August 2014 Newsletter
Seward for the Weekend (These kids need to learn to fillet.)
I received a message from the School District to enroll my kids for another year of school and realized it is August. August, how can that be, I was just anticipating the fantastic summer months and now the summer months have moved us into fall in this great State. With fall, also comes the realization that there are only a few months left to finish all of the extensions for those who have been enjoying the outdoors. Arghhh, back to work.
Legislative Committee:
The Legislative Committee met in July to move forward with a number of the tasks it was asked to address by the State Board of Accountancy.
Ethics was a topic that was at the forefront of the discussion. Currently, Alaska CPAs are required to have approved courses that cover Alaska Statutes and Regulations (12 AAC 04.300(2)(c))during the two year continuing education cycle. Ethics courses taken that do not have a component to address the Alaska Specific Statutes and Regulations results in noncompliance with the continuing education requirements for CPAs practicing in Alaska.
This is an issue for those looking at maintaining licensure in multiple states. Because various States maintain their own compliance with State Statute and Regulations, CPAs are required to take multiple Ethics Courses for compliance in different jurisdictions.
In addition, with a very short list of Alaska Ethics Courses, the options are limited on continuing education courses.
This is an issue for the State Board of Accountancy that has put numerous administrative hours to review and govern compliance.
The legislative committee put together a subcommittee to review how to meet the Ethics Continuing Education requirement in the State of Alaska. The subcommittee is looking to identify ways for ethics to be administered and not put additional burden on CPAs to be considered compliant for Alaska.
The subcommittee has suggested that ethics education and Alaska Specific Statutes and Regulations are broken into two requirements.
1. CPAs practicing in Alaska would be allowed to take vendor sponsored ethics education to meet the ethics continuing education requirement.
2. Upon licensure renewal, a procedure would be developed for CPAs to demonstrate they have reviewed Alaska specific statutes and regulations.
This would resolve multi-jurisdictional issues and permit CPAs the freedom to choose ethics education.
The subcommittee is still reviewing the Alaska Specific Statutes and Regulations and the number of hours necessary for both requirements to see how to best present this for approval from the Legislative Committee and then the AKCPA Board.
The Legislative Committee is comprised of many very talented CPAs who have worked hard over the summer and I want to personally thank them for all of their efforts.
Leadership Academy:
Theresa Harris, Thomas Huling, Rosny Rizk, Sarah Villalon, and Kelly Ward are our first attendees in the AKCPA’s Leadership Academy. Congratulations to you. I know that this is a first of many opportunities to come, but thank you for your time and dedication in attending.
Thank you to Amy Cooper on providing the initiative, resources, and experience in leading this awesome group.
I know that there are some big initiatives advancing from this Academy and please know you will have the support from the AKCPA Society.
Have a great August.
Lance
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Upcoming CPE
Check out the CPE schedule and register on line at http://www.akcpa.org/cpe/calendar
August 12, 2014 Anchorage - Deceit, Lies & Embezzlement
August 19, 2014 Juneau - Loscalzo's Accounting, Auditing & FASB Update
August 20, 2014 Anchorage - Loscalzo's Compilation & Review Practice Guide
August 21, 2014 Anchorage - Loscalzo's 2014 FASB & AICPA Update (4 hours morning session)
August 21, 2014 Anchorage - Using Nonstitistical Sampling for Efficient Audits & Consolidation of Variable Interest Entities (4 hours Afternoon session)
September 29, 2014 Anchorage - Construction Contractors: Critical Accounting, Auditing & Tax Issues in Today's Environment
September 30, 2014 Fairbanks - Occupational Fraud: The Top 50 Tips on How to Prevent Executives, Managers & Employees from Stealing and Not Getting Caught
