The Ledger gwscpa logo
GWSCPA E-news
 
 
July 2009 
volume 1, issue 6
In This Issue
What's new at GWSCPA?
Upcoming events
Legislative/Regulatory Update
The Profession
Members in Motion
Quick Links
 
 
Join Our Mailing List
 
 
 
 
Want to see your logo here? Ask us about sponsorship

FY10 Board of Governors
 
 
***
 
John D. Griffin, CPA
President
AARP
 
 
Daniel Black, CPA President-Elect 
Daniel Black & Assoc.
 
 
Stanley Berman, CPA
 Vice-President
Global Impact
 
 
Abdool Akhran, CPA
Treasurer
Bert Smith & Co.
 
 Hillary Coley, CPA
Secretary
Trout Unlimited
 
Patricia A. O'Malley, CPA
Immediate Past President
Rubino & McGeehin, Chartered 
 
 
***
 
 
Christine Colburn, CPA
Payroll Network 
 
 
Kenneth Emson, CPA
Community Foundation for the National Capital Region 
 
 
Brenda Hargett, CPA
American Petroleum Institute 
 
 
Malcolm Karl, CAE 
Eagle Bank 
 
 
Daniel Kovlak, CPA
KPMG LLP 
 
 
Andrew Lang, CPA
LangCPA Consulting, LLC 
 
 
Mark Lobel, CPA
 Quinn, Lobel & Assoc., P. C. 
 
 
Sue Marcum, CPA
American University
 
 
R. Michael Sorrels, CPA
Cherry, Bekaert & Holland, LLP
 
 
Patricia Wensel, CPA
USDA, retired 
 
 
Jacqueline Bryant, CPA
Tate & Tryon CPAs
 

Joseph S. Drew, Ph.D.
Strayer Univ.             
 
William Eisig, CPA
BDO Seidman
 

Daniel Lynch
KForce Staffing Solutions
 
Uzma Malik-Dorman,CPA
Thompson Cobb Bazilio
 

John Wooldridge, CPA
Larson Allen LLP
 
 
This month I am pleased to welcome and turn my column over to our incoming GWSCPA President: John D. Griffin, CPA.
 
Kari Bedell, Executive Director
 
 
Dear  Friends ,  
 
There have been a lot of changes here at the GWSCPA in the past six months - a lot more is planned for the upcoming year. When I sat down to think about the most important things to emphasize in my first communication as incoming GWSCPA President, a theme quickly emerged:  keeping our members connected.  
 
The GWSCPA is your connection in providing advocacy and information on issues of concern like CPA mobility, new DC peer review requirements and other legislative and regulatory activities. There is strength in partnerships, and the GWSCPA itself is working to reconnect to our natural and historical partners, like the AICPA, the DC Board of Accountancy and our neighboring state societies. We are also forging new ties to organizations with common interests like NABA, the Accountants Coalition, the AGA, local universities and other DC area business groups. And, our recently added monthly newsletters are fresh and informative.
 
The GWSCPA is your connection to professional networking opportunities in both good and turbulent times. Given our economic environment, networking with peers, regulators and business partners has never been more important. The GWSCPA provides this through committee meetings, conferences, social events and quarterly open member meetings that will begin this fall. The expertise, influence and availability of your fellow peers are unlike anywhere else in the country, and GWSCPA membership brings that prestigious community right to your door.
 
The GWSCPA is your connection to the most relevant and diverse CPE you can find whether live, online, or even in your own office. Through practical CPE events, you stay informed about key information and developments from sweeping trends to technical changes that affect your work on a daily basis. Members-only discounts and other benefits give you an edge, and there is much more to come this year as we focus on increasing member value through new services and activities.
 
We're very excited about the new energy surrounding our profession here in the greater Washington area. The GWSCPA is changing and renewing our commitment to you, our valued members. We hope you'll renew your commitment to the profession, and to us, for this upcoming year.

Let's stay connected!
 
Sincerely,
  
John D. Griffin, CPA
President
 
 
CLICK HERE TO RENEW 
 
Thank you! 

What's new at GWSCPA

 
 Nonprofit acct basics
 
 
The  Nonprofit Accountability Task Force of the Greater Washington Society of CPAs Educational Foundation is pleased to announce the beta launch of...
 

www.nonprofitaccountingbasics.org
 
 
...an educational web portal designed to deliver much needed accounting basics content for small to mid-sized nonprofit organizations, featuring:
 
  • On-line education and resource center for nonprofits
  • Comprehensive resources designed to help you create a new nonprofit
  • Emphasis on compliance and accountability
  • Access to pertinent and timely information from nonprofit experts
  • Access to tools, templates, procedures, policy samples
  • Links to additional authoritative sources

The Greater Washington Society of CPAs Education Foundation received early support for the technical development and launch of its online financial accountability education and resource center from the Eugene and Agnes E. Meyer Foundation and has attracted initial operating support from several DC Metro area accounting firms. 
 
The site was conceived and designed by the GWSCPA's Nonprofit Financial Accountability Task Force to address the needs of not-for-profit organizations' executives, finance, accounting and personnel officers, and current and potential board members as well as the accounting practitioners who serve them.  
 
With particular emphasis on small and midsized not-for-profit organizations, the objective of the web site is to strengthen the financial management capabilities of organizations in the National Capital Area, although the site is has already generated interest from, and will ultimately serve, a national audience.   
 
If you would like more information about the Task Force, or how to contribute content or become a site sponsor before our official national launch, contact Kari Bedell at kbedell@gwscpa.org  or 202-464-6001.
 

 FY10 New Board Members
 
Please join us this month in welcoming our newest GWSCPA board members:
 
 
Jacqueline Bryant, CPA
Tate & Tryon CPAs
 
Joseph S. Drew, Ph.D.
Strayer University              
 
William Eisig, CPA
BDO Seidman
 
Daniel Lynch
KForce Staffing Solutions
 
Uzma Malik-Dorman,CPA
Thompson Cobb Bazilio
 
John Wooldridge, CPA
Larson Allen LLP


  
 
Join YEA! on Facebook
YEA!, the Young and Emerging Accountants Committee of the GWSCPA, has established a Facebook Group so you can keep up with all of their activity and stay connected to your network of other young accountants from the Washington DC area. Look up Young Emerging Accountants or find us Here
 
 
Upcoming events
 
YEA Night at the Nats
Thursday July 23, 2009
 
Come on out and join nearly 70 members of the Young and Emerging Accountants Committeee for our first social event of the summer. The group will meet up for a Happy Hour and then head in to watch the Nationals vs. the Cardinals. Online registration has closed, so call the office if you'd like to nab one of the couple of tickets left and join us! (202-464-6001) 
 
 
_____________________________________________________
 
Regular Committee meetings
(several committees are on hiatus for the summer)
 
NFPO Symposium Planning 2009 Program Subcommittee
July 28th at 8:30 AM at AARP, 600 E St., NW.   

YEA-Young and Emerging Accountants Committee 
Aug 6th 
at 6:30 PM at the new GWSCPA offices. 1111 19th St., NW #1200. Please rsvp to yea@gwscpa.org  
 
 
 
 ___________________________________________
 
Fall CPE Course Registration is LIVE
Just click on any course for more info and to easily register online!
 
 
8/12/2009-8/14/09      Staff Training - Beginning In-Charge
 
8/19/09-8/21/09         Staff Training -Semi Senior
 
8/26/09-8/28/09         Staff Training -Basic
 
9/3/2009                   
Estates and Trusts: Mastering Complex Income Tax Issues
 
9/16/2009                 
Small Business Accounting Update
 
9/16/2009                 
Small Business Audit, Compilation and Review Update
 
9/22/2009                 
Business and Employment Law Basics
 
9/23/2009                 
Accounting for and Auditing Nonprofit Investments
 
9/24/2009                  The Revised Yellow Book: Government Auditing Standards
 
10/1/2009                  Information Security
 
10/5/2009                  IRS Form 990: Lessons Learned Since Introduction of the New Form
 
10/6/2009                 
Unrelated Business Income Tax- a Primer Including Latest Developments
 
10/13/2009                
Employee Benefit Plans - Audit and Accounting Essentials
 
10/20/2009                 
Bankruptcy and Foreclosure
 
10/22/2009                
Innovative Tax Planning for Individuals and Sole Proprietors
 
10/28/2009               
Search Engine Optimization
 
11/9/2009                  Evolving from Technician to Manager
 
11/12/2009               
Auditing in an IT Environment
 
11/12/2009               
Ethics
 
12/17/2009                AICPA's Annual Federal Tax Update
 
 
Legislative/Regulatory Update
 
   
TAS Report to Congress
 
On June 30, National Taxpayer Advocate Nina E. Olson  delivered her mid-year report to Congress, identifying key focus areas and priority issues the Office of the Taxpayer Advocate for the coming fiscal year. Among these will be working with the IRS to improve taxpayer services, enhancing IRS oversight of federal tax return preparers, improving the accessibility of the offer in compromise program, and working with the IRS to improve its ability to administer refundable tax credits effectively. 
 
Click here to read the summary press release or full report.
The Profession
 
IASB issues International Financial Reporting Standards for SMEs
 
The International Accounting Standards Board has released IFRS for SMEs, effective immediately for those jurisdictions wishing to adopt it, which simplifies IFRS standards for the estimated 95% of businesses that can be classified as small to medium-sized entities.
 
"The publication of IFRS for SMEs is a major breakthrough for companies throughout the world," said Sir David Tweedie, IASB Chairman. "For the first time, SMEs will have a common high-quality and internationally respected set of accounting requirements. We believe the benefits will be felt in both developed and emerging economies."
 
Click here for the IASB Fact Sheet on this topic, or for free access to downloadable copies of the complete standards, basis for conclusions, illustrative financial statements and a presentation and disclosure checklist, click here.
 
With the AICPA governing Council's May 2008 decision to recognize the IASB as an international accounting standard setter, AICPA members have the option to use IFRS for SMEs as an alternative to U.S. GAAP. AICPA has developed their own     Q & A on IFRS for SMEs and has a wealth of additional IFRS resources available at www.ifrs.com .
 
 
Speaking of IFRS...
The AICPA Examinations Team is seeking professionals with solid skills and knowledge in International Financial Reporting Standards to review multiple-choice questions on IFRS for the CPA Exam. This opportunity presents a unique way to network with other IFRS experts and contribute to the profession and the CPA Exam.
 
The first IFRS Review Workshop will be held in the AICPA offices in New York City on August 20 - 21 (9 a.m. to 5 p.m., ET, each day).  Additional workshops (both to develop and review multiple-choice questions) will be organized throughout 2009 and 2010 (dates and locations to be arranged). A short presentation at the beginning of each workshop will provide an overview of the CPA Exam and instruction on the question review process.
 
For details and eligibility requirements, click here. To apply, send a resume or curriculum vitae to rwarias@aicpa.org .
 
Members in motion
Have you hired new staff, promoted someone to partner, added an exciting new service or received recognition? Let us know. If you have firm partner or other member news, send it by the first of each month to: kbedell@gwscpa.org
For future issues, if you have a topic you'd like to see highlighted, or have an idea for a feature article you'd like to contribute, let us know.