President's Message
Lance Bodeen, CPA
The annual meeting was a success this year and the 60 year anniversary had a great turn out. I want to start off thanking the Meeting Committee, CPE Committee, Linda, and Amy for choosing a great venue to hold this special event. I have not spent a lot of time in Talkeetna so it was great to spend some time in the town and enjoy the different items of interest and entertainment that the town provides.
Our special guest this year was from the AICPA, Bill Balhoff. It is not often that you get the Chairman of the AICPA in a smaller venue where he is accessible to the Members. I was very impressed by Bill. Bill did a good job presenting the AICPA position on various issues from looking at revamping the peer review process to its relationship with the Internal Revenue Service to the Private Company Council establishing private company Accounting Principles.
Bill addressed the AICPA’s initiative of promoting diversity in our profession. Bill brought to our attention the need to promote Public Accounting and the CPA designation. The AICPA has partnered with the American Accounting Association on promoting advanced placement courses in high schools to bring awareness earlier to our profession.
It was very refreshing to listen to everything the AICPA is trying to accomplish. There are some very aggressive initiatives and I am optimistic that our leadership is doing its job in advancing the profession in a constant changing environment.
Donny Shimamoto from the great State of Hawaii provided CPE on bringing technology to our clients as well as to our office. I learned a lot more about how a CPA can use Social Media to keep current on events in the profession and not get overwhelmed with all the Social Media outlets. It is definitely the way of communicating pertinent information now and in the future to our clients.
Donny brought to our attention the way to attack technology projects and the best practices of technology implementation in regards to process and to hardware. This presentation will be resurrected on any new technology implementation projects.
Donny ended with a group project on addressing what the profession will look like in 2025 and what we can do to position ourselves with our clients and with our profession. The CPAs in this workshop provided feedback on what a CPA/CPA Firm will look like in 2025 and what we can do to get there.
It was a good day and a good topic for CPE.
The Annual Meeting on Friday was very spirited. As we step into our new fiscal year, it is extremely important to address our membership’s needs and to communicate the benefits the Society provides.
We thanked Amy Cooper, who presided over her last meeting as President. She did a fantastic job and is going to continue to play a key role in the Society as the Coordinator for our Leadership Academy. We had a few of the Leadership Academy members at the annual meeting and the Leadership Academy met for 2 ½ days in Anchorage this week. I am excited to hear from Amy and the Leadership Academy members as we move forward. Thank you, Amy for all of your hard work.
It is a non-renewal year in the Alaska Society. I emphasized the need for Membership Dues and for CPE revenues in the current year. The delivery of continuing education has changed as technology changes. The CPE Committee has addressed this issue with a new 10-pack of Season Tickets for Firms. It is a great way to get yourself and your staff education. Any person in your Firm can utilize the fantastic continuing education that the Society provides. Additional 10-pack of tickets can be purchased at any time. In addition, we are promoting that any Internet Based Continuing Education you are taking that you utilize the AKCPA Website for accessing this Education. Depending on the Education Vendor, the Society will receive up to 30% of the course fee. It will still get you the education you desire at the same cost with a few additional clicks of the mouse. Excellent.
The Alaska State Board of Accountancy has asked the Society to address and provide recommendations on various topics that the State Board of Accountancy is facing for 2014. The State Board wants to make sure that the State of Alaska is consistent in our Statutes and Regulations on how accountants are practicing in the State of Alaska and consistent with the profession’s regulatory bodies. The Legislative Committee will meet this week to discuss the various topics. I will ensure the Society is providing information to our Membership on the issues and what the Society’s recommendations are. It is a great time to get involved, so do not hesitate to contact Linda or Lisa Rogers.
The Annual Meeting concluded with a large smack of the gavel. I was hoping that my year as President was going to be dull and boring, but as I read this, it is going to be lively and exciting.
How awesome to be in an Organization that can influence and make changes to its own Profession.
Annual Meeting Reports
http://www.akcpa.org/writable/news/annual_meeting_2014_annual_reports.pdf
Alaska Community Property
Date of Death Income Tax Basis Adjustment
Have you used Alaska Community Property in your client’s planning? Do you have a client story that you would like to share where community property worked or did not work? I am preparing a paper on Alaska Community Property and would appreciate hearing the good, the bad and the ugly about Alaska Community Property, IRC §1014(b)(6) and/or §1014(e).
If you have a story, call or e-mail me. Peter Brautigam, Manley & Brautigam, P.C., 907-334-5600 or peter@mb-lawyers.com
ACCOUNTING STANDARDS UPDATES ISSUED
The FASB Accounting Standards Codification® (FASB Codification) is the sole source of authoritative GAAP other than SEC issued rules and regulations that apply only to SEC registrants. The FASB issues an Accounting Standards Update (Update or ASU) to communicate changes to the FASB Codification, including changes to non-authoritative SEC content. ASUs are not authoritative standards.
Each ASU explains:
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Why the FASB decided to change US GAAP and background information related to the change
When the changes will be effective and the transition method.
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VIEW FASB ACCOUNTING STANDARDS UPDATES
Issued In 2014
Update No. 2014-09—Revenue from Contracts with Customers (Topic 606)
Section A—Summary and Amendments That Create Revenue from Contracts with Customers (Topic 606) and Other Assets and Deferred Costs—Contracts with Customers (Subtopic 340-40)
Section B—Conforming Amendments to Other Topics and Subtopics in the Codification and Status Tables
Section C—Background Information and Basis for Conclusions
Update No. 2014-08—Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity
Update No. 2014-07—Consolidation (Topic 810): Applying Variable Interest Entities Guidance to Common Control Leasing Arrangements (a consensus of the Private Company Council)
Update No. 2014-06—Technical Corrections and Improvements Related to Glossary Terms
Update No. 2014-05—Service Concession Arrangements (Topic 853) (a consensus of the FASB Emerging Issues Task Force)
Update No. 2014-04—Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force)
Update No. 2014-03—Derivatives and Hedging (Topic 815): Accounting for Certain Receive-Variable, Pay-Fixed Interest Rate Swaps—Simplified Hedge Accounting Approach (a consensus of the Private Company Council)
Update No. 2014-02—Intangibles—Goodwill and Other (Topic 350): Accounting for Goodwill (a consensus of the Private Company Council)
Update No. 2014-01—Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects (a consensus of the FASB Emerging Issues Task Force)
Issued In 2013
Update No. 2013-12—Definition of a Public Business Entity—An Addition to the Master Glossary
Update No. 2013-11—Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force)
Update No. 2013-10—Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes (a consensus of the FASB Emerging Issues Task Force)
Update No. 2013-09—Fair Value Measurement (Topic 820): Deferral of the Effective Date of Certain Disclosures for Nonpublic Employee Benefit Plans in Update No. 2011-04
Update No. 2013-08—Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements
Update No. 2013-07—Presentation of Financial Statements (Topic 205): Liquidation Basis of Accounting
Update No. 2013-06—Not-for-Profit Entities (Topic 958): Services Received from Personnel of an Affiliate (a consensus of the FASB Emerging Issues Task Force)
Update No 2013-05—Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity (a consensus of the FASB Emerging Issues Task Force)
Update No. 2013-04—Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date (a consensus of the FASB Emerging Issues Task Force)
Update No. 2013-03—Financial Instruments (Topic 825): Clarifying the Scope and Applicability of a Particular Disclosure to Nonpublic Entities
Update No. 2013-02—Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income
Update No. 2013-01—Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities
Issued In 2012
Update No. 2012-07—Entertainment—Films (Topic 926): Accounting for Fair Value Information That Arises after the Measurement Date and Its Inclusion in the Impairment Analysis of Unamortized Film Costs (a consensus of the FASB Emerging Issues Task Force)
Update No. 2012-06—Business Combinations (Topic 805): Subsequent Accounting for an Indemnification Asset Recognized at the Acquisition Date as a Result of a Government-Assisted Acquisition of a Financial Institution (a consensus of the FASB Emerging Issues Task Force)
Update No. 2012-05—Statement of Cash Flows (Topic 230): Not-for-Profit Entities: Classification of the Sale Proceeds of Donated Financial Assets in the Statement of Cash Flows (a consensus of the FASB Emerging Issues Task Force)
Update No. 2012-04—Technical Corrections and Improvements
Update No. 2012-03—Technical Amendments and Corrections to SEC Sections: Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 114, Technical Amendments Pursuant to SEC Release No. 33-9250, and Corrections Related to FASB Accounting Standards Update 2010-22 (SEC Update)
Update No. 2012-02—Intangibles—Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment
Update No. 2012-01—Health Care Entities (Topic 954): Continuing Care Retirement Communities—Refundable Advance Fees
Issued In 2011
Update No. 2011-12—Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05
Update No. 2011-11—Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities
Update No. 2011-10—Property, Plant, and Equipment (Topic 360): Derecognition of in Substance Real Estate—a Scope Clarification (a consensus of the FASB Emerging Issues Task Force)
Update No. 2011-09—Compensation—Retirement Benefits—Multiemployer Plans (Subtopic 715-80): Disclosures about an Employer’s Participation in a Multiemployer Plan
Update No. 2011-08—Intangibles—Goodwill and Other (Topic 350): Testing Goodwill for Impairment
Update No. 2011-07—Health Care Entities (Topic 954): Presentation and Disclosure of Patient Service Revenue, Provision for Bad Debts, and the Allowance for Doubtful Accounts for Certain Health Care Entities (a consensus of the FASB Emerging Issues Task Force)
Update No. 2011-06—Other Expenses (Topic 720): Fees Paid to the Federal Government by Health Insurers (a consensus of the FASB Emerging Issues Task Force)
Update No. 2011-05—Comprehensive Income (Topic 220): Presentation of Comprehensive Income
Update No. 2011-04—Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs
Update No. 2011-03—Transfers and Servicing (Topic 860): Reconsideration of Effective Control for Repurchase Agreements
Update No. 2011-02—Receivables (Topic 310): A Creditor’s Determination of Whether a Restructuring Is a Troubled Debt Restructuring
Update No. 2011-01—Receivables (Topic 310): Deferral of the Effective Date of Disclosures about Troubled Debt Restructurings in Update No. 2010-20
Issued In 2010
Update No. 2010-29—Business Combinations (Topic 805): Disclosure of Supplementary Pro Forma Information for Business Combinations (a consensus of the FASB Emerging Issues Task Force)
Update No. 2010-28—Intangibles—Goodwill and Other (Topic 350): When to Perform Step 2 of the Goodwill Impairment Test for Reporting Units with Zero or Negative Carrying Amounts (a consensus of the FASB Emerging Issues Task Force)
Update No. 2010-27—Other Expenses (Topic 720): Fees Paid to the Federal Government by Pharmaceutical Manufacturers (a consensus of the FASB Emerging Issues Task Force)
Update No. 2010-26—Financial Services—Insurance (Topic 944): Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts (a consensus of the FASB Emerging Issues Task Force)
Update No. 2010-25—Plan Accounting—Defined Contribution Pension Plans (Topic 962): Reporting Loans to Participants by Defined Contribution Pension Plans (a consensus of the FASB Emerging Issues Task Force)
Update No. 2010-24—Health Care Entities (Topic 954): Presentation of Insurance Claims and Related Insurance Recoveries (a consensus of the FASB Emerging Issues Task Force)
Update No. 2010-23—Health Care Entities (Topic 954): Measuring Charity Care for Disclosure—a consensus of the FASB Emerging Issues Task Force
Update No. 2010-22—Accounting for Various Topics—Technical Corrections to SEC Paragraphs (SEC Update)
Update No. 2010-21—Accounting for Technical Amendments to Various SEC Rules and Schedules Amendments to SEC Paragraphs Pursuant to Release No. 33-9026: Technical Amendments to Rules, Forms, Schedules and Codification of Financial Reporting Policies (SEC Update)
Update No. 2010-20—Receivables (Topic 310): Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses
Update No. 2010-19—Foreign Currency (Topic 830): Foreign Currency Issues: Multiple Foreign Currency Exchange Rates (SEC Update)
Update No. 2010-18—Receivables (Topic 310): Effect of a Loan Modification When the Loan Is Part of a Pool That Is Accounted for as a Single Asset—a consensus of the FASB Emerging Issues Task Force
Update No. 2010-17—Revenue Recognition—Milestone Method (Topic 605): Milestone Method of Revenue Recognition—a consensus of the FASB Emerging Issues Task Force
Update No. 2010-16—Entertainment—Casinos (Topic 924): Accruals for Casino Jackpot Liabilities—a consensus of the FASB Emerging Issues Task Force
Update No. 2010-15—Financial Services—Insurance (Topic 944): How Investments Held through Separate Accounts Affect an Insurer’s Consolidation Analysis of Those Investments—a consensus of the FASB Emerging Issues Task Force
Update No. 2010-14—Accounting for Extractive Activities—Oil & Gas—Amendments to Paragraph 932-10-S99-1 (SEC Update)
Update No. 2010-13—Compensation—Stock Compensation (Topic 718): Effect of Denominating the Exercise Price of a Share-Based Payment Award in the Currency of the Market in Which the Underlying Equity Security Trades—a consensus of the FASB Emerging Issues Task Force
Update No. 2010-12—Income Taxes (Topic 740): Accounting for Certain Tax Effects of the 2010 Health Care Reform Acts (SEC Update)
Update No. 2010-11—Derivatives and Hedging (Topic 815): Scope Exception Related to Embedded Credit Derivatives
Update No. 2010-10—Consolidation (Topic 810): Amendments for Certain Investment Funds
Update No. 2010-09—Subsequent Events (Topic 855): Amendments to Certain Recognition and Disclosure Requirements
Update No. 2010-08—Technical Corrections to Various Topics
Update No. 2010-07—Not-for-Profit Entities (Topic 958): Not-for-Profit Entities: Mergers and Acquisitions
Update No. 2010-06—Fair Value Measurements and Disclosures (Topic 820): Improving Disclosures about Fair Value Measurements
Update No. 2010-05—Compensation—Stock Compensation (Topic 718): Escrowed Share Arrangements and the Presumption of Compensation (SEC Update)
Update No. 2010-04—Accounting for Various Topics—Technical Corrections to SEC Paragraphs (SEC Update)
Update No. 2010-03—Extractive Activities—Oil and Gas (Topic 932): Oil and Gas Reserve Estimation and Disclosures
Update No. 2010-02—Consolidation (Topic 810): Accounting and Reporting for Decreases in Ownership of a Subsidiary—a Scope Clarification
Update No. 2010-01—Equity (Topic 505): Accounting for Distributions to Shareholders with Components of Stock and Cash—a consensus of the FASB Emerging Issues Task Force
Issued In 2009
Update No. 2009-17—Consolidations (Topic 810): Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities
Update No. 2009-16—Transfers and Servicing (Topic 860): Accounting for Transfers of Financial Assets
Update No. 2009-15—Accounting for Own-Share Lending Arrangements in Contemplation of Convertible Debt Issuance or Other Financing—a consensus of the FASB Emerging Issues Task Force
Update No. 2009-14—Software (Topic 985): Certain Revenue Arrangements That Include Software Elements—a consensus of the FASB Emerging Issues Task Force
Update No. 2009-13—Revenue Recognition (Topic 605): Multiple-Deliverable Revenue Arrangements—a consensus of the FASB Emerging Issues Task Force
Update No. 2009-12—Fair Value Measurements and Disclosures (Topic 820): Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)
Update No. 2009-11—Extractive Activities—Oil and Gas—Amendment to Section 932-10-S99 (SEC Update)
Update No. 2009-10—Financial Services—Broker and Dealers: Investments—Other—Amendment to Subtopic 940-325 (SEC Update)
Update No. 2009-09—Accounting for Investments—Equity Method and Joint Ventures and Accounting for Equity-Based Payments to Non-Employees—Amendments to Sections 323-10-S99 and 505-50-S99 (SEC Update)
Update No. 2009-08—Earnings per Share—Amendments to Section 260-10-S99 (SEC Update)
Update No. 2009-07—Accounting for Various Topics—Technical Corrections to SEC Paragraphs (SEC Update)
Update No. 2009-06—Income Taxes (Topic 740)—Implementation Guidance on Accounting for Uncertainty in Income Taxes and Disclosure Amendments for Nonpublic Entities
Update No. 2009–05—Fair Value Measurements and Disclosures (Topic 820)—Measuring Liabilities at Fair Value
Update No. 2009–04—Accounting for Redeemable Equity Instruments—Amendment to Section 480-10-S99 (SEC Update)
Update No. 2009–03—SEC Update—Amendments to Various Topics Containing SEC Staff Accounting Bulletins (SEC Update)
Update No. 2009–02—Omnibus Update—Amendments to Various Topics for Technical Corrections
Update No. 2009–01—Topic 105—Generally Accepted Accounting Principles—amendments based on—Statement of Financial Accounting Standards No. 168—The FASB Accounting Standards CodificationTM and the Hierarchy of Generally Accepted Accounting Principles
