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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 ,
Yes, we know many of you are in the throes of busy season once again. It's a pretty busy season here at GWSCPA too, but we're busy trying to add some fun to your spring calendar.
You hear from us regularly about CPE, conferences and professional advocacy efforts, but take a look at all of the social activities we have coming up too. Reconnect with old friends and colleagues and make new contacts at our CPA Night at the Museum March 31st, take a much deserved break at our FREE "Tax Relief" Massage Day on April 8th, or check out the Night at the Races fundraiser the YEAs are hosting to support the Scholarship Fund this May.
All work and no play isn't good for anyone, so make sure you take some time to explore the lighter side of your GWSCPA membership a little this year.
We'll be enjoying ourselves and we hope to see you there!
Kari Bedell
Executive Director
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What's new at GWSCPA
Spring 2010 CPE calendar posted-check website for additional details
3/11 Fin 48
3/15 **Liability "Hot Spots" for CPAs as a result of the recession
3/25 QuickBooks for the Not for Profit
3/25 QuickBooks for the Government Contractor
4/21 **Quarterly Membership Meeting
4/26 Cloud Computing
5/5 Excel
5/13 Topic 820 (FAS 157) Overview and Practical Limitation Issues
5/19 Ethics
5/20 Employee Benefit Plans: 401K's, 403B's and others
5/26 New FASB Developments for Business and Industry
5/27 **Estates & Trusts: Planning For Same-Sex Couples in the Metro DC Area
6/15 Annual Membership Meeting
6/16 Long Term Care Planning
6/17 The Controller's Seminar
** FREE monthly CPE offerings for GWSCPA MEMBERS
Summer and Fall 2010 Preview (check website for dates):
AUGUST Staff Trainings: I, II, III, IV
SEPTEMBER Accounting and Auditing Update
Frequent Frauds Found in Government and Not-for-Profits
The Technology Seminar
OCTOBER Accounting and Reporting Practices of Not-for-Profits
AICPA's 1040 Tax Return Workshop by Sid Kess
NOVEMBER Ethics
AICPA's 2010 Individual Tax Review Series: Beyond the Basics
AICPA's 2010 Individual Tax Review Series: Nuts and Bolts
DECEMBER Federal Tax Update with Art Auerbach
Plus more to come, including continued monthly FREE members only CPE....
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SAVE THE DATE---6th Annual GWSCPA Government Contracting Accounting and Compliance Conference
For the first time expanded to 2 days!!!
June 10 & 11, 2010
Ritz-Carlton * Tysons Corner
Early Bird Registration begins March 24, 2010
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| Upcoming events
TAKE A QUICK BREAK DURING BUSY SEASON!-
Massage Envy to Offer Free Massages to GWSCPA Members
WHEN: Thursday, April 8th 2:00pm-6:00pm
WHERE: GWSCPA Offices
WHAT: Experts from Massage Envy- the nation's leading provider of therapeutic massage-will offer free 15 minute chair massages to any member of the GWSCPA, serving as a nice respite from the hard work and long hours being put in prior to Tax Day.
RSVP: Reservations are requested, though not required. A link to the online booking page will become available in the coming days. Watch for it on our website: www.gwscpa.org
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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
8:00 AM-breakfast and networking
9-10 AM- one hour cpe presentation
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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.
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Save the Date!
The YEA Committee will host Night at the Races on Thursday May 13, 2010 in Bethesda. This event creates a Triple Crown event experience through betting on video races hosted by a live caller.
Dinner, open bar and cash prizes-all benefiting the GWSCPA Scholarship Fund! Mark your calendar and stay tuned for details!
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Other Regular Committee meetings
(Please rsvp so we can plan for refreshments and space)
Gov't Auditing & Accounting Committee
Thursday, March 18- 12 -2 PM
Lunch and CPE speaker: Dan Goelzer, Acting Chairman, PCAOB
rsvp to qcunnningham@kpmg.com
Not-for-Profit Committee
Tuesday March 23, 2010, 8:30-9:30 AM
Breakfast and CPE speaker: Strategic Communications
rsvp to lklumpp@bdo.com
YEA (Young Emerging Accountants) Committee'sBusy Season Brew Ha Ha Happy Hour
March 19, 2010 -6:00 PM
The Greene Turtle, 601 F St., NW
YEA (Young Emerging Accountants) Committee Mtg
Thursday April 1, 2010 - 7:00 PM
8000 Towers Crescent Drive, Suite 950
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Legislative/Regulatory/Standards Update
SSARS No. 19 Addresses Many Small Firm Issues
At its final meeting of 2009, the AICPA's Accounting and Review Services Committee (ARSC) approved Statement on Standards for Accounting and Review Services (SSARS) No. 19, a new compilation and review standard that includes the most significant changes to the SSARSs since 1978. An over-arching goal of the new standard was to address issues that had emerged over years with small CPA firms and their small business clients.
For example, one of the major changes reflected in the new standard is to allow, but not require, CPAs to disclose in the compilation report the reason(s) why they are not independent when performing a compilation service. CPAs always had been permitted to perform compilations when not independent but were prohibited from including in the report an explanation regarding the lack of independence. The standard is effective for compilations and reviews of financial statements for periods ending on or after December 15, 2010, with the exception of the new provision on the compilation reporting option which may be implemented early. With SSARS No. 19's issuance on December 30, 2009, the compilation reporting option became available.
Other Changes
Another important change made by SSARS No. 19 is that the new standard separates the compilation guidance from the review guidance. For the large number of small firm practitioners who perform compilations but not reviews, this makes the compilation guidance much easier to use. Other significant changes include:
- A discussion of how the accountant obtains limited assurance through the performance of review procedures.
- Introduction of the term review evidence to the review literature.
- A discussion of tailoring the review procedures based on the accountant's understanding of the client's industry, knowledge of the client, and awareness of the risks that he or she may unknowingly fail to modify the review report on materially misstated financial statements.
- A discussion of materiality in the context of a review engagement.
- A requirement that an accountant document the establishment of an understanding with management through a written communication (e.g., an engagement letter) regarding the services to be performed.
- The establishment of enhanced documentation requirements for compilation and review engagements.
New Standard Differs from Exposure Draft
There are a couple of differences between the exposure draft released for comment in April 2009 and the final standard that was issued. Most notably, the proposal to allow an accountant to perform a review engagement when the accountant's independence was impaired due to the performance of internal control services to the client was deferred. Based on comments on both sides of the issue, the ARSC decided to conduct additional outreach with key stakeholders to glean more insight on such review engagements.
More information about the recent changes to the SSARSs, including an Executive Summary of Compilation and Review Engagements - SSARS No. 19 and guidance on the compilation reporting option, can be found at www.aicpa.org/reliability. |
The Profession
Seeking CPA Nominees to Serve on CPA Examination Panels
A new passing score decision will be made by the AICPA Board of Examiners as a result of the CPA Examination changes scheduled to be implemented in 2011. Four panels of CPAs -- one for each examination section -- will be convened in August 2010 to prepare the groundwork for the BOE decision. The AICPA is seeking nominees to serve on the passing score panels. The nominees should be CPAs who: (1) have been licensed for between 3 and 5 years; (2) have supervised entry-level CPAs during the past year; (3) have NO affiliation with CPA Examination review courses; and (4) are willing to participate in an August 2010 two-day meeting in Chicago at the AICPA's expense. Nominations may be submitted online or the names and contact information may be provided by e-mail to passingscorepanel@aicpa.org.The deadline for submitting nominations is March 31, 2010. For additional information, click here.
AICPA's Second Annual Leadership Academy Builds on Last Year's Success
The American Institute of Certified Public Accountants (AICPA) has released the application for its 2010 Leadership Academy program, which prepares young CPAs to become the next leaders in their organizations, communities and the CPA profession. The Academy is a three-day workshop of learning and applying core leadership concepts to both individual challenges as well as those facing the AICPA and the profession as a whole.
Last July, the AICPA launched the Leadership Academy program in Chicago, providing intensive workshop training to 28 high-potential CPAs under the age of 35. The program left a lasting impression on its attendees and created a solid foundation for future leadership and active engagement in the profession.
"The Leadership Academy was an amazing experience. I was able to sharpen leadership and networking skills and apply them in real time. The opportunity to share knowledge with more than 25 other young motivated CPAs has reignited my excitement for profession. I'm ready to make a difference!" said Noel Abdur Rahim, CPA.
Another attendee of the Academy, April Gunn, CPA, said, "If I had to sum up my experience at the AICPA Leadership Academy, it would be as follows: amazing professionals-thought provoking-life changing."
The 2010 Leadership Academy will provide leadership opportunities for a new group of promising CPA leaders who can benefit from professional mentorship and guidance. It will be held at the Washington Duke Inn in Durham, N.C., October 5-7, with a meet and greet at the AICPA on the evening of the 4th.
The Leadership Academy also provides attendees a greater capacity and familiarity with the managerial aspects of their work and offers strategies for building relationships and networking. Upon graduation from the Academy, each participant is assigned to either an AICPA volunteer committee or a state society volunteer committee.
Overall, the Leadership Academy's goal is to provide personal development and leadership training, while instilling a commitment to involvement in the CPA profession's volunteer committees. Academy participants learn the importance of being an active and positive force within their organizations and the CPA profession.
"Our hope is that we can develop future leaders not just for the AICPA, but for state societies, firms, companies and other organizations. The Leadership Academy creates the opportunity for young people from all backgrounds to learn concepts that will help them develop into future leaders," said Robert R. Harris, CPA/CFF, Chairman of the AICPA Board of Directors.
The AICPA will select two dozen candidates who represent a diverse cross-section of the profession-public accounting, business and industry, government and academia-to participate in this year's Leadership Academy. If any GWSCPA Members are selected for this opportunity, the GWSCPA will pay their $850 registration fee. The application deadline is May 1, 2010.
For more information on the AICPA Leadership Academy and access to the online application, visit www.aicpa.org/leadershipacademy. | |
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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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