FY12 Board of Governors
*** Stanley Berman, CPA President Global Impact
Abdool Akhran, CPA Vice-President Bert Smith & Co.
Hillary Coley, CPA Treasurer Trout Unlimited
R. Michael Sorrells,CPA Secretary
BDO USA, LLP
Daniel Black, CPA Immediate Past President
Daniel Black & Assoc
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Malcolm Karl, CAE
National Association of College Stores
Andrew Lang, CPA
LangCPA Consulting, LLC
Jacqueline Bryant, CPA
Tate & Tryon CPAs
Joseph S. Drew, Ph.D.
University of Virginia
William Eisig, CPA BDO USA, LLP
Daniel Lynch
KForce Professional Staffing
Uzma Malik-Dorman,CPA
Thompson Cobb Bazilio
John Wooldridge, CPA
Larson Allen LLP
Colleen Smith, CPA National Geographic Society Jenny Herrera, CPA Rubino & McGeehin, Chtd
Deborah Nixon, CPA
Ernst & Young LLP
Sara Dispenza, CPA
American Society of International Lawy
Alex Galeano, CPA
AARP
John Hummel, CPA
Montgomery County
Matthew Johnson, CPA
Drolet & Associates
Daniel Weaver, CPA
Councilor, Buchanan & Mitchel
Bert Edwards, CPA
retired
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Remeber, the monthly Ledger is one of the great benefits you get with your membership to the Greater Washington Society of CPAs. If you haven't yet, now is a great time to LOGIN AND RENEW NOW ONLINE! |
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What's New at the GWSCPA?
GWSCPA Staff addition
The GWSCPA staff is excited to welcome Welansa Mekonnen to our organization. Welansa is our new part time Administrative Assistant. Be sure to introduce yourself the next time you see her.
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National Day of Service Participation
The GWSCPA is teaming up with Greater DC Cares for their 10th Annual Hands On 9/11 National Day of Service. We will be volunteering on Friday September 9, 2011 as the GWSCPA Team's Day of Service (note this is only a ONE day commitment). We will meet and begin at a location, TBD in the Washington, DC area around 8am and will end around 1pm; we do plan on providing lunch at a location nearby the site or on-site after our volunteer time is completed. Some of the services we may be providing range from landscaping/clean-up of Washington Humane Society, clean-up and beautification of Marvin Gaye Park, OR transitioning the Farm at Walker Jones. Most locations are metro accessible! If you are interested in joining our team, please register below!
 
Volunteer with the GWSCPA!
If you have any questions or need assistance in joining our team, please contact Ashley Worthington at aworthington@gwscpa.org or 202-464-6001.
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GWSCPA forms Light The Night Team
We are looking for Volunteers to join the first ever GWSCPA Light the Night Walk Team! Join us on October 15, 2011 at Freedom Plaza in Washington, DC to help fight the Leukemia & Lymphoma battle!
Visit our team page for more information about the Walk, to Donate to our team and to get more information about the Leukemia & Lymphoma Society. If you have any questions, please contact Ashley Worthington
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Upcoming events
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GWSCPA 23rd Annual Not For Profit Symposium
Mark your calendars now for the 2011 NFPO Symposium! This year's event will be held at the beautiful Omni Shoreham in Washington, DC on December 14 & 15, 2011.
Early Bird Registration is Now Open!
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GWSCPA's Final Summer Movie Screening - FREE!
Join us on August 18 as we screen Enron: The Smartest guys in the Room, A documentary about the Enron corporation, its faulty and corrupt business practices, and how they led to its fall. Movie snacks will be provided! 
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GWSCPA Upcoming CPE
The GWSCPA is pleased to once again offer the AHI/AICPA Staff Training Courses:
August 29-31, 2011: Staff Training I: Basic
August 29-31, 2011: Staff Training III: Beginning-in-Charge
*Discounts Available to those sending four or more staff*
401K Fiduciary & Compliance Responsibilities
August 17, 2011
Speaker: Dave Hurwitz, Ameriprise Financial
Price: FREE for members
Register
Applying A-133 to Governmental Organizations and Non-Profits
September 8, 2011
Price: $280/members
$400/non members
Register
The 2011 Revise Yellowbook Government Auditing Standards
September 26, 2011
Price: $280/members
$400/non members
Register
The CPE Section of our website has just been updated with all the scheduled upcoming classes between now and the end of the year. Be sure to take a look and register. If you have suggestions for a course, don't hesitate to email Brian.
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The Profession
Ferret Out Fraud
Fraud poses a critical risk to organizations. Management can help mitigate that risk through a number of strategies designed to provide employees with multiple ways to report concerns about fraud or other misconduct. (Journal of Accountancy)
SAS 70 ending, SSAE 16 to improve risk management
On June 15, the SAS 70 report officially was superseded by Statement on Standards for Attestation Engagements No. 16 (SSAE 16). Meantime, the AICPA announced a broader Service Organization Control (SOC) framework, which offers vendors other options to provide their customers with risk-management assurance. However, many Fortune 500 companies cling to the past, routinely requesting that their vendors prepare SAS 70 reports. (Information Week)
AICPA and NASBA Launch Website to Assist CPAs with U.S. Mobility Laws
A joint project of the AICPA and the National Association of State Boards of Accountancy, the new CPAmobility.org website provides helpful information, updated regularly, on state practice privilege requirements for CPAs, commonly referred to as "mobility" laws, for all 50 states and 5 U.S jurisdictions. In four simple clicks online, CPAs can learn whether their existing home state registration is mobile and allows them to work in other jurisdictions without additional notice, or whether further paperwork is required. CPAmobility.org has also been optimized for use on mobile devices to ensure easy access while out of the office. To learn more about mobility or to research cross-border practice privilege requirements, visit CPAmobility.org.
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Regulatory and Legislative News
Final Circular 230 Regs. Implement Preparer Registration Rules
Under the plan, all paid tax return preparers must register with the IRS by obtaining a preparer tax identification number (PTIN) and passing a tax compliance and suitability check. Preparers who are not a CPA, attorney, or enrolled agent must also pass a competency examination and fulfill continuing education requirements. (The Tax Adviser)
IRS Issues Guidance on Carryover Basis Rules for 2010 Decedents' Estates the IRS issued guidance on the time and manner for making the election not to have estate tax apply to estates of decedents who died in 2010 (Notice 2011-66). The election must be made by Nov. 15, 2011. The notice also discusses how donors can elect out of automatic allocation of the generation-skipping transfer (GST) tax exemption for direct skips in 2010 and clarifies when 2010 GST tax returns are due. (Journal of Accountancy)
U.S. Senate panel reviewing S&P downgrade The U.S. Senate Banking committee has begun looking into last week's decision by Standard and Poor's to downgrade the U.S. credit rating, a committee aide told Reuters on Monday. (Reuters)
Obama Proposes Tax Credit for Hiring Veterans The tax credit expands upon an earlier program that provided tax breaks to businesses that hired disabled veterans. The new Returning Heroes Tax Credit would go to firms that hire unemployed veterans, with a maximum credit of $2,400 for every short-term unemployed hire and $4,800 for every long-term unemployed hire. In addition, the earlier Wounded Warriors Tax Credit would be expanded, increasing the existing tax credit for firms that hire veterans with service-connected disabilities who have been unemployed long-term (with a maximum credit of $9,600 per veteran) and continuing the existing credit for all other veterans with a service-connected disability (for a maximum credit of $4,800). (Accounting Today)
IASB Warns of Weakening Ties with US The International Accounting Standards Board has warned it will stop engaging in new joint projects with its US counterpart if the US Securities and Exchange Commission does not endorse its IFRS standards.
The IASB's vice chairman, Ian Mackintosh, made the claim during a webcast in which he answered industry questions about the IASB's recent consultation over its future strategy. Cooperation between the IASB and the US Financial Accounting Standards Board "really depends" on the US's decision on whether to adopt the standards, he said. ( GFS News )
FASAB Staff Exposes Proposal to Defer Technical Bulletin 2006-1
for One Year - FASAB staff has released an Exposure Draft (ED) of Technical Bulletin 2011-2, Extended Deferral of the Effective Date of Technical Bulletin 2006-1, Recognition and Measurement of Asbestos-Related Cleanup Costs. The ED proposes to defer the effective date of Technical Bulletin 2006-1, which clarifies the responsibility of all federal entities to report liabilities and related expenses arising from asbestos-related cleanup costs, for one year to periods beginning after September 30, 2012 (i.e., fiscal year 2013), with earlier implementation encouraged... Read News Release
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Member News
Robert Storz has started a new position as CFO of Executive Child Development Center.
The GWSCPA would like to welcome the following new members who have joined in the past month: Donald Allen, National Mentoring Partnership
Francisco Andrieu, The International Council on Clean Transportation
Robert Barr, T.D. Bank
Melvin Bernard, Student at Georgetown University
Donna Diane, CCNY
Connie Hammell, Kositzka, Wicks and Company
Douglas Kush, Arabella Advisors
William Maxwell, Calibre Systems
Constance Nwosu, CN Accounting and Management Consulting
Deborah Pierce, American Nurses Association
Justin Prusiensky, Ginsberg & Helfer, PLLC
Brian Wendroff, Wendroff & Associates, LLC
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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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