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The Ledger is seeking 2010 sponsors.
If you are interested in sponsorship, contact us. |
FY10 Board of Governors
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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
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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
Quinn, Lobel & Assoc., P. C.
Sue Marcum, CPA
American University
Patricia Wensel, CPA
USDA, retired
Jacqueline Bryant, CPA
Tate & Tryon CPAs
Joseph S. Drew, Ph.D.
William Eisig, CPA
BDO Seidman
Daniel Lynch
KForce Professional Staffing
Uzma Malik-Dorman,CPA
Thompson Cobb Bazilio
John Wooldridge, CPA
Larson Allen LLP
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Dear Friends ,
The Nonprofit Accountability Task Force of the Greater Washington Society of CPAs Educational Foundation is pleased to announce the official national 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
· Emphasis on compliance and accountability
· Access to pertinent and timely information from experts
· Access to tools, templates, procedures, policy samples
· Links to additional authoritative sources
The site was designed 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 nationwide.
If you would like more information about the Task Force, or how to contribute expert content or become a site sponsor, contact me at kbedell@gwscpa.org or 202-464-6001. Kari Bedell , Executive Director
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What's new at GWSCPA
2010 GWSCPA Scholarships are Announced
The trustees of the GWSCPA Scholarship Fund are pleased to announce the availability of 2010 Scholarships for accounting students in the District. After awarding more than $220,000 since it's inception in 1963, we are expanding the program this year to reach even more future CPAs. Interested students should download and complete application forms from the GWSCPA website.
If your firm is interested in supporting this year's growing scholarship program, contact Kari Bedell at kbedell@gwscpa.org to discuss opportunities for Firm Partners.
2010 CPE
Watch for our complete 2010 CPE calendar coming next month! We are planning a robust list of offerings to meet the needs of our diverse membership and want you to take some time during January to plan your CPE for the year with GWSCPA! If you have any last minute requests or suggestions, please get them to Brian before December 15th at bcalvary@gwscpa.org
*NEW* Tax Committee
After being dormant for quite awhile, the GWSCPA Tax Committee is re-convening. All GWSCPA members are welcome to join us for our first meeting on Wednesday December 16 from 8-9 AM at the GWSCPA Offices.
The GWSCPA Tax Committee will help to set direction for GWSCPA's CPE, networking and other events geared toward this sector of our membership and the larger tax community in the greater Washington region.
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| Upcoming events
NFPO Symposium SOLD OUT!!!
With an outstanding program, the NFPO Symposium has sold out for the first time. Thank you to all our sponsors, speakers and attendees. We look forward to seeing you on the 14th!
For those of you that will miss it, don't forget to plan for next year.
 www.nfposymposium.org
SAVE THE DATE !
The next Quarterly Member Meeting is January 25 at the GWSCPA offices from 8-10 AM.
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Regular Committee meetings
(Please rsvp so we can plan for refreshments and space)
Gov't Auditing & Accounting Committee
Thursday, December 3 - 12 -2 PM
Lunch and CPE speaker: Jennifer Main, CFO, TARP
rsvp to qcunnningham@kpmg.com
YEA-Young and Emerging Accountants
Ugly Sweater Holiday Party/Networking Event
Thursday December 10, 6:30 PM -Buffalo Billiards, Dupont Circle
*NEW* Tax Committee (join us for our first meeting!)
Wednesday December 16, 8-10 AM-GWSCPA Offices
Not-for-Profit Committee
Tuesday January 26, 2010, 8:30-9:30 AM
Breakfast and CPE speaker: Not for Profit Tax Update
Government Contracting Committee
Friday January 29, 2010, 8-10 AM-Tower Club, Tysons Corner
speaker: TBD
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| Legislative/Regulatory Update
New DC Bag Tax goes into effect January 1, 2010
Effective January 1, 2010, District retailers that sell food or alcohol must charge a 5¢ fee for each paper or plastic disposable bag provided to customers at the point of sale. The proceeds of the fee are to be deposited in the Anacostia River Clean Up and Protection Fund and to be used for the purposes of cleaning and protecting the Anacostia River and other impaired waterways. Retailers collecting the fee are authorized to keep 1¢ of each 5¢ fee collected.
Additionally, there are strict specifications for the type of disposable bags that may be used by retailers, including percentage of post-consumer recycled content and printing on each bag. As the fee is added at point of sale, the retailer must indicate on any customer transaction receipt the number of disposable carryout bags provided and the total amount of fees collected. There are some exemptions for items like produce, wrapped meats and baked goods, prescriptions, etc.
Not to make it even more confusing, but a retailer required to collect the fee may also establish a customer credit program in which the customer is credited with 5¢ for each paper, plastic or reusable bag that the customer provides for packaging purchases. Retailers implementing these programs may then be eligible to keep 2¢ of each 5¢ collected.
Fees collected from customers shall be remitted on DC sales and use tax returns on a new line that has been added for periods beginning on or after January 1, 2010. Retailers should retain records of the number of bags and the amount of fees collected to support their reports of net disposable bag fee collections in the event of audit.
The DC Office of Tax and Revenue is responsible for enforcement of the requirements to remit the bag fee to the District Government. The District Department of the Environment is responsible for the enforcement of the requirement to charge the bag fee, the prohibition on the use of disposable bags that cannot be recycled and the specifications for disposable carry out bags.
Be sure to familiarize yourself and your retail clients by visiting the full DC OTR announcement or by calling them at 202-727-4829. |
The Profession
New Financial Reporting Standards Available for Private Companies
Often lost in the discussion of International Financial Reporting Standards (IFRS) coming to America is how IFRS will impact private companies. After all, there are only about 12,000 publicly listed companies in the United States, compared to millions of privately held entities.
Private companies don't have to wait for the Securities and Exchange Commission to act. Earlier this year the International Accounting Standards Board (IASB) released an IFRS standard geared specifically to small and medium entities (SMEs), what in the U.S. is generally referred to as private companies.
In May of 2008 the AICPA governing Council voted to recognize the IASB as an international accounting standard setter. This action allows CPAs preparing financial statements for private companies to use IFRS for SMEs if they determine it best suits the objectives of their financial statement users. Their financial reporting options now include IFRS for SMEs, full IFRS, U.S. GAAP or an other comprehensive basis of accounting, such as a cash- or tax-basis.
At about 230 pages, IFRS for SMEs is a self-contained, significantly simplified version of full IFRS. There are a number of reasons why a private U.S. company might choose to use them. Some may find them to be more relevant and less costly than the more complicated and voluminous U.S. GAAP. But probably the most common reason is that the private company has some kind of international focus. Perhaps it is owned by a foreign parent, has a foreign partner, is interested in foreign investment, or is looking to be acquired by a foreign entity.
Using a common global financial accounting and reporting standard like IFRS for SMEs makes it easier to compare the financials of companies operating in different countries, and improves the efficiency of transacting business across borders. In conducting business with private companies in different countries, lenders, venture capitalists and other users want to be able to work with only one financial accounting and reporting standard. Now, they can.
The AICPA has taken an active role in helping CPAs understand both the full IFRS and IFRS for SMEs, primarily with its launch of www.IFRS.com, the premier source for IFRS resources in the United States. It features daily updates, articles, videos, FAQs, whitepapers, training material and technical information. Breaking news also is announced on Twitter. And the complete IFRS for SMEs (together with the basis for conclusions, illustrative financial statements, and a presentation and disclosure checklist) are available without charge from the IASB Web site.
Finally, the GWSCPA, in partnership with the VSCPA and MACPA is planning a comprehensive International Issues Conference right here in DC on October 4, 2010- so mark your calendars for that as well.
The first step is for CPAs to use these resources so they gain a general understanding of IFRS for SMEs and determine whether its use is appropriate for their companies or clients. Even if U.S. GAAP remains the primary set of accounting standards for private entities, it will be important for many CPAs to be able to work with both U.S. GAAP and IFRS.
UCONN Research Study on Small Business Financial Management
The University of Connecticut is conducting research into the financial management needs of small businesses adn has asked for help from the GWSCPA. Your participation in their survey will help them to better understand your perceptions and concerns regarding financial management of your small business clients and usage of online banking capabilities for these purposes. Their findings will assist software developers and financial institutions in improving online banking technology to meet your needs in future offerings. Although those constituents may use the findings, your responses will remain confidential and will only be used in the aggregate. There are two different surveys, each oriented to the different needs of individuals concerned with financial management of small business. The first survey is for you, the CPA. The other survey is for your small business clients. The researchers ask that you consider forwarding this email to your small business clients asking them to complete their appropriate survey and complete the CPA survey yourself. CPA: www.zoomerang.com/Survey/?p=WEB229V4JH2FRS Small business owners: www.zoomerang.com/Survey/?p=WEB229ULTNQUR7 This survey should take less than 5 minutes to complete. To show their appreciation, you will have a chance to enter into a drawing to win one of three $100 American Express gift cards. Additionally, if you are interested in obtaining a copy of any significant findings from their research, there is another optional question in the survey where you can supply your email. In either case, they will not use your email for any other purpose. Should you have any questions or concerns about the research, you may contact Professor Luke Weinstein at luke.weinstein@business.uconn.edu or (860) 728-2170. | |
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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.
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