September 2013 Newsletter
President's Message
Amy Cooper, CPA
August – what a whirlwind of a month! I want so share several tidbits of information with you but before I give you my list, I want to thank Linda Plimpton. She is a constant in our Society and has been an amazing listener and sounding board for me. I am so grateful she is there for me as I make my way as President.
- “Success is not the result of spontaneous combustion. You must set yourself on fire.” ~Reggie Leach
I was fortunate to be able to present at and attend the AICPA E.D.G.E conference – Sharpening the Next Generation of CPAs. It is geared to CPAs who have been in practice 5-15 years. The conference is unlike other AICPA conferences in that it is small. This year, there were over 100 participants. This small audience allowed for a high level of engagement and participation. I met some amazing CPAs who are motivated, passionate and ready to set their careers on fire. The sessions varied from “The Top Seven Issues Facing Young Professionals” to “HR Boot Camp” to A&A and Tax Updates to “Cloud Accounting Solutions: Options and Differences”.
Whenever you attend a conference, you always have a list of “take-aways”. I want to share a couple from my list.
- Take charge of your career. Figure out what you want from your career and work with those in your organization to make it happen.
- Find a mentor. This person does not have to be from your organization or even your city. Reach out to someone you respect and ask them to be your mentor.
If you fall within this 5-15 year experience range, I would highly encourage attending the E.D.G.E conference in 2014. I met so many smart, inspiring and fun CPAs from all over the country, including a fellow CPA from Fairbanks who I did not know and am thrilled to have met. She and I have met since the conference and are hoping to bring some fun activities for young CPAs in Fairbanks.
- You can't stay in your corner of the forest waiting for others to come to you. You have to go to them sometimes.” ~A.A. Milne
After the last Board of Directors meeting, the board members welcomed industry members for lunch. It was an informal roundtable discussion that included topics about CPE for industry members; reaching out to both industry members and CPAs in industry who are not members; and how to show value of belonging to the AKCPA to industry employers. Thank you to all those who attended. For a CPA who has never worked in industry, it was very informative for me. I hope to have another one of these luncheons in the next few months so that I can get to know more industry members. Watch for more information to come.
- “A picture is worth a thousand words” ~unknown
Do you have some really cool pictures from 2013? A trip to an isolated beach? Smile of a 6 year old with her first fish? A 50 pound king? The AKCPA is hosting a PHOTO COMPETITION. We want to see YOUR amazing photos from 2013.
Please send Linda your photos at akcpa@ak.net by November 1. Watch for more details on the competition to come in the October newsletter article.
- “The best way to find yourself is to lose yourself in the service of others.” ~Mahatma Gandhi
There is a vacant position coming up for the Board of Public Accountancy. If you are interested, please let Linda at akcpa@ak.net know so that the Board of Directors can offer our support.
Individuals interested in serving on the Board must apply to the Governor’s Office, Boards and Commissions.
Phone contact: (907) 269-7450
Email: boards@alaska.gov
- “War… Eagle, fly down the field/Ever to conquer, never to yield./War… Eagle, fearless and true./Fight on, you orange and blue./Go! Go! Go!” ~Auburn University Fight Song**
Peer Review – The AKCPA’s contract with California for Peer Review expires in December 2104. If you have questions or comments regarding your peer review process with California, please email Linda at akcpa@ak.net. We have a task force that is monitoring any issues or comments related to peer review.
**I realize that quote is not at all relevant but 1) I wanted to see if you were paying attention and 2) I’m gearing up for college football!
Alaska Leadership Academy (AkLA)
The Alaska Society of CPAs is proud to launch the Alaska Leadership Academy (AkLA). In today’s world, it takes more than technical knowledge to succeed in our profession. We have to be able adapt to new circumstances; work with different personalities while creating a team atmosphere; and contribute to a changing profession and the community around us.
Why
Being a CPA is more than a job; it is even more than a career. As a CPA, you are part of a profession that has a presence locally, statewide, nationwide and globally. As emerging leaders, you have to be able to step up to your role in the profession. This role can take many different forms but it is up to you, as an emerging leader, to discover and create your unique role.
The AkLA will give you the opportunities to fine tune success skills and explore and hone what leadership means to you. To be a successful leader, you have to be able to identify your own strengths and learn how to encourage and maximize the strengths of team members. This awareness of your strengths and abilities and of those around you will make you a more dynamic, more compelling leader in your organization, the CPA profession, and your community.
Throughout their year, the participants will work on a project that will engage them in the Society and their communities. Participants will also be asked to commit to an AKCPA committee, task force or board service for a period of two years, allowing ample opportunity to exercise and build upon skills developed.
Details
Dates:
December 3, 2013 – (Required) Full Day Seminar
May 29-30, 2014 – (Recommended) AKCPA Annual Meeting
June 2-3, 2014 – (Required) Leadership Academy
Participants will take part in two webinars (one-to-two hours each) prior to the two-day session in June 2014 in early January and in early May.
Eligibility:
Young professionals must have 3-10 years of experience; be members of the AKCPA; and have either passed the CPA exam and/or currently sitting for the CPA exam.
Location:
The December 2013 session and the two-day session in June 2014 will be at the AKCPA office in Anchorage. The AKCPA Annual Meeting will be in Talkeetna, AK.
Fee:
$500 (includes meals and recommended 16 hours of CPE)
Attendees:
Professionals will be selected from a pool of applicants. Visit www.akcpa.org for the application.
**All applications are DUE BY October 1, 2013.
Agenda
Night before Day 1 – Registration, Welcoming Reception & Casual Dinner
Day 1:
7:00-8:00am – Continental Breakfast
8:00-9:00 am – Creating Synergy, Donna Salter, AICPA Senior Manager, Young Member Initiatives
9:00-11:00am – Crucial Conversations, Donna Salter
11:00-11:20am – Break
11:20am-12:00pm – Leadership Challenge (round 1), Donny Shimamoto and Amy Cooper
12:00-1:00pm – Lunch with Board Members and Committee Chairs, Panel Discussion
1:00-5:00pm – Becoming a Better Presenter, Donna Salter
(including 20 min break)
5:30pm – Dinner
Day 2:
7:00-8:00am – Continental Breakfast
8:00-9:30am – CPA Horizons 2025/SCOT Analysis, Donny Shimamoto and Amy Cooper
9:30-10:10am – Leadership Challenge (round 2), Donny Shimamoto and Amy Cooper
10:10-10:30am – Break
10:30am-12:00pm – Success in Volunteering, Donny Shimamoto and Amy Cooper
12:00-1:30pm – Lunch and Panel Discussion with Past AKCPA Leaders
1:30-2:10pm – Leadership Challenge (round 3), Donny Shimamoto and Amy Cooper
2:10-3:10pm – Understanding Firm Economics, Donny Shimamoto
3:10-3:30pm – Break
3:30-4:30 – Creating your Personal Brand, Donna Salter
4:30-5:00 – Academy Wrap-up
5:00-5:30pm – Closing Reception
SAVE THE DATE
2014 ANNUAL MEETING
MAY 28-30, 2014
TALKEETNA, ALASKA
“Alaska Specific Ethics 10 Ways to Lose Your CPA License” sponsored by CPA Crossings and taught by Gary Zeune.
Webinar date: December 6, 2013
Time: 8:30 am to 12:15 pm
Location: Your Desk
Gary Zeune is a nationally recognized speaker on fraud and performance. More than 20,000 professionals have attended his classes since 1975. His clients include FBI, US Attorney, bar and CPA associations, international accounting firms, Institute of Internal Auditors, hospitals and health care companies Institute of Mass Retailers Associations, Spring Manufacturers Institute, The SEC Institute, National Association of Securities Dealers, American Society for Industrial Security, Treasury Management Association, Grant Thornton, Quanex Corporation, National City Bank, among others
Don't miss this opportunity to get your Alaska Specific Ethics. The State Board of Accountancy requires licensees have 4 hours of state specific ethics for each renewal period.
To register click on the link below:
http://cpe.cpacrossings.com/GZAKSE01W4#sthash.DWCGUUvu.dpbs
Need Space For Your Next Meeting
Rent the AKCPA Training Room
The AKCPA Training Room is available to rent for your next meeting!
The space has 800 square feet and seats for up to 40 people classroom style. The mid town location is perfect for your next meeting with plenty of parking.
Space is available for:
Half day $150
Full day $300
For more information or schedule your meeting, contact Linda Plimpton at akcpa@ak.net or 907 562-4334.
Did You Know.....
the AICPA launched a new accounting framework called “Financial Reporting Framework for Small- and Medium-Sized Entities”? A comparison of FRF for SMEs to Other Bases of Accounting available from www.AKCPA.org website (home page, bottom left). The AICPA website has a whole section of pages on FRF for SMEs at www.aicpa.org/frf-smes, including:
-
Framework in a PDF (free)
-
FRF for SMEs Toolkit for CPAs and CPA firms
-
FRF for SMEs Toolkit for Financial Statements Users
-
FRF for SMEs Toolkit for Small Businesses
-
FAQ section
-
Webcasts / training options
-
Links to articles in the Journal of Accountancy
AICPA Overview of FRF for SMEs:
What - The FRF for SMEs™ framework is an additional non-GAAP financial reporting option. The framework draws upon a blend of traditional methods of accounting with some accrual income tax methods. It consists of simplified principles and focuses on the most relevant information needs of Main Street America and their financial statement users.
Why - Research over the years and input from stakeholders demonstrated the marketplace need for such an accounting framework.
Who - A working group of CPA professionals and AICPA staff who have years of experience serving smaller-to-medium-sized private entities crafted the framework.
Note: The AICPA has no authority to require the use of the FRF for SMEs accounting framework for any entity. Therefore, use of the framework is purely optional. Management that prepares an entity’s financial statements in accordance with the framework may represent or assert that such financial statements have been prepared in accordance with the AICPA’s FRF for SMEs accounting framework, a special purpose frame-work. Because use of the framework is optional, there is no effective date for its implementation.
Contact information for the Audit and Accounting Technical Hotline.
The hotline is only available to AICPA members as a benefit of membership. Any individual who calls will be required to verify their membership before proceeding.
Contact information can be found at the following link:
http://www.aicpa.org/Research/TechnicalHotline/Pages/TechnicalHotline.aspx
