The WashingtonCPA Jan/Feb2012 by Washington Society of CPAs

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CPA January/February 2012

Volume 54, Number 4

Circular 230 and Board of Accountancy Rules To Amend or Not to Amend – That is the Question Ten Tactics to Prepare for Accounting’s Perfect Storm

Looking to the Future

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WashingtonCPA January/February 2012

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Contents

wa s h i n g t o n

CPA www.wscpa.org • memberservices@wscpa.org Tel (425) 644-4800 • Toll free in WA (800) 272-8273 Fax (425) 562-8853 902 140th Ave NE Bellevue, WA 98005-3480

BOARD OF DIRECTORS Mark A. Hugh Chair Mary D. Marino Vice Chair Randy L. Wells Secretary Lucy L. Liu Treasurer James R. Ladd Immediate Past Chair Richard E. Jones President & CEO

Peter E. Doubleday Sharon K. Philpott Joyce G. Etheridge Russell D. Price Waylon P. Jones Rosemary Sanchez Karissa A. Lackey Lisa J. Sunderman Susan E. Legel David E. Trujillo Peter R. E. Miller William L. Wells David J. Miniken Glenn G. Wisegarver Nerelys M. Ortiz CHAPTER BOARD CHAIRS Waylon P. Jones Bellevue Area Joseph W. Crowther Central Joseph M. Reid Central — North Seattle Jack W. Curnow Northwest Kathryn A. Dixon Olympia — Peninsula — Pierce County Mary H. Hawkins Sammamish Valley Connie L. Griffith Seattle H. Court Carter Snohomish County Michael K. Briggs South King County John Vogel South Sound Industry Trayson J. Harmon Southwest Lucas M. Zarecor Spokane — Wenatchee Katrina L. Cantu Yakima

Jeanette Kebede

Editor

The WashingtonCPA is published by the Washington Society of Certified Public Accountants for its members. Views and opinions appearing in this publication are not necessarily endorsed by the WSCPA. The products and services advertised in The Washington CPA have not been reviewed or endorsed by the Washington Society of Certified Public Accountants, its board of directors or staff. The WashingtonCPA (USPS 009754) is published six times annually by the Washington Society of Certified Public Accountants, 902 140th Avenue NE, Bellevue, WA 98005-3480. $12 of members’ annual dues goes toward a subscription to The WashingtonCPA. Periodicals postage paid at Bellevue, Washington and additional mailing offices.

Looking to the Future 6

Your Road Map to the CPA Profession’s Future: CPA Horizons 2025

13 Exposure ... and Advocacy 14

Circular 230 and Board of Accountancy Rules

18 To Amend or Not to Amend – That is the Question 19 Resolve to Become Involved 20 Technology Tip: LinkedIn Participating in Discussions 22 Ten Tactics to Prepare for Accounting’s Perfect Storm

Departments 4

Leadership Lens

Photo Album

News Briefs

CPE Digest

13 Advocacy

Registration Form

Send address changes to The WashingtonCPA,

Committees

Classified Ads

c/o WSCPA, 902 140th Avenue NE, Bellevue, WA

Member Discounts

Profile

98005-3480.

Financial Literacy

Photos by istockphoto.com. POSTMASTER:

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WashingtonCPA January/February 2012

Golf Tournament “A bad day on the course is better than a good day at the office.”

Monday, June 11, 2012

Save the date now — we’ve ordered the sunshine!*

The fine print

Woodinville, WA

• • • •

The tournament fee of only $110/person includes golf, lunch, dinner, drinks, and prizes! That’s an amazing deal. Golf is not work. And it’s a great way to start the work week. Golf at a private club without having to pay golf and cart fees. (That’s included in the registration fee, too. Nice!) Great for networking—bring clients or potential clients. Sign up as a single player for even more opportunities to network. (Uh oh, golf counts as work after all.) • Sunshine is not guaranteed. • Sponsorships are available. To learn more or register, call (800) 272-8273 (toll-free in WA) or (425) 644-4800.

WashingtonCPA January/February 2012

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Leadership lens

Last Year ... This Year By Rich Jones, CPA, President & CEO

s we look back at the past year and forward to the year ahead, some of the high – and low – points include: Highlights: • The WSCPA worked with the AICPA and other state societies to pass legislation that prevents the issuance of patents for tax planning or compliance ideas. This problem had grown over the past 4-5 years with more than 150 tax methods patents issued and at least that many pending. • Again working with the AICPA and other state societies, we were able to carve out significant exclusions from the IRS’ new Tax Preparer Compliance program that would otherwise have required CPAs to comply with the IRS’ new testing and CPE requirements.We were also able to achieve exclusion from the applicability of the Dodd Frank Act. Now for some of the challenges and embarrassments of 2011: • Two bipartisan committees of Congress were commissioned to come up with proposals for reducing the US deficit and growing the economy. The Simpson Bowles Commission came up with a plan, but could not achieve the super majority necessary to move the plan to the next step. The so-called Super Committee (Co-Chaired by Washington Senator Patty Murray) turned out to be not so super, unable to agree on the compromises necessary to design a plan that both sides would dislike equally. • And don’t forget about the European sovereign debt crisis that threatened to destroy the Euro as a major currency and

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devastate global capital markets; the last-minute agreement to raise the US debt ceiling resulting in a downgrading of US Treasury securities by 1 of 3 rating agencies; and the surprisingly resilient “Occupy ______” movement that spread across the country. So how is 2012 shaping up? Here are some thoughts: • NASBA (National Association of State Boards of Accountancy) has a new CEO effective January 1. Ken Bishop is an excellent selection and he has wasted no time in taking a critical look at the organization and its relationships with its members (current and past members of state boards of accountancy). Ken and NASBA have been key players over the past five years in achieving nearly complete CPA mobility, with only California and Hawaii left to complete the map. • The AICPA will launch its new designation, Chartered Global Management Accountant (CGMA) on January 31. All members of the AICPA identified as having been in a management accounting position for at least three years will be offered the opportunity to gain this designation. If you are in business or industry, you will want to take a good look at this designation. • The SEC promises that the decision about how and if the US will adopt, converge, or “condorse” (their word) IFRS will be announced very soon. And even though we have heard this before, it is a very significant issue to keep our eyes on. • The AICPA will celebrate its 125th birthday in 2012. In my mind, it is looking pretty good for its age.

•

The Washington State Board of Accountancy and the WSCPA are working on a solution for CPAs who have retired from the practice of accounting to be able to refer to themselves as “CPA Retired.”

Some challenges for 2012: • Because the legislature chose to “kick the can down the road” during its Special Session rather than deal with the $2 billion deficit in the current budget, they will have to wrestle with it in the 2012 session that begins this month. • We will elect a new Governor. The WSCPA is already having conversations with both candidates to ensure a seamless transition with respect to the profession’s relations with that office. • It is a Presidential election year, which means the current partisanship and gridlock in Congress will grow worse, not better. • The most optimistic projections for the economy over the next several years are for slow, small, erratic, growth. And the stock market will most likely continue the gyrations that cause all of us motion sickness and worry. • Unemployment will likely stay above 8% (it is currently 9%). Fortunately, unemployment for accountants is at about 3%. That’s about enough news and prognostication for now. One bit of good news is that all of our troops are out of Iraq. However, please remember the sacrifice of those who paid the ultimate price for our freedom. Thanks. You can contact rjones@wscpa.org.

Rich

Jones

WashingtonCPA January/February 2012

cover story

Your Road Map to the CPA Profession’s Future

ou probably don’t have the time to keep up with every trend and challenge that might end up affecting your job. Now, try to predict what CPAs might be expected to know, or be called upon to provide, during the next 15 years. Sounds like a daunting task, doesn’t it? Fortunately, there’s a resource to help you do just that, and help you start preparing now for the future.

After attending AICPA’s Fall Council meeting, Mary Marino, CPA, Vice Chair of the WSCPA Board, said, “I am still thinking about things that I heard in the Horizons 2025 segment of the program. The CPA Horizons 2025 report really focused my attention on the rapidly changing nature of our profession. The finding that resonates the most with me is that advances in technology have essentially allowed CPAs to redirect the time formerly spent on routine tasks to providing more value to clients by interpreting and advising on the data that the technology is generating.”

Last fall the AICPA announced the results of a year-long initiative to uncover what the future might look like for CPAs and the accounting profession in the year 2025. This initiative, called CPA Horizons 2025, asked, “What are the critical issues facing It’s probably not the accounting profession in the coming years?” More than 75,000 individual comments from 5,600 CPAs in all segments of the profession, as well as business lead- contained in this report will serve ers, regulators, thought leaders and futuras a compass to guide current and ists shaped the findings of the report, which highlights key trends and maps out future CPAs on a path of success what the profession will face in the next in the profession.” 15 years.

“The visionary insights

When presenting the results at the fall meeting of AICPA’s governing Council, Paul V. Stahlin, CPA, AICPA Chair for 2010-2011 said, “The visionary insights contained in this report will serve as a compass to guide current and future CPAs on a path of success in the profession.”

CORE PURPOSE CPAs...Making Sense of a Changing and Complex World

What are Core Competencies? If you’ve been a CPA for a while, you may recall that the AICPA conducted a similar initiative, called the CPA Vision Project, in the late 1990s to create a blueprint for the profession through 2011. The project established a Core Purpose, Core Values, and Core Competencies for CPAs. CPA Horizons 2025 confirmed that the Core Purpose and Values are still relevant for today’s CPA, and expanded the Core Competencies to be relevant for the 21st century (see below).

Paul Stahlin, CPA

“…technology is no longer a Core Competency (a differentiator) for CPAs,” wrote Donny C. Shimamoto, CPA, CITP,

CORE VALUES

CORE COMPETENCIES

The essential and enduring beliefs that we uphold over time. Core Values enable us to retain our unique character and value as we embrace the changing dynamics of the global economy.

A unique combination of human skills, knowledge and technology that provides value and results to the user. Enhancing our Core Competencies is key to sustaining a competitive and differential advantage in the marketplace.

• • • • • •

surprising that technology made the CPA Horizons 2025 Report’s list of 10 key insights gained from the 6-month research project. (See 10 Key Insights, pages 7-8, an excerpt from the CPA Horizons 2025 final report.) But you might be surprised to hear that technology is no longer a CPA Core Competency.

Integrity Competence Lifelong Learning Objectivity Commitment to Excellence Relevance in the Global Marketplace

WashingtonCPA January/February 2012

• • • • • •

Communications Skills Leadership Skills Critical-Thinking and Problem-Solving Skills Anticipating and Serving Evolving Needs Synthesizing Intelligence to Insight Integration and Collaboration www.wscpa.org

cover story

10 Key Insights Technology Understand and leverage relevant technology in conjunction with core CPA competencies to deliver superior services. • • • •

CPAs must stay current with, embrace and exploit technology for their benefit for increased efficiency and expansion of services. The profession must find solutions to offer investors and stakeholders up-to-date, real time financial information and to increase transparency. CPAs must embrace mobile technologies and social media to modernize and enhance interaction and collaboration with clients and colleagues. Fraud may be easier to commit and more difficult to prevent and detect. CPAs must continue to be vigilant in ensuring data is captured and managed properly and protected from malfeasance.

Worldwide Profession Position the CPA as a premier designation of the accounting and finance profession throughout the world. •

Pre-Certification and Lifelong Learning

•

Evolve the educational framework to keep pace with the changing dynamics of business, government and our profession.

•

• •

CPAs must devote more time to staying current with regulations and standards and social, economic, technological and political trends domestically and abroad. CPAs must further develop interpersonal skills to enhance relationships with colleagues, clients, businesses and employers. Real-time learning in the workplace will change the way CPAs learn and will help them adopt and adapt quickly and knowledgeably to ever-changing circumstances. Requirements for new CPAs must remain rigorous and demanding and be practical and relevant. New CPAs must have a broad knowledge of business and soft skills and not simply focus on technical accounting.

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CPAs must be increasingly aware of international business issues and trends. CPAs must assess the trend toward outsourcing overseas and create opportunities to expand services to serve these markets. CPAs must continue to market the quality and value of their services in order to expand and thrive globally.

Pride in the Profession Encourage pride among CPAs in the CPA profession and in the value CPAs create throughout society. • •

The profession must continue to advocate on behalf of itself to ensure continued recognition as a trusted advisor. CPAs must uphold the integrity of the profession and maintain high standards in an ever-changing environment and in cultures where business practices differ from U.S. practices.

WashingtonCPA January/February 2012

cover story

MarketPLACE 10 Key Insights (continued)

Address continual changes in the marketplace, economy, businesses, and regulations. •

Trusted Attester Preserve the role of the CPA as the trusted attester of financial and other information. •

•

The profession must stay vigilant in defending its unique role as providers of audit and attest services. All CPAs benefit from the public trust that is rooted in the provision of audit and assurances services. Audit and attest functions must evolve to meet changing regulatory demands and client and business needs.

Trusted ADVISOR Promote the CPA as the trusted advisor who, in addition to providing core CPA services, develops solutions to complex problems by integrating knowledge, expertise and resources from multiple disciplines. •

CPAs must continue to evolve as strategic partners of clients, business and employers, applying multidisciplinary and integrated problem solving to expand traditional services and enhance nontraditional offerings and the perception of trusted advisor.

Market PErmissionS Leverage the strengths of the profession to expand market permissions. • •

Emerging opportunities for specialization will allow CPAs to strengthen their expertise and provide additional value to clients, employers and business. The profession must continue to evaluate which services it offers locally and globally and how it will deliver these services to adapt to the needs of clients, employers and business.

WashingtonCPA January/February 2012

•

The exact nature of the work that CPAs perform must evolve to respond to shifts in business, society and technology. These changes will offer opportunities to enhance the value of CPA services, positioning CPAs to be leaders in helping clients and employers adapt to change while also responding to change themselves. Lifelong learning will take on greater importance as a way for CPAs to stay up-to-date as the pace of change accelerates.

Value Proposition Increase the visibility of the profession’s value proposition by demonstrating the profession’s core values in multiple areas of business and society. •

•

By listening to and understanding the needs and challenges of employers and clients, opportunities for CPAs to develop services that align with Core Values will emerge. The profession must spend more time demonstrating their value to clients, businesses and the public about the role and value of the CPA in order to thrive amid increased competition and economic pressures.

Demographic Shifts Continue to offer opportunities that enhance the appeal of the profession and be proactive in addressing both U.S. and global demographic shifts. • • •

• •

The profession must strive to reflect the demographic shifts of incoming accounting students, clients, business and society. Programs offered to support minorities, women and young CPAs in the workplace must be more widely implemented throughout the profession. Experienced and older CPAs must continue to mentor young CPAs and identify leadership and advancement opportunities that will foster stronger relationships and loyalty. In order to attract and retain younger generations, employers must increase flexible work arrangements and work-at-home options. The profession must continue to support and enhance programs that build awareness of the CPA profession to young audiences. www.wscpa.org

cover story

in an AICPA Insights Blog post, “Technology is Now Part of the CPA Base.” “Rather it is a part of our base—it is a tool that we must leverage as part of the way that we work on a day-to-day basis—and no longer something separate that was only the domain of a specialist.” According to the CPA Horizons 2025 Report, “The research shows that the entire profession ... has a bright future and will need to respond quickly and competitively to the shifting ground on political, economic, social, technological and regulatory fronts.”

Washington CPAs Serve on CPA Horizons 2025 Advisory Panel

WSCPA members Robert L. Bunting, CPA, and Richard E. Jones, CPA, served on the CPA Horizons 2025 Advisory Panel, which was charged with assessing and analyzing the 75,000 comments collected during an interactive survey, online discussions, focus groups, and in-person forums. “I found the entire process to be fascinating, but I was especially impressed by the extensive feedback from the members that came through the online survey and the focus groups,” said Bob Bunting, Partner and Chair, International Services Group, Moss Adams LLP, Seattle. “I was struck by the consistency of member comments to the effect that our profession needs to

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do everything that is necessary to maintain the trust of our employers, clients and the public at large. This extends to our behaviors, our technical expertise, our commitment to lifelong learning and many other factors that make us a trusted advisor.” “Working on the Horizons 2025 project as an Advisory Panel member was one of the most interesting endeavors of my professional career,” said Rich Jones, WSCPA President & CEO. “It was fascinating to see how our profession sees itself and also how others see us. A key ‘a-ha’ moment for me was when I realized how our Core Values create a significant marketplace advantage for CPAs.Think about it: we are known for our Integrity, Competence, Objectivity, and Commitment to Excellence and Lifelong Learning. In fact, all of these are required by our state as a continuing condition of our licensing. That’s why we are the most trusted professionals in the business marketplace. We are legally required to conduct ourselves in accordance with these honorable values.That certainly creates a uniqueness and promotable difference in the marketplace.” You can download the CPA Horizons 2025 Report at www.cpahorizons2025.org. Watch for future articles in The WashingtonCPA inspired by CPA Horizons 2025.

WashingtonCPA January/February 2012

news briefs

Former Comptroller General of the United States to Headline WSCPA Annual Meeting Save the Date: June 7

ANNUAL MEETING

featuring David M. Walker June 7 - 7:30-9:30 a.m. Seattle, WA | Code: AM Webast Code: WAM Members Only $30 1 tech CPE credit

avid M. Walker served as Comptroller General of the United States and head of the Government Accountability Office (GAO) from 1998 to 2008. Appointed by President Bill Clinton, his tenure as the federal government’s chief auditor spanned both Democratic and Republican administrations. While at the GAO, Walker embarked on a Fiscal Wake-up Tour, partnering with the Brookings Institution, the Concord Coalition, and the Heritage Foundation to alert Americans to wasteful government spending. Walker left the GAO to head the Peterson Foundation. Prior to his appointment to the GAO, Walker served as a partner and global managing director of Arthur Andersen LLP and in several government leadership positions, including as a Public Trustee for Social Security and Medicare from 1990 to 1995 and as Assistant Secretary of Labor for Pension and Welfare Benefit Programs during the Reagan administration.

Nominate an Outstanding Member

Walker serves on various boards and advisory groups, including as Chairman of the United Nations Independent Audit Advisory Committee, as a member of the Boards for the Committee for a Responsible Federal Budget, and the Partnership for Public Service, as well as a member of Advisory Committees for The Public Company Accounting Oversight Board, the Peterson Foundation, and Toffler Associates. He is also a member of the Trilateral Commission. He has authored three books, with the latest one entitled Comeback America: Turning the Country Around and Restoring Fiscal Responsibility (2010), which is national bestseller. He is a frequent writer and commentator, and is a subject of the critically acclaimed documentary I.O.U.S.A. For his work at the GAO and at the Peterson Foundation, Walker was awarded the American Institute of Certified Public Accountants’ highest award, the Gold Medal Award of Distinction on October 19, 2008.

WSCPA Annual Awards John L. O’Brien Lifetime Achievement Award Vincent A. Gervais Public Service Award Business of the Year Award Volunteer of the Year Award Rising Star Award New Professional Award

Submit your nomination by March 15 at www.wscpa.org. (Enter “awards” in the search box.)

WashingtonCPA January/February 2012

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news briefs

Important Notice from the Washington State Board of Accountancy

Do your individual CPA credentials expire in 2012? Still need CPE hours?

f your individual credentials expire in 2012, you must have completed your required continuing professional education (CPE) by December 31,

2011. If you did not fulfill this requirement, your credential will lapse and you will need to follow reinstatement procedures and pay reinstatement fees. If you find yourself in this situation: 1.

Prior to April 30, 2012 advise the State Board of Accountancy staff of the deficiency in CPE hours in writing or through the online renewal system at www.cpaboard.wa.gov, AND

Complete the required CPE credit hours, AND

On or before June 30, 2012 submit to Board staff documentation to support the hours completed in conjunction with complete renewal application information and the reinstatement fee of $480.

ONLINE LICENSE RENEWAL You are encouraged to renew your individual and/or firm license with the State Board online using CPAOnline. However, you may request a renewal form to submit with the proper fee by mail. Step By Step Instructions Download instructions for using the new system here: www.cpaboard.wa.gov/files/Detailed_Instructions_w-pics.pdf. QUESTIONS? If you have difficulties registering with Secure Access Washington (SAW), contact Washington State Board of Accountancy Customer Service at (360) 753-2586 or e-mail customerservice@cpaboard.wa.gov.

To learn more, visit www.cpaboard.wa.gov. www.wscpa.org

CPA Referral Service Easy Marketing for Your Firm We “tweet” your firm!

(click “Find a CPA”)

ith tax season around the corner, now is a great time to enroll your firm in the WSCPA Find a CPA Referral Service and expand your client base.The public turns to the WSCPA Find a CPA Referral Service more during tax time than any other time of the year. For just $175 your firm is enrolled in this service through June 30, 2012. This service does far more than any ordinary phone book listing. Not only does this service make it easy for new clients to find your firm, but it also highlights the services and areas of expertise offered by your firm. How does the service work? This service is marketed in directories statewide, online directories, and via Twitter and Facebook. Each firm in the referral service is promoted via social media to our followers. Hundreds of individuals and businesses statewide looking for CPAs visit this service at www.wscpa.org or call the Society to receive a list of participating CPAs based on services offered. A recent user of the CPA Referral Service said: “Very helpful. It was a quick and easy-to-use resource, which produced half-a-dozen suggested CPAs [in my area that met my desired service needs].” What are the benefits? Consumers seeking a CPA will learn about your firm’s services and contact information. Provides inexpensive, effective marketing for your firm. Questions? Call (425) 586-1142, or toll-free in Washington at (800) 2728273, Ext. 1142, or send an e-mail to memberservices@wscpa.org. WashingtonCPA January/February 2012

news briefs

IT Directors Committee Meeting January 4, 10 am - 12 pm WSCPA Learning Center, Bellevue

What changes are in store for CCH ProSystem fx® products? Get the Answers from a CCH Representative A representative from CCH will be on hand to discuss the Product Roadmaps & related topics for Tax, Document, Engagement & the SaaS Suite. This presentation will address the hot topics from the recent IT Directors Committee survey and includes time for discussion. (A product demonstration is not included.) Some topics include: • Are there new technical requirements? • What is Foundation, On-Premise and SaaS? • Is SaaS ready now? • What about security? • What’s changing with Engagement? • Is Tax moving to SQL? • Document 3.9 vs 4.1 vs SaaS: what are the pros and cons? • Does CCH have WorkFlow? • What’s happening with Portals? • And many more. CCH Product Managers will do their best to provide answers. Starting at 12 pm, the group will discuss other technology issues and concerns facing accounting firms. Take advantage of this unique opportunity! Registration is not required and the presentation does not qualify for CPE credit.

Attention Accounting Students: Scholarship Deadline - Feb. 15

The application deadline for scholarships from the Washington CPA Foundation is February 15. All application materials must be postmarked by this date. Find scholarship qualifications and requirements at: www.discovercpa.org/discovercpa/scholarships/index.cfm.

2012 New Professional Networking Events Sponsorships Available

New Professional Networking Events offer opportunities for newly-licensed CPAs to strengthen their networking skills in relaxed, comfortable settings. Your business can support these events by becoming a sponsor. To learn more, contact Amy O’Donnell at aodonnell@ wscpa.org or (425) 586-1140.

Membership Termination

The affiliate membership of Corey Vernon Darling of Anacortes has been terminated following the revocation for six years of his individual and firm licenses by the Washington State Board of Accountancy.

IRS or Washington State Tax Problems? Experience Can Make A Difference. IRS, Revenue and Labor & Industries Audits: Administrative and Judicial Appeals & Refund Actions; Lien & Collection Problems; Tax Planning; Commercial Litigation.

Martin Silver  L.L.M. (Tax) New York University  Author of Washington Taxes: Representing Taxpayers Before The Department of Revenue, (Butterworths 1992)  Adjunct Professor, Golden Gate Representing Businesses and Professionals Nationwide, Confidentiality Guaranteed.

OFFICES OF

Martin Silver, P.S. Attorneys & Counselors

800 - 5th Avenue, Suite 4000 • Seattle, WA 98104 • Telephone: (206) 224-3461 • Fax (206) 224-3459

WashingtonCPA January/February 2012

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advocacy

Exposure ... and Advocacy By Judy Love,WSCPA Director of Advocacy

“Exposure – when the tide goes out, you know who’s skinny dipping.”

speaker at a recent NASBA (National Association of State Boards of Accountancy) meeting credited Warren Buffett with this quote. It certainly caught the audience’s attention, as I hoped it might yours. Keith T. Darcy, Executive Director, Ethics and Compliance Officers Association, speaking on “The Interrelationship Between Ethics and Compliance,” used the quote to underscore his recitation of the long, sad litany of financial scandals and burst bubbles, both here and abroad, over the past decade. We are all too familiar with the results of the exposure these companies and individuals opened themselves and their investors to. The Merriam-Webster Dictionary app on my iPhone defines “exposed” as: “open to view; subject to some effect or risk.” Twenty-first century phenomenon such as WikiLeaks, social media, and hacking/cybercrime, along with federal whistleblowing legislation and requirements for increased transparency leave companies and practitioners exposed as never before. Insurers provide resources to help practitioners limit their exposure to practice liability claims; an army of instructors provides updates on changes to standards and regulations to insure compliance and limit exposure. “Exposure” also makes frequent appearances in the form of draft proposals for new regulations, standards and practices from many sources: FASB, GASB, IRS, PCAOB, AICPA, the Washington State Board of Accountancy, to mention only a few. As of October 17, 2011, the AICPA lists well over 40 outstanding exposure drafts.* (Note: these include

Where are you exposed? As your advocate, the WSCPA strives to provide you with the resources you need to keep covered. many whose comment deadlines are well in the past but no final document has been issued or action taken to date.) Many of the proposals relate directly to your practice, could “subject [you or your clients] to some effect or risk.” They expose such concepts as new and revised interpretations of ethics rulings, mandatory audit firm rotation, and changes to asset and liability recognition. Have you ever responded to an exposure draft, or checked to see who does? You might be surprised to learn the range of individuals, organizations and businesses that voice their support for a proposed change or express serious concerns (more often the case). You might be prompted to add your perspective to the discussion. Among those who regularly respond are a number of dedicated WSCPA members who take the time to engage in advocacy beyond their own individual practices. Members of two WSCPA committees — Accounting Auditing & Review Standards (AARS) and Government

* You can find the AICPA exposure draft document on www.wscpa.org under the WSCPA Community bar on the right side of the page/Technical Resources/ Exposure Drafts.

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Accounting & Auditing (GAA) — read, discuss and often respond to exposure drafts. Although the responses are clearly written on behalf of the committee, not the WSCPA, they reflect the collective wisdom, perspective and experience of the group. You can find the responses on the AARS and GAA pages under the Committee section of the WSCPA website. You will also find a list of committee members, agendas for upcoming meetings and a way to sign up to participate in this particular form of advocacy. Where are you exposed? As your advocate, the WSCPA strives to provide you with the resources you need to keep covered. For example, are you aware of and in compliance with recent changes to Circular 230? See page 14 for an article on some of these changes. Attend a committee related to your area of practice, read the weekly Short Form e-newsletter, give feedback if you see additional ways your membership organization can support you in its advocacy efforts. You can contact jlove@wscpa.org.

Judy

Love

WashingtonCPA January/February 2012

taxation

Circular 230 and Board of Accountancy Rules By Don Aubrey, CPA

he recent changes to Circular 230 have given many practitioners a chance to revisit the primary publication governing practice before the Internal Revenue Service. Although the implementation of the Registered Tax Return Preparers and the PTIN programs has garnered most of the attention of practitioners, there are other changes that could have a significant impact on the way CPAs conduct their practice. Many of the duties and restrictions contained in Circular 230 are similar to provisions of the Washington Public Accountancy Act and Board Rules. A chart is included that provides a comparison of selected provisions of Circular 230 and the comparable sections of the Washington Administrative Code. WAC Section 4-30-048 requires licensees to comply with the rules of other authoritative bodies and specifically mentions Circular 230. Given mobility, licensees could find themselves subject to the rules of well over 175 separate organizations and agencies. Practitioners should pay particular attention to Subpart B of the Circular, Duties and Restrictions Relating to Practice Before the Internal Revenue Service. Certain provisions of Subpart B are discussed below.

Return Preparation and Practicing Before the IRS

I believe the most overlooked change to Circular 230 has to do with the addition of a new section dealing with return preparation and the application of the duties and restrictions regarding practice before the Internal Revenue Service. Prior to the addition of Circular 230 Section 10.8, it was unclear if the preparation of tax returns constituted practice before the IRS. Many commentators took the position that preparation of tax returns

Many of the duties and restrictions contained in Circular 230 are similar to provisions of the Washington Public Accountancy Act and Board Rules.

did not constitute practice before the Internal Revenue Service and, therefore, tax return preparers were not subject to all of the rules of Circular 230. New Section 10.8 clearly indicates any individual who is compensated for the preparation or assists with the preparation of all or substantially all of a tax return or claim for refund is subject to the duties and restrictions related to practice before the Internal Revenue Service. With the clarification that tax return preparers are subject to all of the duties and restrictions regarding practice before the Internal Revenue Service, it is the rules contained in Circular 230 Section 10.29 regarding potential conflicts of interest that may result in violations for unaware practitioners and licensees. Circular 230 indicates a conflict of interest exists in

WashingtonCPA January/February 2012

two situations; first, if the representation of one client will be directly adverse to another client; second, there is a significant risk that the representation of one or more clients will be materially limited by the practitionerâ&#x20AC;&#x2122;s responsibilities to another client, a former client or a third person, or by a personal interest of the practitioner. Although the term â&#x20AC;&#x153;representationâ&#x20AC;? is not defined in Circular 230, its use in other sections of Circular 230 clearly includes the preparation of tax returns. A conflict of interest could exist when a practitioner prepares tax returns for a flow-through entity and also prepares the tax return for one or more of the beneficiaries, partners or shareholders. The treatment of any material item on the tax return which may adversely impact any one of the beneficiaries, partners or shareholders could result in a www.wscpa.org

taxation

WAC Section 4-30-048 requires licensees to comply with the rules of other authoritative bodies and specifically mentions Circular 230. Given mobility, licensees could find themselves subject to the rules of well over 175 separate organizations and agencies.

Topic Practice before the IRS

Definition of practitioner

Who may practice

Return preparers subject to Circular 230

Comparison of Circular 230 and Board of Accountancy Rules Circular 230 (revised 8/2011) Board Rules Paragraph WAC Ref. 10.2(a)(4) Includes preparation or filing 4-30-048(16) Incorporates rules of authoritaof tax returns tive bodies, including Circular 230, into the rules of conduct for Washington licensees 10.2(a)(5) Includes CPA not under 4-30-010(20) Holding out- offering to provide suspension and Registered Tax professional services Return Preparer (RTRP) 4-30-010(37) Public practice-performing professional services 4-30-010(42) Representing oneself-having a license 10.3 (b) Any CPA who is not under Various Must obtain a license and meet suspension or disbarment from ongoing qualification standards practice before the IRS to renew 10.8 Clearly indicates return prepar4-30-048 Applies rules of Circular 230 ers are subject to all duties to Washington licensees and restrictions contained in Circular 230

Circular 230 Disclaimer: These materials are informational in nature and users of these materials may not rely upon them to avoid imposition of tax penalties.

conflict of interest under Circular 230. For example, if a practitioner prepared a return with an election to expense a material amount of asset additions under Section 179 or claim bonus depreciation which benefited one of his or her clients and another beneficiary, partner or shareholder were adversely impacted due to basis limitations or because they were in a low marginal tax year, the affected party could claim the practitioner had a conflict of interest in the preparation of the tax return. Notwithstanding the existence of a conflict of interest, Circular 230 provides the practitioner with relief if the practitioner; (I) reasonably believes he or she will be able to provide competent and diligent representation to each affected client; (2) the representation is not www.wscpa.org

prohibited by law; and (3) the affected client waives the conflict of interest and gives informed consent in writing. Unfortunately, there are times when a conflict is not necessarily evident until after the fact. If there is any potential a conflict may exist, it may be beneficial for practitioners to acknowledge a potential conflict and, as long as they meet the other two requirements previously noted, obtain a waiver letter at the time the tax return is prepared in order to avoid any subsequent problems.

Returning and Withholding Client Records

Practitioners are required under Circular 230 to return client records that are necessary for the client to comply with his or her Federal tax obligations.

Chart continued on page 16 The term â&#x20AC;&#x153;recordsâ&#x20AC;? includes any schedule prepared by the practitioner with respect to a prior return that is needed to help the client comply with the preparation of their current return.That stated purpose is similar to the requirements of WAC 4-30-051 which require the return of supporting records in a format useable by the client so the client can prepare their tax returns on a basis consistent with prior years. Both Circular 230 and the newly proposed AICPA rule 501-1 defer to state law regarding the withholding of certain client records for the nonpayment of fees. WAC 4-30-051 (4) prohibits withholding client records pending the payment of outstanding fees. It should be noted the rule only applies to supporting records or schedules related to a completed WashingtonCPA January/February 2012

taxation

While the sanction under Circular 230 for giving false or misleading information is limited to dealing with the Treasury, the sanction under WAC 4-30-142 for making such statements applies

to any situation, whether the licensee is engaged in the practice of public accounting or not. Topic Diligence as to accuracy Assistance from suspended persons

Contingent fees

Return of client records

Conflicting interests

Advising clients on penalties

Authority to suspend

Disreputable conduct

Comparison of Circular 230 and Board of Accountancy Rules (continued) Circular 230 (revised 8/2011) Board Rules Paragraph WAC Ref. 10.22 Must exercise due care 4-30-046 Must not undertake a service unless it can be performed with competence 10.24 Cannot accept or provide 4-30-052 Cannot permit others to carry assistance from/to any person out acts which violate rules unable to practice before the IRS of conduct 4-30-048 Applies rules of Circular 230 10.27 Cannot charge an unconscio4-30-044(2) Contingent fees generally nable fee. With exception, prohibited cannot charge contingent fees 10.28 Must return records (written 4-30-051 Client records and supporting or electronic) necessary for records in a format usable by the client to comply with his or her client must be returned with 45 Federal tax obligations. Includes days of request. Cannot withhold schedules prepared by the practirecords for unpaid fees. tioner. May withhold for nonpayment of fees if state law allows. 10.29 Cannot represent client if 4-30-040 Must remain free of conflicts conflict of interest unless permitted 1- exists (a divorce), or; by professional standards 2 - There is a significant risk of a material item for potential conflict between clients. May be mitigated by obtaining a signed waiver from the clients. 10.34(c) Must inform client of any penal4-30-048 Applies rules of Circular 230 ties likely to apply to a position to Washington licensees on a return if practitioner prepares or signs the return 10.50(a) Includes disreputable conduct 4-30-142 Authority to suspend, fine, and failure to comply with impose sanctions, etc. for Circular 230 violation of prohibited acts 10.51(a)(4) Giving misleading information 4-30-142(5)(c) Making misleading, deceptive, or untrue representations 10.51(a)(6) Failing to file a Federal tax return 4-30-142(5)(e) Purposefully failing to file a required return 10.51(a)(10) Suspension from practice as 4-30-142(6)(d) Suspension of right to a CPA practice before any state or federal agency 10.51(a)(15) Unauthorized disclosure of 4-30-050(3) Can disclose only with consent tax information 10.51(a)(16) Failing to e-file 4-30-048 Applies rules of Circular 230 10.51(a)(17) Preparing returns without 4-30-048 Applies rules of Circular 230 a PTIN

Circular 230 Disclaimer: These materials are informational in nature and users of these materials may not rely upon them to avoid imposition of tax penalties.

WashingtonCPA January/February 2012

www.wscpa.org

taxation Committee taxation

and issued work product. If there is any concern regarding the collection of fees for tax return preparation, it may be advisable for practitioners to require payment for the return at the time the return is completed and ready for delivery to the client.

Sanctions for Disreputable Conduct

Circular 230 allows for the sanction of practitioners for disreputable conduct. Such conduct includes giving false or misleading information to the Department of the Treasury or any officer or employees of the Treasury. WAC 4-30-142 (5) allows for the sanction of licensees for acts of dishonesty, fraud, or negligence which includes, but is not limited to, making misleading, deceptive or untrue representations while representing oneself as a licensee. The term “representing oneself,” as defined in WAC 4-30-010 (42), means simply having a license.While the sanction under Circular 230 for giving false or misleading information is limited to dealing with the Treasury, the sanction under WAC 4-30-142 for making such statements applies to any situation, whether the licensee is engaged in the practice of public accounting or not. Disreputable conduct under Circular 230 also includes the suspension from practice as a CPA by the licensee’s State Board of Accountancy. Similarly, WAC 4-30-142 provides that suspension of the right to practice before any state or federal agency constitutes an act of dishonesty, fraud or negligence. Knowingly directly or indirectly accepting assistance from or providing assistance to someone who is suspended from practice before the Internal Revenue Service to prepare tax returns constitutes disreputable conduct under Circular 230. Although there are no corresponding provisions in the Washington Public Accountancy Act or rules for hiring tax return preparers, WAC 4-30-048 does incorporate the provisions of Circular 230. Practitioners may find it beneficial to obtain a written affirmation from tax return preparers that the preparers do not have any restrictions regarding practice before the IRS. The opinions expressed in this article are those of the author and not necessarily those of the Washington State Board of Accountancy. Don Aubrey, CPA, is Chair of the State Board of Accountancy; he has served on the Board since 2007. He is Tax Director with Rebar & Associates in Seattle. He retired from BDO Seidman, LLP in 2005, after 17 years of service.

Related CPE

Learn more and register at www.wscpa.org/cpe/catalog

WEBCAST: Washington CPA Ethics and New Developments (A WA Requirement) (WEB282) January 12 - 8-11:30 am CPE in Ethics: A Requirement in Washington State (CENRW415) February 6 - 8-11:30 am WSCPA Learning Center, Bellevue www.wscpa.org

Taxation Resources Available at www.wscpa.org The Taxation Committee has heard from a number of interesting speakers at their monthly meetings over the past several months. Participants have found the information and the discussions timely and useful. The material from each meeting is posted on the WSCPA website www.wscpa.org under the Committee section, which is open to all WSCPA members whether you are a member of the committee. The Taxation Committee meets June through December each year. Meetings are open to all WSCPA members and are available via teleconference in addition to attending in person in Bellevue or Seattle. Here’s what you will find in the Taxation Committee section: • Sample Conflict of Interest Letter • IRS Treatment of Registered Domestic Partnerships • Q&A for Registered Domestic Partners in Community Property States and Same-Sex Spouses in California • IRS FAQs on Use of Electronic Accounting Software Records • Foreign Account Tax Compliance Act (FATCA) • Federal and State Estate Tax Update • DOR Tax Simplification Report • Circular 230 Comparisons with WA Public Accountancy Act - Please note, you will find a further explanation of the Circular 230 Comparison with the Washington State Public Accountancy Act on page 14 in this issue of The WashingtonCPA magazine. • IRS Directory Small Business Self-employed Stakeholder Liaison Division • AICPA Quarterly Tax Update • Proposed New and Revised Changes to AICPA Ethics Rulings You will also find links to: • AICPA • Free Tax Podcasts • IRS • IRS Requests for QuickBooks™ • Tax and Accounting Sites Directory • Washington State Board of Accountancy • Washington State Department of Revenue

WashingtonCPA January/February 2012

professional conduct

To Amend or Not to Amend – That is the Question By Ryan Bartlett, CPA,WSCPA Professional Conduct Committee

n reviewing your continuing clients’ prior year tax return, you notice that $50,000 in investment income was mistakenly omitted from the return. You call your clients and inform them of this oversight, and they tell you they do not want to amend their prior year return to incorporate the additional income. On top of that, they accuse you of being incompetent, and demand to know how a licensed CPA could commit such an egregious error. What is your duty as a CPA and how should you respond? Furthermore, how do you respond to the IRS or the successor accountant should you decide to disengage? First of all, you are dealing with confidential client information in the example provided in the previous paragraph. Due care should be taken and all of your options should be considered prior to

taking any action. Rule 301 of the AICPA Code of Professional Conduct addresses the subject of confidential client information and states in ET Section 301.01 that the rules shall not be construed “to affect in any way the member’s obligation to comply with a validly issued and enforceable subpoena or summons, or to prohibit a member’s compliance with applicable laws and government regulations.” Whether or not you decide to proactively report your clients’ failure to amend their return to the IRS or not is up to you, although it may be in your best interest to do so. It is also noted in the AICPA Professional Code of Conduct that Rule 301 (ET Section 301.01) “is not intended to help an unscrupulous client cover up illegal acts or otherwise hide information by changing CPAs. If the member is

contacted by the successor he or she should, at a minimum, suggest that the successor ask the client to permit the member to discuss all matters freely with the successor. The successor is then on notice of some conflict. Because of the serious legal implications, the member should seek legal advice as to his or her status and obligations in the matter.” In the example provided above, the CPA has done what is required by simply recommending to the client that the prior year tax return should be amended. If the client does not want to amend the tax return, then the CPA should question whether or not they want to continue providing services to this client. The fact that the client is not willing to comply with this request brings their character into question. The CPA should consider whether there may be other “skeletons in the closet” that may eventually be discovered if they decide to continue to be associated with the client. Ultimately, it comes down to a matter of professional judgment. If you encounter a similar situation and have any questions as to how you should respond, or what course of action to take, please contact the WSCPA Professional Conduct Committee through Julie Phipps, Manager of Professional Standards at jphipps@wscpa.org or (425) 586-1132. The Professional Conduct Committee operates in an environment of voluntary compliance. When a member seeks resolution to a conduct question, the Professional Conduct Committee will provide a responsible answer or resource, but will not seek to penalize the inquiring member.

Whether or not you decide to proactively report your client’s failure to amend their return to the IRS or not is up to you, although it may be in your best interest to do so.

WashingtonCPA January/February 2012

Ryan Bartlett, CPA, is Accounting and Assurance Manager at Bader Martin, P.S. He can be reached at ryantbartlett@gmail.com.

www.wscpa.org

Committees

Resolve to Become Involved

appy New Year! It is that time of year again when millions of Americans make their list of resolutions to start a new diet, get in shape, change their spending habits, etc. The beginning of a fresh new year does seem like a great time for self-reflection and to consider ways in which life could be improved— by taking action and doing things differently, or by taking on something new. The Washington Society of CPAs cordially invites you to consider making a stronger connection with your membership association. You could consider it a “new year’s resolution” if you like, but

perhaps it’s something you’ve already thought about and just had not found a way to become more involved. It’s time to make a difference by joining a WSCPA Committee! When you participate on a committee, you will interact and build relationships with CPA colleagues, improve your own skills and become a resource for others. You can help the WSCPA to realize its role as “your advocate” as you will help to protect and shape the profession through advocacy to regulatory and legislative bodies. Take a moment to review the list of

“Participating on WSCPA committees has opened doors by allowing me to connect with WSCPA members both on a mutually beneficial professional level and personal level.” Mark Hugh, CPA active committees and decide which one is the right fit for you, then visit www. wscpa.org and click on “WSCPA Community” and then “Committees” and sign up today.

WSCPA Committees Accounting Auditing & Review Standards Business Valuation & Litigation Services Construction & Real Estate Industries Financial Statement Review

Reviews and responds to exposure drafts issued by standard setting bodies and communicates to members about activities being done by the AARS Committee on behalf of membership

Firm Administrators Government Accounting & Auditing International IT Directors New Professionals

Provides a forum for office administrators to discuss issues, listen to speakers and share best practices

Not-for-Profit

Provides a forum for accounting professionals from public accounting firms and not-for-profit organizations to share expertise and best practices and plan the annual Not-for-Profit Conference

Pacific Tax Institute Peer Review Engagement RAB* Peer Review System RAB* Personal Financial Planning Professional Conduct*

Plans the annual Pacific Tax Institute which is designed for experienced tax professionals

Taxation

Provdes monthly forum for topical speakers and collaborates with the IRS,Washington State Department of Revenue and AICPA regarding issues of concern to practitioners and clients. Committee members provide resources to the WSCPA members, including subject-matter referrals and tax checklists

Focuses on developing technical skills and relationships among members while responding to standard setting bodies as needed Plans the annual Pacific NW Construction Industry Conference which examines trends on topics affecting construction accounting and financial management Performs free reviews of redacted statements and exists to enhance WSCPA member’s knowledge of changing GAAP, SSARS and GAAS reporting standards Responds to standards setters and plans the annual Government Accounting & Auditing Conference and participates in events that promote the profession to students Plans the annual International Tax Conference which explains new rules affecting international tax practice Meets regularly to discuss information technology issues and implementation Puget Sound or Spokane –Creates and communicates networking opportunities for new professionals and promotes the CPA profession to students

Reviews and approves peer review reports issued under the AICPA Peer Review Program Reviews and approves peer review reports issued under the AICPA Peer Review Program Shares ideas, networks and gives input to legislation/regulation/professional standards Assists members in understanding and applying the Professional Code of Conduct. Work with the AICPA Ethics Division to investigate complaints against members of alleged violations of the Professional Code of Conduct

* Certain requirements may apply in order to join this committee.

www.wscpa.org

WashingtonCPA January/February 2012

Technology Tip

LinkedIn - Participating in Discussions By Susan Winkle,WSCPA Web Developer & e-Marketing Specialist

ouldn’t it be great to walk into a coffee shop and see your colleagues sitting around tables ready to discuss issues affecting the profession, sharing resources and generating leads for career opportunities? That is exactly the sort of thing that happens in LinkedIn Groups - only it doesn’t happen in a coffee shop, it happens in the cloud.

Step 1 – Sign up at LinkedIn – a basic account is free! www.linkedin.com

As you may be aware, LinkedIn is a professional social network that allows you to leverage your personal brand as you present your job history, education, and even testimonials about services you have provided. Seeking out former colleagues, clients and friends helps you to get connected. The LinkedIn Groups module helps you to expand your network as you meet others and exchange ideas related to your profession and area of practice.

Step 2 – Send a request to join the WSCPA group on LinkedIn. Using the search box on LinkedIn, be sure to select “Groups” in the drop down menu, type in “Washington Society of Certified Public Accountants;” or, find the group easily by clicking on the LinkedIn icon at the bottom of any page on www.wscpa.org. Search for the Washington Society of Certified Public Accountants Group

)

Once you’ve located the group information, click on “Join Group.”

Step 3 – Once your request has been approved, you’ll be able to view group activity.

How to Participate in Discussions

Now that you are set up, visit the group page and click on the Discussions tab.

Get Started

In September 2010, the Washington Society of Certified Public Accountants began a “members only” group on LinkedIn. It took very little time for people to discover the usefulness of the LinkedIn Discussions feature. Inside this closed group setting, WSCPA members found they were able to comfortably communicate with each other on such topics as: financial reporting, revenue audits, tax preparer identification, the process of becoming a CPA, and more. People began to ask questions of one another, as well as offer suggestions for how to handle specific issues. The WSCPA group discussion board quickly became a new, powerful forum for knowledge sharing and networking. It’s much like having a private table in the corner of a coffee shop where you can chat with your colleagues.

WSCPA Group

Click on the Discussions tab

So, how can you participate? It all begins with just a few steps:

WashingtonCPA January/February 2012

www.wscpa.org

technology Tip

Click on the headline of a discussion and read. Interact through a variety of ways:

1. Share a website link to an article on a topic that would be of interest to your colleagues, and write a few words of introduction as you post it. 2. Seek advice. For example, ask a specific question about an area of practice that may be less familiar to you. Avoid beginning your group participation with self-focused questions such as “how can I find a job?” View “This Week’s Top Influencer” by clicking on the Members tab and (if you www.wscpa.org

Participate in the discussion

)

Click the LinkedIn icon at www.wscpa.org or in any WSCPA e-mail.

While it certainly gives you visibility when you participate in group discussions in these various ways, starting a discussion will help brand you as an expert in your field. Here is what to do:

Washington Society of Certified Public Accountants Group on LinkedIn. If you have yet to connect, stop by today and join the conversation.

1. Like the discussion. This is a simple way to acknowledge that you have read the post and like what the person posting has to say. 2. Comment on the discussion. Add your voice to the dialogue and gain visibility as your comment is viewed by others in the group. 3. Follow the discussion. When you follow a discussion, you will receive e-mail notifications whenever new comments are added. If you’re ready to stop following a conversation, simply click Unfollow. 4. Use extreme caution in deciding to Flag an item. This should be used only when a discussion is truly inappropriate. The group administrator will ultimately decide if the post should be removed. 5. Reply privately – while you may not “be seen” with this type of response, it is still a great way to make a connection with another WSCPA member. This function is found under the More tab.

More than 2,200 WSCPA members are connected through the

View “This Week’s Top Influencer”

don’t see a name right away, click a few more times on the tab). Click on “Follow” underneath that member’s profile photo to watch discussion activity. If you click on the name of the author, you will be taken to a page that lists discussions he or she has posted. Click on the title of that post and you will be taken back to the Discussions tab where you will now see that post at the top.

Plan to check group activity two to three times per week and be sure to Like or Comment on a discussion whenever possible. Be sure to send an invitation to connect with others as you get to know them through interaction on the discussion board.

Today, more than 2,200 WSCPA members are connected through the Washington Society of Certified Public Search discussions by clicking on the Accountants Group on LinkedIn. Search tab in the group’s navigation. If you have yet to connect, stop Here is the place you can easily view: by today and join the conversation. Visit www.wscpa.org and click on the at the bottom of any LinkedIn icon • Discussions You’ve Started page. Remember to participate in • Discussions You’ve Joined the discussions! • Discussions You’re Following Susan Winkle can be reached at Use the More tab to edit your settings to control your e-mail notifications, swinkle@wscpa.org. as well as to view your own group activity. WashingtonCPA January/February 2012

Financial REporting

Ten Tactics to Prepare for Accounting’s Perfect Storm By William F. O’Brien, MBA, CPA, Santa Clara University, Executive Education, Inc.

ccording to Wikipedia, a perfect storm is a rare combination of circumstances that aggravates a situation drastically. The accounting profession most likely will face such an experience soon. Three events have the potential to alter dramatically financial reporting for both public and non-public companies alike. These events began to unfold in 2011: • International Financial Reporting Standards (IFRS) adoption by public companies • Introduction of major GAAP revisions for private companies and • Reformatting of everyone’s financial statements What makes the situation even more complex is the fact that different agencies are driving each initiative.The Securities and Exchange Commission (SEC) is responsible for IFRS adoption. The Financial Accounting Foundation (FAF) and the American Institute of CPAs (AICPA) are driving the GAAP revisions. The Financial Accounting Standards Board (FASB), as the third party to the process, owns the reformatted financial statement convergence project. This article will explore how to Prepare for Accounting’s Perfect Storm. My goal is to both alert and alarm you with respect to the approaching changes generating interest and action to help you weather the impending storm. Never before in the history of United States accounting, have so many critical events occurred together. Let us prepare ourselves for the impact!

Ten Tactics for Preparation:

1. Determine What Impacts You The initial step a company needs to take is deciding which perfect storm

elements will affect your business. The division between public and private company may seem trivial; however, lending, underwriting or business strategy considerations may force many private companies into public company reporting. 2. Identify Your Experts The number of IFRS, SME reporting and convergence experts currently on the payroll will surprise most companies. These employees bring formal education, IFRS-based reporting experience and direct foreign subsidiary management expertise to the office every day. Take advantage of their skills. Prepare a roster of these critical subject matter experts. 3. Consider the Relevant Issues Using your team of financial subject matter experts, meet with senior management and assess how the storm will impact your business. Impact areas will include at a minimum, computer systems, financial reporting policies and procedures, user education, incentive compensation, loan agreements, tax planning, and performance metrics. Brainstorm each of these areas to avoid surprises as your implementation plans move forward.

WashingtonCPA January/February 2012

Remember, the more your can do without consultant assistance the less costly the process becomes. 4. Develop a Plan for Success Approach this process as product development or construction project. Prepare an activities timeline with deadlines and individual responsibilities. Review the plan frequently since the storm is dynamic and may suddenly change direction. Use this plan as a vehicle for updating senior management and other key stakeholders, including your external auditors. Recall the old adage: “Those who fail to plan, plan to fail.” 5. Generate Pro-forma Financials Access the FASB’s website and download a copy of the staff draft of the financial statement presentation exposure draft. Use this document to prepare several pro-forma financial statement alternatives. Once again, your financial subject matter experts will provide valuable assistance in completing this task. Depending on your company’s unique facts, circumstances and business strategy, I would suggest three sets of pro-forma financials: www.wscpa.org

Financial Reporting

1. 2. 3.

New format financials based on current U.S. GAAP New format financials based on IFRS or proposed private company U.S. GAAP Current format financials based on IFRS or proposed private company U.S. GAAP.

These modified financial statements will highlight the most significant measurement and reporting changes areas. Identifying these key areas will help focus your management team’s efforts in dealing with the relevant day-to-day business issues, including the all-important loan covenant discussions with your lenders. 6. Keep Executive Management Informed Do not keep executive management in the dark. Although your operating management will most likely participate in transition activities, executive staff will generally remain interested observers— some more interested than others. Take the time to positively support the reasons for these changes and the numerous long-range benefits of globally consistent financial reporting. Consider this fact: Research showed a sixty basis-point drop in the cost of capital when the European Union adopted IFRS in 2005. In addition, keep the Board of Directors and C-Suite occupants up-to-date on the current status of the storm’s three components and your company’s preparation efforts. Quarterly updates should become a standard reporting practice. Finally, encourage executive management to critically respond to the regulators serving as the decision makers in the process. This is an extremely important task. If the regulators do not hear from the issuers, the entire implementation project can veer from a practical enhancement to a more theoretical exercise. www.wscpa.org

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

each stakeholder. For example, employees are generally more concerned about workload rather than bond ratings. Keep the various readers’ perspectives in the fore-front of your mind. Pay special attention to your external auditors. Make sure that they are clearly on the same page as your financial subject matter experts. Failure to do this could result in some unexpected reporting surprises downstream. 10. Don’t Panic Remember this is simply a process, rather large and encompassing, but none the less, a process. Approach it step-bystep. Do not allow yourself to become over-whelmed. Your company will not be the only player in this game. Listen and learn from what other organizations are doing. Become a sponge for information. Above all, start now! Do not procrastinate.

8. Continuously Improve Your Competencies Begin a personal commitment to continuing education not only in the the financial reporting field but also in the business areas impacted by the storm. If you initiate the process now, the large volume of required knowledge will not seem as daunting in the future. Lay out a formal curriculum for both yourself and your staff. Look for sources of interesting, but relevant, courses. Discover what other companies are doing in response to the storm. As you become more knowledgeable, it will be easier for you to communicate concepts to your co-workers. It addition, you will become more versed in dealing with the business issues related to the transition efforts. This will ultimately help to ease the the entire process’s complexity.

Change is never easy. Learning to adapt to new environments and embracing new perspectives is equally challenging. Ten simple steps of anything rarely solve the complex issues we face in business and life. It is my desire, however, that these Ten Tactics for Preparation will encourage you to adapt and embrace the changes and challenges you face, as the “Perfect Storm” gets closer in the months ahead. The preparation you take today will help protect you from the future’s unknown impact.

9. Communicate with Critical Stakeholders Communicate, communicate, communicate! As the storm clouds gather closer to our shore, rumors and concerns will heighten. Consider producing a periodic newsletter relating current status, preparation activities and issues important to

William F. O’Brien, MBA, CPA, a Santa Clara University faculty member, is an internationally recognized author and lecturer in the areas of corporate financial management and international accounting. He is an Executive Education, Inc. discussion leader and a frequent speaker at professional CPA events.

Some Final Thoughts

WashingtonCPA January/February 2012

Membership

New Year’s Goals? Turn to Your Member Benefits Your WSCPA members only discounts can help you reach your professional and personal goals this year, while saving you money. The money you save could more than pay for your membership! Learn more at www.wscpa.org (enter “benefits” in the search box).

GOAL - Stay current on the latest professional developments

CPE Discounts Save up to $75 on an eight-hour class.

www.wscpa.org | (800) 272-8273

Free Podcasts

Get up-to-date news on federal tax legislation and court cases. www.wscpa.org (Education > Free Podcasts)

Financial Statement Review

Free confidential comments on your financial statement format, presentation, and other professional issues. www.wscpa.org | (800) 272-8273

Conferences

Thirteen annual conferences feature niche content, high level instructors, and offer discounted pricing for members. Eight, 16 or 20 CPE credits per conference. www.wscpa.org/conferences

Season Ticket

Take up to 10 eight hour programs from June 1, 2011 to May 31, 2012 for as little as $174.50 each. www.wscpa.org | (800) 272-8273 (Education > Season Ticket)

WA Pros

Discounts on annual online CPE self-study subscriptions with access to hundreds of courses. www.wscpa.org/selfstudy (800) 272-8273

CPE Status Tool

This free online system keeps track of your CPE, no matter where you get the credits. Creates one CPE report for license renewal. www.wscpa.org (Education > My Transcripts)

Save on self-study courses. www.wscpa.org/selfstudy

GOAL - Protect your business and your family

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Health, dental, disability and life benefits for employers and individuals. Plus, HR services for employers. www.emspring.com (877) 550-0088

GOAL - Market yourself or your business Find a CPA WSCPA Career Center Job listings, Career Workshops, salary calculators, resume listings and more to help you find a job or your next employee. www.wscpa.org | (800) 272-8273

Referral Service

Boost your client base by joining the CPA Referral Service. www.wscpa.org | (800) 272-8273

Save on Disability and Long Term Care insurance. www.pacificadvisors.net (877) 455-9580

Get protection with coverage on Directors & Officers, Fiduciary and Employment Practices liability insurance. (206) 695-3129

Networking

Make professional connections with other WSCPA members at networking and happy hour events, chapter and committee meetings. Join the WSCPA group on LinkedIn and follow the WSCPA on Facebook. www.wscpa.org | (800) 272-8273

GOAL - Save money on services needed to conduct everyday business Save up to 30% on 175 CCH tax and accounting titles http://cchgroup.com/members/wscpa Discount code:Y5596

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Save on IT support. Free server monitoring and desktop management with support purchase. www.isoutsource.com | sales@isoutsource.com | (206) 374-0251, Ext. 2 Mention discount code WSCPA in your inquiry.

Save 2% on hardware/software available through Office Depot. http://statemember.techdepot.com

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www.eammatrix.com/wa-cpa (800) 272-7277

Save up to 30% on CPA Exam review. www.schweser.com/portal Portal code WASOCCPA

Save 30%-40% on self study tools to help you pass the CPA exam. Coupon code WACPA 30 (single item purchases). Bundle pricing: (800) 272-0707, Ext. 212

AICPA Professional Ethics Exam Save 15% on CPA Exam review courses www.rigos.net | (206) 624-0716

Pay only $1,545 for all parts. Live, online or USB formats. www.rogercpareview.com/partners/societies

WashingtonCPA January/February 2012

Save 30% on self study review courses. www.yaegercpareview.com (301) 874-4900 Full review code WSCPA Individual review code WSCPA1

Save on the ethics exam required to obtain an initial CPA license in WA. www.discovercpa.org (Exams > Professional Ethics Exam)

www.wscpa.org

member discounts

Improved UPS Discount for Members Just in Time for Tax Season Shipping Needs ou When y ip sh need to S... to the IR PS hU save wit

WSCPA members can now save up to:* • 16% off UPS Commercial Ground • 30% off UPS Express air and international shipments • 30% off UPS Next Day Air

When you ship with UPS, you get the peace of mind that comes from using the carrier that delivers outstanding reliability, greater speed, more service, and innovative technology. UPS guarantees delivery of more packages around the world than anyone, and delivers more packages overnight on time in the US than any other carrier. Simple shipping! Special savings! It’s that easy!

Members currently enrolled in the UPS Savings Program must re-enroll to take advantage of this new exclusive offer.

Here’s a sample of the discounts you can receive by enrolling in the UPS Savings Program: *See Rates and Services Chart for detail of Savings and Discounts, which depend on total weekly gross shipping charges incurred.

Tax Season Shipping? UPS is an approved private delivery service by the IRS to ensure that your clients meet the “timely mailing as timely filing/paying” rule for tax returns and payments.The IRS accepts the following UPS services: UPS Next Day Air, UPS Next Day Air Saver, UPS 2nd Day Air, UPS 2nd Day Air A.M., UPS Worldwide Express Plus,UPS Worldwide Express.

Use promo code PAC299 to enroll. For complete details or to sign up go to www.savewithups.com/enroll. Total Weekly Gross Shipping Charges

UPS Next Day Air® or Air Saver® (Ltr/Pkg)

UPS Worldwide Express®/

UPS Commercial Ground

Saver® / Expedited® Export (Ltr/Doc/Pkg)

(1-10 lbs)

(11-30 lbs)

(31-150 lbs)

Up to $49.99

16%

11%

$50 to 99.99

17%

12%

$100 to 249.99

18%

13%

$250 to 499.99

20%

10%

14%

$500 to 999.99

24%

11%

15%

$1,000 and up

30%

12%

16%

Save 25% on U. S. Master Tax Guide when you order by January 31

Order your copy of the industry’s leading tax guide by January 31 and save 25% off the list price of $86.50. The WSCPA member price is just $66.38 plus tax and shipping.You will not be billed until after the book ships. (Cancel before shipment without charge.) The 2012 edition will contain timely and precise explanations of federal taxes for individuals, corporations, partnerships, estates and trusts. To order, visit http://tax.cchgroup.com/members/wscpa [Click “Browse CCHGroup.com, select “Books” and search for “U.S. Master Tax Guide (2012)]. Enter your member discount number (Y5596) at checkout.

www.wscpa.org

WashingtonCPA January/February 2012

Financial Literacy

Washington Ranks in the Top Five for Financial Capability By Amy O’Donnell,WSCPA Financial Literacy Program Manager

he Employee Benefits Research Institute (EBRI) recently released the results of a study examining the financial capability and behavior of individuals on a state by state level. EBRI used data from the National Financial Capability Study (NFCS), designed by the FINRA Investor Education Foundation with input from the AICPA. A state-by-state online survey was conducted to collect the information for the study. It was designed to measure financial literacy and financial behavior and see if these vary across states. The study was designed to isolate factors that can be attributed to state residency instead of other individual characteristics such as age group, ethnicity, gender, education, income, marital status and labor force status. To get a better understanding of an individual’s financial capability, the survey asked questions such as:

Answer choices: a) True; b) False As many of us know, it’s one thing to have knowledge, but it’s another to actually put it into practice.To assess this, participants were asked questions like: • Have you set aside emergency or rainy day funds that would cover your expenses for three months, in case of sickness, job loss, economic downturn, or other emergencies? Answer choices: a) Yes; b) No.

• Imagine that the interest rate on your savings account was one percent per year and inflation was two percent per year. After one year, how much would you be able to buy with the money in this account? Answer choices: a) More than today; b) Exactly the same; c) Less than today. •

•

A 15-year mortgage typically requires higher monthly payments than a 30-year mortgage, but the total interest paid over the life of the loan will be less. Answer choices: a) True; b) False. Buying a single company’s stock usually provides a safer return than a stock mutual fund.

• Have you ever tried to figure out how much you need to save for retirement? Answer choices: a) Yes; b) No. The survey may be able to serve as a tool for policymakers, educators and community based groups to determine how to help their citizens. To see the whole report and sample questions, go to:xwww.ebri.org/pdf/notespdf/EBRI_ Notes_11_Nov-11.HCS-FinLit.pdf.

WashingtonCPA January/February 2012

Even when accounting for demographic factors, the study found that where you live makes a difference. Washington ranked high—number five for capability with a score of 66.4% and number eight for financial behavior with a score of 57.7%. The highest score for capability was 69.3% (New Hampshire) and the highest behavior is 60.3% (Alaska). Although Washingtonians did well in the standings the scores still show we have more work to do. The good news is something seems to be working in Washington. We’re fortunate to live in a state that has many people working on creating more opportunities for financial education. This is taking place at schools, colleges, nonprofits, workplaces and through coalitions across the state. Campaigns such as America Saves Week, Financial Literacy Month and Money Smart Week highlight national and local resources for financial education. CPAs, along with other financial professionals, have played a vital role in all of these efforts.The next generation of CPAs is also contributing to the efforts as well through Beta Alpha Psi and Association of Student Accountants clubs. With all hands on deck, we may see a bump in the scores and Washington moving up through the ranks. Amy O’Donnell can be reached at aodonnell@wscpa.org. www.wscpa.org

member discounts

Photo Album Scavenger Hunt - Hard Rock Cafe Seattle - October 2011

Pacific NW Construction Industry Conference

Bell Harbor International Convention Center, Seattle - November 10-11, 2011

Not-For-Profit Conference

Bell Harbor International Convention Center, Seattle - November 17-18, 2011

www.wscpa.org

WashingtonCPA January/February 2012

ÂŠ 2012 Fire Eyes Photography

Sponsor. Connect.

2012 Conference sponsorSHIP

Network with WSCPA members. Market your products and services in a one-on-one environment. Become a sponsor! Contact Rachel Ingalls, ringalls@wscpa.org, (425) 586-1112 www.wscpa.org > Newsroom > Advertise with WSCPA

WashingtonCPA January/February 2012

CONFERENCES www.wscpa.org/conferences

www.wscpa.org

CPE Digest Business and Industry

WEBCAST:

Build your own CPE conference with

Implementing the Right Business Technology - Where to Best Spend Your Money

Cluster CPE

March 15-16 | WSCPA Learning Center, Bellevue 8 seminars, each worth 4 CPE credits Here’s a unique way to get an update on business and industry topics: Cluster CPE — two days of CPE courses on a range of popular business and industry topics. Select four courses from a lineup of 8 four-hour CPE programs to create your own two-day CPE conference. Network with other attendees during lunch, which is provided for all attendees. From an update on FASB developments to the latest trends for today’s financial manager, these two days provide the updates and essential information you need to know. If you are unable to attend both days, you can select the seminars that fit your schedule. The programs will be held at the WSCPA Learning Center in Bellevue. Each 4-hour seminar is offered to members for only $180. To learn more about each of the programs below, enter “CL4” or the codes in the catalog search box at www.wscpa.org/CPE/catalog. March 15

CODE

8-11:30am

Analyzing Your Company’s Financial Statement

CL4FSABM

select one:

New FASB Developments for Business & Industry

CL4FASBI

12:30-4pm

Uncertainty in Income Taxes: A Must Know for Tax CPAs and Accountants/Auditors

CL4FIN48

Enhancing the Success of Your Organization with a Winning Culture

CL4TBFF

select one:

March 16

CODE

8-11:30am

Financial Fraud, Forensics and the CPA

CL4FFF

select one:

Controller’s Update: Latest Trends for Today’s Financial Manager

CL4SKSB

Purchasing, Inventory, and Cash Disbursements: Common Frauds and Internal Controls

CL4PCD

Essential Skills for the Survival and Growth of Your Organization

CL4SGYC

12:30-4pm select one:

www.wscpa.org

WHEN: FEES: CPE: CODE:

January 20 7 am-3 pm Members $235 8 tech credits WEB387

Where do I get the biggest bang for my technology buck?

How to best invest in technology is one of the top 10 questions business owners ask, according to a recent AICPA survey. Threading through the world of technology is often a controller, CFO or CEO nightmare. It is common to ask: Where should I spend my money? Where do I get the biggest bang for my buck? And, where should I focus my limited resources? Learn about the most advantageous business technology being deployed, in as plain English as possible. Dr. Bob Spencer and Randy Johnston are recognized authors and have lectured internationally on business technology, with more than 40 years of experience each providing business technology advice. This seminar is appropriate for small business to billion dollar enterprises. Register today at www.wscpa.org/cpe/catalog (enter “WEB387” in the keyword box). Note: This is a webcast replay of an earlier event, with panelists standing by, in real time, to respond to participant questions. The Live replay includes all original content and materials. This format allows for Live CPE credit. WashingtonCPA January/February 2012

2012

Conferences Mark your calendar!

Date April 19-20 May 11 May 14 May 18 May 21 June 15 Aug 16 Sep 5-6 Oct 29-30 Nov 1 Nov 8-9 Nov 15-16 TBA Dec 10-11

Conference Governmental Accounting & Auditing Conference Emerging Leaders Conference International Tax Conference new! Health Care Conference Washington State Tax Conference Women’s Leadership Summit Farm Tax Conference Northwest Accounting Educators Conference Pacific Tax Institute Accounting and Auditing Conference Pacific NW Construction Industry Conference Not-For-Profit Conference Fraud Conference Information Technology Conference Register and learn more at: www.wscpa.org/conferences

Firms Save Time and Money with WSCPA In-house Training programs

The same high quality materials and speakers featured in many of your favorite conferences and seminars are available for CPE events for your firm. Choose from: • A full line of ready-made in-house training programs created by nationally recognized Professional Development providers. • WSCPA Programs - classes customized by WSCPA instructors based on your ideas or needs. • An impressive array of local instructors with statespecific courses.

WashingtonCPA January/February 2012

CPE DIgest

Thank you! The Washington Society of CPAs Thanks 2011 In-house Training Clients: Berntson Porter & Co PLLC Clark Nuber PS Clark Raymond & Company DaVita Dwyer Pemberton & Coulson PC E&Y Group Health Hurley Williams & Cook PS CPAs Jacobson Jarvis & Co PLLC Johnson Stone & Pagano PS Larson Gross LLC Microsoft Peterson Sullivan LLP PWC Russell Investments Seattle City Light Sweeney Conrad PS University of Washington VSH Inc PS Watson & McDonell PLLC

To learn more about In-house Training, please contact: Miki McLean In-house/Education Coordinator (425) 586-1136 (800) 272-8273, Ext. 1136 ct@wscpa.org Or visit www.wscpa.org (Education Section) www.wscpa.org

Education and events Fees

Date

CPE Credits

Course

Code

events by location # WSCPA education and events scheduled for January-May 2012 are listed below, chronologically by location. If you are looking for a program in another location, it may be scheduled for later in the year. Using the online CPE/Event Catalog at www.wscpa.org/CPE/ catalog, you can search by location.

For more details, search by code at www.wscpa.org/cpe

Type

2012 EVENT SCHEDULE To view the complete schedule of events through May 2012, refer to the CPE/Event Catalog at www.wscpa.org or the Washington Professional Education Catalog. To request a copy of the catalog, call (800) 272-8273 (toll-free in Washington) or e-mail cpe@ wscpa.org. LEARN MORE To view complete course details, please visit the CPE/ Event Catalog at www.wscpa.org/CPE/catalog.

WSCPA NonAICPA Member Member Member Discount Fee Fee A&A

CS EB

SUBJECTS The main subject area is listed for each program.

PFP Ethics GNP MG PD

Need help finding a seminar or webcast? Call (800) 272-8273 or (425) 644-4800.

SK TAX TEC

Facility

Accounting and Auditing Consulting Services Employee Benefits Estate/Financial Planning Ethics Government / NFP Management Personal Development Specialized Knowledge Taxation Technology

Fees Date

CPE Credits

Course

WSCPA NonAICPA Code Member Member Member For more details, Discount Fee Fee search by code at www.wscpa.org/cpe

Subject

Facility

Subject

Type

Jan 9

8.0

Dealing With Difficult People, 8am-4pm

DWDP

275

350

WSCPA

Jan 10

8.0

Negotiating for Success and Building Relationships at the Same Time, 8am-4pm

NFSA

275

350

WSCPA

Jan 17

8.0

Andy Biebl’s Tax Advisor’s Update, 8am-4pm

BTAU02

325

400

Meydenbauer Center

Tax

Jan 19

8.0

Preparing Individual Tax Returns for New Staff and Para-Professionals, 8am-4pm

PITR

285

360

WSCPA

Tax

Jan 20

8.0

The Complete Guide to Preparing Limited Liability Company, Partnership, and S Corporation Federal Income Tax Returns, 8am-4pm

PLPS

285

360

WSCPA

Tax

Jan 24

8.0

Auditing Standards Update and Review by Walter Haig, 8am-4pm

AUUR02

305

380

WSCPA

A&A

Jan 25

8.0

GAAP Update and Review for Small and Medium-Sized Entities (SMEs) by Walter Haig, 8am-4pm

GURSME06

305

380

WSCPA

A&A

Jan 26

8.0

Word Tips, Tricks & Techniques, 8am-4pm

COMWO01

240

315

WSCPA

Tec

Jan 26

8.0

Compilation and Review Standards Update and Review by Walter Haig, 8am-4pm

CRUR07

305

380

WSCPA

A&A

Jan 27

8.0

Introduction to VISIO, 8am-4pm

COMVI

240

315

WSCPA

Tec

Jan 27

8.0

Personal Financial Accounting: A Prescription for Achieving and Managing Wealth by Walter Haig, 8am-4pm

PFA02

305

380

WSCPA

A&A

Jan 30

8.0

AICPA’s Annual Federal Tax Update, 8am-4pm

PTU

275

350

WSCPA

Tax

Feb 6

4.0

CPE in Ethics: A Requirement in Washington State, 8-11:30am

CENRW415

180

215

WSCPA

Ethics

Feb 13

8.0

Cash Flow Planning & Management with Excel, 8am-4pm

COMEX08

240

315

WSCPA

Tec

Feb 14

8.0

Introduction to Microsoft PowerPoint, 8am-4pm

COMPP

240

315

WSCPA

Tec

Feb 15

8.0

Integrating Microsoft Office, 8am-4pm

COMMO

240

315

WSCPA

Tec

Feb 16

8.0

Crystal Reports Introduction, 8am-4pm

COMCR

240

315

WSCPA

Tec

Feb 17

8.0

PC Trouble Shooting & Maintenance, 8am-4pm

COMPC

240

315

WSCPA

Tec

Feb 21

8.0

Intermediate Excel, 8am-4pm

COMEX09

240

315

WSCPA

Tec

Feb 22

8.0

Excel Pivot Tables, 8am-4pm

COMEX10

240

315

WSCPA

Tec

Feb 23

8.0

Excel Data Analysis, 8am-4pm

COMEX11

240

315

WSCPA

Tec

Feb 24

8.0

Excel Visual Basic Macros, 8am-4pm

COMEX12

240

315

WSCPA

Tec

Mar 7

8.0

Intermediate Access, 8am-4pm

COMAC02

240

315

WSCPA

Tec

Mar 8

8.0

Excel Data Analysis, 8am-4pm

COMEX13

240

315

WSCPA

Tec

Mar 9

8.0

Word Tips, Tricks & Techniques, 8am-4pm

COMWO02

240

315

WSCPA

Tec

Mar 10

8.0

Analytical Review Procedures Using Excel, 8am-4pm

COMEX14

240

315

WSCPA

Tec

Mar 15

4.0

New FASB Developments for Business & Industry, 8-11:30am

CL4FASBI

145

180

WSCPA

A&A

Mar 15

4.0

Uncertainty in Income Taxes: A Must Know for Tax CPAs and Accountants/Auditors, 12:30pm-4pm

CL4FIN48

145

180

WSCPA

A&A

Bellevue

www.wscpa.org

-30

Networking Event | S Season Ticket and Coupons N/A

WashingtonCPA January/February 2012

Education and events

Fees Date

CPE Credits

# Mar 15

4.0

Mar 15

4.0

Mar 15

1.5

Mar 16 Mar 16

Course

Code For more details, search by code at www.wscpa.org/cpe

Type

WSCPA NonAICPA Member Member Member Discount Fee Fee

Facility

Subject

Analyzing Your Company’s Financial Statement, 8-11:30am

CL4FSABM

145

180

WSCPA

A&A

Enhancing the Success of Your Organization with a Winning Culture, 12:30pm-4pm

CL4TBFF

145

180

WSCPA

Fraud Update, 7:15-9am

CHBA07

Red Lion Bellevue Inn

A&A

4.0

Financial Fraud, Forensics and the CPA, 8-11:30am

CL4FFF

145

180

WSCPA

A&A

4.0

Purchasing, Inventory, and Cash Disbursements: Common Frauds and Internal Controls, 12:30-4pm

CL4PCD

145

180

WSCPA

A&A

Mar 16

4.0

Essential Skills for the Survival and Growth of Your Organization, 12:30-4pm

CL4SGYC

145

180

WSCPA

Mar 16

4.0

Controller’s Update: Latest Trends for Today’s Financial Manager, 8-11:30am

CL4SKSB

145

180

WSCPA

Apr 19

8.0

AICPA’s Annual Update for Controllers, 8am-4pm

SKSB02

275

350

WSCPA

A&A

Apr 19

1.5

State and Local Tax Update, 7:15-9am

CHBA08

Red Lion Bellevue Inn

Tax

S l

-30

Apr 23

8.0

Introduction to QuickBooks for the Accounting Professional, 8am-4pm

COMQB05

240

315

WSCPA

Tec

ç Apr 23

8.0

Convergence and Private Company Accounting: More Changes on the Financial Reporting Horizon, 8am-4pm

CPCA

275

350

WSCPA

A&A

Apr 24

8.0

Excel Pivot Tables, 8am-4pm

COMEX15

240

315

WSCPA

Tec

ç Apr 24

8.0

Corporate Finance Check-up: Renovate Your Analytical Toolbox, 8am-4pm

CFC

275

350

WSCPA

A&A

Apr 25

8.0

Charting with Excel, 8am-4pm

COMEX16

240

315

WSCPA

Tec

Apr 26

8.0

Excel Functions, Tips, Tricks, & Techniques, 8am-4pm

COMEX17

240

315

WSCPA

Tec

May 7

8.0

More QuickBooks for the Accounting Professional, 8am-4pm

COMQB06

240

315

WSCPA

Tec

May 8

8.0

Advanced Excel, 8am-4pm

COMEX18

240

315

WSCPA

Tec

May 9

8.0

Introduction to Access, 8am-4pm

COMAC01

240

315

WSCPA

Tec

May 10

8.0

Introduction to SQL Statements, 8am-4pm

COMSQ02

240

315

WSCPA

Tec

May 11

8.0

Cash Flow Planning & Management with Excel, 8am-4pm

COMEX19

240

315

WSCPA

Tec

ç May 15

8.0

Innovative Solutions to Real-World Problems for Today’s Financial Professional, 8am-4pm

ISFP

275

350

-30

WSCPA

ç May 16

8.0

Expanding the Role and Influence of CPAs in Organizations, 8am-4pm

ERI

275

350

-30

WSCPA

ç May 17

8.0

Trusted Business Advisor Workshop II, 8am-4pm

TAW2

275

350

-30

WSCPA

May 17

1.5

Entrepreneurship and Succession Planning for the CPA Practitioner, 7:15-9am

CHBA09

Red Lion Bellevue Inn

WSCPA

Tec

WSCPA

A&A

S l

May 21

8.0

Excel Visual Basic Macros, 8am-4pm

COMEX20

240

315

May 21-22

16.0

IFRS Essentials with GAAP Comparison: Building a Solid Foundation, 8am-4pm

IFRS02

475

590

May 22

8.0

Importing/Exporting Data with QuickBooks, 8am-4pm

COMQB07

240

315

WSCPA

Tec

May 23

8.0

Using Outlook as a Personal Information Manager, 8am-4pm

COMOU

240

315

WSCPA

Tec

ç May 23

8.0

FASB Review: Common GAAP Issues Impacting All CPAs, 8am-4pm

FRU

275

350

-30

WSCPA

A&A

ç May 24

8.0

Advanced Employee Benefit Plan Topics, 8am-4pm

AEMP

275

350

-30

WSCPA

A&A

May 30

8.0

Compilation and Review Standards Update and Review by Walter Haig, 8am-4pm

CRUR08

305

380

WSCPA

A&A

May 31

8.0

GAAP Update and Review for Small and Medium-Sized Entities (SMEs) by Walter Haig, 8am-4pm

GURSME07

305

380

WSCPA

A&A

Jan 11

8.0

Basis Calculations & Distributions for Pass-Thru Entity Owners Schedule K-1 Analysis, 8am-4pm

BCAD

275

350

Lakeway Inn & Conference Center

Tax

Jan 12

8.0

Federal Tax Update - Individuals (Form 1040), 8am-4pm

FTUI04

275

350

Lakeway Inn & Conference Center

Tax

Jan 13

8.0

Federal Tax Update - C & S Corporations, Partnerships & LLCs (Forms 1120, 1120S & 1065), 8am-4pm

FTUB04

275

350

Lakeway Inn & Conference Center

Tax

Business & Individual Tax Update, 7:30-9:30am

CHSN04

Everett Golf & Country Club

Tax

-60

Bellingham

Everett Jan 10

2.0

Apr 19-20

16.0 

Governmental Accounting & Auditing Conference, 8am-4pm

GAAC3

260

335

Everett Community College

GNP

2.0

Federal Income Tax Update, 7-9am

CHSV08

Marriott Courtyard Totem Lake

Tax

S l

Kirkland Jan 18

S l

WashingtonCPA January/February 2012

Networking Event | S Season Ticket and Coupons N/A

www.wscpa.org

Education and events Fees

Date

CPE Credits

Course

Code For more details, search by code at www.wscpa.org/cpe

WSCPA NonAICPA Member Member Member Discount Fee Fee

Facility

Subject

Type

Feb 15

2.0

6 S l

Communicating Across Generations, 7-9am

CHSV09

Marriott Courtyard Totem Lake

Mar 21

2.0

S l

Year in Review: Washington State and Local Tax News and Tips, 7-9am

CHSV05

Marriott Courtyard Totem Lake

Tax

May 16

2.0

S l

FASB Accounting Standards Update for Leases, 7-9am

CHSV06

Marriott Courtyard Totem Lake

A&A

Jun 13

2.0

S l

Investment Planning in the Current Market Environment, 7-9am

CHSV01

Marriott Courtyard Totem Lake

PFP

Jan 4

2.0

S l

Accounting and Auditing Update, 12-2pm

CHOM09

Indian Summer Golf & Country Club

A&A

Feb 1

1.0

S l

Washington State Board of Accountancy and WSCPA Program Update, 12-1pm

CHOM05

Indian Summer Golf & Country Club

Mar 7

1.0

S l

Institutional Fraud, 12-1pm

CHOM06

Indian Summer Golf & Country Club

Apr 4

2.0

S l

Economic Outlook in Thurston County, 12-2pm

CHOM10

Indian Summer Golf & Country Club

May 2

1.0

S l

Lease Accounting, 12-1pm

CHOM07

Indian Summer Golf & Country Club

A&A

Jun 6

1.0

S l

Estate Planning Update, 12-1pm

CHOM01

Indian Summer Golf & Country Club

A&A

1.0

S l

Department of Revenue Update, 12-1pm

CHCN04

Florentyna’s Restaurant

Accounting and Reporting Standards Annual Update and Review by Walter Haig, 8am-4pm

ARSUR04

525

640

Location TBA

A&A

Olympia

Pasco Jan 9 Port Townsend May 17-18

16.0

Seattle Jan 17

1.0

S l

Economic and Revenue Outlook, 12-1pm

CHSE02

Women’s University Club of Seattle

Feb 21

2.0

S l 6

BGI (Bainbridge Graduate Institute) and the Triple Bottome Line: The First 10 Years, 7:30-9:30am

CHSE05

Women’s University Club of Seattle

Jun 7

1.5

WSCPA Annual Meeting with Professional Issues Update, 7:30-9:30am

Washington State Convention Center

Andy Biebl’s Tax Advisor’s Update, 8am-4pm

BTAU01

325

400

Mirabeau Park Hotel

Tax

Economic Update, 12-2pm

CHSP06

The Spokane Club

Spokane Jan 16

8.0

Jan 18

2.0

Apr 19-20

16.0 

Governmental Accounting & Auditing Conference, 8am-4pm

GAAC2

260

335

Northeast Washington Educational Service District 101

GNP

16.0 

Governmental Accounting & Auditing Conference, 8am-4pm

GAAC

335

410

Courtyard Marriott Tacoma

GNP

Jan 17

2.0

6 S l

Public Education and Vocational Update, 7:30-9:30am

CHYK05

Holiday Inn Yakima

Feb 21

2.0

6 S l

New Vision and Our Local Economy, 7:30-9:30am

CHYK04

Holiday Inn Yakima

Mar 20

2.0

S l

Going Global, 7:30-9:30am

CHYK02

Holiday Inn Yakima

A&A

S l

Tacoma Apr 19-20 Yakima

Your Desk - Webcasts and Webinars Jan 3

8.0

WEBCAST: Form 1041 Workshop Webcast, 8:30am-4:30pm

WEB102

255

295

Webcast

Tax

Jan 3

8.0

WEBCAST: Tax Exempt Organizations: Advanced Tax Issues, 8:30am-4pm

WEB103

255

295

Webcast

Tax

Jan 4

8.0

WEBCAST: Fundamentals of 1031 Exchanges, 8:30am-4pm

WEB105

255

295

Webcast

Tax

www.wscpa.org

Networking Event | S Season Ticket and Coupons N/A

WashingtonCPA January/February 2012

Education and events

Fees Date

CPE Credits

Course

Code For more details, search by code at www.wscpa.org/cpe

Type

WSCPA NonAICPA Member Member Member Discount Fee Fee

Facility

Subject

ç Jan 4

8.0

WEBCAST: The Art of High-End Estate Planning, 8:30am-4:30pm

WEB104

255

295

Webcast

PFP

Jan 5

8.0

WEBCAST: Personal Financial Planning for the New Decade, 8:30am-4pm

WEB106

255

295

Webcast

Tax

Jan 6

3.0

WEBCAST: Accounting’s Perfect Storm: Coming Changes That Will Impact the Entire Profession, 7-10am

WEB368

129

Webcast

A&A

ç Jan 6

2.0

WEBCAST: Reformatted Financial Statements, 11am-1pm

WEB374

109

Webcast

A&A

Jan 6

8.0

WEBCAST: Pension and Profit-Sharing Plan Strategies, 8:30am-4pm

WEB108

255

295

Webcast

Jan 6

8.0

WEBCAST: Tax Procedure and Controversy-Principles and Strategies, 8:30am4:30pm

WEB107

255

295

Webcast

Tax

Jan 9

8.0

WEBCAST: Washington B & O and Sales Tax, 8am-4pm

WEB267

235

265

Webcast

Tax

ç Jan 9

8.0

WEBCAST: Construction Industry Accounting & Tax Update, 7am-3pm

WEB390

235

265

Webcast

A&A

Jan 9

2.0

WEBCAST: SSAE 16 The New Standard for Service Organization Reporting, 9-11am

WEB394

109

Webcast

A&A

Jan 9

8.0

WEBCAST: Federal and California Tax Update for Individuals, 8:30am-4:30pm

WEB109

255

295

Webcast

Tax

ç Jan 9

2.0

WEBINAR: Outlook Part 1 - E-mail Management Tips & Techniques (Basic), 8-10am

WNR286

Webinar

Tec

ç Jan 9

2.0

WEBINAR: Outlook Part 2 - E-mail Management Tips & Techniques (Advanced), 11am-1pm

WNR287

Webinar

Tec

ç Jan 10

8.0

WEBCAST: Financial Statement Fraud Not Just Wall Street’s Problem, 8am-4pm

WEB273

235

265

Webcast

ç Jan 10

2.0

WEBINAR: QuickBooks - Online Banking, 11am-1pm

WNR288

Webinar

ç Jan 10

2.0

WEBINAR: QuickBooks - Reconciling the Balance Sheet, 8-10am

WNR289

Webinar

ç Jan 11

2.0.

WEBINAR: Outlook Part 3 - Calendar & Contact Management Tips & Techniques, 8-10am

WNR290

Webinar

Tec

Jan 11

8.0

WEBCAST: Private Foundations-- Advanced Tax Topics, 8:30am-4:30pm

WEB110

255

295

Webcast

Tax

ç Jan 11

2.0

WEBINAR: Windows 7 - Tips & Techniques, 11am-1pm

WNR291

Webinar

Tec

Jan 12

4.0

WEBCAST: Washington CPA Ethics and New Developments (A WA Requirement), 8am-11:30am

WEB282

159

189

Webcast

Ethics

Jan 12

3.0

WEBCAST: Accounts Receivable Management - “Part 1 of 6 of the Technical Controllers Series,” 8-11am

WEB291

129

Webcast

ç Jan 12

2.0

WEBCAST: Managing the Accounting Function So You Become Invaluable “Part 2 of 6 in the Technical Controller Series,” 11:30am-1:30pm

WEB297

109

Webcast

Jan 12

3.0

WEBCAST: Getting Stuff Done When You Don’t Own the Company - “Part 3 of 6 in the Technical Controllers Series,” 2-5pm

WEB304

129

Webcast

Jan 12

8.0

WEBCAST: Choice of Entity Workshop Webcast, 8:30am-4:30pm

WEB111

255

295

Webcast

Tax

ç Jan 12

2.0

WEBINAR: Travel & Entertainment Expenses Review & Update, 10am-12pm

WNR292

Webinar

Tax

ç Jan 13

3.0

WEBCAST: It’s ALL in the Process! How to Generate Productivity and Breakthrough Improvements “Part 4 of 6 in the Technical Controller Ser, 8-11am

WEB311

129

Webcast

ç Jan 13

2.0

WEBCAST: Setting the RIGHT Tone! A Finance Leader’s Best Tool for Employee Engagement “Part 5 of 6 in the Technical Controllers Series,” 11:30am-1:30pm

WEB318

109

Webcast

Jan 13

3.0

WEBCAST: Money Talks! Presenting Financial Concepts with Ease “Part 6 of 6 in the Technical Controllers Series,” 2-5pm

WEB324

129

Webcast

ç Jan 13

8.0

WEBCAST: Partnerships and LLCs Update, 7am-3pm

WEB392

235

265

Webcast

Tax

Jan 13

2.0

WEBCAST: Transfer Pricing: Basic Rules, Structures and More, 9-11am

WEB393

109

Webcast

Tax

Jan 16

2.0

WEBCAST: 2011 Multistate Tax Roundup, 9-11am

WEB398

109

Webcast

Tax

Jan 16

8.0

WEBCAST: Form 709: Gift Tax Returns and Basis, 8:30am-4:30pm

WEB112

255

295

Webcast

Tax

Jan 17

8.0

WEBCAST: Quality Control in a CPA Tax Practice, 8:30am-4pm

WEB113

255

295

Webcast

Tax

Jan 17

2.0

WEBINAR: Excel - Auditing Your Spreadsheets to Ensure Data Integrity, 7-9am

WNR293

Webinar

Tec

ç Jan 18

8.0

WEBCAST: Tax Accounting Methods, 7am-3pm

WEB372

235

265

Webcast

A&A

Jan 18

8.0

WEBCAST: Accounting and Auditing Update, 8:30am-4:30pm

WEB115

255

295

Webcast

A&A

Jan 18

8.0

WEBCAST: Physician Finances, 8:30am-4pm

WEB114

255

295

Webcast

ç Jan 18

2.0

WEBINAR: Excel - Advanced Tips, Tricks & Techniques, 10am-12pm

WNR294

Webinar

ç Jan 18

2.0

WEBINAR: 2011 Federal Tax Update for Individuals: Income Items, 8-10am

WNR295

Webinar

Tax

Jan 19-20

16.0

WEBCAST: Advanced Estate Planning Institute, 8:30am-5:45pm

WEB116

510

590

Webcast

PFP

Jan 19

2.0

WEBINAR: Excel Pivot Tables - Beyond the Basics, 8-10am

WNR296

Webinar

Jan 19

2.0

WEBINAR: Workflow: Tips for Automating Business Processes, 11am-1pm

WNR297

Webinar

Tec

WashingtonCPA January/February 2012

Networking Event | S Season Ticket and Coupons N/A

www.wscpa.org

Education and events Fees

Date

CPE Credits

Course

Code For more details, search by code at www.wscpa.org/cpe

Type

WSCPA NonAICPA Member Member Member Discount Fee Fee

Facility

Subject

ç Jan 20

8.0

WEBCAST: Implementing the Right Business Tec - Where to Best Spend Your Money, 7am-3pm

WEB387

235

265

Webcast

Tec

Jan 20

2.0

WEBINAR: How is Mobile Computing Changing Business Practices Today? 10am12pm

WNR298

Webinar

Tec

ç Jan 20

2.0

WEBINAR: 2011 Federal Tax Update for Business Entities, 8-10am

WNR299

Webinar

Tax

ç Jan 23

3.0

WEBCAST: Research and Development Tax Credits: Do You Know the Tax Savings These Create? 8-11am

WEB285

129

Webcast

Tax

Jan 23

8.0

WEBCAST: Subtrust Funding Workshop, 8:30am-4:30pm

WEB117

255

295

Webcast

ç Jan 23

2.0

WEBINAR: Solving Small Business Accounting Issues with Peachtree, 11am-1pm

WNR300

Webinar

Jan 23

2.0

WEBINAR: Tables: Excel’s 2nd Best Feature, 8-10am

WNR301

Webinar

ç Jan 24

8.0

WEBCAST: 2011 Annual Tax Update, 7am-3pm

WEB385

235

265

Webcast

Tax

Jan 24

8.0

WEBCAST: S Corporations Workshop, 8:30am-4:30pm

WEB118

255

295

Webcast

Tax

Jan 24

2.0

WEBINAR: Adobe Acrobat for Accountants I - Basic Features & Functions, 8-10am

WNR302

Webinar

Tec

Jan 24

2.0

WEBINAR: Adobe Acrobat for Accountants II - Advanced Features & Functions, 11am-1pm

WNR303

Webinar

Tec

Jan 25

8.0

WEBCAST: Fundamentals of Partnership Taxation, 8:30am-4:30pm

WEB119

255

295

Webcast

Tax

Jan 25

8.0

WEBCAST: Federal Tax Update-Individuals (Form 1040), 8:30am-4:30pm

WEB120

255

295

Webcast

Tax

Jan 25

2.0

WEBINAR: Adobe Acrobat for Accountants III - Tips & Techniques for the Experienced User, 8-10am

WNR304

Webinar

Tec

Jan 25

2.0

WEBINAR: Adobe Acrobat Forms, 11am-1pm

WNR305

Webinar

Tec

Jan 26

8.0

WEBCAST: Federal Tax Update-C & S Corporations, Partnerships & LLCs (Forms 1120, 1120S & 1065) Webcast, 8:30am-4:30pm

WEB121

255

295

Webcast

Tax

Jan 26

2.0

WEBINAR: Key Tax Issues Facing Members in Industry, 10am-12pm

WNR306

Webinar

Tax

ç Jan 26

2.0

WEBINAR: Excel as a Fraud Detection Tool, 8-10am

WNR307

Webinar

Tec

Jan 27

8.0

WEBCAST: Health Care Conference, 8:30am-4:30pm

WEB122

255

295

Webcast

ç Jan 27

2.0

WEBINAR: PowerPoint Level 1 - Creating Professional Presentations, 8-10am

WNR308

Webinar

Tec

ç Jan 27

2.0

WEBINAR: PowerPoint Level 2 - Advanced Presentation Design, 11am-1pm

WNR309

Webinar

Tec

Jan 30

2.0

WEBINAR: Excel - Formulas and Functions, 11am-1pm

WNR310

Webinar

Tec

Jan 30

2.0

WEBINAR: Excel - The Power of Pivot Tables, 8-10am

WNR311

Webinar

Tec

ç Jan 31

8.0

WEBCAST: Other Comprehensive Basis of Accounting Fundamentals, 8:30am4:30pm

WEB123

255

295

Webcast

A&A

Feb 2

8.0

WEBCAST: Basic Concepts of Governmental Accounting, Financial Reporting Auditing, 8:30am-4pm

WEB124

255

295

Webcast

GNP

Feb 3

8.0

WEBCAST: Introduction to XBRL and New Opportunities for CPAs, 8:30am4:30pm

WEB125

255

295

Webcast

Tec

Feb 6

2.0

WEBCAST: SSAE 16 The New Standard for Service Organization Reporting, 9-11am

WEB395

109

Webcast

A&A

Feb 7

8.0

WEBCAST: Reporting Under IFRS-- Nonfinancial Assets, 8:30am-4:30pm

WEB126

255

295

Webcast

A&A

ç Feb 7

8.0

WEBCAST: Avoiding Problems in Conducting Single Audits, 8:30am-4:30pm

WEB127

255

295

Webcast

A&A

ç Feb 8

8.0

WEBCAST: Revenue Recognition: Getting the New Standard Right, 8:30am-4:30pm

WEB128

255

295

Webcast

A&A

Feb 9

8.0

WEBCAST: IFRS and Business Combinations and Consolidations, 8:30am-4:30pm

WEB130

255

295

Webcast

A&A

ç Feb 9

8.0

WEBCAST: Controls, Risks and Financial Reporting, 8:30am-4:30pm

WEB129

255

295

Webcast

A&A

ç Feb 10

8.0

WEBCAST: Business Models and Open Innovation, 8:30am-4:30pm

WEB131

255

295

Webcast

Feb 14

8.0

WEBCAST: Tax Issues for Auditors & Industry Professionals, 8:30am-4:30pm

WEB132

255

295

Webcast

Tax

ç Feb 15

8.0

WEBCAST: Accounting for Leases: Revolutionary Changes to the Previous FAS 13, 8:30am-4:30pm

WEB133

255

295

Webcast

A&A

ç Feb 16

2.0

WEBCAST: Reformatted Financial Statements, 7-9am

WEB375

109

Webcast

A&A

Feb 16

8.0

WEBCAST: Accounting and Auditing Update, 8:30am-4:30pm

WEB134

255

295

Webcast

A&A

ç Feb 17

8.0

WEBCAST: Financial Reporting for Private Companies and SMEs: The Approaching Perfect Storm, 8:30am-4:30pm

WEB135

255

295

Webcast

A&A

ç Feb 20

3.0

WEBCAST: Research and Development Tax Credits: Do You Know the Tax Savings These Create? 8-11am

WEB286

129

Webcast

Tax

Feb 22

8.0

WEBCAST: Cost Principles for State and Local Governments and Nonprofits Organizations, 8:30am-4:30pm

WEB136

255

295

Webcast

GNP

www.wscpa.org

Networking Event | S Season Ticket and Coupons N/A

WashingtonCPA January/February 2012

Education and events

Fees Date

CPE Credits

Course

Code For more details, search by code at www.wscpa.org/cpe

Type

WSCPA NonAICPA Member Member Member Discount Fee Fee

Facility

Subject

ç Feb 24

8.0

WEBCAST: Internal Controls for Business - To Prevent Fraud and Loss, 7am-3pm

WEB379

235

265

Webcast

Feb 24

8.0

WEBCAST: Similarities and Differences Between U.S. GAAP and IFRS, 8:30am4:30pm

WEB137

255

295

Webcast

A&A

ç Feb 27

8.0

WEBCAST: Implementing the Right Business Tec - Where to Best Spend Your Money, 7am-3pm

WEB388

235

265

Webcast

Tec

Mar 5

2.0

WEBCAST: SSAE 16 The New Standard for Service Organization Reporting, 9-11am

WEB396

109

Webcast

A&A

Mar 9

8.0

WEBCAST: Convergence 2011- Reformatted Financial Statements: The Changing! 8:30am-4:30pm

WEB138

255

295

Webcast

A&A

Mar 12

3.0

WEBCAST: Accounts Receivable Management - “Part 1 of 6 of the Technical Controllers Series,” 8-11am

WEB292

129

Webcast

ç Mar 12

2.0

WEBCAST: Managing the Accounting Function So You Become Invaluable “Part 2 of 6 in the Technical Controller Series,” 11:30am-1:30pm

WEB298

109

Webcast

Mar 12

3.0

WEBCAST: Getting Stuff Done When You Don’t Own the Company - “Part 3 of 6 in the Technical Controllers Series,” 2-5pm

WEB305

129

Webcast

ç Mar 13

3.0

WEBCAST: It’s ALL in the Process! How to Generate Productivity and Breakthrough Improvements “Part 4 of 6 in the Technical Controller Series,” 8-11am

WEB312

129

Webcast

ç Mar 13

2.0

WEBCAST: Setting the RIGHT Tone! A Finance Leader’s Best Tool for Employee Engagement “Part 5 of 6 in the Technical Controllers Series,” 11:30am-1:30pm

WEB319

109

Webcast

Mar 13

3.0

WEBCAST: Money Talks! Presenting Financial Concepts with Ease “Part 6 of 6 in the Technical Controllers Series,” 2-5pm

WEB325

129

Webcast

Mar 14

8.0

WEBCAST: Fraud: Exposures and Solutions in the Nonaudit Environment, 8:30am4:30pm

WEB139

255

295

Webcast

A&A

Mar 15

8.0

WEBCAST: Accounting and Auditing Update, 8:30am-4:30pm

WEB140

255

295

Webcast

A&A

Mar 16

8.0

WEBCAST: Internal Control:Your Number One Defense Against Errors and Fraud, 8:30am-4:30pm

WEB141

255

295

Webcast

A&A

ç Mar 19

8.0

WEBCAST Revised Auditing Standards, 8:30am-4:30pm

WEB142

255

295

Webcast

A&A

Mar 21

3.0

WEBCAST: Accounting’s Perfect Storm: Coming Changes That Will Impact the Entire Profession, 10am-1pm

WEB369

129

Webcast

A&A

Mar 22

8.0

WEBCAST: Key Ratio Analysis, 8:30am-4pm

WEB143

255

295

Webcast

A&A

Mar 23

8.0

WEBCAST: FASB Update, 8:30am-4:30pm

WEB145

255

295

Webcast

A&A

ç Mar 23

8.0

WEBCAST: Financial Statement Analysis for Managers: Driving Company Driving Company Performance, 8:30am-4:30pm

WEB144

255

295

Webcast

ç Mar 26

265

8.0

WEBCAST: Internal Controls for Business - To Prevent Fraud and Loss, 7am-3pm

WEB380

235

Apr 9

2.0

WEBCAST: SSAE 16 The New Standard for Service Organization Reporting, 9-11am

WEB397

109

Apr 11

3.0

WEBCAST: Accounts Receivable Management - “Part 1 of 6 of the Technical Controllers Series,” 8-11am

WEB292

ç Apr 11

2.0

WEBCAST: Managing the Accounting Function So You Become Invaluable “Part 2 of 6 in the Technical Controller Series,” 11:30am-1:30pm

WEB299

Apr 11

3.0

WEBCAST: Getting Stuff Done When You Don’t Own the Company - “Part 3 of 6 in the Technical Controllers Series,” 2-5pm

ç Apr 12

3.0

ç Apr 12

2.0

Apr 12

3.0

Apr 20

8.0

Apr 25

4.0

ç Apr 27

8.0

Webcast

A&A

129

Webcast

109

Webcast

WEB306

129

Webcast

WEBCAST: It’s ALL in the Process! How to Generate Productivity and Breakthrough Improvements “Part 4 of 6 in the Technical Controller Series,” 8-11am

WEB313

129

Webcast

WEBCAST: Setting the RIGHT Tone! A Finance Leader’s Best Tool for Employee Engagement “Part 5 of 6 in the Technical Controllers Series,” 11:30am-1:30pm

WEB327

109

Webcast

WEBCAST: Money Talks! Presenting Financial Concepts with Ease “Part 6 of 6 in the Technical Controllers Series,” 2-5pm

WEB326

129

Webcast

WEBCAST: FASB Update, 8:30am-4:30pm

WEB146

255

295

Webcast

A&A

WEBCAST: Washington CPA Ethics and New Developments (A WA Requirement), 8-11:30am

WEB328

159

189

Webcast

Ethics

WEBCAST: Forensic Accounting, 8:30am-4:30pm

WEB147

255

295

Webcast

A&A

Need help finding a seminar, conference or webcast? Call the WSCPA at (800) 272-8273 or (425) 644-4800. To view the complete schedule of events, go to www.wscpa.org/CPE/catalog. The same high quality materials and speakers featured in many WSCPA conferences and seminars are available for CPE events for your firm. To learn more about WSCPA In-house Training, call (800) 272-8273 or (425) 644-4800 or e-mail ct@wscpa.org. ç New |  non-tech credits | E Ethics credits |  Conference | Y Yellow Book | C CFP | l Chapter event |

WashingtonCPA January/February 2012

Networking Event | S Season Ticket and Coupons N/A

www.wscpa.org

Registration

Questions? E-mail cpe@wscpa.org or call (425) 644-4800 or (800) 272-8273 (toll-free in Washington).

Code

Title

Date

City

Fee1

WSCPA CPE policies apply to all programs in the CPE Digest. Review the CPE policies at www.wscpa.org. www.wscpa.org

WashingtonCPA January/February 2012

classified ads

Detailed advertising information is available online at www.wscpa.org.Ads are $1 per word with a minimum fee of $50. Active e-mail and web site addresses are included. Classified ads are placed on the website for 60 days when received, and in the next magazine when received by the deadline (January 25 for the March/ April issue). Positions available ads are for magazine placement only. To post a job listing, visit the Career Center at www.wscpa.org. Contact Sharon OleneMarander at (425) 586-1138,(800) 272-8273,Ext.1138, or classifieds@wscpa.org for more information.All ads must be pre-paid. Find classified ads at www.wscpa.org under Newsroom. POSITIONS AVAILABLE Established Bellingham CPA firm is seeking experienced auditor to join our team of professionals. 5+ years of audit experience required. Collaborative working environment, excellent advancement opportunities and salary and benefits package.Submit resume and cover letter to Varner Sytsma & Herndon, CPA’s, 2200 Rimland Drive, Suite 205, Bellingham,WA 98226, Attn: H/R Established Bellingham CPA firm is seeking experienced CPA to join our team of professionals. 3+ years of tax experience required.Collaborative working environment,excellent advancement opportunities and salary and benefits package. Submit resume and cover letter toVarner Sytsma & Herndon,CPA’s,2200 Rimland Drive, Suite 205, Bellingham,WA 98226,Attn: H/R OFFICE SPACE Private office space in professional suite located in Bellevue. 143 SqFt unfurnished. Suite includes reception area, access to conference rooms, internet, copier, utilities, and kitchenette.There are three CPA’s sharing the suite current.Easy access to I-405 near I-90.Contact Ann (425) 451-7719 or anncpa@normankitto.com.

includes other business professionals and offers free parking. Five blocks from downtown restaurants and shops. Easy access to and from I-405. Call Ray (206) 595-9697 or Dave (425) 827-5620. PRODUCTS AND SERVICES Have any restaurant clients who need hands-on help? 25 year CPA and former restaurant owner works complementary to you, consulting for operational and systems efficiency, profit improvement, POS assessment/implementation or exit strategy/restaurant sale. Certified QuickBooks ProAdvisor. Project based or hourly. Jean Klein, (206) 795-4443. www.smallrestaurantspecialist.com. MERGERS & SALES Retired CPA calls it quits again. Only 37K gross - but excellent client base.Individual and business tax returns. Lynnwood – Edmonds area. Can help transition. Contact: CPA.SnoCo@gmail.com. Bellevue CPA firm for sale. Our firm has diverse client base. Our revenue is generated from audits, reviews, write ups, consulting, QuickBooks training and tax returns. The potential buyer will retain our office. We are flexible and will train the new owner. Our firm is the best fit for an individual who is ready to take charge of a highly profitable business. Contact Ela at ela@elasacademy.com. CPA looking for $150,000-$250,000 size practice to purchase in the Bellingham area. Cash purchase. Please respond to Tom by phone, (707) 545-0701 or email, TJTCPA@aol.com.

Share Kirkland Office Space with two successful CPAs. 140+ sqft private office plus reception area and kitchen. Close to I-405 entrance; walking distance to waterfront, restaurants and shops. Call John (425) 827-3031 or Jim (425) 822-6022.

Everett/Bellevue Firm Looking for King and Snohomish County CPA firm and/or Registered Investment Advisory Company to purchase. We are the second largest CPA firm in downtown Everett, manage $135m and are looking to purchase another firm. Our client base is as broad as the services we offer, as we cater to individuals and small business.Please contact the owner, Brian Evans at (425) 252-6909 or email to brian@ bauerevans.com.You can review our websites at www. bauerevans.com and www.bondstreetwealth.com.

Fast growing EastVancouver location. Class A Office Space available for CPA practitioner & staff. Built in 2008 Full service.Successful FinancialAdvisory Practice located in space.Contact Dan Foster at (360) 883-2623 ext. 101 or dan.h.foster-cpa@ampf.com.

Considering Selling Your Practice? Consider all your options.We do the work. Confidential.We have buyers actively seeking practices. Call Mark Hause at 877-345-7722 or visit our website at www.accountingpracticesales.com. Accounting Practice Sales. We make dreams happen!

Bellevue Offices. AV Bus/EP law firm has offices for small firm or solo practitioners. Great for startup! Relaxed park-like setting near DT Bellevue. Receptionist, copier/scanner/shredding, conf/seminar rooms, tax library, kitchen, shower + FREE PARKING for tenants/ clients, and with easy in & out + freeway access (I-405, I-90 & 520). Details & photos at www.bellevueprofessionaloffices.com. Call Mike, George or Dave at (425) 453-4455.

IBA Sells Privately Held Companies. Do you represent a client who is ready to retire or has taken a company as far as they want to or can? IBA is the Pacific Northwest’s oldest business brokerage (M&A) firm.We are professional negotiators with over 4000 completed transactions. Please contact us if we can be of assistance at (800) 218-4422 or www.ibainc.com.

Office Share with SoloAttorney.Newly remodeled office in Federal Way business district near Celebration Park. Conference room, reception/ secretary station,parking,fax,copier,internet,kitchen and utilities.Contact Eileen at emsfw@earthlink.net or call (206) 399-2046. Share office space in Kirkland with two CPAs. 140 square foot private office. Office includes reception area, conference room and kitchen. Office building

WashingtonCPA January/February 2012

WSCPA Career Center www.wscpa.org

Job Listings & Career Resources

PRACTICES FOR SALE Contact Mark Hause at Accounting Practice Sales by e-mail at MARKHAUSE@CONTACTAPS.COM or call 877-345-7722 for more information on the following practices: Bellingham CPA Firm for Sale: This CPA firm is a tax and write-up practice that focuses on small business. As a result, the firm predominantly renders tax and write-up services for a loyal group of clients who are accustomed to paying market rate fees along with being a strong referral source.The revenue dollars grossed by the firm break out 65% income tax and 33% write-up services and 2% for a small amount of compilation and review services. The client work load is continuous through the year with the normal increase in tax filing periods providing for a balanced workload and revenue stream. This practice has an excellent staff which further enhances the opportunity this firm provides for an accountant or firm looking for a quality practice to make their own.

sold

Spokane CPA Firm for Sale: This well rounded CPA firm renders professional services in the areas of write-up,income tax,compilation(s),review(s),and auditing.The firm has long term relationships with most of the clients while continuing to accept new business which fuels the continuing growth of the practice. The practice has a variety of clients in all industries but does serve a number of non-profit entities in a variety of capacities.The owner seeks to retire but would be available for transition to the new owner through tax season.This practice is primed for a new owner and continued prosperity. VOLUNTEER POSITIONS The following organizations need a CPA to serve on the board of directors and/or provide other guidance on financial matters. Learn more at www.wscpa.org (enter volunteer positions in the search box). Citizens for Off-Leash Areas Communities in Schools of Puyallup - New Congress for the New Urbanism-Cascadia Easter Seals Washington Eastside Audubon Society - New Education Across Border - New Emergency Feeding Program Friends of Gordon Carter Global Breakthrough Hearing Speech and Deafness Center (HSDC) Helping Link Huntington’s Disease Society of America NW Chapter - New Metro Parks Tacoma - New Music Works Northwest - New NorthEast Seattle Together - New Northeast Washington Education Council Relief and Education for Afghan Children The Swedish Finn Historical Society Transitional Resources Vision Loss Connections Washington Poison Center - New YMCA of Snohomish County

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MEMBER profile

Firm Transitions, New Opportunities Aaron and Jen Dawson Opsahl, Dawson & Company, P.S.

aron and Jen Dawson, both CPAs, met while studying accounting at Western Washington University. After working for several years at large Seattle area CPA firms, the couple moved to Longview and became second generation owners of a 30 year old accounting firm in 2009. With offices in two Southwestern Washington locations, Vancouver and Longview, Opsahl, Dawson & Company, P.S., has 22 employees and is Vancouver’s largest CPA firm, according to the Vancouver Business Journal. Born and raised in Longview, Aaron is President and head of the tax department at the firm. Aaron chose to follow his father into the accounting profession. Robert Dawson, Jr. has been a sole practitioner for more than 30 years in Vancouver. “We share ideas often. He has been a great mentor,” said Aaron, who has experience in manufacturing, real estate, and construction industries, and specializes in entity selection, and high net worth individual taxation. Jen, who was raised on Whidbey Island in Oak Harbor, is shareholder and Vice President, as well as head of the firm’s financial statement and human resources departments. Jen’s interest in accounting began while she was in high school. “I’ve always enjoyed working with numbers and had a great accounting teacher in high school,” said Jen. “Once I decided that I was going to major in accounting, it was a no-brainer that I was going to become a CPA. I get great satisfaction working closely with clients and helping them with their business and achieving their goals.” Jen’s industry expertise includes hospitality, construction, real estate, manufacturing, and retail. The couple’s journey to purchasing their own practice began with a simple phone call from George Opsahl, Aaron’s longtime family friend. www.wscpa.org

“George called me and suggested we explore the idea of transitioning his firm to Jen and me,” recalls Aaron. “It was as if my dad were saying he wanted to teach me to drive his Ferrari so I could own it. It was the most important phone call of my career. “The transition of ownership from George Opsahl and Terry Shepp was very positive. They were both very open to new ideas that we brought to the firm. After implementation, our new ideas allowed the firm to become more efficient than ever before.” “Our transition was 100% successful; we did not lose any clients as a result of the ownership transition,” said Aaron. “George and Terry’s strategic transition efforts helped to instill confidence with our existing clients through positive introductions, carefully planned client communications, and double checks on new tax planning ideas. George is still involved in the business, but Terry retired in mid 2010.” Aaron and Jen offer the following advice to other CPAs preparing for firm ownership transitions: “The exiting shareholder should be as open as possible to the new shareholder ideas, provide some feedback, but ultimately allow the transition to take place. Once the clients start to call the new shareholder, the exiting shareholder should resist taking a front row seat as it will confuse the client as to who is actually in charge and the lead advisor. A back seat role can be a good way for the exiting shareholder to still be involved and continue to allow the transition to take place. It takes a lot of trust to turn over your firm and client relationships, but remember, the candidate you chose to transition your firm to is highly qualified, that is why you have chosen them in the first place. Allow the transition to take place.” “Lots of communication between the owners is very important also.

Set expectations up front so there is nothing unsaid,” said Aaron. Working for the same firm as a married couple was another transition for the Dawsons. “Separating duties is a good way to keep the teamwork healthy,” said Aaron. “We also are good at not bringing work home. I am more of a risk taker and am rapidly moving the firm forward with new technology. These changes always put a stress on the firm, but are necessary to succeed. Jen is more conservative and a good double check for me. We complement each other very well.” During her free time, Jen plays sports, travels, hikes, and reads. Outside of work, Aaron can be found outdoors, hunting, fishing, or river rafting. The Dawsons enjoy spending time with their 17-month old daughter, Jade, and will welcome twins into their family on Tax Day 2012. “We love the challenges of running our own firm and the opportunity to move to Longview,” said Aaron. “The scenery is beautiful, people are great, and life is just the right pace!” WashingtonCPA January/February 2012

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