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MAY 2013



Sustaining Corporate Governance Skyscapes MAY 2013 SPRING WRAP-UP BY LYNN FOUNTAIN, CPA, CGMA, FOUNTAIN GRC LLC

COSO Releases Internal Control Framework



Sustaining Corporate Governance

GASB Encourages Planning, Preparation, and Collaboration on New Pension Statements



n business today, corporations spend so much time working on their corporate governance structures, it is hard to even imagine that attention and focus needs to be placed on “sustaining” that governance structure. However, liken that concept to a childhood analogy:

• Watch young child carefully build a tall tower of blocks then stand back and admire his handiwork. Seconds later he kicks down that tower he spent so much time building. Consider this analogy when evaluating whether your corporate governance program is built to sustain your corporate strategy and the current volatile economic conditions.

3 4 7 8 11 14 15 16 17 24 26 27 30 35

From the Chair

© Copyright 2012 Lynn Fountain, used with permission.

COSO Releases Internal Control Framework Nonprofit of the Month Sustaining Corporate Governance GASB Encourages Planning, Preparation, and Collaboration on New Pension Statements Legislative Update Conference Wrap-Up Firm Visits Professional Development Member & Vendor News New Members Chapter Events Classified Ads Mark Your Calendar! Events & Conferences

Statements of fact and opinion are made by authors alone and do not imply an opinion on the part of the officers or members of the KSCPA. Publication of an advertisement in Skyscapes does not constitute an endorsement of the product or service by Skyscapes or the KSCPA. Copyright © 2013 Kansas Society of CPAs; Topeka, KS. All rights reserved.


MAY 2013


Executive Committee M. Aron Dunn, Chair, Designated Member of AICPA Council

The weather has turned warm (and as I write this it is forecast to reach 90 degrees) and we can start enjoying the outdoors again. School is wrapping up and summer will be coming shortly.

Melinda A. Hitz, Vice Chair Michelle A. Schneider Secretary/Treasurer Robert J. Schuster, Immediate Past Chair

Board of Directors (Term Expires 2013)

James K. Boomer Ginger L. Farney Carolyn C. George Jeffrey A. Leiserowitz, KSBOA Liaison Matthew R. List Mindi A. Ormiston

Board of Directors (Term Expires 2014)

Rebecca J. Casey Sean M. Copp Charles Gnizak Trisha A. Cavanaugh James A. Wurbs Gary C. Allerheiligen, Elected Member of AICPA Council

Board of Directors (Term Expires 2015)

Chad M. Allen Stephanie L. Bowen Mitchell Fiser Amber K. Goering Gregg C. Goodwin Dominic Ortiz, AICPA Member at Large of Council

Educational Foundation Board of Trustees Norman P. Hope, Chair Kenneth A. Selzer, Vice Chair Cheryl G. Hayward, Secretary/Treasurer John W. Denney M. Aron Dunn Johanna D. Lyle Paul T. Mason Gary A. Schlappe Gail L. Yarick Political Action Committee Denis W. Miller, Chair James T. Clark, Treasurer Amber K. Goering DeAnn A. Hill Eric T. Larson Kathryn J. Mitchell Michael V. Rogers Mary Rapp MacBain, CPA.CITP, CGMA President/CEO; Editor for Skyscapes Karen Mitchell, CPA, CGMA Finance Director Danielle Bulson, Marketing & Communications Manager; Copy Editor for Skyscapes Marlene Shellenberger, Administrative Manager Rita Barnard, Peer Review Administrator Contributing Writers: Lynn Fountain, CPA, CGMA Mary MacBain, CPA.CITP, CGMA The Kansas Society of Certified Public Accountants, Inc. 100 SE 9th Street, Suite 502 Topeka, KS 66612-1213 Phone: 785.272.4366, FAX: 785.272.4468


MAY 2013

I wanted to start by thanking the many firms that accepted Mary’s invitation to visit and discuss the Society and its activities. I had the pleasure of accompanying Mary on several visits with firms in the Wichita area and we received some great feedback. We hope to take this feedback and continue to adapt and improve the Society and its value to our members. I also hope that our visits will entice those firms (and others) to continue to leverage their membership in the Society by increasing their engagement and utilizing the resources provided by the Society. There are so many things going on (some behind the scenes) but I just wanted to mention a few. First, May and June are big months for conferences that have been planned and executed with the assistance of numerous member volunteers and Society staff. All have worked extremely hard to make these events productive, educational and valuable to members. I highly recommend all members consider one or more of these conferences (government and non-profit conference, accounting and assurance services conference, business and industry conference and the conference on Kansas taxes). This year’s slate of conferences will be the best to date. Second, as I mentioned in the visits with the firms, I encourage our members to consider attending and engaging in the leadership summit planned for June 6th. Not only will we have the privilege of listening to one of the most dynamic speakers in the accounting profession, Barry Melancon, President and CEO of the AICPA, but you can receive two hours of free CPE. Following Barry’s presentation will be the leadership summit in which the Society’s strategic initiatives and activities will be discussed (and debated) with the creation of “marching order” for the Board and Society staff. We are looking for as much engagement and feedback as possible in this process to ensure the Society continues to be a significant resource for members. Finally, I am preparing for Spring Council of the AICPA and look forward to making sure the voice of Kansas CPAs are heard both within the AICPA and on Capitol Hill. The profession continues to have many things to work on but we should all be proud of what we do and what we have accomplished. Warm Regards,



COSO Releases Updated Internal Control Framework From the AICPA The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has released Internal Control–Integrated Framework 2013. The update incorporates two decades of experience from organizations in applying the original 1992 Framework. To achieve this, COSO sought extensive input from the business community. Built on a Solid Foundation The revised Framework retains the core philosophy and approach of the original version, but takes account of changed complexities and conditions related to technology and global commerce that have a deep impact on organizations. It is important to note that in the updated Framework, the definition of internal control and the objectives of the framework are essentially the same. Internal control is still defined as a process intended to offer reasonable assurance of meeting three objectives: • Effective and efficient operations • Reliable reporting • Compliance with appropriate laws and regulations The new Framework also retains the five components of a system of internal control: control environment, risk assessment, control activities, information and communications and monitoring. However, it does not set a higher threshold for internal control system maintenance or design. The revised Framework sets out fundamental internal control concepts into 17 principles and supporting attributes that companies can use in managing risk and improving performance in an increasingly complex and fast-moving environment. In expressing the philosophy of the Framework through principles, it seeks to give management and boards of directors the flexibility to take their use of the Framework beyond 4

MAY 2013

financial reporting factors and toward a more holistic approach to internal control that extends to all aspects of the organization. Opportunities for CPAs The Framework represents a number of opportunities for CPAs. “CPAs employed in business, industry and government will be able to apply the updated Framework in their organizations to evolve their internal control systems to meet the demands of our increasingly complex business world,” said Mary Rapp MacBain, CPA.CITP, CGMA. “CPAs in public accounting who consult with small and medium-sized business clients might use the Framework as a tool to help clients understand the importance of internal control to achieve business objectives, reduce fraud risk and ensure compliance with laws, regulations and reporting requirements. In addition, with the Framework in hand, CPAs can assist clients in designing and implementing a robust and effective internal control system.” Framework Provides Efficiency in Design, Implementation & Conduct of Internal Control Entities have limits on human and capital resources and constraints on how much can be spent on designing, implementing and conducting systems of internal control. The Framework can help management consider alternative approaches and decide what action it ultimately takes. Depending on circumstances, these approaches and decisions can contribute to efficiencies in the design, implementation and conduct of internal control. For example: • Understanding the importance of specifying suitable objectives may focus management’s attention on those risks and controls most important to achieving the entity objectives. • Focusing on those areas of risk that exceed acceptance levels and need to be managed


across the entity may reduce efforts spent mitigating risks in areas of lesser significance. • Coordinating efforts for identifying and assessing risks across multiple objectives may reduce the number of discrete risks assessed and mitigated. • Selecting, developing and deploying controls to affect multiple principles may also reduce the number of discrete, layered-on controls. • Applying a common language—the Framework—encompassing operations, reporting and compliance processes and controls may lessen the number of languages used to describe internal control across the entity.

is dedicated to providing thought leadership through the development of frameworks and guidance on enterprise risk management (ERM) internal control and fraud deterrence. COSO’s supporting organizations are The Institute of Internal Auditors (IIA), the American Accounting Association (AAA), the American Institute of Certified Public Accountants (AICPA), Financial Executives International (FEI), and the Institute of Management Accountants (IMA).

The COSO Board encourages users to transition their applications and related documentation to the Framework, in order reflect the enhancements and clarifications, as soon as is feasible under their particular circumstances. However, the COSO Board recognizes that differing applications of the Framework by users in differing circumstances will likely result in differences in how quickly an update can occur in a specific application. COSO will continue to make available the original Framework during the transition period that extends to December 15, 2014, after which time COSO will consider it as having been superseded. C

Where to Find the Framework An Executive Summary of the Framework can be downloaded by the public free of charge and the Framework, Illustrative Tools, and ICEFR Compendium are available for purchase in both hard copy and electronic formats from www.coso. org. In addition, the public exposure drafts of these publications, the related public comment letters, and other background information about the project will remain available on COSO’s website through December 31, 2013. M




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MAY 2013

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MAY 2013


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Nonprofit of the Month Starkey, Inc. is a nonprofit in Wichita, Kansas, that serves 470 individuals with intellectual disabilities. Founded in 1930, this community-based organization creates possibility in the lives of people with disabilities by offering employment, residential, case management, life enrichment and other programs. Whether it is a young person who has just graduated from high school and is seeking a job in the community or an individual who requires extra care due to the onset of dementia, Starkey’s trained staff are there to support these unique needs and everything in between. Employment services are a vital part of Starkey’s programs. Many of the people with disabilities at Starkey who work in the local community have enjoyed long tenures – as many as 10 and 20 years at the same job. These individuals have contributed to the workforce at local banks, retail shops, pharmacies, restaurants, auto stores and manufacturing companies. Community housing is another important focus at Starkey. In addition to 43 homes throughout Sedgwick County, Starkey owns apartments which offer additional options for independent living. In these apartments, residents receive limited support from staff – grocery shopping, bill paying, meal preparation – and are able to further develop the skills needed to live as independently as possible. It is a startling statistic that people with Down syndrome have an 85 percent or greater chance of developing dementia, beginning in their mid-thirties. Starkey built three homes dedicated for residents with this unique need – a care model that was recently used to develop national accreditation standards and was presented as a model this month by the President’s National Task Group on Intellectual Disabilities and Dementia Practices. With earlier and better health interventions, people with disabilities are living longer. The growing body of research on the link between obesity and disability indicates that those at greatest risk for obesity have mobility limitations, intellectual/learning disabilities, or both. Reasons for these disparities include physical limitations that can reduce a person’s ability to exercise, and lack of accessible environments such as sidewalks, parks, and exercise equipment. However, local options for safe, appropriate and wheelchair-accessible exercise are very limited. To address this, Starkey has created an initiative called OASIS (the Outdoor Activity Space Initiative for Starkey). The project is designed as follows: 1. Starkey will use a one-half acre area of grass and trees on its campus for OASIS. 2. A smooth, concrete walking path will offer a wheelchair- accessible means to unite exercise and activity stations along a walking path, naturally encouraging movement and exploration. 3. Exercise equipment, designed for outdoor use, will be wheelchair-accessible and will target arm and leg strength, and range of motion. 4. Benches, a shade structure, and wheelchair-accessible picnic tables will be installed. 5. Raised bed garden containers will be placed so that an individual in a wheelchair can plant and cultivate from all four sides. OASIS will be used by a daily on-site population of more than 300 individuals with disabilities, plus their support staff. In addition, residents of Starkey’s homes (approximately 220 individuals with disabilities and their staff) will have weekend and evening opportunities to access OASIS. Construction estimates for OASIS are $135,000. More than $109,000 has been raised for this important project, and additional donations are still being sought.

To learn more about Starkey, or to donate to OASIS, visit or connect with them on Facebook or Twitter.

Have a Nonprofit You Want Us to Feature? If you are involved with a nonprofit that you would like us to feature in Skyscapes, email Danielle,, to get the word out! 7

MAY 2013


Sustaining Corporate Governance BY LYNN FOUNTAIN, CPA, CGMA, FOUNTAIN GRC LLC


n business today, corporations spend so much time working on their corporate governance structures, it is hard to even imagine that attention and focus needs to be placed on “sustaining” that governance structure. However, liken that concept to a childhood analogy:

• Watch young child carefully build a tall tower of blocks then stand back and admire his handiwork. Seconds later he kicks down that tower he spent so much time building. Consider this analogy when evaluating whether your corporate governance program is built to sustain your corporate strategy and the current volatile economic conditions.

8 MAY 2013 © Copyright 2012 Lynn Fountain, used with permission.

As we learned from the Enron scandal, simply having the existence of a code of conduct or an external Board does not provide enough assurance surrounding governing activities. Organizations often become so focused on building our governance structures that it is easy to forget that the foundation must be appropriately maintained in order to be sustained. Whether it is internal to knock down the foundational blocks that individuals spent so much time building or external forces that place pressure on those foundational concepts, focus must be on identifying sustainable features that enable our foundations to stay strong and thrive. So what are the key concepts to sustainability? First, let’s examine the true meaning of sustainability. According to Wikipedia, sustainability refers to “the capacity to endure”. Corporate sustainability refers to a company’s activities that demonstrate the inclusion of social and environmental concerns in business operations and in interactions with stakeholders.

Think about a phrase from a famous movie “If we build it, they will come”. This may be true but when we speak of sustainability, the question must be asked “If they come, will they stay?” The difficult part of any governance process is not the establishment of a structure, policy or process but the assurance that the process will continue to be sustained throughout the organization and continue to be effective. If you one of the many who may think: there are too many people sending too many messages about too many policies in too many ways, then you can understand how sustainability can become a challenge. In order to develop the proper framework to ensure sustainability, we must understand what elements and attributes can provide the greatest benefit to the process. For a governance process to remain intact and effective, several elements should be in place. These include: measures of performance, measures of conformance, elements of value creation, overall accountability and assurance. Let’s examine each of these and evaluate their impact on sustainability.

The definition of sustainability may give a hint as to why the act itself is so hard to execute. The capacity to endure can take on many meanings and interpretations. Also, the ability to endure may be impacted by many internal and external forces that can vary both in veracity and nature. It is interesting how some individuals seem to be able to handle very difficult situations in a manner in which many of us would have a hard time executing. Perhaps it is their personal fortitude, attitude or even something related to their individual support structure. Or perhaps is has to do with built in mechanisms they have put in place over a period of years that allow them to weather the storm a bit better than others. It could be genetics or even gender. Whatever the reason, the particular individual has found a method to fortify their own methods to allow them to sustain or endure a situation.

Measures of Performance

When you think of corporate sustainability it is important to recognize that there are a multitude of factors and forces at play. In order to “sustain” a process it is incumbent upon the organization to develop a framework, structure or hierarchy to be able to maintain whatever procedure or process is being focused on. During our webinar series, we spoke about the pillars of corporate sustainability. Those pillars are supported by many facets of the organization including: policies and procedures, internal and external committees, compliance programs, enterprise risk management, internal and external audit, management, the board and board committees. Each of these individual pillars plays a strategic and important role in contributing to corporate sustainability.

Here is an example of determining the effectiveness of performance measures. Consider performance measures established to determine the effectiveness of the company’s code of conduct. Let’s assume one of the performance measures relates to tracking and reporting statistics related to the percent of employees who have successfully completed a training module or exercise related to the content of the code. Assume the statistic reports that 99% of employees completed the module as required. Does this statistic alone provide a good “measure” of the governance process? Just because 99% of employee’s completed the training may not mean they truly comprehended or understood the intent of the training. What if you were to further examine the statistics around completion of the training module and found that the on-line training exercise should take the

© Copyright 2012 Lynn Fountain, used with permission. 9 MAY 2013

Performance measures have been a part of corporate culture for a very long time. Have you heard the saying, “if it is not worth measuring it is not worth sustaining.” Assuming this is true, we would want to ensure that any governance steps put in place can be appropriately measured through key performance indicators or other specific outcomes. Everyone has their opinions, perceptions and observations about performance measures. And yes, the performance measure is only as good as the intent behind it. With performance measures comes judgment. Effective performance measures should not be based solely on statistics or numbers. Performance measures should have qualitative factors as well as a quantitative factors associated with them in order to be effective.

typical employee approximately 45 minutes to complete. Now, looking at the statistic that 99% of the employees completed the full training module, you identified that over 40% of those individuals completed the module within 20 minutes or half of the normal time. What might your conclusions be when considering these factors? If almost 40% of individuals are able to complete the module in less than one half of the normal allotted time, possibly individuals are finding ways to skirt the process and just complete the task. That would then mean that possibly they did not get the full meaning of the training. As such, utilizing a performance measure of percent of employees completing the training may not be a good factor when measuring the sustainability of the program. The lesson learned is that although measures of performance are very strong characteristics to include in your governance process, ensure that measures developed have both quantitative and qualitative aspects in order to provide the best measure of governance effectiveness. Measures of Conformance Conformity is the act of matching attitudes, beliefs, and behaviors to group norms. Norms are implicit rules shared by a group of individuals that guide their interactions with others and among society. The can result from subtle unconscious influences, or direct and overt social pressure. Conformity can occur in the presence of others, or when an individual is alone. For example, people tend to follow social norms when eating or watching television, even when alone. When linking conformance to sustainability, we must think about several things. We must evaluate whether the organization is working effectively, as a unit, to identify, prioritize, manage, control, mitigate and report on governance activities. We must ensure that the systems generating information for governance activities are working within prescribed standards of accuracy and reliability and that the information produced reflects the true performance of the organization. We must ensure that management’s fiduciary responsibilities are being met and that the organization is able to prevent and detect criminal activities in a holistic manner. If there is discord in the organization or disagreement on how any of these requirements can be met, then conformity is an issue and sustainability may be difficult to achieve. These statements are all easy to recite, but management must truly understand the implications of non-conformance or sustainability will never be achieved.

Elements of Value Creation When performance measures and conformance activities meet, value is created. Performance and conformance dimensions enhance each other and the organization as a whole. Together they result in value creation and accountability and assurance. Each aspect is critical in enabling and sustaining a viable corporate governance structure. In order to create ultimate value through performance and conformance, several elements are important to address. These include: • Establishment of a robust decision-making process, including the determination of risk appetite. • Oversight of strategy implementation and evaluation of the strategy’s ongoing relevance and success. • Alignment of business operations and resource utilization with strategic direction and the organization’s levels of risk appetite. • Identification of the critical points at which an organization needs to make decisions in response to changing conditions. Once these elements are in place, performance and conformance can create the ultimate intersection of value for the organization. Overall accountability and assurance The final critical element supporting the framework of sustainability is overall accountability and assurance. It is difficult to argue against the concept that in order for a process to truly be sustainable, there must be strong accountability and ownership. These attributes drive results and contribute to overall sustainability. This is where it is important that clear and defined responsibilities and accountabilities be communicated throughout the organization. If issues exist with ownership, sustainability of any process will fall below expectations. Summary Sustainability is more than just a word. It is an action that must be embedded into any project plan or any initiative that is expected to produce ongoing results. Thinking back to our initial example of the young child who builds his tall block tower only to later kick it down, what would happen if after that tower was built; someone stabilized the tower with glue, connectors or housed it within some framework? This would obviously make it much harder for the young child to kick down the tower. Similarly, organizations should find sustaining methods for those processes they worked so hard to develop. The last thing anyone wants is a big wind coming and disrupting our structure.

Click here to register for this session © Copyright 2012 Lynn Fountain, used with permission. 10

MAY 2013

GASB Encourages Planning, Preparation, and GASB Encourages Planning, Preparation, and Collaboration Collaboration on New Statements On NewPension Pension Statements With new public pension accounting and financial reporting standards set to take effect in 2013 and 2014, state and local public officials and pension plan administrators should take steps now to ensure that they are well prepared to implement those requirements. The Governmental Accounting Standards Board (GASB), which issued the new standards, has identified several areas that public officials and plan administrators should consider as they prepare for implementation. Those areas include:  Pension funding policy  Selection of assumptions  Timing of measurements  Timing of actuarial valuations  Development of information for employer reporting. The GASB recently approved Statement No. 67, Financial Reporting for Pension Plans, which applies to pension plans that administer pension benefits, and Statement No. 68, Accounting and Financial Reporting for Pensions, which applies to governments that provide pension benefits to their employees. The new pension standards introduce a wide array of enhancements to financial reporting that will result in significant changes in the type and form of information collected and reported by pension plans and governmental employers. To prepare for these upcoming financial reporting changes, the GASB encourages pension plans and governmental employers that have not yet begun the implementation process to become familiar with the new standards and to initiate discussions that address the key implementation issues highlighted below. GASB Chairman Robert H. Attmore noted that “based on constituent feedback received during the Board’s extensive public due process, the need for all parties involved to engage in significant coordination and collaboration became quite evident to the GASB. Due to the significant efforts that are needed to successfully implement the new pension standards, the Board extended the transition period for most governments to allow for a reasonable time for transition,” the chairman added. Challenges facing pension plans and employers that provide pensions through those plans may vary depending upon whether the plan is a single-employer, agent multiple-employer, or costsharing multiple-employer plan. However, certain common issues also exist for all types of plans and employers. Key areas to be considered by all types of plans and employers include the following: 


Funding policy. Statements 67 and 68 remove the direct link between measurements for funding purposes and measurement of pension expense for accounting and financial reporting purposes. For governments that have actuarially based funding policies, the measurement requirements of the new Statements for financial reporting purposes will include an actuarial valuation likely different from (and in addition to) the actuarial valuation that is used for funding purposes.

MAY 2013

For governments whose funding policies are defined relative to the requirements for determination of an annual required contribution (also referred to as an ARC) in Statements No. 25, Financial Reporting for Defined Benefit Pension Plans and Note Disclosures for Defined Contribution Plans, and No. 27, Accounting for Pensions by State and Local Governmental Employers, consideration will need to be given to whether funding policies should continue to be based on the Statements 25 and 27 ARC or whether they should be defined independently. Further, for certain measurements required by Statement 68—for example, determination of the discount rate to be used for purposes of measuring an employer’s total pension liability (discussed further below)—the employer’s funding policy has an impact, and a clearly expressed funding policy will facilitate implementation of those requirements. 

Selection of assumptions. Similar to the requirements of earlier pension standards, Statement 68 requires that when the same or similar measures are required to be reported by both the pension plan and employers that provide benefits through that plan, the assumptions used to determine those measures be the same. Therefore, coordination will be necessary between pension plans and employers when measurements of the net pension liability of the employers are made. Assumptions integral to the measurement of an employer’s pension liability include the long-term expected rate of return on pension plan investments, which plays a potentially significant role in the determination of the discount rate.

Timing of measurements. To meet the requirements of the new Statements, single-employer pension plans, cost-sharing multiple-employer pension plans, and single, agent, and costsharing employers will need to report information about the net pension liabilities of the employers. For pension plans that are required to present information about the liabilities of the employers, the net pension liability is required to be measured as of the end of the pension plan’s fiscal year. Employers, however, are provided with additional flexibility with regard to the “as of” (or “measurement”) date of the net pension liability reported in its financial statements each period. That is, an employer may report a pension liability measured between the end of the employer’s prior fiscal year and its current fiscal year-end (for example, as of the pension plan’s fiscal year-end). Because information about pension plan net position is needed to measure the employer’s net pension liability, in pension plans in which the same fiscal year-end is not shared among the employers and the plan itself, coordination of the employers’ measurement date will be necessary.

Timing of actuarial valuations. Statements 67 and 68 require that actuarial valuations for financial reporting purposes be prepared at least every two years; however, the timing of the actuarial valuation relative to the fiscal year-end for which information based on the results of that valuation is reported might differ for plans and employers. For pension plans, the actuarial valuation date can be no more than 24 months prior to the plan’s fiscal year-end, and for employers, the actuarial valuation date can be no more than 30 months earlier than the employer’s fiscal year-end. In circumstances in which pension plan and employer fiscal year-ends are different, attention to the timing of the actuarial valuation date relative to those fiscal year-ends will be necessary to ensure that the actuarial valuation date, in conjunction with the measurement date (discussed above), will fall within the timing requirements of the new Statements.

Development of information for employer reporting. Statement 68 requires some employers to report certain information that also is required by Statement 67 to be reported by the pension plan (for example, single employers will disclose information about the sources of change in the net pension liability in the current period—information that also will be presented in a schedule of required supplementary information by the single-employer pension plan). Other information that will be reported by certain employers will be derived from information that will be reported by the pension plan but will not itself be reported by the pension plan (for example, single-employer and cost-sharing employer pension MAY 2013 expense). Key considerations relative to the information needed for employer financial statements will be which entity will prepare the information, which entity will incur the cost to 


change in the net pension liability in the current period—information that also will be presented in a schedule of required supplementary information by the single-employer pension plan). Other information that will be reported by certain employers will be derived from information that will be reported by the pension plan but will not itself be reported by the pension plan (for example, single-employer and cost-sharing employer pension expense). Key considerations relative to the information needed for employer financial statements will be which entity will prepare the information, which entity will incur the cost to develop this information, and the roles that each entity’s auditors will play in providing appropriate assurance on that information. Additional considerations that might be primarily relevant to cost-sharing pension plans and employers include the following: 

Information to determine employers’ proportionate shares. Financial reporting by costsharing employers will require the determination of each employer’s proportionate share of the pension liability associated with all employees provided with benefits through the pension plan (the collective net pension liability). Statement 68 encourages the use of each employer’s projected long-term relative share of contributions to the plan as the basis for establishing each employer’s proportion for this purpose. However, the Statement also provides flexibility, noting that any measure associated with the manner in which contributions are assessed may be used as the basis for an employer’s proportion. Because an employer’s proportion is a measure of its contribution responsibility relative to all contributing governments, regardless of the basis that is selected, information about the plan as a whole will be needed to meet the Statement 68 requirements. As discussed more broadly above, pension plans and employers, in consultation with the plan’s actuary and the plan and employer auditors, also will need to evaluate the role that the pension plan and its actuary will take in several areas, including determining each employer’s proportion, measurement of collective pension expense and collective deferred outflows of resources and deferred inflows of resources, and calculations that are necessary for each employer individually. (For example, each employer is required to identify the effects of changes in its individual proportion from period to period.) If information for employer reporting purposes will be provided by the pension plan and its actuary, another key consideration will be the establishment of procedures that will support the needs of auditors of the employers’ financial statements to ensure that they can express an opinion on that information. In circumstances in which the pension plan does not currently interact directly with the employers (for example, when a separate intermediary agency coordinates collection of contributions from individual employers and the transmission of those contributions to the pension plan), the pension plan might not have information to identify the activities of any one individual employer. Coordination among the pension plan, intermediaries, and individual employers will be necessary to ensure that information is available to employers to meet the new requirements.

Identification of the reporting responsibility for pensions in circumstances in which a nonemployer entity is involved. Statement 68 differentiates financial reporting requirements for employers and nonemployer entities depending upon the form the nonemployer entity’s involvement takes. In certain circumstances in which a nonemployer entity has a legal requirement to make contributions to support pensions, the nonemployer entity will be required to recognize a proportionate share of the employer’s pension liability, and the employer’s recognized liability will be reduced. These situations will need to be evaluated to appropriately classify the arrangements for financial reporting purposes.

Additional information about the new pension Statements, including a series of fact sheets, the full text of the documents, an article providing a high-level overview of key provisions of the Statements, and information on how to order hard copies, is available on the GASB website, 13

MAY 2013

Legislative Update Bright and Carpenter Consulting, Inc. The 2013 legislative session ended early Sunday morning after reaching agreements on tax and budget bills on Saturday and early this morning. The Legislature adjourned at around 2 a.m. on Sunday, June 2, the 99th day of session. Earlier on Saturday afternoon, the House passed the budget on a vote of 63-51. The $14.5 million all-funds budget cuts the Governor’s recommendations by $66 million and almost 250 full-time employees. House Republican leaders urged its passage. The bill was initially stuck at 57-57, but after several minutes enough other Republicans switched their votes to pass the bill 63-51. The Senate then took up the budget bill at about 12:30 a.m. on Sunday, June 2. It approved the bill 21-15. The Legislature debated the bill largely on the issues of managed care of those with developmental disabilities, cuts to Board of Regents institutions and $6 million cuts to funding for the Kansas Department of Corrections. It cuts higher education by approximately $66 million over two years and places a cap on salary expenses. And for the next school year, the budget provides flat funding for public schools despite a recent court ruling that says the Legislature should increase school funding by approximately $500 million. During the budget debate, one of the major disputes was over a plan by the Brownback administration to place the long-term care of those with developmental disabilities under KanCare. Many parents of children with developmental disabilities have opposed that move, requesting those with developmental disabilities to be “carved out” long-term care services from KanCare, saying they believe the assistance their children receive will suffer under KanCare. There was a sense of urgency about legislative leaders to pass a budget by Saturday. If a budget weren’t passed soon it could have jeopardized state cash flow and cause state employee furloughs. Many conservatives were pleased with the budget because it reduced government growth. The state general fund appropriations dropped from $6.16 billion to $5.96 billion. The other important key to ending session was passage of a tax bill. Both chambers sent to the Governor a tax agreement that further reduces income taxes, sets the sales tax but at 6.15% rate, and fills large parts of the budget hole created by last year’s massive tax cut bill. The House passed the tax bill on a vote of 69-45. The Senate passed the measure on a vote of 24-13. It is estimated to bring in $777 million in tax revenue over the next five years. The sales tax rate was to fall to 5.7% on July 1. The goal of the reduction in income tax rates is to drive economic growth. The bill also includes “haircuts” to the value of itemized deductions, except for deductions for charitable contributions. The standard deduction would be cut from $9,000 to $5,500 for head of household and $7,500 for married, filing jointly. The plan would reduce over five years the top income tax rate from 4.9 percent to 3.9 percent, and the bottom rate from 3 percent to 2.3 percent. After 2018, state revenue growth over 2 percent would go toward further income tax rate reductions. Legislators return on June 20 for Sine Die. Click here to find the list of bills introduced during the 2013 Legislative Session. These bills have been identified as issues which may impact the interest to the Kansas Association of Certified Public Accountants. Within the bill tracker you will find the bill number and its subject matter as well the current status of the bill and whether there is pending committee action on the bill. You may access the full text of the bill by holding down your computer control key and clicking on the bill number in the report. If you should have any questions or concerns regarding the bills below, please do not hesitate to contact our lobbyist, Marlee Carpenter, at or 785.213.0185.


MAY 2013

May Conference Wrap-Up 2013 Financial Planning Conference - May 6, 2013 The KSCPA Financial Planning Workshop was designed to update experienced financial planners and to help those interested in becoming a financial planner learn more about the field of expertise. The program was presented by three experienced professionals who will update participants on the new AICPA financial planning standards, the economy, taxation as it relates to financial planning, and an understanding of mutual funds. The program helped young professionals who are interested in pursuing a specialty area by providing an overview of the field and the chance to network with experienced professionals. A reception followed the workshop provides additional networking opportunities with the speakers, sponsors, and participants. Click here for more photos from the conference

2013 Agricultural Taxation Workshop with Andy Biebl, CPA - May 9, 2013 The KSCPA Agricultural Taxation workshop was designed to help practitioners recognize unique opportunities and pitfalls impacting taxpayers in the agriculture industry and provides tax professionals a forum to discuss current issues affecting their farm and ranch clients. Instructor Andy Biebl, CPA, CliftonLarsonAllen LLP, is a tax partner specializing in individual and closely-held business taxation and agricultural taxation. He has 30 years of experience specializing in farm taxation and regularly presents on this topic at national agribusiness conferences. The workshop was designed for tax practitioners representing farmers and ranchers, who need to be aware of new federal tax legislation, IRS guidance, and recent court decisions. Click here for more photos from the workshop

Estate Planning for 2013 & Beyond Workshop with Art Werner, JD, MS - May 10, 2013 For years beginning in 2013, Congress made sweeping changes to the Internal Revenue Code regarding Estate, Gift and Generation-Skipping taxation. Understanding the impact of the new legislation in 2013, together with recent case law developments, is important to all practitioners in properly advising their clients. The KSCPA Estate Planning Workshop helped practitioners to gain an insight and understanding of Estate Planning and Gift Planning issues and techniques in 2013, of Federal Estate, Gift and Generation Skipping taxation and recent cases law developments. The workshop was designed for CPAs, EAs, attorneys, financial planners, insurance agents, and bankers.

Click here for more photos from the workshop 15

MAY 2013

Firm Visits Mary MacBain, President/CEO visited several firms which have the largest number of members in the Kansas Society of CPAs. Aron Dunn, KSCPA Chair, accompanied Mary at some of the meetings in Wichita. Approximately 50% of the public practice members in the KSCPA are in 9% of the CPA firms. There are members in 462 firms represented at the KSCPA. The goal of the visits was to understand the value proposition for this population and to communicate the current programs and services provided by the KSCPA that target the larger firms.


MAY 2013


The KSCPA wants to make every step of the process simple for those who use the KSCPA Professional Development. The following are frequently asked questions regarding CPE.

Where are my materials?

The KSCPA has gone electronic. Materials may be available approximately 15 minutes after you register - check by clicking Electronic Materials. You will also receive an email containing instructions for downloading the electronic materials from the KSCPA website approximately one week prior to the event. The materials will be available for download for 30 days following the date of the course. If you register for a course and do not receive an email with instructions one week prior to the event, please contact Marlene,

Where’s my certificate of attendance?

The KSCPA now sends out electronic certificates. Please make sure to sign-in and out at events to ensure that you receive the full credit. If you do not receive your certificate within one month of the conference or course, please contact Danielle,

What’s the difference between online live learning and online self-study?

Online live learning is any webcast or videocast that must be taken on a specific date at a specific time to earn credit. The KSCPA currently has one series that is airing live: Anderson’s Nonprofit Express. Watch for Timely and Topical sessions throughout the year. Self-study is any webcast or videocast that has been recorded and is available for participants to register and view at their leisure. Self-study sessions require participants to answer test questions in order to receive credit. There are currently three self-study series available: Anderson’s Audit Express, Drinon’s Leadership Express and Fountain’s Governance Express.

How do I register for a conference or course through the website?

To register for CPE using, you will need your log-in information. Enter your email and password. Your password is initially your member ID, which you can change. Non-members can also register and should contact the KSCPA for login information if you are already in our system. Otherwise, create a user name and password. Once you are signed in, click the “Professional Development” tab. Choose the program that you wish to attend and click the register button. You will be taken to your online shopping cart, if you do not wish to add more programs, follow the instructions for online payment. If you are not done adding programs, click “Register for more conferences & courses.” If you have any promotion codes, you will enter them in the checkout section. If you have any problems logging-in or registering for a program, please contact the KSCPA office, 785-272-4366.

What’s the difference between the KSCPA and the Kansas Board of Accountancy?

The KSCPA and the Kansas Board of Accountancy are two separate entities. The KSCPA is the professional association for CPAs in the state of Kansas. The Kansas Board of Accountancy is the regulatory and licensing agency for CPAs. If you want to: • Renew your membership or pay membership dues – contact the KSCPA • Renew your license and pay associated fees – contact the Kansas Board of Accountancy 17

MAY 2013

Thank you to our CONFERENCE SPONSORs!


MAY 2013

2013 Conference Schedule Professional Development

Accounting & Assurance Services Conference Focus on Private Companies June 17, 2013 Hyatt Regency Wichita Member Fee: $195

Non-member Fee: $235

Click Here to Register Business & Industry Conference - Wichita Charting a Course in Uncertain Times June 18, 2013 Hyatt Regency Wichita Member Fee: $195 Non-member Fee: $245

Click Here to Register Conference on Kansas Taxes Think Globally - Engage Locally June 25, 2013 Prairie Band Convention Center - Mayetta Member Fee: $195 Non-member Fee: $245

Click Here to Register


MAY 2013

Professional Development

Business & Industry Conference - Kansas City October 16, 2013 TBD Member Fee: $195 Non-member Fee: $245

Mark Your Calendar

Business Valuation Conference October 18, 2013

Crowne Plaza - Overland Park Member Fee: $280 Non-member Fee: $330

Mark Your Calendar 63rd Annual Kansas Tax Conference November 21-22 , 2013

Double Tree - Overland Park Member Fee: $295 Non-member Fee: $345

Mark Your Calendar Heartland Technology Conference December 12-13, 2013 Crowne Plaza - Overland Park Member Fee: $395 Non-member Fee: $445

Mark Your Calendar 20

MAY 2013

Courses Click the Title of the Course to Register


Course Title - Instructor




Excel Best Practices - Fleenor




Excel Best Practices - Fleenor

Overland Park 8/TC


Internal Control - Essentials - Fountain

Overland Park 8/AA


Auditing for Internal Controls - Fountain

Overland Park 8/AA


Risk Assessment and Internal Control - Fountain



Excellence in Comp and Review - Anderson

Overland Park 8/AA


Business Ethics - Real-World Business Ethics - Fountain





Effectively & Efficiently Performing Governmental & Nonprofit Audits - Anderson Overland Park 8/YB


Tools on Audit Procedures: Conduct, Fieldwork & Wrap-up - Anderson Wichita


Advanced Strategies for S Corporations - Allerheiligen

Overland Park 8/TX/CLE


Advanced Tax Strategies for LLCs and Partnerships - Allerheiligen

Overland Park 8/TX/CLE


Increasing Both the Top & Bottom Lines - Gerschick




Tax Strategies for Individuals - Gerschick




Increasing Both the Top & Bottom Lines - Gerschick

Overland Park 8/CS


Advanced Strategies for S Corporations - Allerheiligen



Tax Strategies for Individuals - Gerschick

Overland Park 8/TX


Advanced Tax Strategies for LLCs and Partnerships - Allerheiligen




Excellence in Comp and Review - Anderson




Effectively & Efficiently Performing Governmental & Nonprofit Audits - Anderson Wichita


AA - Accounting & Auditing 21

ET - Ethics

MAY 2013

TX - Taxation

KEY CLE - Continuing Legal Education TC - Technology



CS - Consulting Services

YB - Governmental-Nonprofit - Yellow Book


online live learning ANDERSON’S NONPROFIT EXPRESS Anderson’s Nonprofit Express is designed to take a participant though a sequence of natural steps taken during the process of audits of nonprofit organizations. Each session builds upon the previous session, where appropriate, and is designed to discuss practical approaches to apply professional standards and/or to improve audit efficiency while maintaining audit quality in the nonprofit arena. Can’t make it to a session? Self-study of each session is also available.

Click here to register

Session Title

Broadcast Time

Broadcast Date

A Renewed Focus on Audit





Your Nonprofit Client is Never Prepared. Whose Fault is It? Improving Risk Assessment Procedures for Your Nonprofit Audit Clients Internal Control: A Better Understanding to Enhance Efficiency and Effectiveness You CAN Complete Your Nonprofit Audit in the Field Does Your Nonprofit Client View the Audit as a Commodity? You can Change this Perception!

ALTERNATIVE CPE ACPEN, CalCPA, CPA Crossings & Surgent McCoy offer webcasts and webinars to KSCPA members. Click the icons to learn more!

In-firm training available • Alan Anderson - A & A, Nonprofit & Yellow Book • Rich Drinon -


• Lynn Fountain - Governance, Risk & Compliance • AICPA Learning Instructors Contact or call 785.272.4366 for more information! 22

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KSCPA ONLINE SELF-Study Click here to register ANDERSON’S AUDIT EXPRESS Anderson’s Audit Express is a unique, practical-knowledge series designed to help you improve the audit process and be more profitable. It was created and led by an experienced auditor following the audit the process from planning to opinion. The series provides tips for successful auditing for the audit team and client. 1. 2. 3. 4. 5. 6.

Applying JIT Manufacturing Concepts to the Audit Process Audit Planning is a 2-way Street – Both the Auditor and the Company Need to Be Involved Understanding Audit Risks and Discussing Them with Your Client Setting Your Staff up for Success for the Audit The Pros and Cons of Email Use During an Audit Technology, A Blessing or a Curse During the Audit?

7. Fieldwork Complete…is the Audit Complete? 8. Ethics: Evolving Risk Landscape and Its Impact on the Audit Opinion 9. Internal Controls – So Much Time for so Little Benefit 10. Total Client Service: Did you Deliver all of Your Services? 11. What Brings Value to the Audit? Value-based Audits? 12. The Characteristics of an Auditor 13. The Goal of the Audit

DRINON’SLEADERSHIPEXPRESS Drinon’s Leadership Express is based on a highly-researched and applicable four-point concept. It is targeted to intermediate to advanced leadership levels in business and industry. It focuses on managing relationships, results, change and decisions and provides practical information for improving communication with followers. It offers: unique ideas for getting things done in this busy day and age; essential concepts for navigating today’s rapid change curves; and useful approaches to solving problems and making decisions. 1. 2. 3. 4. 5. 6. 7. 8.

The Four Perpetual Actions of Leaders Refining Your Leadership Philosophy & Style Recognizing & Relating to Four Behavioral Styles Managing Leadership Image, Perceptions & Misperceptions Facing the Challenges of Diversity & Generational Differences Leading Groups & Making Presentations Developing Credibility & Trust with Others Maintaining Focus, Multitasking & Managing Time

9. 10. 11. 12. 13.

Getting Results through Others with Conflict Skills – Part 1 – Expectations, Delegation & Motivation Getting Results through Others with Conflict Skills – Part 2 – Evaluation, Praise, Correction & Discipline Resolving Conflict Navigating Change Curves & Using Persuasion to Promote Change Practicing Subjunctive, Objective & Intuitive Problem Solving & Decision Making

FOUNtain’s governance express Fountain’s Governance Express is a series designed allow participants to see into the inner workings of the corporate world and how Governance, Risk and Compliance (GRC) function in that environment. The series shows participants how to build and monitor effective GRC programs. Enterprise Risk Management (ERM) and Fraud are also emphasized. 1. 2. 3. 4. 5. 6. 7. 8.


Corporate Ethics – 10 years post Sarbanes-Oxley The Building Blocks of Effective Corporate Governance (Part 1) Stabilizing the Building Blocks of Effective Corporate Governance (Part 2) The Corporate Director’s Fiduciary Role and Management’s Relationship Dissecting Stated Corporate Values Instilling the Proper Control Environments within Business The Corporate Manager’s Responsibility for Internal Control When the Whistle Blows at your Company

MAY 2013

9. Developing Practical Corporate Compliance Programs (Part 1) 10. Monitoring and Managing Effective Corporate Compliance Programs (Part 2) 11. The Governance, Risk and Compliance (GRC) Movement (Part 1) 12. The Role of Enterprise Risk Management (ERM) as a Component of your GRC Program (Part 2) 13. Fraud Awareness Programs (Part 1) 14. Techniques for Fraud Monitoring and Detection (Part 2)

KSCPA Resource

Patient Protection and Affordable Care Act Resources to Help Small Businesses

The KSCPA is planning training sessions throughout Kansas in September to help our members answer questions from small businesses and to help them navigate the health care marketplace. As we plan our training, we will be reaching out to CPAs and others for FAQs and adding resources to the kscpa website, Click here to view current resources

KSCPA Leaders Attend AICPA Spring Council Six KSCPA members, including President/CEO Mary MacBain, attended the Spring AICPA Council Meeting at the J.W. Marriott in Washington D.C. The event was highlighted with visits to Kansas senators and representatives on Capitol Hill. In addition to Mary, Gary Allerheiligen represented the KSCPA as the elected member, Aron Dunn as designated member, and Dominic Ortiz as at-large member of council. DeAnn Hill and Bob Schuster served as key contacts for the AICPA. Participants enjoyed guest speakers Ron Brownstein, Senior Political and Election Analyst for CNN; Bob Schieffer, Moderator of Face the Nation and CBS News Chief Washington Correspondent; Gene Dodaro, and Comptroller General of the United States Capitol Ballroom; and conversations with Representative Tom Rice (CPA Emeritus) and the youngest member of Congress Representative Patrick Murphy. Click here for more information about the meeting and for photos from the event. 24

MAY 2013

MEMBER/VENDOR NEWS Diane L. Lee, CPA From the Hutchinson News: Diane Lee, Hutchinson, has been elected to a one-year term as vice chairman of the Blue Cross and Blue Shield of Kansas Board of Directors. She is a Member at Swindoll, Janzen, Hawk and Loyd, LLC. Congratulations, Diane! Kimberly S. schrant, CPA From the Harper Advocate: Kimberly Schrant, Harper, has been elected to the Board of Directors for Harper Hospital. She is a senior at Grant Thornton LLP in Wichita. Congratulations, Kimberly! Kent A. Simpson, CPA Kent Simpson, Wichita, has been admitted as a member of Kennedy and Coe, LLC. He joined the firm in 2003 with the general practice group in Wichita. Congratulations, Kent! Cassandra “Sandy” Sporleder Sandy Sporleder, Wichita, has been admitted as a member of Kennedy and Coe, LLC. She joined the firm in 2001and has responsibility for services provided to the financial institutions of the firm. Congratualtions, Sandy! Kennedy and coe, llc annouces new chief executive officer Jeff Wald is named chief executive officer of Kennedy and Coe, LLC, ranked as a Top 100 CPA and consulting firm. The firm serves clients across the country and around the world. Wald succeeds Kurt Siemers who retired March 31 from his 42-year career with the firm, the last 10 of which he served as CEO. Wald, based out of the firm’s Loveland, Colo., office, joined Kennedy and Coe, LLC in 1995, became a member in 2003 and was elected to the firm’s management board in June 2009. Before his appointment as CEO, he led Kennedy and Coe’s Wealth Creation Group. “As CEO, Kurt formalized the value-creation approach Kennedy and Coe takes to create the best possible relationships with our clients, Wald said. “This keeps us focused on our clients’ needs and their expectation of value. Before becoming CEO, Wald consulted extensively with clients on business transactions, including sales, mergers, and acquisitions. His expertise includes deal structure, organizational structure, tax planning, and estate planning strategies. He is a member of the American Institute of Certified Public Accountants, the Kansas Society of Certified Public Accountants, and the Colorado Society of Certified Public Accountants. Wald earned his Bachelor of Accountancy degree from the University of North Dakota. Congratualtions, Jeff! KSCPA MEMBER ANNOUNCES CAMPAIGN FOR INSURANCE COMMISSIONER Kenneth A. Selzer, Leawood, has announced his bid for Kansas Insurance Commissioner. Selzer is a member of the KSCPA and is the Vice Chair of the KSCPA Educational Foundation. To Support Ken, visit his facebook page here. Good luck Ken!


MAY 2013

Got News? Contact Danielle,, to share your news.


In Memoriam Kathryn Ann Evans, CPA January 17, 1947 - May 3, 2013 From the Wichita Eagle: Kathryn A. Evans, Wichita, passed away on May 3, 2013, after a vigilant struggle with cancer. She finished high school as valedictorian in Hamilton, MT, living in Illinois, Florida, Guam, California and Alaska as the child of a Naval Commander. Kathryn attended Montana State University, working full-time, pursuing two degrees-first in history and then accounting. Kathryn spent her career in public accounting in Wichita and became the first woman Partner at Haney Riffel & Company, CPAs. She began her own firm in 1988 which continues. She was a dedicated Certified Public Accountant, finishing her 35th tax season on April 15, 2013, a member of both the Kansas Society of Certified Public Accountants, joining in 1983, and the American Institute of Certified Public Accountants. She served in many leadership positions, as Treasurer of St. James Episcopal Church, on the Board of Episcopal Social Services and others. Kathryn will be greatly missed!



Jeremy J. Appel Kennedy McKee & Company LLP Dodge City

Patrick Jarchow Grant Thornton LLP Wichita

Eric J. Bur Saeplo Technologies Kansas City, MO

Lauren M. Krehbiel Kennedy and Coe, LLC Pratt

Christopher S. Donnelly Miller Haviland Ketter PC PA Westwood

Keila Leake Ernst & Young LLP Kansas City, MO

Brooke M. Eichelberger CBIZ MHM LLC Leawood

Dustin E. Lobaugh Sink Gordon & Associates LLP Manhattan

Timothy R. Ellis Allen Gibbs & Houlik, L.C. Wichita

Josie G. Mitchell Kennedy and Coe, LLC Salina

Kristie M. Henry Kennedy and Coe, LLC Topeka

David Nesbihal Bartlett and Company Kansas City, MO

Charles D. Hoskins Kennedy and Coe, LLC Salina

Jedidiah R. Presley Kennedy and Coe, LLC Wichita

MAY 2013

Gregory A. Schmidtlein Kennedy and Coe, LLC Topeka Sarah E. Seiler Kennedy and Coe, LLC Salina Nikita L. Waldron Grant Thornton LLP Kansas City, MO Mark Worden Summers, Spencer & Company, P.A. Topeka

Student Members Brittany L. Werner McPherson College MePherson


Upcoming Chapter Events

June 19, 2013 “Sales Tax on Internet Purchases” Joan Wagnon Topic: Taxation 1 Hour CPE

Click Here to Register

June 20, 2013 “He Said, She Said: Money Talk with a Purpose” Bruce Brinkman Topic: Other 1 Hour CPE

GR WTH It’s what CGMA stands for. Officially, of course, it’s Chartered Global Management Accountant. A new designation representing accomplished professionals that drive and deliver business success, worldwide. Find out more at


MAY 2013

Copyright © 2012 American Institute of CPAs. All rights reserved.

Click Here to Register


MAY 2013



The seller of this NE Kansas CPA firm is ready to sell and focus his interests on another location. The office is located in a house that is available for continued lease or for sale. The firm offers a great cash flow to the owner. The business services a large number clients business clients. Revenues are as follows: 6% of revenues from monthly bookkeeping services, 74% of revenues from income tax preparation for individuals, 10% of revenues from income tax preparation for business clients, and 10% of revenues from client management services. The seller will be available for a smooth transition. Gross $142,500.; Asking Price $155k. Call Kathy Brents, CPA CBI for additional information: 501-514-4928, or email:

DALBY, WENDLAND & CO., P.C. Senior Tax Accountant Continue your career with a market-leader firm. Dalby, Wendland & Co., P.C. (DWC) is seeking a Senior Tax Accountant to join our Glenwood Springs office. Qualified candidates will have solid skills in income taxation and a strong accounting background; 2-5 years experience in public accounting preferred. CPA license/ EA status is a plus, but not required. DWC’s strong team culture and quality-focused work environment provides challenging opportunities and growth throughout your career. Our firm provides a good work/life balance, competitive compensation, a comprehensive benefits package, and opportunities for advancement.

To apply, email your resume to, or visit

GUDENKAUF AND MALONE, INC. Seeking Staff Accountants Gudenkauf and Malone, Inc. a CPA firm centrally located in Russell Kansas for the past 30 years is now accepting applications for the following 2-3 full-time positions: 29

MAY 2013

1. Entry Level Staff Accountant 2. 3-5 Year Experienced Accountant in Tax and Municipal Auditing 3. 10+ Year Experienced Accountant in Tax (Individual, Corporation, Partnership, and Trust) Health insurance and retirement plan provided. CPA a plus but not required. Interested candidates should send a resume to: PO Box 631 Russell, KS 67665

MARINER REAL ESTATE MANAGEMENT Senior Investment Accountant Mariner Real Estate Management, a Mariner Holdings company, is a real estate investment management firm currently managing and investing in real estate, real estate-related assets and real estate-focused companies located throughout the United States. MREM’s experienced and professionally diverse management team implements a disciplined and contrarian investment strategy in an effort to achieve attractive risk-adjusted returns by investing in real estate and real estate-related opportunities. Currently, Mariner Real Estate Management is seeking candidates for the position of Senior Accountant for an investment fund. This position assists the Finance and Accounting team in recording, reporting and analyzing financial data. This individual reports to the Chief Financial Officer. POSITION RESPONSIBILITIES: • Preparation of monthly, quarterly, and annual financial statements including audited GAAP financial statements for real estate investment funds and real estate investments. • Record transactions for proper accounting, tax, and other financial implications, including acquisitions, dispositions, financial arrangements, entity creation or restructuring • Preparation of work papers, schedules, and reconciliations in support of audits and tax return preparation • Preparation of budgets and analysis of financial performance • Analysis of transactions, including applicable accounting research for proper accounting treatment • Preparation of financial analyses for use in company decision making

CLASSIFIEDS • Special projects as needed Required Skills: • Bachelor’s degree in Accounting or related field • 2 years minimum experience in public accounting • CPA or near completion of CPA exam • Experience in real estate or investment accounting is a plus • Proficient knowledge using Microsoft Excel and accounting software (i.e. Microsoft Dynamics - Great Plains) • Strong work ethic and understands the cyclical demands of the accounting professional • Technical aptitude, organizational and analytical skills • Works well independently and with minimal guidance • Ability to conceptualize and support big picture concepts and goals of the organization • Should be adaptable to changing needs in a fast-paced, entrepreneurial environment • High attention to detail and the ability to effectively problem solve Competitive compensation and benefits provided for this full-time position.

Qualified candidates may click here to submit their interest.

KANSAS CITY BALLET Chief Financial Officer Kansas City Ballet is one of the nation’s most respected ballet companies, now completing its 55th season of operation. The company has built its reputation on presenting the works of the great choreographic masters of our time such as George Balanchine, Jerome Robbins, Twyla Tharp, Agnes DeMille, Antony Tudor and others. In addition, the company is committed to producing new work by both renowned and emerging contemporary ballet choreographers as well as traditional narrative evening length works such as Romeo & Juliet, Giselle, Dracula and Cinderella. Kansas City Ballet currently operates a training academy for the pre-professional, career oriented student as well as a program for those interested in a more avocational pursuit of dance. An enrollment of nearly 600 students is served through two separate campuses, downtown and Johnson County.


MAY 2013

In 2011, Kansas City Ballet opened its long sought after permanent home, the Todd Bolender Center for Dance & Creativity in a renovated historic power house on the western edge of the Union Station campus. In that same year, the Ballet as well as the Lyric Opera of Kansas City and the Kansas City Symphony became a Resident Arts Organization in the Kauffman Center for the Performing Arts. Kansas City Ballet seeks to fill the position of Chief Financial Officer in order to support its continued growth and assure achievement of its long term strategic plan. This position is part of the executive leadership team at the ballet, reporting directly to the Executive Director of the Kansas City Ballet and working in partnership with the department directors of Development, Marketing, School, Community Education, Production and General Manager. The successful candidate will be a highly motivated, detail oriented leader able to manage the financial and administrative infrastructure that supports the ballet’s multiple programs as well as other responsibilities such as but not limited to facility management, operational budgeting, information systems management, internal audit and financial analysis. This individual will have proven experience and skills in financial management, administrative staff development and management. This position requires hands-on management, excellent communication and problem solving skills, and the ability to work in a collegial and productive manner with all staff, volunteers, industry peers, board committees, the philanthropic community, public agencies and other stakeholders on whom the ballet depends. The CFO supports the Executive Director’s leadership and strategic direction while providing direct financial and administrative management to the organization. The Finance department has an experienced financial associate to support the CFO. Kansas City Ballet has an operating budget of $6.9 million dollars for the 2012-2013 fiscal period. The organization has no accumulated debt and has over time built a modest cash reserve. Specific duties of the CFO include, but are not limited to the following: • Oversight of Financial Department, including payroll, accounts payable, and accounts receivable functions. • Assist the Executive Director in ensuring that the Board is kept fully informed on the financial condition and operation of the Ballet, and on all important factors influencing them. Attends all meetings of the Board of

CLASSIFIEDS Directors and the Operations and Finance Committee. • Provides hands-on oversight and management of the financial systems of the company, including but not limited to: collection of all revenues and fees, payment systems, purchase order systems, bidding processes, and banking and investment relationships. • Delivers financial reports to the Executive Director and Board. • Working with the Executive Director, assists in developing short and long-range financial goals, operating plans, policies and objectives in support of the goals adopted by the Board. • Assists the Executive Director in developing and monitoring an annual budget as approved by the Board. Ensures that all funds, physical assets and other property of the organization are appropriately safeguarded and managed. • Arranges and coordinates annual audit and preparation of the Form 990. • Monitors and analyzes budget-to-actual expenditures. • Administers cash and asset management programs. • Oversees establishment and maintenance of internal controls, policies and procedures and keeps current on all state and federal requirements. • Reviews all major contracts and expenditures to ensure reasonableness and cost-effectiveness of purchases or goods. • Trains department directors in the area of budget preparation to increase their fiscal responsibility and development. Human Resources • Supports the Executive Director and all Department Heads to obtain maximum staff performance by creating, defining and maintaining job descriptions, helping to establish performance standards, and managing the annual performance review process. • Maintains compliance with all applicable federal, state, and local employment laws and regulations. • Stimulates creativity and professional growth among the financial and support staff. • Responsible for maintenance of the Employee Handbook, Ethics Policy and Code of Conduct. Conducts annual training and orientation and obtains annual acknowledgements from all employees. Administration and Information Systems • Provides leadership to Administration and Information Systems personnel to support the various departments of the company in the achievement of the strategic goals. Supervisory Responsibility: • Serves as supervisor for the following positions: 1) KCB 31

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Receptionist and 2) KCB Finance Director. Recommended Skills and Qualifications • Educational degree in accounting, finance or business field. • A proven track record of six to ten years progressive experience managing finance, accounting and budgeting, preferably in a non-profit setting. • A proven track record of successful staff management. • Ability to communicate clearly and effectively to diverse audiences. Excellent oral and written communication skills, including the ability to present fiscal information and reports to the Board and other groups, both internally and externally. • Experience recommending and implementing investment strategies. • Balance multiple demands, prioritize tasks and retain clear focus. • Facilitate collaborative and cooperative working relationships. • A proven track record of personal and professional integrity. • CPA designation preferred but not required. The CFO will report directly to the Executive Director with indirect reporting responsibilities to the Chair of the Operations and Finance Committee. Compensation: Salary is commensurate with experience and qualifications. We offer an excellent benefits package with health, vision, life, liberal vacation, sick leave and holiday schedule.

Contact Mary Allen, 816-931-2232 x1313, or email.

PETERSON, PETERSON & GOSS, L.C. Staff Accountants Peterson, Peterson & Goss, L.C. a Wichita, Kansas CPA firm is accepting applications for staff accountant positions. Positions are available for entry level and accountants with 2 to 5 years of experience. Certification a plus but not a requirement. We offer heath insurance, a retirement plan and other benefits. Compensation commensurate with qualifications.

Send resume to: PO Box 1259 Wichita, KS 67201


SECURITY BENEFIT Investment Reporting Manager Security Benefit (SB) fosters strong partnerships to provide insightful and customized retirement solutions for employers and individual investors nationwide. Through a broad advisor network and its nationally recognized money managers, Security Benefit provides mutual funds, annuities and retirement plans and programs. As an industry leader in service technology, Security Benefit affiliates also offer business processing and broker/dealer solutions tailored to the financial services marketplace. General Accountabilities: The Investment Reporting Manager leads the investment accounting staff and functions, including analyzing portfolio activity and impact to capital and surplus, preparation of routine and special reporting related to the investment portfolio activity, supporting senior management with interpretation and analysis of key investment figures. This position will be responsible for overseeing GAAP and STAT investment accounting, researching the impact of investment transactions as well as new accounting pronouncements as they relate to investment reporting, and communicating to management. The position will work with the Company’s external auditors on investment related audit matters, as well as with the outside portfolio manager coordinating the flow of information. The individual selected should have a strong background in the financial services and/or insurance industry arena, ideally in annuities/retirement plans/mutual funds. Qualifications: • Bachelor’s degree in Accounting or Finance required (CPA or CFA preferred)Strong background in the investment arena with insurance investment accounting experience preferred • Ability to successfully lead cross departmental projects, demonstrating project management skills and the ability to drive projects to completion • Strong technical and financial analysis expertise and fluency in analyzing data • Ability to define problems and make recommendations which support the strategic direction of the organization • Proven ability to develop and motivate staff • Minimum five years in a Finance and/or Investment Department with at least three years prior experience serving in a management role (preferred). Consider joining our progressive team in our nationally recognized company. Visit the career section of our 32

MAY 2013

website at to complete the online application and submit your resume. EOE

SEIGNEUR GUSTAFSON LLP Tax Professional Established CPA firm in Lakewood, Colorado is seeking an experienced tax professional to fill a full-time permanent position. Ideal candidate has 2-6 years of progressive tax experience in a public accounting firm working on individual, corporation, partnership and trust returns. CPA and experience with Lacerte are strongly preferred. Financial Statement attestation experience also helpful. Duties will include preparation or review of complex tax returns for a wide variety of industries, income tax planning, training and supervision of staff accountants, interaction with clients, and some financial statement work. Ability to work as a team and a positive attitude are a must! We offer a competitive salary and benefits package that includes health insurance, paid vacation and holiday time (with the ability to earn significant comp time), a 401(k) plan with employer match, and a great progressive work atmosphere. Future ownership potential for the right person, if desired. We believe our firm does a better job of managing work/life balance than most CPA firms that emphasize traditional tax and attestation services. We are also nationally known for our work in business valuation, economic damages and financial forensics and are looking to add to our BVFLS team.

Interested candidates should send resume and salary history to or fax to 303-308-6969.

WALTERS McCANN FANSKA, LLC Tax Manager & Tax Senior CPA’s and Experienced Tax Accountants We are expanding our tax department as a result of growth and acquisitions. We have positions available for two (2) tax managers and one (1) tax senior. Tax manager applicants should have at least six (6) years of public accounting experience. A tax senior applicant should have a minimum of four (4) years of public accounting experience. Our company’s emphasis is on growth and providing quality

CLASSIFIEDS services. Our innovative approach allows our veteran advisors to develop high-level strategy to help clients thrive. A working knowledge of tax preparation and accounting software such as UltraTax, GoSystems, GoFileRoom, Creative Solutions Accounting, QuickBooks, and Sure-Prep is a strong plus. Work week may verify depending on tax due dates. Wages are competitive based on qualifications. Responsibilites: 1. Prepare and review business and individual income tax returns 2. Client interaction 3. Research tax issues for clients 4. Assist in staff management Requirements: 1. Licensed Certified Public Accountant or Experienced Tax Accountant 2. Must have public accounting experience Tax manager – Minimum of 6 years public accounting experience Senior tax accountant – Minimum of 4 years public accounting experience 3. 3 to 4+ years of experience in preparing tax returns for individuals and closely held businesses 4. UltraTax, Creative Solutions Accounting, QuickBooks and paperless environment experience

Benefits (after eligibility period): 1. Health, Dental, Vision paid 100% for employee’s portion 2. 401(k) 3. Health Savings and Flexible Spending Accounts 4. Paid Time Off 5. Company Paid Holidays We are a client centered, multi service accounting firm providing accounting, tax and other business services to individuals, closely-held businesses and exempt organizations. We have offices in Mission, KS and Independence, MO with clients throughout the United States.

Please send your resume, including your salary history and requirements to: Walters McCann Fanska, LLC, Attn: Elaine Struve, 5201 Johnson Drive, Suite 301, Mission, KS 66205 or email: To learn more about us, visit our website:


MAY 2013

ACQUIRE AN ESTABLISHED, SUCCESSFUL CPA PRACTICE For Sale Having completed another profitable tax season, it is now time for me to retire and allow you to advance your career by purchasing this sole CPA practice. Established 37 years ago, this practice is located in the Branson Missouri area, in one of the fastest growing counties in the state. The firm has been in the same location for the past 20 years, and the office space is available to you for rent. Gross annual revenue: $266,000.

Email for more information.

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Mark Your Calendar! 2013 EVENTS EVENTS


“20 up to 40” Session 2, 5th Anniversary Special Guest – Barry Melancon June 5-6 - Wichita

Governmental & Nonprofit Accounting & Auditing Conference

“20 up to 40” Alumni Dinner for Alumni and 2013 Participants June 5 - Wichita

Accounting /Assurance Services Conference Focus on Private Companies

June 4-5 - Wichita

June 17 - Wichita

Prof Issues Update – Barry Melancon Spring Leadership Summit/Board Meeting June 6 - Wichita

Business & Industry Conference June 18 - Wichita

Golf Benefit for the KSCPA Educational Foundation June 24 - Mayetta

Conference on Kansas Taxes

“20 up to 40” Session 3, Leadership

Women’s Leadership Conference

August 8-9 - Excelsior Springs

September 13 - Wichita

Board Strategic Planning Retreat

Business & Industry Conference

August 8-9 - Excelsior Springs

October 16 - Kansas City

Women to Watch Luncheon with Leslie Murphy September 13 - Wichita

Business Valuation Conference

Professional Issues Update Jim Metzler, VP, AICPA November 20 - Overland Park

63rd Annual Kansas Tax Conference

Annual Meeting November 20 - Overland Park

June 25 - Mayetta

October 18 - Lenexa

November 21-22 - Overland Park

K2’s Heartland Technology Conference December 12-13 - Lenexa

“20 up to 40” Session 4 - Graduation November 19-20 - Overland Park


MAY 2013

Designed for the profession, by the profession.


Skyscapes - May 2013  

The May edition of the newsletter of the Kansas Society of CPAs.

Skyscapes - May 2013  

The May edition of the newsletter of the Kansas Society of CPAs.