July 2013 Newsletter
President's Message
Amy Cooper, CPA
The new Board of Directors for the 2014 fiscal year met for the first time at the end of June. It was a fun meeting that involved goal setting, annual housekeeping, and lively discussion on several topics including the Alaska Leadership Academy and the AICPA’s release of the Financial Reporting Framework (FRF) for Small and Medium-Sized Entities (SMEs). I thought this month’s President’s message would be a good platform for sharing some of the highlights of the meeting. If you have any comments on the following topics, please email me at akcooper@alaska.edu or Linda Plimpton at akcpa@ak.net.
- The Leadership Committee is working on creating the Society’s first Leadership Academy. A survey was sent out to all members asking if members supported a leadership academy and for feedback on different formats. Unfortunately, only about 55 members responded. The committee will be meeting to review the results and determine the next step in the planning of the academy. Look for more information to come in the next couple of months.
- The AICPA released its FRF for SMEs on June 10, 2013. The FRF for SMEs is a new “other comprehensive basis of accounting” (OCBOA) for use by private companies in issuing financial statements. It has been described as a combination of traditional accounting and accrual income tax accounting. It is based on generally accepted accounting principles (GAAP) but is NOT GAAP. It is not intended to be used by SMEs who are required to prepare GAAP financial statements.
In response to the release of the FRF for SMEs, NASBA issued a statement discouraging private companies from using the FRF for SMEs. Gaylen R. Hansen, the Chair of NASBA, stated, “At a time when accountability and transparency of those in authority is scrutinized, it is troubling that a non-authoritative proposal to significantly weaken the financial reporting of private companies and public protection is even being suggested.” We have included below the press release from the AICPA and NASBA’s response.
We are asking our members to educate themselves on the FRF for SMEs and the debate between the AICPA and NASBA. We will be communicating with the AICPA, the State Board of Public Accountancy, and NASBA about this new framework.
And last but not least, the board approved the location for the next annual meeting. Talkeetna…here we come! Look for more information to come this summer.
As we move through this upcoming year, if you have any concerns or know of issues that the Board should be addressed, please contact myself or Linda Plimpton.
Have a fun and safe 4th of July!
AICPA’s Press Release http://www.aicpa.org/Press/PressReleases/2013/Pages/AICPA-Introduces-New-Financial-Reporting-Framework-Main-Street-Businesses.aspx
NASBA’s Press Release
New Member Spotlight
Lisa Storey, CPA - Associate Staff
Lisa Storey joined the Walsh, Kelliher & Sharp team in January of 2010. Lisa specializes in accounting service work, preparing partnership and corporate tax returns, and working with more complex areas of partnerships and LLC's-such as liquidations, technical terminations, and changes of ownership. She also performs reviews and compilations, business modeling, and helps clients with QuickBooks.
Lisa has earned a Bachelor of Science degree in Accounting from Montana State University and is a certified QuickBooks ProAdvisor. She is a Certified Public Accountant and a member of the Alaska Society of Public Accountants (AKCPA), the American Institute of Certified Public Accountants (AICPA), and the Taxation Division of the AICPA. Lisa supports the American Cancer Society's Relay for Life, and serves as a Team Leader for their annual event.
Outside of the office, Lisa enjoys spending time with family, watching football, fishing, exploring Alaska, planting flowers, and landscaping.
AICPA Professional Liability Risk Management Seminar
Anchorage Alaska Offered August 2, 2013
In today's litigious business environment, even the best professional intentions can result in unfavorable consequences to accountants.
The fallout from a professional liability lawsuit often resembles a "domino effect" as it may only take one claim for your hard-earned reputation, your firm - and your financial livelihood - to come tumbling down.
- This training is created by CPAs, defense attorneys, litigation experts and risk control professionals to help you minimize malpractice risks. It also provides you with sound risk control tools you need to incorporate into your daily practice to help safeguard your firm and your most important asset - your livelihood.
- Receive up to 7.5% premium credit for three consecutive years on your AICPA Professional Liability Insurance policy
- Earn up to 4 hours CPE credit
- Learn to apply risk control techniques to help you avert malpractice risk in today's litigious environment
Alaska Society of CPAs
341 W. Tudor Rd., Suite 105,
Anchorage, AK 99503
Cost: $95
8:00 AM Registration
8:30 AM to 12:30 PM Seminar Time
Register Now: https://www.cpai.com/risk-management/step1.jsf
Management of an Accounting Practice
I am excited to be the new chairman of the MAP (Management of an Accounting Practice) committee. What is MAP?
We meet for breakfast to discuss problems that keeps us awake at night as accounting practice owners. Our mission is to provide participants with valuable resources (other participants!) which will help you manage your practice effectively.
Regular meetings are the 1st Tuesday after the 15th of each month at City Diner (corner of Benson and Minnesota) at 7:30 a.m. Please join us, and you will have an opportunity to participate in some very exciting discussions. The topics for the next few meetings are:
How to use technology to maximize the effectiveness of the firm
Moving the practice to the cloud – risks, due diligence, safeguards and other matters
How to best manage firm’s data for optimization
Value pricing vs. hourly rate billings
Communicating and holding team members accountable
Getting ready for the 2014 busy season
You are also welcome to make suggestions on any other topics of interest. Please bring some laughs and share good times with us! I hope you will have delightful experience at our meetings!
See you at City Diner on July 16th at 7:30 a.m.
Irina Morozova, Chair, MAP
Fosselman & Associates CPAs, Inc.
Palmer, Alaska
We are a busy tax practice with some very unique engagements.
Looking for 1 or 2 CPAs with 3-5 years tax experience.
-We work 4 days per week during the summer
-Small 4 person CPA office with 5 other staff
-No out of town work required
-Unlimited CPE
-2 CPAs retiring soon
-Room for unique schedules & requirements
Send us a resume or questions to faadmin@alaska-cpas.com. You
may also contact us by phone at 907-745-0135.
