CPA Cafe, the VSCPA Blog

CPA Cafe, the VSCPA Blog Blog Description en-us Mon, 09 Jul 07 18:57:00 UT Mon, 09 Jul 07 18:57:00 UT http://blogs.law.harvard.edu/tech/rss Marqui 4.9 Greg Matthews System Administrator Happy Virginia Certified Public Accountants Week!http://www.vscpa.com/blog/blog_09150901.aspxYesterday, I spent time promoting the CPA designation in our nation’s capital. In my opinion, it was the perfect way to kick off Virginia CPA Week.

I addressed U.S. Department of Defense employees regarding the importance of seeking a professional designation or certification — with particular emphasis on finance professionals becoming Certified Public Accountants (CPAs).

My message? That CPAs are state-certified professionals who serve the public by providing sound, reliable financial counsel. That those who achieve the CPA designation are held to high standards of ethics, financial and business acumen, and professionalism. That both companies and the public know they can turn to CPAs for sound financial guidance and accurate information. That the CPA designation is both trusted and respected.

Gov. Timothy Kaine included a similar message in his proclamation (PDF) recognizing this week, September 13–19, 2009, as Virginia CPA Week in conjunction with the VSCPA’s Centennial anniversary.

“It is fitting to recognize CPAs’ contributions to the well-being and success of citizens and commerce in the Commonwealth of Virginia and across the nation,” the proclamation states.

CPAs are so highly regarded by employers, clients, investors and the public at large, and they deserve this recognition. I am proud of Virginia CPAs, and I am proud to represent the CPA profession day-to-day.

Happy Virginia CPA Week!

Stephanie R. Peters, CAE, is president & CEO of the Virginia Society of CPAs (VSCPA), the statewide professional association for CPAs. She leads the VSCPA on national and state professional issues, legislative and regulatory oversight, strategic planning, Board of Directors relations, Board resolutions and policies and external relations. She is also a member of the VSCPA Board of Directors and Executive Committee.

]]>Tue, 15 Sep 09 21:00:00 UTA Message From the Chair: Get Your Firm Involved in CPA Day of Service!http://www.vscpa.com/blog/blog_09090901.aspx

James K. Walker, CPA
2009–2010 Chair, VSCPA Board of Directors In case you haven’t heard the news, CPA Day of Service is approaching — Friday, September 18, 2009. As of today, more than 420 volunteers are signed up to serve a host of incredible nonprofits and organizations across the state, and the number of CPA volunteers continues to climb. As chair of the VSCPA, I’ve truly enjoyed watching this event come together. One of my goals as chair this year is to encourage all VSCPA members to get out into their communities and volunteer. So naturally, CPA Day of Service has been an important project.

In my other role, as president & CEO of Walker Consulting Group, I’ve also enjoyed encouraging my staff to get involved in CPA Day of Service. As the managing partner of a CPA firm, I find it both rewarding and beneficial to incorporate volunteer opportunities into our business. Making it easier for my staff to give back to the causes and organizations close to their hearts is a win-win-win.

I encourage all managing partners to participate in CPA Day of Service as well. Give your staff time to volunteer for their favorite nonprofits and recognize them for their service. Or organize a firm-wide volunteer event on CPA Day of Service, which will not only serve as a teambuilding opportunity, but will also get your firm staff and name out into the community. And, of course, giving your staff the opportunity to make a difference yields truly immeasurable ROI.

]]>Wed, 09 Sep 09 16:45:00 UTVSCPA Comments on Proposed Tax Preparer Regulationhttp://www.vscpa.com/blog/blog_09030901.aspxThe VSCPA has serious concerns regarding potential tax preparer registration. Check out a letter the VSCPA sent the Internal Revenue Service (IRS) on August 31, 2009, regarding Notice 2009-60, Standards of Conduct for the Tax Return Preparer Community and Increased Taxpayer Compliance.

"The VSCPA is extremely concerned about redundant regulation and enforcement on CPAs who prepare tax returns," the letter says, outlining various requirements CPAs must already meet. "Adding an additional level of registration and regulation would only cause confusion and redundancy."

Another concern? The VSCPA believes that creating a registration requirement for all tax preparers could give the public the impression that all tax preparers possess the same level of expertise and knowledge as CPAs, adding to an already existing misconception that all accountants are CPAs.

Instead of adding a separate set of procedures and oversight, the VSCPA suggested that the IRS expand its existing procedures and regulations to include unlicensed preparers.

]]>Thu, 03 Sep 09 16:00:00 UTRed Flags Raised on Red Flag Ruleshttp://www.vscpa.com/blog/blog_08310901.aspxIn the ongoing debate regarding "Red Flag Rules," which are designed to prevent identity theft, several industries seem to be concerned about the undue burden these rules might inflict — including CPAs.

By the nature of their profession, CPAs adhere to strict privacy requirements regarding client confidentiality. That's just one of the many reasons the VSCPA, AICPA and several state CPA societies around the country have requested that the U.S. Federal Trade Commission (FTC) exempt CPAs and CPA firms from its Final Rule Relating to Identity Theft Red Flags and Address Discrepancies Under the Fair and Accurate Credit Transactions Act of 2003.

On August 5, 2009, the VSCPA sent a letter to Sen. Jonathan D. Leibowitz detailing several reasons CPAs should be exempt from the red flags rules.

CPAs are not the only ones who are concerned.

This past Thursday, the American Bar Association announced it has filed suit against the FTC. In its complaint, the ABA says the Rule "imposes significant burdens upon lawyers, particularly sole practitioners and those practicing in small firms, who comprise the majority of the lawyers in the United States."

]]>Mon, 31 Aug 09 15:30:00 UTSoup Kitchens, Shelters and Schools...Oh My!http://www.vscpa.com/blog/blog_08200901.aspxCPA Day of Service.

Momentum is growing for this inaugural event, which unites CPAs across the Commonwealth in volunteering for organizations of their choice. As of this afternoon, more than 200 CPAs had signed up to give back, and we know there are several others out there who are participating and haven't told us yet.

Not only are CPAs signing up to give back (both individually and in groups), but they are also sharing some great stories about their connections to these organizations. Whether their children are involved in a nonprofit extracurricular program or they got their favorite four-legged friend from a particular shelter, it seems Day of Service volunteers are giving back to organizations that mean something to them — to specific missions.

Check out the volunteer page to see who's volunteering in your area and for what organizations, and don't forget to let us know if you're participating so we can accurately measure the collective impact the profession will make on CPA Day of Service!]]>Thu, 20 Aug 09 19:00:00 UTFaces of the Future: 2008–2009 State of the VSCPA Educational Foundationhttp://www.vscpa.com/blog/blog_08190901.aspxLast fiscal year was a great one for the Virginia Society of CPAs (VSCPA) Educational Foundation:

New scholarship offerings
The highly successful Leaders’ Institute
Increased grant money for both high school and financial literacy education
New accounting doctoral scholarships and grants
Fundraising success

The Foundation made great strides in filling the CPA pipeline! Sure, the bullet points look good, but hearing from those students who have been impacted really puts the Foundation's work into perspective.

Check out “Faces of the Future: 2008–2009 State of the VSCPA Educational Foundation” (.PDF) to meet some of the accounting students who have benefitted from the Foundation's programs and services.

]]>Wed, 19 Aug 09 18:45:00 UTFeatured Blog: Healthy Accountant, Part 3http://www.vscpa.com/blog/blog_08060903.aspx

^{_{Brian Kush, CPA, CISA, CITP}} Healthy Accountant blogger Brian Kush, CPA, CISA, CITP, today shares a few words on the dreaded inbox. We’ve all developed a system for dealing with e-mail, but no matter how much we revisit and tweak the system, our inboxes continue to haunt us like the plague. Check out what Kush has to say:

Is e-mail a challenge for you? Do you believe there is a better way? Don’t let your inbox rule your life. Here are some insights to help you overcome issues with e-mail:

• Touching Things ONCE
• Do You Focus on E-mail Enough? Huh?

Brian Kush, CPA, CISA, CITP, is a leadership coach and president of Moxie Partners, and author of “Auditing Leadership” (Wiley, July 2009). Kush also focuses on client leadership, effective communication, and time and e-mail management short (just-in-time) workshops. In addition, Kush provides several workshops through the In-House CPE & Training Program. Contact VSCPA Custom Education Coordinator Lydia Sartori to book Kush today. Kush also contributes to Disclosures magazine. Stay tuned for an article on CPA Exam lessons learned in the September/October 2009 issue of Disclosures. ]]>Fri, 14 Aug 09 20:45:00 UTIFRS for Small and Medium-sized Entities (SMEs)http://www.vscpa.com/blog/blog_08140901.aspxInternational Accounting Standards Board (IASB) issued an International Financial Reporting Standard (IFRS) designed for use by small and medium-sized entities (SMEs), which are estimated to represent more than 95 percent of all companies. Read more about the release of IFRS for SMEs.

John L. Daly, CPA, summarizes the key provisions in a recent article:

"The good news is that IFRS for SMEs is relatively short. Presented on an odd-sized 6”x 9¾” paper with a tiny 8.5-point font, the full text runs only 231 pages. This compares to some 2,500 pages for full IFRS and 25,000 pages for U.S. GAAP. IFRS for SMEs is not some severely scaled-down standard designed for third world countries, but a comprehensive principles-based standard. Other good news is that most of the standards discussed in IFRS for SMEs will seem familiar and common sense to U.S. accountants. There will be few unfamiliar terms."

Read Daly's full article here.
]]>Fri, 14 Aug 09 18:15:00 UTFeatured Blog: Healthy Accountant, Part 2http://www.vscpa.com/blog/blog_08060902.aspx

^{_{Brian Kush, CPA, CISA, CITP}} Healthy Accountant blogger Brian Kush, CPA, CISA, CITP, is back, and today he’s talking about a subject most accountants put off — that’s right, procrastination. Here’s what he has to say:

Do you find yourself habitually putting off some of the biggest projects and tasks you face? Accountants can procrastinate with the best of them. There are lots of reasons we procrastinate, including Lack of REAL Commitment, Fear of Failure, and a problem with simply Getting Started. Check out www.healthyaccountant.com for tips on beating procrastination and getting the job done.

Brian Kush, CPA, CISA, CITP, is a leadership coach and president of Moxie Partners, and author of “Auditing Leadership” (Wiley, July 2009). Kush also focuses on client leadership, effective communication, and time and e-mail management short (just-in-time) workshops. In addition, Kush provides several workshops through the In-House CPE & Training Program. Contact VSCPA Custom Education Coordinator Lydia Sartori to book Kush today. Kush also contributes to Disclosures magazine. Stay tuned for an article on CPA Exam lessons learned in the September/October 2009 issue of Disclosures. ]]>Wed, 12 Aug 09 12:45:00 UTFeatured Blog: Healthy Accountant, Part Ihttp://www.vscpa.com/blog/blog_08060901.aspx

^{_{Brian Kush, CPA, CISA, CITP}} The Healthy Accountant blog takes on those challenges accountants face both inside and outside the office walls, focusing on those so-called “soft” (but always critical) skills that lead to better relationships, better productivity and more purpose.

Blogger Brian Kush, CPA, CISA, CITP, has a lot of great advice and food-for-thought for accountants who want to take their careers to the next level, despite workplace challenges.

Today, Kush poses important questions for CPA Café readers:

Do you take the time to inventory the strength of your relationships with your business associates? Do you express your belief in them BEFORE they start out on a project? Do you take the time to exercise maybe the most important skill you can use … your listening skills? Check out the following posts to gauge where you stand in developing these important skills: • Relationships during "Busy Times"
• Want to be a HERO with your colleagues?
• Too Busy! Are you listening or mining?
• Try this for one day ....

Brian Kush, CPA, CISA, CITP, is a leadership coach and president of Moxie Partners, and author of “Auditing Leadership” (Wiley, July 2009). Kush also focuses on client leadership, effective communication, and time and e-mail management short (just-in-time) workshops. In addition, Kush provides several workshops through the In-House CPE & Training Program. Contact VSCPA Custom Education Coordinator Lydia Sartori to book Kush today. Kush also contributes to Disclosures magazine. Stay tuned for an article on CPA Exam lessons learned in the September/October 2009 issue of Disclosures. ]]>Mon, 10 Aug 09 12:30:00 UT