 2011 Annual Summit
He has been with the IRS for 10 years as an area manager, a senior tax specialist and tax analyst. He is responsible for tax law education and outreach to tax professionals, small business owners and industry organizations/associations. Tom is also a certified tax law instructor with the IRS. D02. Data Safeguards for Tax Professionals Dave Sojourner, Jr., Esq., is an attorney with the firm of Ellis, Lawhorne & Sims, P.A. in Columbia. He received his B.S. degree in Economics from Clemson University in 1983; his J.D. degree from the University of South Carolina School of Law in 1986; and his LL.M. degree in Taxation from New York University in 1987. He is listed in The Best Lawyers in America and South Carolina Superlawyers. Mr. Sojourner has been certified as a taxation specialist and a estate planning and probate specialist by the South Carolina Supreme Court. G02. Hot Topics in Estate and Gift Tax Robert (Bob) H. Spencer, Ph.D. has over 40 years’ experience in strategic technology planning, software selection, disaster recovery and contingency planning, process engineering, content management, information technology reviews and audits, and iInternet security. He is an internationally published author with more than a dozen books and hundreds of articles on accounting business and technology solutions. G03. Technology Update for Business Professionals, H03. Managing the Costs of Technology Jason Sweatt, CPA, is a member of the National Tax Quality and Risk Management team of Ernst & Young. His role includes working with the tax quality review programs, reviewing tax alerts, developing firm wide training, working with tax policies and procedures, record retention issues, tax compliance procedures, engagement letters, and other issues. He works to
support the tax practice regarding policy and quality initiatives and spends much time assisting engagement teams with daily issues in this area. J01. SCACPA Legislative Update Bob Thomas holds a bachelor’s degree from Erskine College and a Law degree from the University of South Carolina Law School. He has been a member in good standing of the South Carolina Bar since 1991. Bob began working at the South Carolina Department of Revenue in 1997. He has served since 2000 as a tax analyst in the department’s research and review section. He was the individual income tax analyst for eight years and is now the corporate tax analyst. His primary responsibilities are to design forms for and answer technical questions related to corporate income tax, withholding tax, and tax credits. H02. South Carolina Tax Credits Holley Hewitt Ulbrich, Ph.D. is alumni professor of economics emerita at Clemson University and a senior fellow at the Strom Thurmond Institute. She holds B.A., M.A. and Ph.D. degrees in economics from the University of Connecticut and a Master of Theological Studies from Emory (2003). The author of nine books and well-known as a consultant to state and local government agencies, including the General Assembly. She has had a considerable amount of experience in taxation at the local, state, national, and even international level. She has taught short courses in taxation and public finance at the World Bank for five years. B02. Economic Outlook
1988. Scott served as national chairman of the AICPA Board of Directors from 2003 to 2004 and was elected to the Board of Trustees of the Fortune 500 Company Northwestern Mutual in 2008. SRL. Key note at student luncheon, J03. Professional Issues Update Frank Warren D03. Building and Converting Professional Firm Value Don West, CPA,CITP, CISA, CISSP, PMP, has 35 years of experience in project management and information systems with Daniel Construction, Fluor Daniel, Jacobs Engineering, GE Capital IT Solutions, BlueCross Blue Shield of SC and Blytheco. He provides a variety of system support, IT security and project management services. Don graduated from the University of South Carolina in accounting. He is a member of the AICPA, a CPA Ambassador and a member of SCACPA where he chaired the Web Site Task Force and the Technology Committee. D01. Cyber Fraud and Other Issues Mark Witte, Ph.D., is an assistant professor of economics at the College of Charleston. He has published numerous articles in a range of internationally disseminated journals including Global Economic Review, International Economic Journal, Economic Systems, China & World Economy, Eastern European Economics, and the Review of Middle East Economics and Finance. Mark works as the lead national and international forecaster for the Office of Economic Analysis in the School of Business. B02. Economic Outlook
Scott Voynich, CPA, graduated from the University of Georgia in 1975 with a bachelor's degree in business administration with a major in accounting. Upon graduation, he began practice with his current firm, Robinson, Grimes & Company, P.C. where he has served as the managing partner since
Register Now | (888) 557-4814 | www.scacpa.org
Impact. 13
GENERAL INFORMATION DATES AND TIMES
CONFERENCE MATERIALS
Thursday, November 3 Check-In: 7:15 a.m. Member Meeting: 7:45 a.m. CPE: 8:30 a.m. Awards Luncheon: 12:05 p.m. Oath Ceremony: 5:30 p.m. Old Guard Reception: 5:30 p.m. Member Reception: 6:30 pm
Go Green & Save Green! Conference materials are available electronically, and offer a $25 discount on your registration. E-materials will be available online approximately one week before the event.
Friday, November 4 Check-In: 7:00 a.m. Managing Partner’s Breakfast: 7:30 a.m. CPE: 7:30 a.m. Student Luncheon: 12:05 p.m.
LOCATION
Columbia Metropolitan Convention Center (CMCC) 1101 Lincoln Street Columbia, SC 29210 (803) 545-0001
HOTEL ACCOMMODATIONS
Room Rate: $119 Reservations: (803) 744-7800, Room block code is C-CPAS or weblink www. hilton.com/en/hi/groups/personalized/ caecchf/cpas/index.jhtml Directions: Please log onto our website www.scacpa.org/summit for directions. Note: The SCACPA rate is only available through October 13 or until the room block is sold out, whichever occurs first.
CMCC offers complimentary parking in the adjoining parking lot on Lincoln Street. Overflowing parking is available in the city garage located at 107 Park Street. The cost is $10 per day. The Hilton offers self parking in the adjoining garage for $10 or valet for $18 per day. Please plan accordingly for parking fees.
14
Please note: The electronic materials are only available online through the date of the event. Once e-materials are available online transfers or cancellations are not accepted for registrants opting to receive e-materials.
DIETARY & ADA REQUESTS
Hilton Hotel Columbia Center 924 Senate Street Columbia, SC 29021
PARKING
How to access Electronic Materials: You can access your materials through the SCACPA website at www.scacpa.org. Simply log-in to the SCACPA website with your username and password, and under "My Membership" click "My Electronic Materials". Download and save the document to your computer.
Continental breakfast, refreshments and lunch are provided both days. Please note dietary restrictions on the registration form or contact the CPE Team immediately. If you have an American Disabilities Act request, please note on the registration form or contact the CPE Team immediately.
EVENT ATTIRE
Most conference attendees wear business or business casual clothing. Since room temperatures can vary, dressing in layers is strongly recommended.
FEES
SCACPA Member Early Bird $295 (expires 10/13/11) Regular $320 Choice Card $400 Non-member $420 Electroinc Materials Discount: Choose to receive your conference materials electronically and receive a $25 discount. Multiple Registration Discount: Register five or more people from the same firm and receive a $15 discount per person. Registrations and payment must be received together.
CANCELLATION & REFUND POLICY
Transfers made one week before event date will incur a $25 administrative fee. Cancellations received less than one week before the event forfeits the materials and entire registration fee. Substitutions are accepted up to the day of the event and are subject to fee adjustments based on membership status of substitute. No shows forfeit the materials and entire registration fee. Registrants selecting e-materials and receiving the e-materials discount are not eligible for a transfer or cancellation once e-materials are posted online. Complete registration policy can be viewed online at www.scacpa.org/ cpepolicies.
CONTACT INFORMATION
SCACPA CPE Team members are available Monday-Friday, 8:00 am – 5:00 pm at (888) 557-4814, ext. 110 and 112, or cpe@scacpa.org.
GET CONNECTED Photo Disclaimer: Photographs may be taken at SCACPA events and used in association marketing. Full policy is available at www.scacpa.org/photouse.
Get Social with SCACPA on Facebook, Twitter, LinkedIn and Wordpress!
WWW.SC ACPA.ORG/SOCIALMEDIA
South Carolina Association of CPAs | 2011 Annual Summit
#CPASummit11
REGISTRATION q YES! Sign me up for the 2011 CPA Summit & Annual Meeting (Course Code: 411011) Online
Fax (803) 791-4196 Credit card & choice card payments only
www.scacpa.org/summit
NAME
SCACPA, 570 Chris Drive West Columbia, SC 29169
SCACPA or OTHER STATE CPA SOCIETY NO.
FIRM/COMPANY ADDRESS CITY
STATE
ZIP
BUSINESS PHONE
HOME PHONE
BUSINESS FAX
o Primary o Secondary
BUSINESS PHONE
o Primary o Secondary
SESSION SELECTIONS
Please select the sessions you will attend. You must submit this information to receive appropriate educational credit. Please only select one choice in each group of sessions. Day One: Thursday, November 3 q A01. Annual Business Meeting (members only) q B01. IFRS for SMEs q B02. Economic Outlook q B03. Document Management Systems Day Two: Friday, November 4 q F01. Social Media q F02. Hot Topics q F03. Troubled Clients
q C01. Accounting for Leases q C02. Offshore Banking q C03. Systems Software Review
o Participant List Opt Out: A participant list will be available to registrants and exhibitors attending the event. Please check this option to opt out of the listing.
Select all that apply. Additional payment noted if required. Thursday, November 3 q Awards Lunch Only: $35 pp No. Guest(s) ____ No. Guest(s) ____
oI am a NEW CPA. oI am not a NEW CPA.
No. Guest(s) ____
o Opening Member Reception: $20 pp No. Guest(s) ____
Friday, November 4 oManaging Partners Breakfast*: FREE oStudent Lunch Only: $30 pp, No. Guest(s) ____ Guest Name 1: Guest Name 2: * By invitation only events
Meals: (Select the meals you will attend) q BF2. Continential Breakfast q SL2. Student Luncheon q N02. No meals on Friday q Dietary qVegetarian qFood Allergy ___________________________
o Electronic Event Materials: For details see General Information on page 14. Deduct $25 from your summit registration fee. Email required in form above.
REGISTRATION INFORMATION
RELATED EVENTS & GUESTS REGISTRATION
o Old Guard Reception*: FREE
q J01. Legislative & BoA q J02. Judicial & Administrative q J03. Professional Issues Update
q I01. Forensic Accounting q I02. Benefits & Payroll q I03. Accounting at Boeing q I04. Exam Simulation
OPTIONAL SELECTIONS
q New CPA Oath Ceremony: FREE
Meals: (Select the meals you will attend) q BF1. Continential Breakfast q SL1. Awards Luncheon q OMR. Member Reception q N01. No meals on Thursday q Dietary qVegetarian qFood Allergy ___________________________
q D01. Cyber Fraud q D02. Cancellation of Debt q D03. Firm Value q H01. IFRS q H02. SC Tax and Collections q H03. Costs of Technology
q G01. Independence & Objectivity q G02. Estate & Gift Tax q G03. Technology Update
q E01. A&A Update q E02. Data Safeguards q E03. Strategic Firm
q SCACPA Member q Non-Member q Other State CPA Society Member Summit Registration Fees: q SCACPA Member Early Bird $295 (exp. Oct.13) q Regular $320 q Choice Card $400 q Non-member $420 q Ematerials -$25 q Multiple Registrations -$15 (Register five or more people from the same firm and receive a $15 discount per person. Registrations and payment must be received together.)
PAYMENT INFORMATION Type
o Personal
o Firm/Company
Method o Check (Make payable to SCACPA) o Visa o MC o Discover o American Exp. o Choice Card, (Enter Coupon Numbers Below) (1)
(2)
(3)
(4)
Card# Exp. Date
CCV
Name on Card Signature
Register Now | (888) 557-4814 | www.scacpa.org
15
South Carolina
CPA
South Carolina Association of CPAs 570 Chris Drive West Columbia, SC 29169
FIRST CLASS US POSTAGE PAID PERMIT NO. 1146 COLUMBIA, SC
SCACPA Members
SAVE $100!
www.scacpa.org/summit
Impact.
Insight.
I nsig h t .
I n s p i r a tio n .
Im p a c t . South Carolina
CPA
Columbia Metropolitan Convention Center • Nov. 3-4, 2011