The Journal Entry - April 2018 by UACPA

April

2018,

Vol.

Membership

Matters

How to Make the UACPA Work for You Everything You Wanted to Know About the UACPA But Were Afraid to Ask By the UACPA Staff www.uacpa.org the journal entry | January 2018

Mission,Vision,Values

ExecutiveBoard

Mission

president....................................................... Matt Klein president-elect.................................. Monica Gardner vice president.................................... Jay Niederhauser secretary...................................................... Stan Jenne treasurer............................................Jason Tomlinson member-at-large...................................... Tom Colligan immediate past president.............. Gavin Hutchinson aicpa council.......................................Brandon Allfrey pronet council.......................................... Amy Anholt ceo..............................................................Susan Speirs

The UACPA leadership supports and challenges members through advocacy, professional education, leadership development, networking, and community service to help them succeed in a competitive and changing world.

Vision At the UACPA, our vision is to be a world-class professional association essential to our members. We unite a vibrant community of CPAs to enhance the success of our members and champion the values of the profession; integrity, competency, and objectivity.

Values Advocacy The UACPA represents the profession at the legislature and other regulatory bodies and promotes the value of the CPA to employers, the business community, and the public at large.

UACPAStaff

ceo......................................................... Susan A. Speirs communications/marketing and editor of the journal entry................ Amy Spencer cpe manager.......................................... April Deneault financial director...................................... Tom Horn membership development............ Braden Thompson Cover photo by Christian Wood/Robert Wood Photography

Leadership & Service The UACPA provides leadership and service within the profession, within the UACPA, and within the community.

Professional Development The UACPA supports and encourages continuing education and leadership development.

The Journal Entry is published quarterly by the UACPA 136 S. Main Street, Suite 510 Salt Lake City, UT 84101 phone: 801-466-8022 toll-free in Utah: 1-800-676-2776 email: mail@uacpa.org web: www.uacpa.org

Professional Community The UACPA reinforces peer accountability to encourage members to maintain integrity and high ethical standards. â&#x20AC;&#x2039;â&#x20AC;&#x2039;It provides member-to-member networking opportunities and networking opportunities with other professions. It values belonging to a distinguished organization and believe that we serve as the primary resource and point of contact for Utah CPAs.

UACPA Statement of Policy CPAs have common problems and interests. This magazine has been created to share information relating to the practice of accounting. The opinions, views and articles expressed in this magazine are not necessarily those of the Utah Association of Certified Public Accountants. This magazine should not be deemed an endorsement by the UACPA or its committees or editorial staff of any views, opinions or

Diverse Population Outreach

positions contained herein. Because of the complexity of tax laws and

The UACPA believes in reaching out to under-represented populations, those returning to the profession or choosing it as a second career, and other professions.

accounting transactions and the changing status of the law, as well as variations in practices and procedures among accountants, information in the magazine should not be used, acted or relied upon, as a substitute for independent accounting or legal research and advice.

the journal entry | April 2018

in this issue | April 2018

feature story

Make the UACPA Work for You 129 New Members............................................................................................4 Movers & Shakers......................................................................................5 President's Message...................................................................................6 Message from the CEO............................................................................. 7 Get the Most Out of Your Membership..................................................9

Think Like an Innovative Thinker 20

Committees, Councils, Chapters and More......................................... 12 By the Numbers: UACPA Membership................................................ 19 How to Develop the Mindset of an Innovative Thinker.....................20 Blockchain â&#x20AC;&#x201D; Today and Tomorrow....................................................23 Women in Accounting: Natalie Clark, CPA........................................26 Meet the Executive Board......................................................................28 Meet the UACPA Staff.............................................................................29

The Future of Blockchain Technology 24

Board Bullets ...........................................................................................29 Comic: Generally Excepted....................................................................30 Meet a Member: Tom Colligan.............................................................. 31 Photos: Nonprofit Meet & Mingle.........................................................32

Meet a Member: Tom Colligan

Photos: Student & Educators Conference, Financial Literacy Day...33 CPE Course Schedule.............................................................................34 Member Benefits/100% Membership Firms........................................37

31 the journal entry | April 2018

New Members

Congratulations to the following individuals/CPAs who were approved for membership or affiliate status in the UACPA as of February 28, 2018. Andrew Palko Ernst & Young Mei Lin Western Electricity Coordinating Council

Jonathan Durrant California State University Fullerton David Larson US Synthetic

Bob Swanson Grant Thornton LLP

Kelly Allen SAP America, Inc

Paul Thompson Paul Allen Thompson

Ashlee Taylor ART Consulting

Nathan M. Russell PwC

Narasimhan Narayanan

Benjamin D. Langley

Jill Salter Salter Accounting Services

Steve M. Morrill Ernst & Young

Zachary O. Call Weaver Call & House, L.C.

Clark D. King Skyline Solar

Julie Ferry Cottontree Management

Julie A. Theurer

Clain Anderson Gilbarco

Andrew Smith Deloitte & Touche Madilyn Rockwood Grant Thornton LLP Valerie Russell Amy W. Dowse Gretchen A. Hector Deloitte & Touche Gregory E. Chiti Gregory E. Chiti, CPA Kyle Hastings Utah Power Credit Union David Cazier Alpine Securities

Jeffrey Walker CliftonLarsonAllen LLP Jacob Fryer PwC Gregory Sechler PwC Alan Barnes Chelsea Kapple Tanner Deanna Drollinger PwC Andrew E. Bott Henry Schein Practice Solutions Jared L. Garner Woodlands Commercial Bank

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David C. Keddington South Valley Sewer District Troy Caserta Panola College Arthur J. Smith KPMG LLP

Student Members

Colton Kreth Sarah Shurtliff Tamianna Vollrath Men Cheong Law Miracle Maae Steven Whitehead Neccia Dalton Weston Zimmerman LDS Business College Kirstin Reese

Brigham Young University Salt Lake Community Spencer Berrett College Nefi Arguelles Carlos Sebastian Shiraishi Darriel Keeling Kelly Murphy Lopez Holly Winn Spencer Strong Cameron Fisher Jeremy Hancock Puspa Gautam Matthew Kidman Mindy Hardisty Brett LaBonte jorge guerrero Austin Dorman Ashley Workman Justin Holmstead Mizam Khaydarov Janet De Lara Bubacarr Bojang Laura Melonakos George Parkinson Cameron Prestwich Samuel Vincent Davenport University Mone'cia Mwangi Davis Applied Technology University Mone'cia Mwangi Dixie State University Walter Williams Gina Tedrow Giovann Purcell Darin Gubler Perry Rider

Southern Utah University Tevan Valtinson Hunter Holt Stevens Henager College - Ogden Jessica Matthews University of Utah Jennie Lindstrom Schuyler Calder Kaloyan Zlatilov

Patrick Wunderlich Sunhwa Kim Karissa Kessinger Jared Allen Henry Quezada Naghmeh Foroughi Jamie Ward Jacob Wells Daniel Kloosterboer Jordan Duke Maxwell Ayeliya Utah State University Jared Fry Graydon Braithwaite Jared Garlick Tiffany Dahlin Bailey Rinderknecht Cody Crofoot DeAnza Atkinson Trevor Fry Amanda Paice Mariah Frazier Nicole Johnson Michael Salisbury Austin Harvey Levi Stone Jacob Bigler Katie Allen Cody Banks Weber State University Justin Bouwhuis Allen Woiwode Western Governors University Dwayne Pellerin Brian Bowling Anderesia Ross Carla Pastore Thomas Felt

Michelle Britt LaDonna Loy Amy Rowland Matthew Treadwell David Marthers Ashley Rawcliffe Cusmore Simon Jessica McCalip Jessica Hix Lisa Shaffer Laura Cortazar Donyae Scott Wendy Fausset Michael Brooks David Fowler Zekaras Nigattu Kristin Larson Linda Lovato Helen Lack Scott Eckert Bryton Hiatt Jonathan Lee Jason Kinney Christopher Nelson David Restrepo Tyler Andersen Leslie Collins Raquel Gordon Dominic DeMoss Sharon Wetz Warren Smith Westminster College Samantha Steffensen Skye Jefferies Emma Heyn Sissi Wu Katie Hutchings Mason Smith Ryan Murphy Samantha Mortensen Channing Porter

Movers& Shakers

Brandon Broadhead the Box Elder Chamber.

Brandon Broadhead has been announced as a partner at Davis & Bott, CPAs. Brandon graduated from Utah State University with a Master of Accounting. The Brigham City native enjoys helping individual and business clients improve their financial situations and grow their companies. He is currently serving as president for

Shalaun T. Howell has been promoted to partner at Shaw & Co, P.C. With 10 years of experience, Shalaun specializes in providing accounting, assurance, and tax services to nonprofit organizations. She is the treasurer for the Utah Nonprofits Association and Shalaun T. Howell has served on the Accounting Department Advisory Board for LDS Business College and the UACPA's nonprofit committee. She graduated from the University of Utah with a B.S. in accounting (summa cum laude) and a Master of Accounting. Matt McReynolds was recognized by Utah Business among their "40 Under 40." He has more than 15 years experience and served as an audit partner before becoming the office managing partner at BDO. McReynolds currently serves as treasurer for Friends of UPD K9, an organization that provides support and assistance in placing K9 service animals and providing them with ballistic vests. Pinnacle Accountancy Group of Vernal is under new ownership and has changed their name to Crossroads Accounting Professionals, PLLC. Adams & Petersen CPAs was recognized as a finalist for the 2018 Business Awards by the Davis Chamber of Commerce. The firm started in 1997 after Steve Adams bought out a small local CPA. In 2001, Gary Petersen joined to become Adams & Petersen CPAs. the journal entry | April 2018

President's Message

Matt Klein, CPA

he weeks go by like days and as cliché as it might be, I can’t believe this year is already here. I’d like to thank all of those past and current board members whom I have served with for their dedication and commitment to the profession and our association as well as the impact they have had on me. I’m excited for the year ahead and to interact with more of our members. But I’m most excited for the pages that follow this one where you’ll learn about the most amazing asset the UACPA has, our staff. I think one of the most important things the association can do for our membership is to be as detailed as possible and let you know all the ways the association works for you. Everything the UACPA does starts with the staff. Without a dedicated full-time staff, the burden on volunteers would be too great to handle with their other responsibilities. Like most good accountants, I prefer to do things for myself rather than delegate to someone else because I know I will do it the right way, and by that, I mean the way I want it done. I recently read the book "Permission to Screw Up" and learned some great philosophies on managing based on the story of a student-run cleaning company in Florida. I have basically adopted the book title as a new management mantra and will routinely tell my employees when I give them a task that I’m giving them permission to screw up (PTSU). This may sound trite, but I hope showing that I trust them to take the task and run with it and simply tell me the result, good or bad, is positive for them. The author says to give everyone the playbook, set the culture, and let them execute it. As difficult as it might be for some of us, the more we delegate to the staff and let them do their jobs, the easier our jobs as volunteers will be. I had to learn (and am still learning) what each staff member does. We’ve been fortunate that they have been

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here for a long time! I usually send emails to all of them and let them fight over whose responsibility it actually is. Hopefully these articles help us all understand the work of staff members, committees and councils, and other areas he UACPA is involved in. Past-president Gavin Hutchinson remarked at our last Leadership Council, “while the staff are amazing, without volunteers the staff wouldn’t know or have anything to do.” We need great volunteers to direct the staff, but then the staff take over and make ideas come to reality. An old African proverb says it best: “If you want to go fast, go alone. If you want to go far, go together.” The staff or the volunteers can’t do it by themselves, we all need each other. ■

CEO's Message

Susan Speirs, CPA

ftentimes our staff and board members are asked what the purpose of the UACPA is and why we exist. Typically, the role of a professional membership association is to maintain control or oversight of the legitimate practice of the occupation, to safeguard the public interest and represent the interests of the professional practitioners who maintain membership in the organization. The UACPA is also involved in the development and monitoring of professional education programs and advocacy efforts of our profession. According to our mission statement, "The UACPA leadership supports and challenges members through advocacy, professional education, leadership development, networking, and community service to help them succeed in a competitive and changing world." Our strategic intent states that we are to become the most valuable and essential membership organization for accounting professionals in Utah. Polling indicates that individuals and business members join membership organizations for easy access to up-to-date information and professional development offerings. Access to career information and employment opportunities also rank highly. Most importantly, individuals join a professional association because they depend on them to advocate for their beliefs and rights. We understand that advocacy efforts are stronger and more effective on a collective basis, and we work diligently to have our member's voices heard at both a federal and state level. The executive board keeps our strategic plan at the forefront. As we engage with members, our community and stakeholders should review the following: • From an advocacy standpoint, are we being recognized as the most trusted voice for our Utah CPAs? We continue to receive invitations to participate in committees and commissions

with the Utah State Legislature. Our organization is often called to submit names of firms or individuals to sit on audit committees or become board members of organizations. • As we increase membership, Are we creating partnerships with other organizations, participating with our universities with student outreach and exposing our future CPAs to the profession and our members? • Are we working to keep members engaged through opportunities to work with our student members, attend education offerings, volunteer on committees and participate in volunteer service opportunities with our partners? • Do we understand that professional development is a high priority? Our profession is driven by competency, and we strive to provide opportunities for members to attend CPE offerings, whether it be group study, webinars, webcasts or conferences. We work with our state board of accountancy to be proactive rather than reactive as we see how education is changing our profession and how we receive it. We invite you to take a moment and enjoy the many benefits of the UACPA! ■ the journal entry | April 2018

the journal entry | April 2018

How Your Membership Can Work for You The Utah Association of CPAs delivers the essentials to your professional membership By the UACPA Staff

t has been six years since I joined the UACPA staff and, in that time, I have often reflected on my own experience with memberships. As a proud, card-carrying member of Red Butte Gardens and Costco, I fully take advantage of their lures of flower bulb sales and oversized containers of hummus. It's more than patronizing these destinations: I diligently flip through Costco Connection Magazine to read articles with money-saving advice, interviews with authors, in-depth stories about responsibly sourced products and learn about book releases, new products, and specials on tires and dreamy vacations. I like to think that The Journal Entry is not so different and that your membership experience is as delightful as mine is at these organizations. For me, these memberships are valuable and I know how to get the most out of them when it's time to submit my annual dues. That's our goal at the UACPA as we strive to be the wind beneath your wings. In this issue of The Journal Entry, we illustrate the roles of the UACPA staff, committees and chapters and promote opportunities that will help you thrive in your profession. Although the UACPA does not have a warehouse with shelves stacked with items, we do consider ourselves your one-stop shop for education, advocacy, discounts, networking and anything else you could want out of your membership. — Amy Spencer

Susan Speirs, CPA CEO My responsibilities are for the overall success of the organization and making top level managerial decisions. I act as a direct liaison between the executive board and staff and communicate on behalf of our organization to our members, stakeholders and public. Specifically, in conjunction with the Executive Board, I lead in the development of the organization’s strategy and oversee the implementation of long and short-term plans in accordance with that strategy. Before coming to the UACPA, I practiced in the public accounting arena for 28 years. I enjoyed working with clients in real estate and construction. As my involvement grew, I was introduced to the legislative process as the collection process for general contractors and subcontractors for work completed for customers was very lopsided. I worked with legislators to even out the playing field as it relates to our lien laws and the process to lien properties for non-payment of services. The experience was the training ground that I needed as I now work with our legislature and the Department of Occupational and Professional Licensing (DOPL) as issues arise concerning our profession. I was also fortunate to work for a firm early in my career that understood the importance of being involved in the UACPA. I served on many committees and councils, including our PAC, as well as served as UACPA president in 2004.

Advocacy

I work with our Utah State Legislature and provide them with names of CPAs that can help committees as they discuss fiscal policy, tax policy and other issues that either affect us directly or could pose concerns for the public. I attend monthly DOPL meetings and report back to our board any concerns they may have and participate as needed in discussions regarding our Utah licensed CPAs. As your CEO, I’m able to work with our AICPA Council members (which includes our current president) to help them understand the issues facing our profession so that they may represent our membership. We are also involved with NASBA and interact with their organization as it relates to state licensing issues. the journal entry | April 2018

Feature Story

Braden Thompson Membership Development Coordinator

As the dedicated membership person, I try to make sure I am aware of everything that goes on in all the different areas of the association. The more I know about advocacy, CPE, communications, committees and finances, the more I can use that information to better serve each member according to his or her needs. I spend a lot of time thinking about what value the association can offer to each of you, our members, and how we can evolve as those needs change. In addition to the changing day-to-day work I do, I also focus my attention n the following initiatives throughout the year:

Golf Tournament

CPAs don their flat caps and knickers (OK, maybe just polos and shorts) for this yearly golf event held in the fall. I work closely with the committee to ensure we have a full field of golfers and sponsors. The earnings from this event go to the Utah CPA Foundation, which supports financial literacy in Utah.

CAMPUS AMBASSADORS

Each major campus in Utah has one or two ambassadors who work hard to bring the benefits of the UACPA to students on their respective campuses. I oversee the ambassadors’ monthly reports and yearly goals. I also work alongside the ProNet Council to organize a state-wide student conference.

LEadership academy

In coordination with the ProNet Council, I help with many of the various details of this intensive leadership retreat held annually in Park City.

Inauguration & Awards Banquet

Each year the UACPA honors newly licensed CPAs and outstanding CPAs in the profession. Among other things, I make sure invitations are sent, registrations are confirmed and awards are ordered. I also help the ProNet Council with the venue, menu and speaker. 10

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April Deneault CPE Manager I am best known as the “CPE Queen” or “CPE Guru.” I am all things related to CPE. I oversee the UACPA’s Continuing Professional Education (CPE) live and web-based programs. I am also responsible for reviewing and approving CPE approval applications. My background is in CPE: Before becoming the CPE manager, I was the CPE Coordinator and have been involved in this area in one capacity or another for almost 20 years.

CPE Scheduling and Conference Planning

I work closely with UACPA volunteers, CPE providers, and vendors to carefully select courses and topics to provide UACPA members with relevant courses and conferences that build competencies and improve your value. I stay alert to changes in CPE and technology and work closely with the AICPA and other state associations. For conferences, I work with the committee and coordinate the event details for the venue, food and travel for speakers. To earn a certificate for the classes or conferences, attendees must complete a survey and I am responsible for compiling that information to help with future planning.

Webcasting Classes

For our members that live outside Salt Lake City, or those who just don’t want to travel to the UACPA office, we are now webcasting most of our live classes. I am behind the camera answering your questions, taking care of any technical difficulties, and relaying any questions from the participants to the presenter.

Ethics Requirement

Now that CPAs licensed in Utah are required to obtain three hours of ethics and one hour of Utah laws and rules each reporting period, I am the producer for the one-hour video that the UACPA has created. This ondemand webinar will be updated every two years.

Feature Story

Amy Spencer Communications and Marketing Manager Like the "Wizard of Oz," the UACPA too has a "man behind the curtain." It's me. You know my name because it comes up on emails you receive with subjects like "Chapter Meeting Reminder," "eNetwork" and "CPE Connect." I'm responsible for the posts on Facebook, Twitter and LinkedIn. To add to the illusion of the curtain-concealed character, I also manage the content and features of the website. My background as a wordsmith and graphics guru at various publications, including SLUG Magazine and The Salt Lake Tribune, took me down the path that eventually landed me as the editor of The Journal Entry. Those same skills have come in handy for composing postcards and brochures that I sincerely hope you appreciate for a moment before they hit the recycling bin. Beyond the curtain, you'll find I am also involved in the following aspects of the UACPA:

Advertising and Podcasting

As sponsors of the award-nominated Money Making Sense podcast, I coordinate guests monthly to talk about specific topics related to finances. And if you have tuned into KSL NewsRadio, you have likely heard some radio spots touting the value of hiring a CPA. The 10-week campaign runs through tax season and also features guests (that's you, our members) who speak live on-air or on Money Making Sense.

Member Benefits

As a UACPA member, you are privy to heavily discounted items and specials. I manage the relationships with these partners to maximize the perks of your membership.

Centennial Celebration

The UACPA will be turning 100 years old in 2020 and the planning is well under way. I am the staff liaison for the committee and we are preparing for what will be the celebration of a lifetime — I can't wait to reveal what we have in store for you.

Tom Horn, CPA Finance Director As the finance director, I look at myself as a strategic thoughtpartner reporting to the chief executive officer and the board of directors. The responsibility of the finance director is to provide leadership, direction and stewardship of the finance, information technology, and administration functions for the organization. My focus is on managing and implementing the day-today accounting and administrative functions. I ensure that our accounting policies and procedures are in place as well as establish internal controls to maintain that the day-today operational activities are efficient and effective. My background as an auditor for Coopers & Lybrand (now PWC, which dates me) and my 45 plus years in industry and public practice gives me plenty of overkill for this position. As a retired CPA, I enjoy working a few days a week on a part-time basis. The staff keeps me young at heart and the work keeps the mind sharp.

Reporting and budgeting

I work with the department heads to develop the annual budget for the review and approval of the CEO, the budget committee, and the board of directors. The bank reconciliation and financial statements compared to the budget are prepared monthly for the CEO and the treasurer of the UACPA. A quarterly financial statement compared to the budget is submitted to the CEO and board of directors each quarter.

audit committee

The UACPA has an annual audit, which I help coordinate with the auditors and provide draft reports to the CEO and audit committee. I am also available for any tax questions the auditor’s tax staff may have concerning the preparation of the organization’s tax return.

investment committee

I monitor and provide the organization’s investments report to the CEO and the investment committee on a monthly basis. the journal entry | April 2018

Feature Story

Committees

Committees handle initiatives developed within their groups. While many committees handle details for conferences, others pursue activities that are not limited to a CPA audience.

Accounting & Auditing Conference

Nonprofit

Volunteer members assist with the planning, execution and delivery of a quality conference program and coordinate contracts, speakers and all conference arrangements.

This group examines the emerging issues of not-for-profit entities, assess the needs of practicing and consulting members and not-for-profit entities and recommends activities appropriate to meet those needs.

BAM CONFERENCE

State & Local Government Conference

Members in business and management plan, promote and deliver an effective, top-quality and well-balanced BAM conference.

Volunteer members from government and public practice work to develop the curriculum and identify quality presenters for a one-day conference held annually in May.

BUSINESS VALUATION CONFERENCE

Winter Conference

Volunteers with expertise in business valuation curate this conference with speakers and topics relevant to their industry.

Volunteers plan, promote and deliver a well-balanced two-day conference with topics that appeal to a wide variety of CPAs in the profession. This is the UACPA's largest conference of the year.

Project Committees Financial Literacy & Financial Ready Utah The goal for both of these committes is to increase fiscal fitness throughout the state. The financial literacy committee has devoted time to teaching four- and six-week courses at the Utah State Prison and the VA. Financial Ready Utah has worked with the legislature to ensure our state is financially secure.

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Councils

Feature Story UACPA councils are groups who have come together for what they have in common. Most of these groups have an elected chair to oversee initiatives and activities.

Women's DAC

Leadership Council

The American Woman's Society of CPAs was dissolved in late 2017, but the need to continue a group exclusive to women transitioned into the Women's Development for Advancement Committee (DAC). Quarterly meetings are held to bring women together for specialized training and to bring support, encouragement and camraderie through networking.

This group is made up of the leaders of the groups listed between pages 6 and 17 of this magazine in addition to past presidents, educators, campus ambassadors and leadership academy alumni. Leadership council members meet twice per year where they hear from speakers, get exclusive AICPA updates and strategize the future for the UACPA.

ProNet

BAM Council

This network of young professionals was created to further develop interpersonal and career skills of budding leaders. This group directs the annual leadership academy, puts on the Inauguration & Awards banquet and holds regular networking events.

The Business and Management (BAM) Council plans meetings at businesses where attendees can hear from a speaker to earn CPE, have lunch and take a tour of the facility. These meetings take place on a quarterly basis.

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Chapters Feature Story

Chapter meetings help you connect with CPAs in your GEographical area. Meet your 2018-19 Chapter Presidents.

With eight groups scattered throughout the state, UACPA chapters are where you will find connections with professionals in your region. Each chapter has a president who plans the monthly or quarterly meetings where food and networking are served with a side of CPE.

Cache Valley Chapter

Mountain Chapter

Dustin Wood Audit Partner Cook Martin Poulson, P.C. dwood@cookmartin.com

Garrit Dahl Senior Manager Niederhauser & Davis, LLC garritd@parkcitycpa.com

Number of Chapter Members: 107

Number of Chapter Members: 127

Cedar Breaks Chapter

Northern Chapter

Brian D. Wright Controller Southern Utah University brianwright1@suu.edu

Amy Hall Tax & Audit Manager Adams & Petersen, CPAs, LLC amy@apcpas.com

Number of Chapter Members: 134

Number of Chapter Members: 280

Downtown Chapter

Southern Chapter

Clinton Armstrong Tax Manager Carver Florek & James, CPAs lint@cfjcpa.com

Tyler Hoskins Tax Manager Eide Bailly tyhos24@yahoo.com

Number of Chapter Members: 1,846

Number of Chapter Members: 440

Color Country Chapter

Uinta Basin Chapter

Nate Bybee Manager Hafen Buckner Everett & Graff PC nbybee@hbeg.com

TBD Number of Chapter Members: 30

Number of Chapter Members: 138

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Feature Story

the Awards and Nominations committees elect cpas to be honored or invited to join the executive board

Awards Committee The UACPA celebrates outstanding CPAs and members at the annual Inauguration & Awards Banquet held in September. Those serving on the awards committee review individuals who have been identified either to the staff, committee or nominations submitted through the UACPA website. This committee is led by the immediate past president who also presents the honorees with their trophies at the event. Award categories include the following: •

Distinguished Service

•

Outstanding CPA in Business & Management

•

Outstanding CPA in Public Practice

•

Outstanding Leadership Council Member

•

Outstanding Educator

•

Rising Star

•

Lifetime Member

•

Women to Watch: Experienced Leader

•

Women to Watch: Emerging Leader

Nominations Committee

Similar to the awards committee, a special committee meets to identify UACPA members who have been recommended or nominated to serve on the executive board. The members of the nominations committee makes recommendations and the president ultimately asks each person if they will join. Positions on the board include: •

President

•

Secretary

•

Immediate Past President

•

President-Elect

•

Treasurer

•

AICPA Council Representative

•

Vice President

•

Member-at-Large (two positions)

•

ProNet Council Representative

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Feature Story

Utah CPA Advocacy Foundation Financial literacy and education for Future CPAS drive the initiatives for the Utah CPA Foundation

The Utah CPA Foundation was established in January 1999 to support a variety of initiatives including 1) encouraging the advancement and dissemination of knowledge relating to accounting and business matters; 2) supporting, encouraging and sponsoring formal and informal gatherings of certified public accountants and persons interested in joining the profession; and 3) providing scholarships, research grants and other financial assistance to those interested in pursuing accounting and business education. Through the Utah CPA Foundation, the Financial Literacy Committee has been able to teach classes at the Veteran's Administration and the Utah State Prison. The Foundation is primarily funded through individual donations and the annual UACPA Golf Tournament. We encourage anyone to donate and to visit our page online at www.uacpa.org/donate Currently, the Utah CPA Foundation is creating a new strategic plan to broaden their contributions.

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The UACPA represents the profession at the legislature and other regulatory bodies and promotes the value of the CPA to employers, the business community, and the public at large. We maintain a healthy and proactive relationship with Utah's state legislative representatives and national delegation of congressmen and senators, by reaching out to both of these groups to promote sound policy as it relates to the profession and business community as a whole.

UTAH CPA Pac

The Utah CPA PAC is a nonpartisan, member-managed organization representing the profession in Utah. The board of directors determines what issues and matters rise to significance for the business community and the profession in order to support candidates for state office that can have a positive impact on those issues. Members of the Utah CPA PAC strive to maintain a good working relationship with our legislators. The PAC enables UACPA members to add their contribution to maximize our influence in the political arena. Contributions are given in a bi-partisan manner, with emphasis on legislators who have been supportive of issues critical to both business and the CPA profession. The PAC is an effective way for individual members to participate in the political process and assure that legislative issues which affect our profession have a better chance of being resolved favorably.

Feature Story

Blue Ribbon Task Force From time to time, the UACPA will create a blue ribbon task force to address concerns of the State Board of Accountancy, our members or the accounting community. In 2016 we launched a task force that helped us update our attest rules in our accountancy statute as they had not been updated for the current climate. The task force worked with the State Board of Accountancy and the AICPA legislative team to update language that would fit the mobility standards as well as protect our brand. We currently have a blue ribbon task force that is looking at whether our existing structure inhibits firms from operating effectively in our current environment and studying how our neighboring states have legislated firm structure. The blue ribbon task force will resume its activities after tax season.

Federal Key Person

Tax Issues Committee

The AICPA established the Federal Key Person Program to maintain regular personal contact with each member of Congress. Two federal key persons represent the UACPA and the AICPA with our national congressional delegation. Their duties include maintaining personal contacts with our congressional delegation, staying current on legislative issues affecting the profession and taking immediate action to contact our members of Congress when the AICPA issues a “Legislative Action Alert.” For example, we were active when cash basis accounting was discussed and continue to be active as IRS structure and funding is being discussed. Bi-yearly, as part of May Council, we visit Washington, D.C. with our federal key persons. They coordinate visits to all our Utah delegation where we’re able to discuss issues of the profession.

The Utah State Legislature has a Senate Revenue and Taxation Committee that we attend to represent CPAs. Members of our tax issues committee either attend the meetings live or listen to them from whereever they are so that we can remain current on tax policy either being discussed or implemented in our state. Often members of the committee will seek opinion or clarification of potential tax policy. In recent years, there has been discussion regarding the single sales factor for reporting state income tax, sales tax on food increases and decreases and review of tax credits. With passage of HR1 in 2017, the legislature has reached out to our committee to educate lawmakers with regards to potential tax policy changes as it relates to the changes made on the federal tax law.

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Join a UACPA Committee Sign up to volunteer at uacpa.org ✓ I would like to volunteer to serve on a UACPA committee or council ❑ Committee/Task Force descriptions can be found online at uacpa.org, under Member Connection, Committee & Task Force where you can also volunteer. Identify the committee or task forces below. Check all that you would like to serve on (maximum 3). We will make every effort to assign you to the committee(s) of your choice. Conference Planning Committees ❑ Business Valuation Conference ❑ Business & Management (BAM) Conference ❑ Nonprofit ❑ State & Local Government Conference ❑ Winter Conference

Councils ❑ Business & Management (BAM) Council ❑ ProNet Council ❑ Women's DAC Advocacy Groups ❑ Utah CPA PAC ❑ Utah CPA Foundation ❑ Federal Key Person

Other ❑ Financial Literacy/Financial Ready Utah ❑ Golf Tournament Committee ❑ Centennial Planning Committee ❑ Nominations Committee ❑ Awards Committee

Name: ____________________________________________________Firm/Company: ___________________________________ Phone: _____________________________________________________________________________________________________ Address: ___________________________________________________________________________________________________ City/State/Zip: ___________________________________________________ Email: _______________________________________ Send completed form to UACPA, 136 S. Main St., Ste 510, Salt Lake City, UT 84101 or email: volunteer@uacpa.org 18

the journal entry | April 2018

by the

Numbers

These numbers reflect the UACPA membership numbers as of March 1, 2018.

UACPA Membership

1,236 714 3,156

Number of members who indicated that they work in public accounting

Number of members who indicated that they work in industry Number of UACPA members (students, non-residents, nonCPAs, retired and trial members)

61 109

652

370

Number of retired and lifetime members

Number of all members who are female

Number of student members

Number of leadership academy alumni since 2011

the journal entry | April 2018

How to Develop the Mindset of an Innovative Thinker

design thinking introduces a method that strives to resolve problems through innovation By Marsha Huber, CPA, cgma This article first appeared in CGMA Magazine. For more articles, sign up for the daily email update CGMA Advantage at http://bit.ly/2svn2AY.

hen Srikant Datar wrote Rethinking the MBA, the Harvard Business School accounting professor concluded that business schools did an excellent job of teaching operational skills â&#x20AC;&#x201D; decision-making, marketing, distribution, procedures. But the students lacked training in innovation. Innovation is about "experimenting, connecting, connecting dots, exploring, prototyping, trying, and this is a different set of skills," Datar told his students in a Harvard seminar. Recognizing this, he said, he created a design-thinking course to help students become more creative thinkers.

customer needs by putting oneself in the customers' shoes and experiencing what they feel. This phase, called empathy, is where a design thinker conducts ethnographic research and listens to what a customer is saying, watches what they are doing, ponders what they are thinking, and imagines what they are feeling. This process helps overcome fixed-mindedness, which hinders innovation. "The more expert you are on a subject, the more fixed you become," Datar said in an interview with the Association to Advance Collegiate Schools of Business. Datar describes different types of fixedness. For example, functional fixedness is thinking there is only one function for a car, and that is to transport you or your family. Uber and Lyft break functional fixedness.

Design thinking is a method that developed in architecture, urban design, and engineering in the 1970s and '80s. It uses a standardised process that emphasises empathy, observation, ideation, and prototyping as core processes leading to out-of-the-box thinking.

Structural fixedness is believing something must be done in a particular order, such as how to clean a plane between flights. Southwest Airlines breaks this mold by sometimes asking customers to place the seatbelts a certain way and cleaning the seats as they are unloading.

To be creative requires uncovering insights about

Relationship fixedness is believing interactions between

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Innovative Thinking companies and customers are fixed. For example, interactions between insurance companies and customers occur only when there is trouble. Interacting with customers with a rewards program for wellness breaks this traditional relationship. One company that uses design thinking to break relationship fixedness is Fidelity Investments. The privately owned financial services company, with revenues of $15.9 billion and 45,000 employees, wants all its employees to have a design-thinking mindset. Fidelity uses design-thinking teams to tackle problems and to devise unique solutions that meet customers' needs. Andrea Leitner, design strategist at Fidelity Labs, a division of Fidelity Investments, explains her background and how Fidelity uses this multidisciplinary approach to solve business problems:

How Would You Describe the DesignThinking Process?

Leitner: I prefer to think of design thinking as a mindset more than a process. It is really about having a deep understanding of your customer and the people you serve. We speak a lot about empathy for the customer in our practice and the importance of bringing that understanding to the decisions that we make. If we speak in terms of the process we employ at Fidelity, design thinking is critical in understanding the problem we are trying to solve. That is true for both internal business partners and for understanding the problems of our clients.

In Fidelity's Search for a New Design Director, the Job Description Says, "You Will Make Sure the Human Voice is Never Lost in Decision-Making." What Is So Important About the Human Voice?

Leitner: It is so important to first understand the problem you are trying to address from the human/customer perspective but then also keep that front of mind throughout the development of a product. Throughout the process of designing a new product or service, I think it can be easy to be consumed by other factors. It is the role of the design thinker of our teams to bring the voice of the customer into all the decisions we need to make

throughout the development. It is critical to the success of a product.

Throughout the design process, we go back into the field to test our prototypes and ideas to understand if they are addressing the needs of the customer and resonating with the user. Design thinking as a process is iterative â&#x20AC;&#x201D; always going back to the customer, but also always keeping the customer front of mind.

How Do You Do That?

Leitner: We first determine who we should be talking to regarding the problem space. Oftentimes in design thinking we use extreme users to understand the thinking and recognise behaviours of people. As an example, we could speak to early adopters or potential adopters of a technology. As a team, led by a design thinker at that point, we will go out to the field to listen and observe people. We want to understand what is happening for them. As we say, "We meet them where they are." Throughout the design process, we go back into the field to test our prototypes and ideas to understand if they are addressing the needs of the customer and resonating with the user. Design thinking as a process is iterative â&#x20AC;&#x201D; always going back to the customer, but also always keeping the customer front of mind.

Can You Give Us An Example?

Leitner: We did a round of research with what we refer to as the young family â&#x20AC;&#x201D; a family with young children that is likely experiencing a high level of financial complexity. The hypothesis was that they do not have a lot of time to inform themselves and make financial decisions. With children under 5 years old, they are potentially changing their 401(k) [retirement plan] contributions, maybe purchasing a large home, or deciding how best to contribute to their child's education. In that research, we speak to both parents, if there were two, in the home. We met, listened, and observed what is truly happening in the lives of these families.

the journal entry | April 2018

What Are Potential Pitfalls?

Count Me In I would like to donate to f UACPA PAC f Utah CPA Foundation I am enclosing:

f $25 f $50 f$100 f Other Payment Information f Visa f MasterCard f Discovercard f American Express f Check Enclosed Card # CVV Number Expiration Date Name on Card Name Firm/Company Address City/State/Zip Phone Email Please return form to Utah Assocation of CPAs, 136 S. Main Street, Suite 510, Salt Lake City, UT 84101 To make a gift online, go to uacpa.org/donate 22

the journal entry | April 2018

Leitner: One of the mindsets of design thinking is to fall in love with the problem, not the solution. One of the pitfalls is that people get really excited about what they [think] the solution might be. Often it can be an allure of a new technology capability that has a team solutionfocused, instead of understanding the real problem. That is why the design-thinking process constantly brings it back to the customer.

One of the mindsets of design thinking is to fall in love with the problem, Not the solution. One of the pitfalls is that people get really excited about what they [think] the solution might be.

Can You Tell Me How Design Thinking Is Being Integrated at Fidelity?

Leitner: We have one team of design thinkers within Fidelity Labs, but we work to integrate it into Fidelity in different ways. A part of the team works to bring the customer into the process of new product and service development, and a part of the team propagates the design-thinking mindset and customer-first mentality throughout the firm. In our new product space, there are major projects that address the student loan crisis, as well as initiatives in the financial wellness space. The team that promotes design thinking throughout the firm often works to bring in outside perspectives, and a huge success they have had recently is the launch of a Design Thinking Club. The club allows associates from across the firm to participate in hands-on learning and speaking events.

Is Design Thinking Appropriate for All Companies?

Leitner: I believe it is, yes. It is obviously imperative for a business-to-consumer company. I think it is interesting as well in a business-to-business context, as in the mindsets of understanding the problem and having empathy for your users is always important. It is about people. â&#x2013;

Marsha Huber (mmhuber@ysu.edu) is an associate professor of accounting at Youngstown State University in Youngstown, Ohio.

Blockchain — Today and Tomorrow Blockchain has arrived and is here to stay By Thomas G. Stephens Jr., CPA, CITP, CGMA

or several years now, you have likely been hearing about “blockchain” and its potential impact on organizations of all sizes and in all lines of business. Yet, blockchain remains a mystery to many professionals, not only in terms of what it is, but also how it will potentially be used to drive the results many are expecting. Read on, and in this article, you will learn what blockchain is, how it is being used today and how it likely will be used in the future to produce desirable outcomes.

What is Blockchain?

At its core, blockchain is an electronic, shared, distributed ledger that can be used to record transactions and track virtually any type of asset across a network. The assets that blockchain can track can be “hard” assets such as personal property or real estate, or they can be “soft” assets such as intellectual property. Blockchain is a core technology that facilitates other applications and solutions. For example, Bitcoin is the most widely known application in use today that takes advantage of blockchain technology. Just as the applications on your computer run on top of an operating system — likely Microsoft’s Windows or Apple’s MacOS — so, too, do applications

run on top of blockchain. In this regard, blockchain can be thought of as an “operating system” for commerce. In a traditional, non-blockchain environment, each party to a transaction keeps its own set of records. For example, a bank would maintain its own ledger of a customer’s activities and so too would the customer. Periodically, a third-party auditor might be brought in to compare the two sets of records to ensure their agreement. However, in a blockchain environment, all parties to a transaction have access to the same ledger because the ledger is replicated to each party every time a transaction occurs or is updated; therefore, the data remains synchronized amongst the participants in the transaction. Further, blockchain protects the transaction — and by extension, all parties to the transaction — through the following four key characteristics. 1. Consensus. Before a transaction is accepted into the blockchain, all parties to the transaction must agree to it. This ensures that only authorized transactions are recorded. 2. Provenance. Because the transaction ledger maintains a complete history of all events associated with the asset, the history of the asset is easily viewed and the the journal entry | April 2018

Blockchain — Today and Tomorrow ownership of the asset is easily proven. 3. Immutability. Once a transaction is recorded in the distributed ledger, no party can change it because the transaction is encrypted. If a transaction is recorded in error, a new transaction must be entered to reverse the error. 4. Finality. The distributed ledger becomes the single point-of-reference for determining the ownership of the asset or the history of the transactions related to the asset.

How is Blockchain Used Today?

While still a relatively new technology, practical applications of blockchain are appearing in today’s business world with increasing regularity; following are four examples. The first recorded use of blockchain technology is that of Bitcoin, a form of digital currency. By taking advantage of the distributed ledger concept found in blockchain technology, Bitcoin eliminates the risk of a digital currency being “spent” on multiple occasions, an issue that must be resolved for digital currencies to become mainstream. But blockchain usefulness is not limited to Bitcoin or any other form of digital currency. In fact, numerous organizations and various industries are taking advantage of blockchain technology today. For instance, Capital One and Gem Health are using blockchain technology to reduce the amount of time it takes to process payments made to healthcare providers. The two companies take advantage of an application that uses blockchain to verify transactions more quickly than by using traditional methods, and in the course of doing so, reduces friction in payment processes. This in turn creates a more efficient payment processing system and yields faster payments to health care providers. Likewise, IBM Global Financing has created an application that uses blockchain to assist over 4,000 trading partners to purchase goods and services from suppliers using credit supplied by IBM. As a result of implementing this blockchain-based application, each organization is able to have better visibility into the order-to-delivery pipeline and the number of disputes filed and the time necessary to resolve each dispute has been reduced substantially. Bitproof is one of many companies that has developed a

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blockchain-based application to secure contracts and prevent tampering once a contract is signed. Using Bitproof ’s SealX application, a fully-executed contract is uploaded to a distributed ledger that is accessible by all parties to the contract. Thereafter, based on the four key blockchain characteristics listed previously, no party can alter the terms of the contract without the agreement of all other parties.

Looking ahead, what types of problems will blockchain be used to solve? The options are nearly endless. For example, a car rental company coud implement a blockchain-based application to speed up the process of renting a car. The distributed ledger shared between the company and the customer could contain information such as driver's license number and expiration date, credit card number, and insurance information, and all that data could be continually verified using blockchain.

What Does the Future of Blockchain Hold?

Looking ahead, what types of problems will blockchain be used to solve? The options are nearly endless. For example, a car rental company could implement a blockchain-based application to speed up the process of renting a car. The distributed ledger shared between the company and the customer could contain information such as driver’s license number and expiration date, credit card number, and insurance information, and all that data could be continually verified using blockchain. Therefore, when the customer arrives to pick up the car, the paperwork currently involved would be virtually eliminated. Another example of potentially using blockchain to solve a business problem is in the area of supply chain. A supplier and a customer could use a blockchain-based application to facilitate commerce. Purchase orders, receiving reports, invoices, and even payments could be created, communicated, and settled with virtually zero friction and almost instantaneously, leading to reduced costs and a more efficient trading environment.

Blockchain — Today and Tommorrow In the governmental arena, blockchain technologies could be used to facilitate digital voting. Voters could cast their votes from the privacy and comfort of their own homes. Then, they could easily and anonymously access the blockchain to confirm that their votes were recorded as cast. In turn, perhaps voter turnout rates would increase because voting would no longer require a trip to a polling location. Also in the governmental arena, blockchain could be used to create and validate identity documents such as passports, birth certificates, wedding certificates, and drivers’ licenses.

transaction and improves security for all parties associated with that transaction. In turn, businesses will be able to process transactions faster and less expensively than ever. Remember, blockchain is an underlying, core technology and applications are built to take advantage of blockchain’s capabilities to improve business processes. To that end, be alert to the ever-growing list of blockchain-based applications and consider implementing those that can help your organization to become more efficient and more secure. ■

In sum, virtually any type of transaction or event that involves an asset — “hard” or “soft” — and multiple parties is a candidate for a blockchain-based app.

Summary and Conclusions

Though still not widely understood by many, blockchain is one of the more exciting technologies to have appeared in decades. By ensuring consensus, provenance, immutability, and finality through the use of a distributed ledger, blockchain greatly reduces the friction associated with a given

Thomas G. Stephens, Jr., CPA, CITP, CGMA is a shareholder at K2 Enterprises where he has been since 2007. He has presented more than 2,200 educational sessions to more than 63,000 participants. Thomas can be reached at tommy@k2e.com.

Tax Season Cessation Program Experiencing: • Stress? • Lack of Sleep? • IRS induced Nausea? We have helped thousands sell... and WE CAN HELP YOU!

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the journal entry | April 2018

Closing the Gaap — Women in Accounting

Natalie Clark, CPA Interview By Katie Chandler, CPA

atalie Clark is the CFO for Utah Foster Care Foundation where she has worked for the last 10 and a half years. Over the past three years, she has transitioned to become a "work-at-home mom." Natalie is a musician and runner who says "I love to tell people I grew up in Moab." What made you decide on a career in the accounting profession? Starting in elementary school, I always excelled in math, so it was no surprise that I gravitated toward a profession using numbers. I knew that having a family was something I wanted in my future, and a career that could allow for flexibility to work from home or potentially have my own business was important to me. Also, job security — every business needs an accountant. Is there another profession that interests you? Event planning. I’ve had a chance to be part of the planning process of a couple large community events and found that I really love being in the details of pulling off a special occasion. There is something really satisfying about seeing the vision in my head come to life and all the details fall into place.

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What do you enjoy doing outside of work? My husband and I love doing home improvement projects, but with two toddlers running around, it’s always a little adventurous. In between the coats of paint and power tools we take breaks to have family dance parties or play a few rounds of hide and seek. We also love to be outside and travel as much as possible. How do you balance your professional and personal lives? I constantly have to tell myself that “You are Enough.” It sounds cliché, but working from home, the daily struggle for me is feeling like I’m being the mom and wife my family deserves and the accountant my organization needs. At the end of the day I have to remember that even if my own personal expectations aren’t met, if my family and work responsibilities are taken care of, that’s enough. What do you enjoy most about your profession? One thing I decided early on in my career was that I wanted to do more than “count widgets.” I wanted my efforts to make a positive impact in the community. With Utah Foster Care I still get the structure of “crunching

Closing the GAAP — Women in Accounting the numbers,” but it’s always heartwarming to issue payments that allow a child in foster care to take piano lessons or buy a prom dress. Do you have a mentor? How have mentors helped you in your career? My friend and CEO, Kelly. Over the last ten years of working together she has taught me to trust myself and always stresses that "this is just a job.” Kelly has created a corporate culture that encourages growth and a genuine concern for the personal well-being of all her staff. Being the only money person in my organization, I don’t always have someone to bounce ideas off of, but the trust Kelly has placed in me has taught me to be more confident in my own ideas. The flexibility in my hours, work space and responsibilities have helped me to maintain a work-life balance, and made it so I don’t have to choose family or career. I can do both successfully. ■

Katie Chandler, CPA, is a senior audit manager at Tanner LLC where she serves clients in a number of industries including financial services, technology, manufacturing, healthcare, and nonprofit.

The Journal Entry is printed by Transcript Bulletin Publishing. We're a full service local printing company who enjoys printing for UACPA and would like to provide our printing services to you. Call Shane at 435-840-0344

The Rules Have Changed Don'’t Miss Out on Your New CPE Requirements Utah CPAs are required to earn three hours of ethics and one hour on the Utah CPA Licensing Act and CPA Licensing Act Rules (Utah Laws & Rules) per CPE reporting period. This requirement applies to the current reporting year, which has been extended and now ends December 31, 2018. Due to the extension, CPAs will be required to complete 120 hours.

Credits Find ethics courses that will fulfill the three mandatory credits by visiting www.uacpa.org/ethics. For the Utah Laws & Rules credit, the UACPA has created a webinar to fulfill that requirement.

Webinar The Utah Laws & Rules webinar is accessible through www.uacpa.org. It can be accessed through the CPE tab on the main page.

the journal entry | April 2018

Meet the Executive Board

What Would You Sing on 'American Idol?' Matt Klein President

Jay Niederhauser Vice President

"'Sweet Home Alabama' because it carries

"First off, to get it straight, I will never be invited to sing on 'American Idol.' Trust me! However, hypothetically speaking, if I were invited, I would probably lip-sync to Robert Peterson singing 'The Impossible Dream' from Man of La Mancha. That is the most powerful performance I have ever experienced."

a good tune, the audience would sing along, and there aren’t a lot of high notes."

Jason Tomlinson Treasurer

Stan Jenne Secretary

" 'Bare Necessities' because it is a fun simple song, that has some good principles ... and I know all the words."

"Having no ambition to sing publicly, I would need a lot of help. Therefore, the most appropriate song is, 'With A Little Help From My Friends,' by the Beatles. It begins appropriately with; 'What would you think if I sang out of tune would you stand up and walk out on me?' ”

Amy Anholt ProNet Council

Tom Colligan Member-at-Large

"I’d choose a song by my favorite band, Imagine Dragons. Their lyrics inspire me to 'Rise Up' and to become a 'Believer' (two of their songs). Opportunity will come to those who seek it, those who are willing to fail and try again. Imagine Dragons said it best: 'I'm the one at the sail, I'm the master of my sea.'”

"I would sing 'Hallelujah' originally by Leonard Cohen and made famous by Jeff Buckley, because that’s what everybody on 'American Idol' sang last year."

Susan Speirs CEO "My sappy song would be Bryan Adams, '(Everything I Do) I Do it For You' (UACPA members) or dedicated to our Women’s DAC, 'Girl on Fire' by Alicia Keyes, or for the membership 'Fight Song' by Rachel Platten sung by Katy Perry."

Gavin Hutchinson Immediate Past President "Ava Maria."

Not pictured: Monica Teuscher Gardner (President elect), Brandon Allfrey (AICPA Council Rep) 28

the journal entry | April 2018

Meet the UACPA Staff

Board Bullets

What Would You Sing on 'American Idol?'

News from the UACPA Board Here is a glance at what has been going on at the UACPA recently. •

Nominations for the AICPA board of directors and various committees were reviewed, discussed and voted upon. Names were submitted to the AICPA.

•

Executive board nominees that have accepted positions on the executive board for the fiscal year ended were announced. Mike Beach announced his resignation as member at large due to a move in employment and he was recognized for his service in the Southern Utah region. Names were discussed to finish out his term.

•

harters of the UACPA have been updated C and reviewed and were approved by the executive board.

•

White Paper, Closing the Skills Gap was A discussed in preparation for discussion with the State Board of Accountancy. The paper discusses the potential future impact of technology on the profession. While technology continues to replace routine tasks of the profession we see an increased demand of CPAs. We are also seeing increased demand for CPA candidates that have data-analytics background.

•

e budget for the fiscal year ending March Th 31, 2019 was discussed and approved.

April Deneault CPE Manager "I would sing 'Don’t Stop Believin'' by Journey. I don’t think there is a person alive who doesn’t know this song. It’s such a catchy song, and so much fun to sing at the top of my lungs (if I’m alone and no one can hear me)."

Braden Thompson Membership Development Coordinator "I haven’t watched 'American Idol' for years, so I don’t know what the rules are for songs you can sing. If they would let me, I’d probably choose to rap instead of sing. Most likely 'Bust a Move' by Young MC, or maybe 'Grillz' by Nelly."

Amy Spencer Marketing & Communications Manager "In a world where I have a voice like Adele, I would move those judges to tears with my rendition of "Hello." But that's the kind of song I save for my solo act in the car. I should stick within my vocal comfort zone with something by Depeche Mode. It doesn't hurt that I know every song by heart." Tom Horn Financial Director "I would sing 'Groovin' by The Young Rascals (1967). First of all, I would never sing it as they would take the big hook and drag me off the stage after a couple of words. I guess I like it as it takes me back to the beach days in Waikiki in 1968 when I was in the Army."

the journal entry | April 2018

Find New Opportunities Explore job listings at uacpa.org Get your job posted for 30 days by sending the description to Amy Spencer, as@uacpa.org

the journal entry | April 2018

MEet a uacpa member

Five Minutes with Tom Colligan

Tom Colligan, CPA received his bachelor’s and master’s degrees from Utah State University. He started as an auditor at Tanner LLC and left as an audit manager after six years. The next two years were spent at AgReserves as the Financial Reporting Manager,"which I left to pursue an opportunity at Venafi where I currently serve as the Corporate Controller." Along with his wife, Stephanie, and their five children ages 2 to 9, Colligan resides in Riverton (where he grew up). He recently joined the UACPA board as member-at-large

on getting my CPA as soon as I could, knowing that would be the first step in achieving my career goals.

through the IPO process. Outside of work, I want to travel the world with my wife and bench press 225 pounds.

What do you like to do outside of work? My favorite thing to do is travel with my wife. We try to go somehere new each year for our anniversary. Even with five kids, I enjoy family vacations, which often involves road tripping. I enjoy all things sports, especially Utah State Football, and love taking my family to home games. I have been involved in CrossFit for 1.5 years and enjoy pushing myself physically.

What would surprise people to know about you? Because I am such a big Aggie Football fan, people would be surprised to know that I was a football season ticket holder at the U of U from fifth grade through high school. Once attending Utah State, I fell in love with the Aggies and never turned back.

What led you to become a CPA? I knew I wanted to pursue a degree in business, but didn’t know exactly which area. I took my first accounting class in the fall of 2002 from Cassie Budd, and appreciated the logic of accounting and it came naturally to me. I set my sights

What are some of your goals as a professional? My biggest goal professionally is to always be learning and progressing. I love being a CPA as it offers challenging opportunities and continuing education. I also have the goal of working with a company

What advice do you live by? I know it’s cliché, but I have found the saying “attitude determines altitude” has been true in my career. I have found that a good attitude can go a long way. I also made myself a promise early in my career that as long as it is not illegal or unethical, I will do anything I can to help the team progress towards its goals. ■ the journal entry | April 2018

Photos, Meet & Mingle

The UACPA and Utah Nonprofit Association held a networking event for CPAs and Executive Directors at nonprofit organizations on Jan. 11.

the journal entry | April 2018

Photos, Accounting Student & Educator Conference The Accounting Student & Educator Conference was held on Jan. 26 at the University of Utah in the Spencer Fox Eccles Business Building.

Photos, Financial Literacy Day Susan Speirs, CEO of the UACPA joined Jump$tart for the Financial Literacy Day on the Hill on Feb. 2.

the journal entry | April 2018

CPECourseSchedule

Register online at uacpa.org, then Education & Events or call the UACPA office at (801) 466-8022. CREDIT HOURS COURSE TITLE

DATE

INSTRUCTOR

VENDOR

MEMBER FEE*

NONMEMBER FEE

JUNE 6/18/18

K2's Excel Data Magic, Including Advanced Pivot Tables & Power Pivot

TBD

K2 Enterprises

$285

$340

6/19/17

K2's Cloud computing

TBD

K2 Enterprises

$825

$340

9/24/18

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

Melissa Critcher

AICPA

$285

$340

9/25/18

Auditing Employee Benefit Plans

Melissa Critcher

AICPA

$285

$340

9/26/18

Employment Law Update: Examining Critical Issues with FMLA, HIPPA, CPOBRA,

Curtis Quickel

AICPA

$170

$195

9/26/18

Employment Law Update: REducing Employer Liability

Curtis Quickel

AICPA

$170

$195

9/27/18

Annual Update for Controllers

Curtis Quickel

AICPA

$285

$340

10/17/18

Annual Update for Accountants and Auditors

Marty Van Wagoner

AICPA

$285

$340

10/18/18

Integrating Audit Data Analytics into the Audit Process

Robert Minniti

AICPA

$285

$340

September

October

10/19/18

Cybersecurity Risk Management Program Essentials

Robert Minniti

AICPA

$285

$340

10/25/18

Form 990: Exploring the Form's Complex Schedules

Brian Yacker

AICPA

$285

$340

10/29/18

K2's Excel Financial Reporting and Analysis

TBD

K2 Enterprises

$285

$340

10/30/17

K2's Business Intelligence, Featuring Microsoft's Power BI Tools

TBD

K2 Enterprises

$285

$340

11/2/18

Fraud Update: Detecting and Preventing the Top Ten Fraud Schemes

Marty Van Wagoner

AICPA

$285

$340

11/6/18

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

John Cox

AICPA

$170

$195

11/6/18

Lean Accounting and Management: Saving Money by Streamlining Operations

John Cox

AICPA

$170

$195

11/7/18

Analytics and Big Data for Accountants

John Cox

AICPA

$285

$340

11/9/18

Audit Workpapers: Documenting and Reviewing Field Work

Marty Van Wagoner

AICPA

$285

$340

11/12/18

Interpreting the New Revenue Recognition Standard: What All CPAs Need to Know

Marty Van Wagoner

AICPA

$170

$195

11/12/18

The Bottom Line on the New Lease Accounting Requirements

Marty Van Wagoner

AICPA

$170

$195

11/13/18

Yellow Book Financial Audits

Robert Moody, Jr.

AICPA

$170

$195

11/13/18

Real-World Frauds Found in Governments

Robert Moody, Jr.

AICPA

$170

$195

11/14/18

Governmental Accounting and Auditing Update

Robert Moody, Jr.

AICPA

$285

$340

11/15/18

Hottest Tax Planning Developments Under the Current Tax Law

Michael Frost

AICPA

$170

$195

11/15/18

Protecting Your Client and Your Firm From Tax Return Identity Theft

Michael Frost

AICPA

$170

$195

november

11/27/18

Real-World Frauds Found in Not-for-Profits

Stacey Bergman

AICPA

$170

$195

11/27/18

Financial Reporting for Not-for-Profit Entities

Stacey Bergman

AICPA

$170

$195

11/28/18

Not-for-Profit Accounting and Auditing Update

Stacey Bergman

AICPA

$170

$195

the journal entry | April 2018

CPECourseSchedule

CREDIT HOURS COURSE TITLE

INSTRUCTOR

VENDOR

MEMBER FEE*

NONMEMBER FEE

DECEmber 12/3/18

Smart Tax Planning Strategies for Individuals

Steven Wagner

AICPA

$170

$195

12/3/18

Reviewing Individual Tax Returns: What Are You Missing?

Steven Wagner

AICPA

$170

$195

12/4/18

Annual Tax Update: Individuals and Sole Proprietors

Steven Wagner

AICPA

$285

$340

12/5/18

Engagement Essentials: Preparation, Compilation, and Review of Financial Statements

Marty Van Wagoner

AICPA

$285

$340

12/10/18

Data Breaches & Other Cyber Frauds: A 21st Century Risk to Your Organization

Jeffrey Lieman

AICPA

$170

$195

12/10/18

Preparation, Compilation, and Review Engagements: Update and Review

Jeffrey Lieman

AICPA

$170

$195

12/11/18

Construction Contractors Advanced Issues

Jeffrey Lieman

AICPA

$285

$340

12/12/18

Accounting and Auditing Update for Small Businesses

Marty Van Wagoner

AICPA

$285

$340

12/17/18

Health Care Reform Act: Critical Tax and Insurance Ramifications

Stephen Renberg

AICPA

$170

$195

12/17/18

Social Security and Medicare: Maximizing Retirement Benefits

Stephen Renberg

AICPA

$170

$195

12/18/18

S Corporations: Key Issues, Compliance and Tax Strategies

Stephen Renberg

AICPA

$285

$340

12/19/18

Annual Tax Update: Corporations and Pass-Through Entities

Stephen Renberg

AICPA

$285

$340

12/20/18

Individual Income Taxation: Practical Tax Return Guidance for Your Upcoming Tax Season

Peter Bunce

AICPA

$285

$340

12/21/18

Individual Income Taxation: Critical Tax Compliance and Planning Strategies

Peter Bunce

AICPA

$285

$340

TBD

AICPA's Annual Federal Tax Update

Michael Blackburn

AICPA

$200

$340

TBD

Form 1041: Income Taxation of Estates and Trusts

Michael Blackburn

AICPA

$285

$340

*Early-bird pricing available for classes when registering at least two weeks in advance. (Excludes 4 hour courses and core training courses) AICPA Members receive an additional $30 off the price of each 8 hour course (excluding 4 hour courses and core training courses) where the AICPA is listed as the vendor. Use promo code AICPA8 for 8 hour courses.

BAM Forum Thursday, April 19

Enjoy breakfast while earning CPE and taking a tour of the Joseph Smith Memorial Building. Time: 7:30 - 9:30 a.m. Location: Joseph Smith Building, 15 E. South Temple Topic: Treasury Speaker: Doug Martin CPE: One (1) hour Fees: $10 for members; $20 for nonmembers Fee includes breakfast, one hour of CPE and a tour of the facility Register at www.uacpa.org

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HOW MUCH DID YOU LEAVE ON THE TABLE DURING YOUR LAST HEALTH INSURANCE RENEWAL? You owe it to yourself to check out the UMA Health Plan

WHAT IS THE UACPA HEALTH PLAN? Are you looking for options to CONTROL the rising costs of health insurance? The UACPA Health Plan is a possible solution to the ACA imposed regulations. The UACPA Health Plan can help your company avoid the ACA Community Rating by joining a large group pool of other accounting organizations to help control cost. Utah based accounting organizations can participate in the program.

Benefits Available Through the UACPA Health Plan...

Medical

Dental

Vision

Telehealth

Voluntary Onsite Programs

MEMBER BENEFITS  Accounting groups with 2 to 100 benefit eligible employees are ideal for participation in the UACPA Health Plan.  The UACPA Plan will offer composite rates, not the age banded rates of a small group.  By joining the UACPA Health Plan, you are eligible for large group plan designs & premium benefits.  Your group may choose from a wide variety of plans to meet your specific needs.

FOR MORE INFORMATION: Contact Todd Valentine at Beehive Insurance tvalentine@beehiveinsurance.com 801-685-6860 UAC PA . O R G

Member Benefits

The UACPA Honors 100% Membership

AGILITY

Congratulations to the firms and businesses curerently participating in the UACPA's 100% membership program. This demonstrates their commitment to the profession, to the Association's high ethical standards and a commitment to life-long learning.

The UACPA's Affinity Partners help you get the most out of your membership Agility offers UACPA members a 10% discount on any of their ReadySuite solutions. Contact Trevor Mickelson at 720-490-4531, or Trevor.Mickelson@agilityrecovery.com.

ADP

ADP offers free payroll and free 401k services to members and affiliates. Please contact Alan Palacios at 801-956-7823 or alan.palacios@adp.com for more information.

Beehive Insurance

Groups with 2 to 100 eligible employees can participate in medical, dental, vision, telehealth and voluntary onsite programs through this plan. For more information, contact Todd Valentine, 801-743-7788 or tvalentine@beehiveinsurance.com.

National Affinity Service

Identity protection experts have you covered for $12.95 per month or $16.95 per month for a family. Visit healthwealth. fit/uacpa_infoarmor

CCH

UACPA members receive a discount on the U.S. Master Tax Guide and more. Visit cchgroup.com and use code Y3819

iTransact

iTransact, a full service payment processing company, rewards UACPA members with a residual payout program. Email Colston Robinson, c.robinson@itransact.com or call 801-951-8178.

Camico

The Mutual Insurance Company offers UACPA members a variety of benefits. To learn more, call 800-652-1772 or email inquiry@camico.com.

PUBLIC PRACTICE • CBIZ • Cook Martin Poulson • Davis & Bott • Eide Bailly • Haynie & Company • Jones Simkins • Pinnock, Robbins, Posey & Richins • PricewaterhouseCoopers • Savage Esplin & Radmall • Squire • Stayner Bates & Jensen • Tanner, LLC INDUSTRY • LDS Church Auditing Department • Workers Compensation Fund

Firms with 10 or more full-time CPAs are eligible to be a part of the 100% membership program. Learn more by talking to Braden Thompson, bthompson@uacpa.org or call 801.466.8022

Office Depot

UACPA members can save up to 80% on office products, printing, technology and furniture. Visit www.officediscounts. org/uacpa to learn more. Learn more about member benefits by talking to Amy Spencer, as@uacpa.org or calling 801.466.8022 the journal entry | April 2018

This conference provides timely information for CPAs who perform audits or provide management services for state or local government entities. 8:05 – 9:05 Green Book Internal Controls Leita Hart-Fanta, CPA, CGFM, CGAP Leita Hart Fanta CPA, LLC 9:05 – 9:20 Networking Break 9:20 – 10:35 What’s Going On at GASB Eric Berman, CPA, CGMA – Eide Bailly 10:35 – 10:50

Refreshment & Networking Break

10:50 – 11:50 Real World Ethics GASB – A Deeper Dive Eric Berman, CPA, CGMA – Eide Bailly Yellow book Leita Hart-Fanta, CPA, CGFM, CGAP 11:50 – 12:55 Lunch 12:30 – 12:55 UACPA Update Matt Klein, CPA, CGMA - Lifetime Products, Inc. 1:00 – 2:00 Utah Laws & Rules Ethics Susan Speirs, CPA, CGMA - UACPA Common Financial Statement Deficiencies and How the GASB Codification Can be Your Friend Eric Berman, CPA, CGMA – Eide Bailly Analytical Procedures & Auditor Bias Chad Simon – Utah State University 2:00 – 2:10 Refreshment & Networking Break 2:10 – 3:10

Auditing for Fraud in Government Programs Leita Hart-Fanta, CPA, CGFM, CGAP

3:10 – 3:15

Networking Break

3:15 – 4:15

Legislative and Tax Update Commissioner John L. Valentine

Time: 8:05 a.m. - 4:15 p.m. Location: Little America Hotel, 500 S. Main St. Fees: $247 for UACPA members before April 27; $275 after April 27; $335 for nonmembers CPE Credit: 8 hours (includes 1 hour Utah Laws & Rules and 1 hour of Ethics) 38

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2018 Events The Date Save T

State & Local Government Conference Friday, May 11

May 11

State & Local Government Conference

August 15

Golf Tournament

September

CPAs in Business & Management Conference

September

Inauguration & Awards Banquet

October

ProNet Leadership Academy

November

Business Valuation Conference

Nov. 30

Accounting & Auditing Conference

Dec. 6 - 7

Winter Conference

Dec. 13 - 14

Technology Conference Mountain America Expo Center

ContactList

ConnectWithUs

Accounting Issues

When UACPA members have questions about accounting issues, help is available from the UACPA Accounting Issues Committee. Each month, a member of the committee is assigned to answer accounting questions and help you interpret the rules as they apply to your particular situation. The following members may be contacted during the months listed. April

May

Ted Rokich 801-263-3090 trokich@fdic.gov

Larry Deppe 801-626-7838 deppelarry@msn.com

www.facebook.com/Utahassociationofcpas

June Mark Anderson 801-532-2200 mva@prolunginc.com

www.twitter.com/uacpa

CPE Approval â&#x20AC;&#x201D; Does This Qualify?

When UACPA members have questions regarding CPE Approval and whether or not something may or may not qualify, they can turn to the UACPA CPE Approval Committee for answers. Each month, committee members are assigned to answer member questions related to CPE approval. Below are the members who may be contacted with your questions. April - June Steve Avis 801-532-7800 stevea@hayniecpas.com

Tax Issues

Scott L. Robinson 801-990-5918 srobinson@tannerco.com

The Tax Issues Committee focuses on legislative and regulatory issues and does not answer technical questions. For assistance with a technical matter, please refer to the UACPA referral tool at uacpa.org. Direct questions related to legislative or regulatory issues to taxissues@uacpa.org

Classified Ads To place your classified advertisement and reach Utah CPAs, contact the UACPA at mail@uapca.org. Utah Practice For Sale: Available after 4/15/18: Ogden Area CPA, 75% tax, 25% accounting services, strong fee structure, excellent cash flow near 80%! For more information, please call 1-800-397-0249 or visit www.AccountingPracticeSales. com to see listing details and register for free email updates. THINKING OF SELLING YOUR PRACTICE? Accounting Practice Sales is the leading marketer of accounting and tax practices in North America. We have a large pool of buyers, both individuals and firms, looking for practices now. We also have the experience to help you find the right fit for your firm, negotiate the best price and terms and get the deal done. To learn more about our risk-free and confidential services, call Ryan Pannell with The Holmes Group at 1-800-397-0249 or email Ryan@APS.net. the journal entry | April 2018

Utah Association of CPAs 136 S. Main Street, Suite 510 Salt Lake City, UT 84101

Nonprofit Org. U.S. Postage

PAID Salt Lake City, UT Permit No. 1996

the journal entry | April 2018