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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
Malcolm Karl, CAE
Malkarl Consulting
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 ,
You have recently recieved some alerts from us regarding the Mobility for CPAs legislation that was introduced in the District on Janaury 7, 2010.
This legislation (B616) would mark a very significant change for CPAs working in and around the metropolitan Washington area in that it would provide the ability for a licensee to gain a practice privilege outside of their home state (for example Maryland and Virginia) without getting an additional license in order to serve a client in the District of Columbia. As many of you know, the current law requires licensees of other states that wish to do work in the District to obtain a reciprocal license in order to do so. To date, 45 states have passed this legislation, as you can see in the Mobility Map below.
While the benefits are clear to many of our members, there are some concerns from the DC Board of Accountancy's perspective. Our leadership has been in conversation with the DC Board of Accountancy, our members and other stakeholders in an effort to work through the implications this legislation could have for our members as well as the District and to work toward a solution. We will continue to do so, and welcome the input and participation of any of our members that have experience with this issue in other states or a desire to be a part of our efforts.
For those of you that aren't familiar with this issue, please find more information HERE so that you can understand exactly how DC Mobility would impact You.
Kari Bedell , Executive Director
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What's new at GWSCPA
CPA Night at the Museum
Conferences and committee meetings aren't the only things we're about here at GWSCPA! Take a break from busy season to come out and have some fun with your friends and colleagues at a very unique private reception at the National Geographic Museum downtown.
DATE:
March 31, 2010
TIME: Reception 6-8 PM, Exhibition 6:30 PM
LOCATION: National Geographic Museum-Washington, DC
Join us for an exclusive viewing of National Geographic's Terra Cotta Warriors while you network and socialize with your peers. This event is open to GWSCPA members and their guests only and will bring the area's CPA community together for a once in a lifetime event on this last night of this amazing exhibit's US Tour.
For details and to register: CLICK HERE
GWSCPA seeks AICPA Council Representative
The AICPA Council determines Institute programs and policies. It has approximately 263 members with representatives from every state and U.S. territory.
The Greater Washington Society of CPAs is currently allotted two positions on the AICPA Council. These representatives consist of one elected and one designated representative. At the GWSCPA, as with most other state societies, the designated representative changes annually and is filled by the actively serving President of the Society. The number of elected representatives that each state society receives is an equitable allocation for each state based on joint GWSCPA/AICPA membership. We have one position based on size today and this member serves a three year term. Our elected representative position becomes vacant this year, so we are seeking nominations.
This is an opportunity to represent the GWSCPA and the profession at the national level. Some reimbursable travel is required for annual Spring and Fall Council meetings, which are also attended by the designated representative and the Executive Director. For a copy of the Statement of Responsibilities or to express your interest in serving, please contact Kari Bedell as soon as possible. kbedell@gwscpa.org
Local Volunteer Opportunities
Court Appointed Special Advocate (CASA)/ Prince George's County, Inc. is a volunteer-based organization that partners with the juvenile court to improve the lives of abused and neglected children living in foster care. They are seeking an experienced accountant who is proficient in QuickBooks and willing to give four to five hours of their time teaching advanced principles of accrual accounting and corresponding QuickBooks techniques for preparing statements and balance sheets to our Executive Director and key staff. If anyone is interested or has additional questions, they may contact Ann Marie Binsner at 301-209-0491 or ambinsner@pgcasa.org. |
| Upcoming events
Quarterly Member Meeting -Rescheduled for Wed. February 24
Topic: AICPA's 2010 Professional Issues Update
Wynne E. Baker, CPA, member of the Board of Directors of the American Institute of Certified Public Accountants, will join us at our GWSCPA offices to provide an update on legislative and professional issues on the horizon and AICPA activities for 2010.
8:00 AM -Breakfast/Registration/Networking
8:45 AM -GWSCPA update
9:00 AM-FREE one hour CPE Program Begins
10 AM -Meeting Concludes
Members-only tickets are FREE, but space is limited, so you must register. This session qualifies for one hour of CPE.To register, rsvp to kbedell@gwscpa.org or 202-464-6001.
SAVE THE DATE-March 26-Gov Con Committee hosts DCAA speaker at Tower Club
Topic: System Audits and other DCAA Initiatives
Speaker: Nancy Arasin Wood, CPA, MBA , Regional Audit Manager , DCAA, Mid-Atlantic Region
8:15 AM-breakfast and networking
9-10 AM- one hour cpe presentation
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Regular Committee meetings
(Please rsvp so we can plan for refreshments and space)
Gov't Auditing & Accounting Committee
Thursday, February 18- 12 -2 PM
Lunch and CPE speaker: Earl Devaney, The Recovery Act Accountability and Transparency Board
rsvp to qcunnningham@kpmg.com
Not-for-Profit Committee
Tuesday February 23, 2010, 8:30-9:30 AM
Breakfast and CPE speaker: 403b and the new regulations
rsvp to lklumpp@bdo.com
Government Contracting Committee
Planning Meeting
Tuesday March 2, 9 AM -Baker Tilly offices rsvp to kbedell@gwscpa.org
YEA (Young Emerging Accountants) Committee
March 4, 2010 -6:30 PM
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Legislative/Regulatory Update
Blue Ribbon Panel May Lead U.S. to Different Accounting Standards for Private Companies
The AICPA and the Financial Accounting Foundation (FAF), with support from the National Association of State Boards of Accountancy, have formed a blue-ribbon panel to explore the future of standard setting for private companies, including whether separate, standalone accounting standards for private companies are needed. The FAF is the parent organization of the Financial Accounting Standards Board (FASB). The panel is expected to make recommendations this fall.
Most of the recent discussions concerning financial reporting standards have centered on International Financial Reporting Standards (IFRS), specifically on whether the Securities and Exchange Commission (SEC) will endorse the proposed roadmap released under the previous administration that could lead to all U.S. public companies being required to use IFRS on a phased-in basis beginning as early as 2014. Yet even if the SEC eventually mandates the use of IFRS to replace U.S. generally accepted accounting principles (GAAP), the requirement would apply only to the approximately 15,000 public companies in the United States.
But what about the 29 million private companies that will continue using U.S. GAAP?
In early January, Rick Anderson, CEO of Moss Adams LLP, was named chairman of the panel. Anderson currently serves on the FAF Board of Trustees, was a member of the AICPA governing Council for three years and is the immediate past chair of the AICPA Major Firms Group. The panel's other members will represent a cross-section of financial reporting constituencies, including lenders, investors, owners, preparers and auditors.
According to the U.S. Small Business Administration, small businesses employ more than half of all private sector workers and are responsible for 44% of the private payroll in the United States. They also have produced 64% of the new jobs created during the past 15 years. Many of these companies are small and medium-sized organizations that report to a narrow range of financial statement users, such as lenders, venture capitalists and insurers.
"Small business has also been instrumental in creating new innovations and are an important element in our economic recovery," says Robert R. Harris, CPA/CFF, chairman of the AICPA Board of Directors. "We need a financial reporting system that provides financial statement users and small business owners with information they can truly use and understand. We CPAs know full well that the financial reporting needs of our private company clients or employers and their financial statement users are different from those of public companies. It's time for accounting standards to reflect this difference, where appropriate."
In recent months there have been many calls within the accounting profession for a new and comprehensive evaluation of private company accounting. Included in those calls was the voice of the Private Company Financial Reporting Committee (PCFRC), a joint initiative of the AICPA and the FASB. For the past several years, the PCFRC has been monitoring standard setting and speaking out on behalf of the needs of private companies and the CPAs who serve them.
"The goal is to bring valuable information to the users of private company financial statements without burdening those companies and their CPAs with requirements that have no relevance to their investors, lenders and other financial statement users," says Harris. "By doing this, we should also be able to help control financial reporting costs, something I know our members in business and industry will appreciate."
The GWSCPA thinks our members will appreciate that too. We'll keep you informed as this issue progresses. Make sure you also save the date for our joint International Issues Conference, being hosted in conjunction with both the Maryland and Virginia state societies this Oct. 4, 2010 at the Mayflower Hotel. Details to follow.
IASC Foundation Publishes Free Training Material for IFRS for SMEs
The International Accounting Standards Committee Foundation has published the first of its comprehensive set of training materials for IFRS for Small and Medium-Sized Entities (IFRS for SMEs). The training material is designed to assist companies and accountants in implementing the standard, as well as assist educators in teaching how to apply it. Once completed, the training material will consist of 35 separate modules-one for each section of IFRS for SMEs. The first 12 modules are now available without charge from the IASB Web site.
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The Profession
Help Promote CPAs Through Tax Season Social Media Campaign
As part of its efforts to promote the valuable services CPAs provide consumers during tax time, the AICPA and state CPA societies are working together on a social media campaign. You can help in this effort by using your personal social media account starting today. Please update your status on Facebook and LinkedIn and consider tweeting the message below:
Tax Day-April 15-is fast approaching. Visit your local taxes2009 | |
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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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