The Journal Entry - April 2020

APRIL 2020

THE

JOURNAL ENTRY

Meet 2020–2021 President Jay Niederhauser

A Legacy of Leaders Past Presidents of the UACPA Share Their Memories

uacpa.org

Mission,Vision,Values Mission The UACPA leadership supports and challenges members through advocacy, professional education, leadership development, networking, and community service to help them succeed in a competitive and changing world.

ExecutiveBoard

president...................................................... Jay Niederhauser president-elect.................................................. Stacy Weight vice president................................................... Ray Langhaim treasurer.........................................Aubrey Bickmore Neeley

secretary............................................................ Troy Runnells member-at-large.................................................. Nate Staheli member-at-large.................................................Katrina Baird

Vision

emerging professionals............................... Katie Chandler

At the UACPA, our vision is to be a world-class professional association essential to our members.

aicpa council........................................................... Paul Skeen

We unite a vibrant community of CPAs to enhance the success of our members and champion the values of the profession; integrity, competency, and objectivity.

UACPAStaff

immediate past president...........................Monica Gardner ceo.......................................................................... Susan Speirs

ceo.......................................................................... Susan Speirs communications/marketing and

Values

editor of the journal entry......................... Amy Spencer

Advocacy

financial director...................................................Tom Horn

The UACPA represents the profession at the legislature and other regulatory bodies and promotes the value of the CPA to employers, the business community, and the public at large.

cpe manager.......................................................April Deneault membership development................................Tyler Hodges Cover photo by Chris Wood / robertwoodphoto.com

Leadership & Service The UACPA provides leadership and service within the profession, within the UACPA, and within the community.

Professional Development The UACPA supports and encourages continuing education and leadership development.

Professional Community The UACPA reinforces peer accountability to encourage members to maintain integrity and high ethical standards. ​​It provides member-to-member networking opportunities and networking opportunities with other professions. It values belonging to a distinguished organization and believes that we serve as the primary resource and point of contact for Utah CPAs.

Diverse Population Outreach The UACPA believes in reaching out to under-represented populations, those returning to the profession or choosing it as a second career, and other professions.

2

the journal entry | april 2020

The Journal Entry is published quarterly by the UACPA 136 S. Main Street, Suite 510 Salt Lake City, UT 84101 phone: 801-466-8022 toll-free in Utah: 1-800-676-2776 email: mail@uacpa.org web: uacpa.org

UACPA Statement of Policy CPAs have common problems and interests. This magazine has been created to share information relating to the practice of accounting. The opinions, views and articles expressed in this magazine are not necessarily those of the Utah Association of Certified Public Accountants. This magazine should not be deemed an endorsement by the UACPA or its committees or editorial staff of any views, opinions or positions contained herein. Because of the complexity of tax laws and accounting transactions and the changing status of the law, as well as variations in practices and procedures among accountants, information in the magazine should not be used, acted or relied upon as a substitute for independent accounting or legal research and advice.

Contents April 2020

New Members.......................................................................................... 4 Feature Story

Past Presidents of the UACPA 8

Movers & Shakers................................................................................... 5 CEO's Message........................................................................................ 6 President's Message............................................................................... 7 The UACPA's Past Presidents............................................................... 8 History of Female CPAs ...................................................................... 20 Centennial Events ................................................................................. 26

Women's History

Women in the Profession

Emerging Professionals

Emerging Professionals....................................................................... 30 Legislative Update ................................................................................ 32

20

19

A New Name for New CPAs 30

Women in Accounting: Karen Halladay, CPA................................... 36 Meet a Member: MacRay Curtis, CPA............................................... 38 Get to Know the Executive Board....................................................... 40 Board Bullets.......................................................................................... 41 Get to Know the UACPA Staff............................................................. 41 Comic: Generally Excepted.................................................................. 43 CPE Schedule......................................................................................... 44 Member Benefits/100% Membership Firms.................................... 46 Contact List/Classifieds...................................................................... 47

the journal entry | april 2020

3

NEW MEMBERS Congratulations to the following individuals who were approved for membership or affiliate status in the UACPA as of March 25, 2020.

Jordan Mathis Larson & Company, PC

Tori Nickle Larson & Company, PC

Colorado Tech University Brandy Kamai

Victoria Nickle

Joseph Stanton WSRP, LLC

Davenport University Catherine Carns

Claire Jefferson Tanner LLC

Dixie State University Solomon Aliche Collin Dowdell Lenore Cox Jon Watts Vaipuna Tunoa Melesuati Lualua Conner Baldwin Kambrie Sampson Evander Benedicto Alex Erickson George Parkinson Cynthia Otaegui Mallory Rich Dakota Dalton Hunter Neville Kimberlee Gardner Dylan Hertzberg

Alyssa Dolgin Seth Edwards HBME, LLC Rebecca Leakehe Tooele County School District Craig Davis Elevated Billing Solutions Joe Durant CliftonLarsonAllen LLP Katie Berhmann Matthew Neuenswander Tanner LLC Eric Evans Tanner LLC Nicholas Romney Tanner LLC McKay Harmon Larson & Company, PC Dustin Callister Tanner, LLC Daniel Shurtleff Deloitte & Touche, LLP

4

Taylor Peery Cook Martin Poulson, P.C. Yuanting Finlinson Keddington & Christensen Dillon Bishop Carver Florek & James LLC Katie Behrmann Larson & Company, PC

STUDENTS

Boise State University Jessica Smith

Brigham Young University Matthew James McKay Bryson Lex Waters Nathan Clark Jordan Hurd Yuanpei Jiang Cierra Zutz Lanie Beard Haylee Jameson Justin Garner Sarah Rainey Kaleb Nordwald Tate Laing Elizabeth Preslar

the journal entry | april 2020

Salt Lake Community College Tanner Moore Southern Utah University Kyle Knauss Treven McKeachnie Davis Chipman King Jacques Kayla Torgersen Jordan Caldwell Stevens-Henager College Alissa Troutman Tara Dayton

University of Utah Jordan Duke Michael Silver Garrett Redford Nolan Gilmore Emily Wagner Emilie Wilkinson Ashley Hernandez Utah State University Germaine Morazan Kirstin Reese Bracken Nelson Brandon Arnold Taylor Thuet Utah Valley University Kiera Davis Ian Vandenhazel Jacob Garner Monica Cabrera Aparicio Michele Farr Madison Jacobs Ryan Archibald Ryan Driskill Emily Thompson Yuming Huang Quincey Phillips Spencer Rangel Jenn Curtis Alexis Manns Weber State University Adam Hastings Rhonda Shinn Jose Paredes Bautista Whittney Sullivan Bonnie Hardman Tacy King Dalton Adams Matt Palmer

Eric Hannay Sheldon Farnes Anne Lindstrom Abby Briseno Brooke Jameson Amber Cole Crysta Herman Davis Wesche Gabriella Wyler Jared Hair Marco Raymundo Caleb Hintz Shawna Zajanc Shawn Chanthapannha Haley Bowen Emily Sorenson Jocelynn Jensen Marlene Hernandez Western Governors Jaycee Headworth Luay Al Ani Brittany McClellan Tracie MacGill LaToya Jackson Eriko Myles Jordan Wilkey Lane Bowles Connor Harris Misty Shearer Jacqueline Gates Natalie Roper

Jada Wilburn Katherine Fischer Teiara Metayer Chaz D'Acquisto Julia Bryan-Wagner Jonathan Leissler Cui Lin Desiree Hope Tracy Barlow Amy McDaniel Stacey Woodruff Adam Van Cleve Michelle Eggers DAnna Cook Katelyn Murphy Verenia Hatch Ivan David Sanchez Dustin Cocco Nurten Skoro Dennis Lee Brianne Hinnenkamp Soniah Magro Hector Altamirano Andreea Jaeger Linda Masters

Invest in Their Future Not everyone decides they want to be a CPA when they are young, but once they discover that desire, the Utah CPA Foundation is there with the tools to make that dream a reality. Pay it forward and support a student who has a future in accounting.

Westminster College Katheryn Jacox Will Dutton Benjamin Hardy Cristina Grandjacquet Angela Richins

MOVERS & SHAKERS Squire & Company is pleased to announce that CEO Jonyce Bullock has been listed among the Utah Business Magazine's "CEO of the Year" feature. Jonyce has been with Squire since 1999 and took over as CEO in January of 2018.

Share your latest promotion or company activity to be featured in the Movers & Shakers by sending it to Amy Spencer, as@uacpa.org.

Make a donation. Get involved.

Visit uacpa.org/foundation

the journal entry | april 2020

5

CEO'S MESSAGE

Susan Speirs, CPA

O

ne hundred years old! Can you believe it?

Let’s take a quick trip down memory lane. In 1988, I became a proud member of the UACPA. Roger Pinnock was president at the time. Having just passed the CPA Exam, the firm I worked for not only encouraged membership in the UACPA, they expected participation in community affairs.

Steve Gabrielson, past president of the UACPA, spoke highly of our organization, and so began my journey of 32+ years of involvement. I started as a member of the tax conference committee. From there, I served on the winter conference committee, work/life balance committee, sole to sole committee, legislative committee and, one of my favorites, financial literacy committee. Along the way, I got to work with and be mentored by many of our members.

Working with Mark Stevens and Mike Blackburn paved the way to addressing issues concerning our profession as we traversed the Uniform Accountancy Act and CPA Mobility as well as Utah state policy on the legislative front. With an invitation from Mike Blackburn, I served a 10-year term on our own PAC. The profession has grown as well. During Marty Van Wagoner’s presidency, we saw the beginning of what is now the emerging professionals council. It started as a group of new CPAs who saw a need for newly licensed CPAs to understand our profession and how they could become more involved. Emerging CPAs morphed into ProNet. ProNet was instrumental in creating our campus ambassador program with universities around the state and our Leadership Academy program. Many of our Leadership Academy graduates have become our current leaders serving on committees and councils. This year ProNet has rebranded as Emerging Professionals as the profession continues to spread its wings into diverse areas of practice, specialized needs and social interaction. Learn more about this group in David Peaden's article on page 30.

6

the journal entry | april 2020

Sandwiched between two dear friends, Troy Lewis and Ray Westergard, I had the opportunity to serve as president of the UACPA. The PCAOB had been formed and we were conforming to new practice areas with SOX Compliance due to the passage of Sarbanes-Oxley in 2002. Troy and Ray were, and still are, treasured mentors and friends as I learned from them how the firms where they were employed dealt with the challenges of ever-growing regulations in audit and tax.

In subsequent years, we would see the retirement of Jeannie Patton who held our organization together for 27 years. To Jeannie, I’m grateful for her friendship and insights, as who would guess that I would sell my own practice to become your CEO in 2013? A huge shoutout to Kent Thomas and Paul Skeen who served as presidents during this time frame.

They served the UACPA with great dedication and passion and again strong friendships have developed. We’ve been blessed to have strong leaders with the skill sets we’ve most needed. Thank you to all who have served, continue to serve and will serve for being a part of this short trip down memory lane.

Happy birthday, UACPA! n

PRESIDENT'S MESSAGE

Jay Niederhauser, CPA

A

s I contemplated what to write for this historic anniversary of the UACPA, I reviewed the lists of the 93 past presidents and those individuals who have been honored over the years for their contributions to the association. I recognized dozens of names familiar to me and some 20 or 30 who I have known personally. What do these individuals have in common? They are all men and women of integrity who have a passion for our profession.

They are people who I admire and am proud to call my friends.

I thought of my short association with the 38th UACPA president, Loren Burr (1964–65), when I began my career with Ernst & Ernst in 1978. My friends and family thought I was going to work for Ernst Home Centers and wondered if I could get them a discount on lumber!

Loren was known as Mr. Accounting because of his knowledge of accounting principles and his wisdom and integrity in applying them.

Dr. Larzette Hale, honored by the UACPA in 1999 for distinguished service, was head of the accounting department at Utah State University while I was attending, and was a big part of my education and interest in the profession. We became good friends and developed a mutual respect for each other after I got in trouble with her for enrolling in and completing a couple of graduatelevel courses, even though I had never applied, nor been accepted for admission into the graduate program. I explained that I was just a farm kid and didn't understand that I needed to. Fortunately, she was very forgiving!

As I pondered the names of the many other individuals that I know and my experiences with them, I realized that these great people have led with honor and have left us with a profession known for its honesty and integrity.

It brought back memories of another great colleague of mine, Peter C. Jensen, who passed away in 2004. You won’t find his name on any lists, but he stands out in my

mind for his contribution to our profession. I watched him give up his position as CFO of a public company because he refused to give in to pressures to compromise his personal integrity.

Each of us bearing the designation of CPA has a responsibility to carry on the legacy of our profession, and to uphold the standards by which we are governed.

Over the past 100 years, we have seen many changes in the methods and tools used in our profession, and we will continue to see, and must embrace the many changes yet to come. However, the principles that govern our profession have not and must not change.

The 16th century writer Montaigne wrote, “It is not for outward show that the soul is to play its part, but for ourselves within, where no eyes can pierce but our own … not for any profit, but for the honor of honesty itself.” Paraphrasing what was stated more simply by the modern-day writer Louis L’Amour, the true measure of a man or woman is what he or she does when no one else will ever know.

Let us all enjoy this year of celebrating the past and look forward to great things in the future! n the journal entry | april 2020

7

PAST PRESIDENTS OF THE UTAH ASSOCIATION OF CPAS 1920–21 R.G. Abbey 1922 W.A. Beesley 1923 Lincoln G. Kelly 1924 J.P. Goddard 1925 Ross G. Worsley 1926 Seymore Wells 1927-28 Newland K. Vincent 1929–30 F.S. Foreman 1931 C. P. Allen 1932–33 Lynn E. Baxter 1934–35 Roy G. Abbey 1936 Alan Grant Mann 1937 Frank L. Ostler 1938–39 Charles L. Fox 1940 L.H. Pierce 1941 Ralph L. Neilson 1942 Lawrence S. Pinnock 1943 Donald A. Miller 1944 Wallace W. Dansie 1945–46 Harold L. Child 1946–47 Lawrence Olson 1947–48 S. Bertell Bunker 1948–49 Z. Vernon Derrick 1949–50 Lawrence H. Birrell 1950–51 Willard G. Smith 1951–52 Charles M. Griffin 1952–53 Evert D. Lybbert 1935–54 J. Arthur Wood 1954–55 Clair M. Mortensen 1955–56 S. E. Newman 1956–57 Fred M. Oliver 8

the journal entry | april 2020

1957–58 1958–59 1959–60 1960–61 1961–62 1963–64 1964–65 1965–66 1966–67 1967–68 1968–69 1969–70 1970–71 1971–72 1972–73 1973–74 1974–75 1975–76 1976–77 1977–78 1978–79 1979–80 1980–81 1981–82 1982–83 1983–84 1984–85 1985–86 1986–87 1987–88 1988–89

Joseph F. Cowley Doren B. Boyce Victor Laughlin Gordon Miller Ralph R. Olsen Jack W. Cushman Loren I. Burr Mervin W. Jones Harold O. Smith G. Ellsworth Brunson Herbert J. Zimmerman William E. Johnson August Glissmeyer LeRoy Christopherson Fred T. Wunderli Warren S. Anderson Evan R. Terry DaWayne R. Taylor Floyd A. Petersen Cloyd E. Wangsgard F. Duane Blackley Robert D. Hazen A. Tom Nelson Dallas H. Bradford Steven C. Gabrielson Dennis P. Spackman Sherman H. Smith Robert V. Stevens K. Fred Skousen Lynne C. Wilhelmsen Roger B. Pinnock

1989–90 Milton H. Thackeray 1990–91 Reed E. Pew 1991–92 Mark W. Stevens 1992–93 Duane C. Karren 1993–94 Paul K. Mendenhall 1994–95 Kevin L. Simister 1995–96 MacRay A. Curtis 1996–97 S. Craig Omer 1997–98 Mary Kay Griffin 1998–99 Kenneth R. Cutler 1999–00 Bryce E. Olson 2000–01 Michael D. Blackburn 2001–02 Weslee A. Klein 2002–03 Marty D. Van Wagoner 2003–04 Troy K. Lewis 2004–05 Susan A. Speirs 2005–06 Ray O. Westergard 2006–07 Bryan C. Bolander 2007–08 Ronald L. Frandsen 2008–09 Tim Larsen 2009–10 Cara L. Galleni 2010–11 Carey D. Woolsey 2011–12 Wade K. Watkins 2012–13 Roger P. Beynon 201–14 Kent L. Thomas 2014–15 Paul O. Skeen 2015–16 Jonyce J. Bullock 2016–17 Hollie S. Andrus 2017–18 Gavin E. Hutchinson 2018–19 Matthew Klein 2019–20 Monica T. Gardner

MEET THE PRESIDENTS FORMER LEADERS TALK ABOUT THEIR TERM LEADING

I

t has become tradition to introduce the president of the UACPA in the April issue of The Journal Entry. It's how we get to know them as they take the reigns and lead the association for the next 365 days.

As we celebrate 100 years of the association, we gather the memories from past presidents whose leadership has had a tremendous impact on the profession, lasting far beyond their year-long presidency.

1923 Lincoln G. Kelly

1932–33 Lynn E. Baxter

Lincoln helped organize the UACPA in 1920. He also organized and was the first director of the state's Dept. of Finance and Purchase. He was elected State Auditor in 1912 and received his Utah CPA certificate in 1919. His firm Lincoln G. Kelly & Company, designed and installed state accounting systems in Utah and Idaho in the '40s. He was appointed to the State Board of Accountancy in 1943 and served until 1954. He was named a vice president of the American Institute of Accountants and served as a council member for Utah.

In 1922, Baxter was one of three candidates taking the CPA Exam in Utah and was the only one to pass it. He held Utah Certificate No. 23. In 1924, he started his own firm which became Wells, Baxter & Miller. He was appointed to the State Board of Accountancy in 1945.

1924 J.P. Goddard One of the founding fathers of the UACPA, J.P. was recognized as the "Dean of Utah CPAs." He was one of the first Utahns to receive the coveted CPA designation upon completion of the state examination in 1908. He was later appointed to the State Board of Accountancy in 1912 and served continuously until 1954.

1951–52 Charles M. Griffin "I take credit for creating the phrase, 'old accountants never die, they just lose their ability to multiply.' The early annual meetings consisted of a dinner, after which the new officers were elected, and then telling 'off-color' stories, which was approved by Claire Haines, the only female CPA at the time. She said she could take it and might tell some stories herself. After dinner, Roy Abbey and Lincoln Kelly would seat Percy Goddard between them and then light up cigars and blow the smoke on Goddard. He said he didn't mind, but his wife would accuse him of being at a pool hall and not attending the CPA meeting."

1966–67 Harold O. Smith "We had our first annual meeting away from Salt Lake in 1966 when Mervin Jones was president and went to Park City. It was so successful that we went to Park City again the next year. And then to Hawaii three times!

"Among the problems confronting us 20 years ago included public awareness of what CPAs do, attracting top-flight young men and women to the profession, narrowing the areas of difference in financial reporting and the independence of CPAs. "

(All memories on this page are reprinted from the 75 year anniversary issue.) the journal entry | april 2020

9

1969–70 William E. Johnson "The drudgery of tax returns is a memory still fresh in the minds of retired accountants. The deadline was March 15, and extensions were a most difficult and discouraged alternative. Returns were prepared manually, reviewed for content, calculations and mathematics footed, typed by manual typewriters, then proofread before delivery to clients.

"Multiple copies were made by use of carbons. Imagine the nightmare when a typing error was discovered.

The ensuing paper shuffle caused by the erasing and manupulation of the carbons and sheets of paper in the typewriter was horrendous.

"What a blessing the computer, word processing and copying machine have been in preparation of tax returns and audit reports. Imagine an office without a copying machine.

"Peer review and quality control, much needed in the profession, is something only modern day practitioners comprehend. When I started practicing in the '50s, I was billing myself out at $5 an hour and thought I was making a killing." (memories reprinted from 75 year anniversary issue)

10

the journal entry | april 2020

1971–72 LeRoy Christopherson "At that time there were not as many members as there are now and most of the CPAs in the UACPA knew each other and enjoyed being together in meetings and in less formal settings like conventions, golf, educational training in places like Sun Valley, Park City, Santa Fe, St. George and getting together with a few of the other CPA's families for tours and other things "Since this was 45–50 years ago, and possibly because of my age, my memory of the things going on in the UACPA and the accounting profession are a little hazy to exact years. CPAs were working to get new laws passed by the Utah legislature regarding an education requirement, but were getting nowhere. The legislature insisted that before they would even consider a bill having to do with public accounting that it had to be approved by both groups practicing public accounting in Utah. The PAs were a much smaller group than the CPAs. For years, the PAs had opposed any new changes to educational requirements proposed by the CPAs as they were content with things the way they were.

This issue was finally resolved by the two groups after many meetings and concessions made by both groups, and a bill was presented and passed by the legislature. Also continuing education became a requirement ... the American Institute was also talking about and studying the possibility of a national CPA license which never came to pass because of the different state boards involved."

1972–73 Fred T. Wunderli "The profession was changing in momentous ways. Continuing education and peer review became required and were not readily endorsed. Computerization of our industry, and every other segment of society, was introduced. Tax returns that would take hours to prepare by hand (remember doing multiple-entity passive-loss schedules manually?) would not be completed in a fraction of the time. What a relief it was not to have to type returns or use special copy paper. Almost as if it were carefully coordinated, tax law became exponentially more complex even as computers and software become more sophisticated. As our practices have become more sophisticated, and more specialized, the UACPA has matured also. Where once there were a few dedicated volunteers and a paid employee or two in a one-room office, we now have a highly trained and dedicated staff supported by many professional volunteers and committees who are dedicated to the betterment of our profession.

"I am more than pleased and proud to have had a wonderful experience for these many years with the professionals in our field. To serve clients and to become a part of their families and a part of the greater community has been a profound blessing. In the spirit of full disclosure, I have to admit my failure in attempting to retire. Or maybe it’s a blessing."

1981–82 Dallas H. Bradford "When I entered the profession, computers were at their infancy and they certainly were not used in the accounting profession. As I recall, we also did not have calculators. We did have electric adding machines and typewriters, but that was about it.

"We also did not have copy machines or word processing machines. Can you imagine what the ladies (only ladies) in the typing pool had to say when a partner wanted to change a word or sentence in a letter or, heaven forbid, change an amount on a tax return or audit report? Carbon paper, erasures, cursing, etc. And, in the early years, the tax returns were typed on a manual typewriter.

"We had a type of paper called 'Bruning' paper, so named for the machine that would 'burn' a copy of the paper and, wonder of wonders, it would even burn more than one piece of paper. One could make two or more copies of the page.

Hence, the phrase, 'burn me two copies of this' was born.

"The machine I used as a staff person to add and subtract (as I recall, it would even multiply and divide) was a comptometer. I won’t try to describe it, but I wish I had taken one when the office got rid of them. Google tells me it was patented in 1887. It was a behemoth thing."

1982–83 Steven C. Gabrielson "At our UACPA annual meeting in 1984, held in Reno, one of our outside speakers gave us a demonstration of a brand new invention: the personal computer. It was a very rudimentary demonstration, but we were all impressed and intrigued.

"At the time, there were four states in the country, as I recall, that had changed to a 'five-year requirement' to become a CPA. We were the fifth state to do so. We courted the Utah legislature and held a gigantic luncheon at the Hotel Utah to lobby them. It passed the first time with flying colors.

1983–84 Dennis P. Spackman "When I had the opportunity to advance from the UACPA board to assume its presidency, the association had been dealing with several matters that needed resolution. We needed a full-time director.

There were several initiatives that needed to be launched, but couldn’t without a competent full-time director. Additionally, the UACPA office was inadequate. Its location in the Judge Building didn’t accommodate easy parking and its size and layout didn’t accommodate meetings or provide adequate workspace for all the things that needed to take place to meet our members’ needs. We hired Francie Whitehead as the association’s first full-time director, and moved the offices to 660 S. 200 East. To our dismay, we found our new business neighbor was a women’s lingerie dealer. We certainly weren’t comfortable with that and relocated to 660 E. 200 South.

"I had the fortunate opportunity to serve as a board member and eventually as chair of NASBA. These roles gave me a voice and presence with the AICPA. We worked in close association to resolve licensing changes and embody the solutions in the creation of a new Uniform Accountancy Act and its related Rules. Commensurate with this effort, we jointly worked on related and necessary changes to the AICPA’s standards of practice and ethics rules.

"During this same time period NASBA had the opportunity to carry out negotiations with a number of foreign countries', reciprocal licensing agreements and we initiate discussions with the AICPA on the prospects of offering the CPA Exam to candidates in foreign countries.

"Computerization of the CPA Exam was a multi-year, major undertaking. I was fortunate to serve on the CPA Exam Computer Implementation Committee throughout this process. This process provided opportunities for the academic, practitioner and business communities to define what should be expected in a qualified CPA’s academic, reasoning and critical thinking skills including the content and means of testing each of these skill dimensions in a uniform exam. This experience was another significant highlight of my professional experiences."

"I loved working with the CPAs in Utah. One of the greatest groups of dedicated professionals I have ever met in my life." the journal entry | april 2020

11

1984–85 Sherman H. Smith "I have been very impressed over the years at the service to members of the profession provided by the UACPA. From CPE courses to legislation to better serve the association members and the public, we have had excellent service from our association. I served as a member of the State Board of Accountancy for a total of 14 years and could always plan on seeing a member of the association in attendance at the board meetings ready to serve in whatever arose.

"I also reflect on the many wonderful associations with members of the profession with whom I spent time."

1986–87 K. Fred Skousen "[While president], one of the main things was the increased educational requirement to five years in order to sit for the CPA Exam. The UACPA was a leader among the states in this effort.

I certainly have fond memories of working closely with Jeannie Patton and the UACPA staff as well as the leaders in the accounting profession in Utah, and beyond, while I was involved with the UACPA. "While I have not been a practicing CPA during my career in academia, I have observed the significant impact of technology for all CPAs. The procedures used to do the work of CPAs today are far advanced from those of just a few years ago.

It is clearly a changing business world."

1991–92 Mark W. Stevens "Dale Zabriskie was our lobbyist and helped fight off sales tax on professional services (déjà vu). The composition of the board was modified to include chapter presidents for crossstate representation.

"The most wonderful part of my experience at the UACPA was the opportunity to meet and work with CPAs from different size firms, different industries and different parts of the state. It has been a rich blessing to know and appreciate the outstanding, good members of our profession. The dedicated staff and leadership of the UACPA are also wonderful and have done a great job serving all of us members in all our diverse areas of practice. It has been a real privilege."

1993–94 Paul K. Mendenhall "I was happy that this was a quiet year for the profession.

With the help of Jeannie Patton and the office staff, we were able to continue the operations of the association, even though I did not have the opportunity to do some of the strategic views we might have accomplished."

During his time as president, Paul experienced "The explosion of pronouncements and the requirement to stay current in the profession along with the effect of technology."

Paul fondly reflects on the members of the profession, "they are counted as some of my best friends."

12

the journal entry | april 2020

1992–93 Duane C. Karren

1995–96 MacRay A. Curtis

"I was UACPA president in 1995-96. That year was the 75th Anniversary of the UACPA. Perhaps the highlight of that year was the celebration held at The Homestead in Midway, Utah. It was a fun evening of casino games and dinner. Another highlight of that year was the effort we made to reexamine "I began working for a CPA in 1962 the UACPA’s strategic plan. This when there was a two-year experience effort began the previous year while requirement to obtain your CPA certificate. Technology changed so much over Kevin Simister was president. We my working life, it's hard to even fathom were very pleased with the work of the committee and the direction they where the future may take us. provided.

"In tax, I went from hand-written returns "The profession has changed which were typed on manual typewritsignificantly since I became a CPA ers, to hand-written returns which more than 35 years ago. One of the were then copied with the advent of photocopiers, to tax preparation service biggest things is technology. We wrote out each of our audit programs bureaus like CCH and RIA and finally to by hand each year. Word processing, in-house computers, printers and softalone, made a significant difference ware. I presently prepare only three tax in the efficiency of the audit. Other returns. I went from land lines to brick technologies that assist in determining phones to cell phones and love what technology has done for the profession. risk have had a significant effect on effectiveness of the audits. We have programs that help us identify risk and "Many of my favorite memories of the how to respond appropriately. There UACPA were when we had annual trips has been an explosion of accounting to Hawaii, Cancun, Lake Powell, Lake Tahoe and Jackson Hole. I made friends and auditing standards that have significantly altered our profession." for a lifetime serving on the annual trip committee and attending these events.

I still remember practicing for and participating in the 'Briefcase Brigade' in the annual St Patty's parade where we were met with loud applause. I still have fond memories of serving with all of the great and competent individuals that I interacted with while involved in UACPA leadership."

"The one thing I am proudest of in my career as a CPA is having been the president of the UACPA. The biggest item impacting Utah CPAs during my years in leadership was the requirement for a master's degree and CPE.

1996–97 S. Craig Omer "As I scanned the 1996/1997 issues of The Journal Entry to jog my memory of what was happening in the world and in our profession at that time, I was reminded that the internet, which today is ubiquitous and touches virtually every aspect of our lives, professionally and personally, was in its infancy. The 'What’s New' segment of The Journal Entry in October 1996 reported “FASB Has a Home Page on the Web,” and in December 1996, 'AICPA Has Launched a Website on the Internet.' A testament to the newness of this transformative technology in 1996 is reflected in my first president’s message where I invited members of our association to reach out to me with suggestions and concerns, giving my telephone number.

"I could site many interesting aspects of our profession that have changed over the years of my career, however, I think I find most satisfying the things which have remained the same, namely having been part of a profession that has and continues to enjoy the public’s trust because of the standards of integrity and independence which overarch and undergird the profession.

"My favorite memories of the UACPA revolve around the many wonderful professionals and dedicated UACPA staff members with whom I was privileged to work. I remember with fondness the passion, energy and dedication of Jeannie Patton who led the work of the association for many years as executive director."

the journal entry | april 2020

13

1997–98 Mary Kay Griffin "Accounting may be a profession that women dominate now, but when I began my career in 1970, I was one of the few women in the field. My first professional accounting job had a ratio of three females to 100 males. My first day on a job in San Francisco, California, for a Big Eight Firm, I received four pencils of different colors and paper ledger sheets to begin my working career as a CPA. I have seen how technology has fundamentally changed the accounting profession. Technology advances have catapulted us into a different level in accounting careers than our predecessors could have imagined.

"I was volunteered to be the chairman of the UACPA Membership Committee in 1988. At the time, I was a UACPA member with limited involvement. In the years that followed, I remained active and had the opportunity to serve on the UACPA board of directors as an officer, executive committee member, UACPA president, and AICPA council member. The best part was the opportunity to work with the UACPA staff and so many great CPAs (both women and men) across the state of Utah on behalf of the CPA profession.

My experience with the UACPA allowed me to make connections that led to serving on boards in the public and private sector."

14

the journal entry | april 2020

1998–99 Kenneth R. Cutler "Under the leadership of Jeannie Patton, the profession, both national and state, took a look into the future through the 'visioning' experience. The result caused a serious internal look at what we do and where we were going. In the subsequent, nearly 20, years we have seen some significant changes in the work we do, but tax and audit remain the fundamental basis of most of our existence.

1999–2000 Bryce E. Olson "I went into accounting because of my introverted, obsessive nature.

The UACPA provided me the opportunity to be with similar people who could discuss successes and challenges and ways to be a more successful person. I particularly enjoyed the focus groups Jeannie lead during the vision project where we focused on what the CPA of the future could be.

"During the 50+ years I have been a CPA, many things have changed. Most "In addition to the visioning project, we formed the Education Foundation as an significant changes occurred with the opportunity to help the continuing need advent of the computer.

1) When I started, tax returns were to keep current and give something prepared by pencil on blank forms. back to the profession.

Usually, they were two to four pages long. The pencil drafts were then typed "If I were to number the changes in the by a typist with three-part carbon paper profession since I started, we could and proofed before being completed for fill volumes. When I started, we had delivery. a 10-key calculator and a single page 2) With the invention of copy Xerox machine. While the computer existed, hardly anyone had one and they machines, we started copying our drafts and using the copies as the took up climate controlled rooms and completed returns. You had to have were hard wired, immovable, and very cumbersome. What most of us have in good handwriting to be a tax preparer our hand now is more powerful than the then. computers at that time. Technology has 3) The computer changed everything.

The law became more complex become a household word, but in my because complicated computations beginning days it was only a dream of could readily be made. Final returns the visionary. were printed by the computer in professional looking documents.

"The one thing that I can see, Changes and projection could be superficially, that has changed is the made with a small amount of effort by uniform. When I started we all wore suits. Sport coats were rare, but always the preparer. The cost of equipment in an accounting practice increased worn with ties and dress shirts. Today, significantly with the costs of if the CPAs have matching socks, it computers and software." appears they dressed up."

2000–2001 Michael D. Blackburn

2001–02 Weslee A. Klein

2003–04 Troy K. Lewis

"When I became president on April Mike remembers his 1, 2001, the UACPA time as president had just completed saying, "We survived a strategic plan for the Y2K scare the association to be congruent with and were looking forward to hosting the AICPA planning process. The the Winter Olympics. We worked on profession was feeling the effects of the adoption of a new version of the technology, regulation, globalization Utah Accountancy Practice Act, which and the changing demands on our incorporated non-CPA ownership, membership. We knew it was time to substantial equivalency, modifications to the peer review process and generally prepare our members for the coming storms of change. updated the regulation of accountants practicing in Utah. Then we turned "With the completion of a plan for the our attention to a restructuring of the association, we began with setting out UACPA and its board of directors. game plans for each committee which would help prepare our members.

"The most dramatic issue facing CPAs There was so much to cover and so was the possibility of multidisciplinary many demands for changes to practice. A number of large CPA firms our practices and our industry and were proposing to bring the style of government members. It was a practice to America, by incorporating daunting challenge. Our committees accountants, lawyers, investment responded and began to implement advisors, etc., all into the same firm. new ideas.

"Over the 45 years I have held a CPA And then came Enron in October 2001. license, the biggest change came with computers. An ANYUK computer filling We were all sickened by the depth of the scandal. And watching the half the Merrill Engineering building dissolution of Arthur Andersen was on the University of Utah campus, together with the punch card machines unthinkable. So many of our talented members were displaced as the AA scattered throughout the remainder of talent pool was dismantled. We knew the building, could only do a fraction this would change the profession, but of what many wear on their wrists because it was so early in the process, can now do. A CPA exam where you we could only speculate on what would use a computer instead of a pad of happen."

14-column paper remains beyond my comprehension. But, the introduction of a Master of Accountancy degree, which allows CPAs to actually begin practice with more than one tax class, more than one computer class, and more than one audit class, is every bit as important."

"At the beginning of my term, the UACPA published 'Stand Up and Do the Right Thing,' a 57-page white paper intended to be a summary resource for our members to assist in response to ethical concerns stemming from the Enron, WorldCom and other financial statement scandals. At the summit, 65 UACPA members gathered to create comments and deep thoughts about how CPAs could help address concerns with the accounting business model, professional ethics, regulation and image and reputation.

"My year marked the first year of implementation of Sarbanes-Oxley Act of 2002, which produces a fundamental change to risk, disclosure and proper risk taking. The UACPA provided several resources and tools to help members implement these changes.

"The state legislature was proposing to mandate a CPE ethics course (which did eventually pass a few years ago) as well as to mandate a certain amount of annual CPE had to be live CPE. The UACPA was able to educate members of the state legislature as to why this mandate for in-person CPE was a bad idea by pointing out how varied our professionals were in background.

We were successful at convincing the lawmakers to defeat this proposal."

the journal entry | april 2020

15

2002–03 Marty D. Van Wagoner

2004–05 Susan A. Speirs

"When I was "I got to testify to president, we were state legislators coming off the and was Enron scandal. interviewed on CPAs began the 10:00 news. Interesting year to be working under the Sarbanes-Oxley Act president of a CPA society! Fortunately, that was passed in 2002. SarbanesJeannie Patton and the rest of the Oxley called for close regulation of amazing UACPA staff were incredible the financial reporting duties of public support, as they always have been, and companies. The PCAOB was one of I loved working with them! the results of Sarbanes-Oxley. As a profession, we were working hard to "Perhaps the biggest thing is regain the public trust. technology. Yeah, I'm pretty old, but we were just getting into computers "In 2004, the CPA Exam was when I started in the profession. That computerized; I remember that was has had a huge impact on the way we a huge ordeal, second to allowing do our work. Much more regulatory calculators. CPAs have evolved into pressure on the profession and on professionals that provide more than individual CPAs, especially those audits and tax returns. We still provide who work with public companies. audits and taxes along with myriad Conversion with international other services and have allowed standards was a big item for a while. ourselves to perform those services on [We saw] a trend away from historical the beach or wherever we are, rather cost accounting to a little more fair than in a stuffy office dressed to the value accounting, along with other nines. ongoing changes in accounting standards, requiring CPAs to work "We have the best members who are harder and harder and keeping up to willing to do whatever they’re asked, date. lend a helping hand or just be a great friend. The inauguration event has "My favorite memories are my been a great tradition where our newly interactions with so many incredible licensed CPAs can rub shoulders with people. The staff has always been our accomplished CPAs. Leadership amazing! The other professionals Academy graduates are great leaders involved at the UACPA have who continue to lead in the profession significantly enriched my career and as well as outside professional life." my life."

16

the journal entry | april 2020

2006–07 Bryan C. Bolander "[We saw] the first student memberships in the UACPA and the first campus ambassadors selected for larger universities. There was preliminary work on the formation of the financial literacy task force in Utah, revisions to the Utah tax law calling for a flat tax, and other changes under Governor Huntsman. And, in connection to that, the UACPA took an active role in testifying before legislative committees and task forces.

"For the first time, the AICPA Spring Council was held in Salt Lake City at the Grand America Hotel, and the AICPA began the Feed the Pig advertising campaign for financial literacy.

"I have been a CPA since 1977; we were still preparing tax returns by hand. I then worked with paper tape machines, large floppy discs, smaller floppy discs and the first personal computers, the Osborne and IBM computers that were the size of a sewing machine case.

I remember lengthy discussions on whether we really needed to purchase a Wang word-processing machine or a FAX machine.

"There were changes in how the CPA Exam was administered and conversion of the test to a computer format.

New software allowed us to enter tax information directly on a worksheet that looked like the actual form. Changes and development of electronic devices to aid us in our efforts. Compensation levels in the profession — my first employment contract was for $12,000 salary per year paid semi-monthly."

2007–08 Ronald L. Frandsen " Elder Dallin Oaks came into Brigham City in the January before I was to take office and changed my life forever by calling me to serve as the president of the Box Elder Stake. When I told Jeannie, she suggested a three-person meeting with Bryan Bolander. I learned so many things about the people I had been working with and that they were completely honest and very capable and that they were concerned about my own best interests. I never did know whether they intended to ask me to step aside, but when I expressed my desire to continue serving, they pledged their best effort to fill in any blank spots that could be foreseen.

"It was the first time in my life that I knew that whatever was asked would be done happily, professionally, and skillfully, and I never had to follow up to see that everything was done. I will always be grateful to everyone who helped in that unique circumstance.

"We were very much aware of the need to change the requirements for becoming a CPA, i.e., the five-year requirement, which, in my opinion, really raised the public view of the profession.

2008–09 Tim Larsen "Early on in my career, I was in awe of those in UACPA leadership positions. I admired them for devoting time when it was not required. That example helped me to develop an attitude of giving back to the profession. I have been privileged to be involved at many levels and in many ways. Each involvement provided a sense of accomplishment, belonging and fulfillment. The opportunity to become acquainted with so many fine people has truly created lasting memories and relationships.

"During my tenure as president, we replaced Jeannie Patton as the CEO, which was the first change in quite some time. Barry Malancon called me before Jeannie actually let me know to give me a heads up. He really didn’t ask for permission, but he did say that he owed me something. As a result, we got him to come to the winter update that year."

2009–2010 Cara Galleni "International standards and international licensing requirements were always the big debates at the AICPA meetings. Cyber security was just becoming a thing. The Utah association organized the first celebration of new licensees.

Highlights were always being able to attend the national meetings, especially the Washington D.C. trip.

"The UACPA office was always a place that you could hear a cheery 'hello' and catch up with staff to hear what was going on in the Utah profession, or in each others’ lives. Board meetings were professional and got the work done, but we also enjoyed being together and having a laugh with the folks (like Tim Larsen or Jeannie to name just a couple). Share a Diet Coke and a smile with a friend you hadn’t seen for a while. It was a great time of meeting people and networking in a professional setting. Fond memories, indeed."

"I thoroughly enjoyed the CPE classes provided by the UACPA. I enjoyed the camaraderie of working and associating with the professionals who are members of the UACPA. I admire those who served on the staff. All, and each, are among the finest I have had the chance to know."

the journal entry | april 2020

17

2011–2012 Wade Watkins "Changes in the profession went from getting pagers to working on smartphones and from doing everything by hand or on a very large and boxy laptop, then printing things out to keep in a paper binder to everything being electronic.

"Favorite memories are the opportunity to make lasting friendships and connections that are still used from time to time, either them calling me or me calling them for consultations. The ability to represent the profession and individual CPAs in Utah."

2012–13 Roger P. Beynon "This was the year that the AICPA celebrated their 125 year," Roger reflects.

He also comments on the challenges of the changing tax law.

2014–15 Paul O. Skeen "I have been in the profession for over 20 years now, and the biggest changes I have seen have related to technology.

When I started, we had printed work programs and very slow, bulky laptop computers. I have seen a transition to paperless documentation and now to employing advanced data analytics to the audit process.

"During my time on the board, not just as president, the UACPA had three different locations, landing in the great space it occupies today. Working with great CEOs and their teams to build space that would meet the needs of the UACPA for years to come was a lot of fun."

18

the journal entry | april 2020

2013–14 Kent L. Thomas "The explosion of financial reporting standards in the U.S. and its integration with International Financial Accounting Standards was a major issue that CPAs found themselves facing," Kent remembers of his time as president. Additionally, "The national debt in the U.S. passed $17 trillion and measured 100% of annual GDP. The UACPA worked with legislators to evaluate how much Utah relied on the U.S. government for funding."

Kent includes that the "U.S. GAAP grew from about 3,500 pages in 1980 when I was first licensed to over 30,000 pages while I served in UACPA leadership. That expansion of standards moved the profession from understanding and applying broad principles to learning and working within detailed rules, making it almost impossible to be a 'generalist' and leading to a significant consolidation of CPA firms and narrow specialization by almost all CPAs. I was impressed at how well the profession responded and how CPAs maintained their professional ethics in the face of great pressure to compromise.

"Circumstances in the UACPA required an unexpected change in leadership and the executive board stepped in to turn a chaotic situation into a smooth transition and a more stable future as Susan Speirs was selected as the new CEO/ executive director of the association. It was a great honor to work with Susan and the executive board members, and I am grateful for their sacrifices of time and dedicated efforts to serve the profession in Utah."

2015–16 Jonyce Bullock "When I was the president, we were beginning the strategic planning for the next 3–5 years at the UACPA. It was a time when many associations were finding member engagement to be going down as members had increasingly great access to online networks. We tackled the challenge of redefining the value the association was going to bring to members going forward.

Traditionally, we had focused on CPE and networking, but we came out of this process with a renewed and strengthened emphasis on advocacy and public branding. It was fun to watch members engage in determining what they wanted from their association and then to watch as we started putting that to work in our committees and communications.

"My favorite experience was having the privilege of lobbying up on Capitol Hill in Washington D.C. with members of the UACPA. We were able to talk with our senators and house representatives about important issues facing our members and create relationships with our key Utah contacts. As part of that same experience, I will never forget taking a tour of D.C. with Troy Lewis as the tour guide. Troy not only knows the tax code backwards and forwards, but apparently all of the amazing history of D.C."

2016–2017 Hollie Andrus "The hot topic at the time was the member vote on the merger with CIMA and the potential effect or watering down of the CPA label. Technology is the big one. Standards are always a moving target. It's 'fun' to watch them evolve as technology affects the profession."

2019–20 Monica Gardner

2018–19 Matthew Klein

"My favorite memories involve interacting with people as a part of Leadership Council, attending AICPA council meetings, speaking at various chapter meetings and conferences, "A few interesting things are the decline and being a board member. of hiring of accounting graduates by "There has been quite a bit going the big firms — they’re still hiring the on. The biggest things are CPA same number, or more, of people, evolution, Utah state tax reform and but less are accounting graduates.

Technology has definitely changed but restructuring, and preparing for the hasn't impacted portions of the profes- UACPA centennial celebration. sion I have seen."

I haven’t been a CPA for too long, so not much around me has changed, but Matt reflects on "working with ProNet I know I have changed for the better Council and helping new professionfrom my association with the UACPA. als acclimate to the profession, find I have been able to see the service a voice, a place to volunteer, and get and value our organization provides. I involved with the UACPA. I still have have seen our members get involved many friendships from my time with with some great causes — sharing ProNet even though most everyone how their insights and experiences has changed jobs since then." influence their viewpoints. I look forward to continuing my journey with the UACPA and its members."

"I have learned a lot more about the efforts of the UACPA and the AICPA and am enjoying my membership more because of it.

the journal entry | april 2020

19

WOMEN IN THE PROFESSION

THE CPAS WHO BROKE THE SUIT-AND-TIE STEREOTYPE

By Karen Halladay, CPA

I

n 1920, women secured voting rights, but professional career options for women, including becoming a CPA, were limited.

Women pioneers and leaders who wanted to be accounting professionals, or to be assured of their right to vote, fought long and hard to pave the way for themselves and others to succeed.

The number of women CPAs would see significant growth 80 years after the first woman passed the CPA Exam in 1898.

The first women CPAs, including those in Utah, had to be tenacious and resourceful to persevere and gain acceptance in a male-dominated profession.

Women CPAs in the United States

For generations, women kept the books for large estates and provided financial information for businesses and government. In 1870, the U.S. Department of Labor, Women’s Division, reported that women working as bookkeepers, accountants and cashiers totaled 893 or 2.3%. By 1900, the number of women doing similar work numbered 74,895 or 29.1%. In spite of women already doing financial and accounting work, Photo courtesy of Giovale Library, Westminster College it remained difficult to break in as Claire Haines was the first female CPA in Utah. professionals.

20

the journal entry | april 2020

Early National Professionals

The CPA title and professional license was established in New York in 1896. Eighteen months after the first Exam was given, Christine Ross took the New York Exam. She scored second highest in her group and completed all the license requirements, but state regents delayed her certificate for one and a half year because of her gender.

She eventually received certificate no. 143 on December 21, 1899, making her the first woman CPA in the United States.

Ida S. Broo, an Indiana farm girl moved to Indianapolis, studied piano and had a brief career in teaching. She studied accounting at night after an employer asked her to keep the books. She worked without pay to get her two years of experience necessary to take the CPA Exam.

Broo passed the Exam in 1925, becoming the first woman in Indiana to receive her certificate to practice public accounting. She eventually opened a practice in her own name.

Despite her accomplishments, Broo was refused membership in the Indiana Association of Certified Public Accountants because she was a woman. A recounting of the state association meeting in which her application was considered can be found in the June 1988 issue of The Woman Accountant. At the meeting, a man explained why a woman did not have public acceptance in public accounting. His reasons ranged from travel difficulties, long hours and unwelcoming clients. Broo’s successful rebuttal informed the men about the long work days on her family’s farm, with days beginning at 4 a.m. She shared how the women in her family worked continuously, both inside the house and outside in the fields. She also shared that men would smoke and doze on the porch after finishing daily chores while women kept working to complete tasks that needed to be done. Broo went on to serve as the national president of the American Women’s Society of CPAs, national president of the Association of Women Accountants, and first woman president of a State Board of Certified Public Accountants in Indiana.

The first black woman to become a CPA was Mary T. Washington in 1943. Washington, also the thirteenth black CPA in the United States, founded one of the largest African-American-owned accounting firms —Washington, Pittman & McKeever.

The 19TH AMENDMENT RATIFIED ON AUGUST 18, 1920 The 19th Amendment, which guarantees and protects a woman's constitutional right to vote, celebrates 100 years in 2020, only a few weeks after the UACPA turns 100 years old.

The suffrage movement worked over 70 years to get the amendment passed.

Utah had its own leaders, both women and men, in the suffrage movement. A Utah woman, Seraph Young, became the first woman in the country to vote under an equal suffrage law when she cast a ballot on February 14, 1870, in a Salt Lake City municipal election.

In 1870, the Utah Territory enacted legislation giving women the right to vote. This right to vote was lost in 1887 when the U.S. Congress passed the Edmunds-Tucker Act that put restrictions on the practice of polygamy and took away women’s right to vote in the Utah Territory. This upset both both women in and out of the Church of Jesus Christ of Latter-day Saints.

When the Utah Territory applied for statehood in 1895, Utah women convinced politicians to make women’s suffrage part of the state’s constitution. In January of 1896, Utah women were legally allowed to vote when Utah became a state. Twenty-three years later, the Utah legislature voted to ratify the 19th Amendment, ensuring a woman’s right to vote in the United States.

Continued on next page

the journal entry | april 2020

21

Organizational Efforts

To help women CPAs succeed in the accounting profession, nine women founded the American Women’s Society of Certified Public Accountants (AWSCPA) in Chicago on January 4, 1933. Its goals included helping women get public accounting experience and certificates; informing the public about women accountant abilities and accomplishments; and encouraging women to actively participate in accounting societies.

Many factors contributed to the need to form a society of women CPAs. During World War I, women entered the workforce to fill jobs vacated by men serving or killed in military service. Years later, the stock market crash and Great Depression resulted in high unemployment, with both women and men accountants experiencing job loss or pay-cuts. Women in public accounting filled non-accounting positions in accounting firms, some established their own practices, and others left public accounting to work in industry. During this time, college and university accounting programs discouraged women from studying public accounting.

Women who persisted in earning accounting degrees faced further difficulty when seeking to gain the required experience for licensing because accounting firms discouraged the hiring of women who were prospective CPAs.

New Opportunities and Barriers Removed

Because of the market crash and depression, opportunities were also created. Legislation regarding the Securities and Exchange Commission, 22

the journal entry | april 2020

Federal Power Commission and Bureau of Internal Revenue was passed in 1933 and 1934 requiring large amounts of information to be filed. This created opportunities for accountants, especially women accounting professionals, because government agencies accepted professional women whereas public accounting firms and some industries still made it difficult for women to succeed.

During World War II, women filled at least 8 of 10 positions normally filled by men. Women CPAs were hired by accounting firms to do more than administrative or clerical work; they provided tax, audit and accounting services. Once again, after the war, women faced obstacles as public accountants and turned either to industry or established their own practices. Mary Jo McCann, a 1941 accounting graduate from the University of Kansas, faced such challenges. The dean discouraged her from pursuing an accounting degree and, despite top grades, accounting firms did not interview her, with a large firm partner disclosing that his national firm had a policy forbidding the employment of women for professional staff positions. McCann joined a local firm that eventually merged with Touche Ross & Co., where she became the second female partner.

During the 1940s and 1950s, the AWSCPA worked to remove, prevent and change legislation that discriminated against professional women. The group advocated for changes to the California Health and Welfare law that excluded women from working more than eight hours

in one day, which was a problem for women in public accounting; General Accounting Office blanket restrictions against employment of women accountants; and Title VII of the Civil Rights Act, which guaranteed equal opportunities in the workplace. Title VII prohibited firms of more than 25 employees from discriminating on the basis of “race, national origin, religion, or sex.”

Even with these changes, subtle discrimination still occurred and persisted. Public accounting clients could refuse to allow women on their client work and women were not allowed overnight stays for out-of-town assignments. One former AWSCPA president recalled commuting two hours each way for client work while her male peers assigned to the same project stayed at the local motel.

Numbers Grow

The number of women accountants doubled between 1960 and 1970. In 1970, women earned only 10% of the bachelor’s degrees in accounting. In 1977, there were 18 women partners compared to 4,900 male partners in the Big Eight firms.

More legislation was passed that helped women in the workforce.

The Pregnancy Discrimination Act of 1978 amended Title VII of the Civil Rights Act. This amendment prohibited discrimination on the basis of pregnancy, childbirth or related medical conditions and disallowed employers from requiring pregnant employees to take leave or resign from their positions.

During this time, women earned

30% to 40% of the CPA certificates and were being hired proportionally by accounting firms. In spite of these positive changes for women accounting professionals, the number of women partners in 1983 remained small at only 62 female partners, or 1% of the total accounting firm partners. The AWSCPA worked hard during the the 1990s to develop its female membership. Opportunities, training, and mentorship in management, leadership, communication and networking were developed for women to break through glass ceilings and advance to the highest levels of management.

But, the number of women reaching the highest levels of management remained low.

According to an article, “Quick Take: Women in Accounting” in the May 9, 2019 edition of Catalyst, in 2016–2017 more than 50% of the accounting graduates earning Bachelor (51.2%), Master (55.4%), and PhD (53.5%) degrees are women.

Additional statistics from the article include: 60% of all accountants and auditors in the U.S. are women; 51% of all full-time staff at CPA firms are women; and 25% of management committee members in 2018 were women, an improvement from 19% in 2014. In 2016, the number of Fortune 500 women CFOs was 13%, twice as many as in 2006. Women make up just 24% of partners and principals at CPA firms and only 15% lead audit engagements of major S&P 500 companies. In 2018, women accountants and auditors were paid 79% of what their male peers were paid. Although progress has been made, equity issues need to still be solved. (Note: Although not addressed

Larzette Hale -Wilson (left) was was a notable professor at Utah State University and was the first black woman to earn a CPA in Georgia. Lynne Wilhelmson (right) was the first woman to serve as UACPA president in 1987.

here, diversity also remains an issue.

Twenty-two percent of all professional staff at CPA firms are non-white.)

Women CPAs in Utah

Utah had its own pioneers as women sought opportunities and rights. One woman seeking opportunity in the 1920s was Hannah Claire Haines.

Born in Wyoming, Haines would graduate in 1912 from Holy Cross Hospital Training School for Nurses before switching careers. Not excited about nursing, she began to pursue her accounting career in 1915. Haines opened her own accounting firm because she was unable to secure work with other Salt Lake City accounting firms. She passed the Utah CPA Exam in 1923, becoming Utah’s first woman CPA. Her talent as a CPA took her to the East Coast and Chicago before returning to Salt Lake City in 1935 where she practiced until her retirement in 1973.

The history of Utah female CPAs would not be complete without a short biography of Dr. Larzette Hale-

Wilson. In 1971, Dr. Hale-Wilson became an accounting professor at Utah State University. Six years later she became head of the USU School of Accountancy and remained at the helm for 13 years. According to an article from National Association of Black Accountants, Inc., HaleWilson was inspired and encouraged to pursue a career in accounting after working with an accountant at an orphanage where she was raised. Hale-Wilson graduated from Langston University and earned her master’s degree in accounting from the University of Wisconsin. In 1951, she earned her CPA license in Georgia, and in 1955, she graduated with her PhD from the University of Wisconsin. Hale-Wilson was the first black woman CPA in Georgia and the first black woman to earn a PhD in accounting. In addition to being a professor and researcher, she served in many local and national leadership roles, including national president of the American Women’s Society of Certified Professional Accountants and the first black woman appointed

the journal entry | april 2020

23

to the Utah Board of Regents of Higher Education.

In 1987, Lynne Wilhelmsen became the first woman president of the UACPA. Wilhelmsen first studied ballet and mathematics at the University of Utah before deciding to switch to a career in accounting.

She remembers being one of two women in her higher-level accounting courses. In 1973, she graduated then worked for several small firms before joining Peat Marwick in 1976 where, at that time, she was one of three women accounting professionals.

During her presidency, women were moving into the profession in larger numbers. She estimated 100 out of 141 women joined the UACPA between 1982 to 1987. As the first woman UACPA president, Wilhelmsen was encouraged and supported by her managing partner at Peat Marwick and by Jeannie Patton, UACPA executive director. Wilhelmsen recently retired after years of helping clients with business, tax, estate and trust matters.

Numbers in Utah Increase The trends for women CPAs in Utah were similar to the national ones.

For example, in 1937, women CPAs nationally were literally one in a million; the U.S. population was 130 million and there were 130 women CPAs. The graph shows the UACPA numbers and how the number of women in the profession has grown.

Women CPAs in Utah Organize to Create Opportunities

As the number of women CPAs in Utah began to grow in the 1980s, a small group of Salt Lake City CPAs, 24

the journal entry | april 2020

UACPA membership numbers indicate growth of women CPAs in Utah.

Lynne Wilhelmsen, Cindy Brickley, Janis Kline, Joan Glenn and Dr. Larzette Hale-Wilson organized an AWSCPA affiliate, which was granted on May 20, 1984. Nearly 150 professional women attended the first meeting, where Christine Durham, the first woman on the Utah Supreme Court, was the speaker.

Speirs, UACPA CEO, was provided a computer and fax machine to work from home after having her first child.

From early on, technology made some aspects of accounting easier and provided flexible work environments.

Technological changes, including artificial intelligence, robotic process automation (RPA) and cybersecurity will continue to evolve, providing Opportunities to network and learn solutions, opportunities and challenges were important to women entering the for the accounting profession. accounting profession in the 1980s.

Facing Changes; There were few women colleagues in the early years. UACPA past president Finding Support Mary Kay Griffin estimated there were The women I spoke to for this article had examples of those who helped three women for every 100 men on them along the way. Mary Kay Griffin her first professional job. appreciated her business partners, Chuck Foote and EJ Passey, for Technology today is certainly allowing a flexible work schedule different too. Appointments, contact and asking her to be a partner when information, and to do lists are kept they formed a new CPA firm. Cheri on cell phones, not in bulky day planners. Cheri Landgren, a Utah CPA Landgren mentioned the importance of lifelong friends from her accounting since the 1980s, carried a “portable” computer and an audit bag containing firm and AWSCPA days. She and many other CPA friends remain workpapers down Main Street in Salt in contact decades later in spite Lake City. Busy season was similar to of life’s personal and professional today, but there were no flexible or telecommuting hours, although Susan changes. Susan Speirs’ grandmother

Governor Mike Leavitt signs a proclamation with the AWSCPA during a national conference in Utah. From left, Marilyn Marchant, Mary Kay Griffin, Cheri Landgren, Joan Glenn, Patty Shiramizu, Weslee Klein, Geri Douglas, Barbara Loosli, Laurie Harvey, Lynne Ward.

inspired her. In the 1950s, her grandparents owned several businesses — her grandfather opened an electrical wholesale business and her grandmother, while also being a schoolteacher, opened a retail lighting store. As a teenager, Susan earned money dusting light fixtures and experiencing firsthand a woman’s can-do attitude from her entrepreneur grandmother.

These women became CPAs for various reasons and to this day they remain excited about their career choices.

They liked being a CPA for the variety of opportunities and experiences; their relationships with colleagues; and the ability to advise businesses and organizations as they grow and succeed. Both women and men, as managers, organization leaders, friends, colleagues, business partners and mentors contributed to women succeeding as CPAs.

Conclusion

Women continue to remain important partners as changes in the profession occur. They have adapted and overcome educational, licensing and professional obstacles. However, gender equality, including pay and access to the highest levels of management are issues that remain to be resolved.

It is important to understand that challenges persist for women CPAs. Statistics show that women consistently make up 50% of CPAs, but they make up less than 9% of all CFOs and 19% of national CPA firm partners. Just like 100 years ago, changes need to be made, and each of us can make a positive difference. It will take tenacity, resourcefulness, hard work and determination of talented accounting professionals to lead businesses, government and organizations in an ever-changing world. n

Karen Halladay, CPA/MBA, is a director of a charitable foundation and volunteers her time with community organizations – often in the treasurer role. She continues to enjoy leading project teams, working on policy matters, and bwringing a proactive, solutions-based attitude and approach to problem solving. Karen enjoys time with family and friends, hiking, traveling and sharing a good book or movie.

the journal entry | april 2020

25

Celebrate CPAs in Utah!

At publication time, we are hoping that social distancing will not come between our celebration activities. It really wouldn't be a party without you. In addition to the following events, we hope to see you at chapter meetings and conferences.

July 11–15 CPA Week of Service

Aug. 8 UACPA Night at the Bees Game

July 8 Birthday Bash

Aug. 11 Golf Tournament

Sept. 24 Centennial Gala

26

the journal entry | april 2020

the journal entry | april 2020

26

BIRTHDAY BASH WEDNESDAY, JULY 8 DONUTS 7–10 AM LUNCH 11–1 PM BIRTHDAY CAKE 1:30–3:30 PM RIBBON CUTTING 2 PM Join us anytime on July 8 to celebrate turning 100 with us!

136 S. Main Street, St. 510 Salt Lake City, Utah the journal entry | april 2020

27

The UACPA is offering several options for organizations to participate in the Centennial Celebration. We invite you to participate with an ad in our special edition of The Journal Entry in July and/or joining us at our Centennial Gala on Sept. 24 with special guest, “Jeopardy!” Greatest of All Time champion, Ken Jennings. Help us celebrate by being a part of the festivities! Ads must be received by June 1, 2020.

For all inquiries, contact Amy Spencer, as@uacpa.org or 801-834-6633.

1 Roman Candle – $2,000

• Full-page ad in the July issue of The Journal Entry • Table (10 seats) at the Centennial Celebration on Sept. 24 • Logo on event signage • Logo in event program

1 Bottle Rocket – $1,500

• Full-page ad in the July issue of The Journal Entry • Six tickets to the Centennial Celebration on Sept. 24 • Logo on event signage • Logo in event program

1 Cherry Bomb – $1,000

• Table (10 seats) at the Centennial Celebration on Sept. 24 • Logo on event signage • Logo in event program

1 Bang Snaps – $1,000

• Full-page ad in the July issue of The Journal Entry

1 Party Popper – $500

• Half-page ad in the July issue of The Journal Entry • Two tickets to the Centennial Celebration on Sept. 24 • Logo on event signage • Logo in event program

Organization ­­­­­­­­­­_______________________________________________________________________________________ Contact Name _____________________________________________________________________________________ Email_______________________________________________________________________________________________ Address ___________________________________________________________________________________________ Phone ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­_____________________________________________________________________________________________ Send to Amy Spencer, as@uacpa.org, and we will invoice you upon receipt. Thank you!

Centennial Gala September 24 + Awards and Inauguration

Grand America Hotel 6 p.m. social 7 p.m. dinner and program

Keynote Speaker Ken Jennings Plated dinner will be served. $100 per person; $150 per couple $1,000 for a table/event sponsorship (includes table for 10 and logo on event material)

THE EMERGING PROFESSIONALS COUNCIL WORKS FOR ITS MEMBERS SUPPORTING THOSE NEW TO THE PROFESSION

By David Peaden, CPA

D

uring my first week as an auditor, one of my very first tasks was performing a search for unrecorded liabilities. I’m sure many CPAs have had this as a similar first experience. One of the things that stands out about this, however, is that the operations of the company were in Kazakhstan, Asia, and all the documentation was in Russian. I had no idea what I was doing and was trying to learn to read Russian documents on the fly. However, despite this unexpected challenge, I had a fantastic team who was there to help me learn what I needed to do to finish the task.

Regardless of where you start as a CPA we all face unexpected challenges and a huge learning curve. The UACPA does a great job of welcoming new CPAs to the profession. As soon as you join the UACPA you become part of the Emerging Professionals, a group designed to help CPAs transition into the profession during their first 10 years. The Emerging Professionals Council (formerly ProNet) provides emerging professionals in the

30

the journal entry | april 2020

UACPA with opportunities to help fuel their growth and development in the industry.

I have served as part of the Emerging Professionals Council for the last four years, and currently serve as the past chair. The council provides emerging professionals with the following:

Development of Leadership Skills The emerging professionals council sponsors the UACPA Leadership Academy. The Leadership Academy is a three-day event held in Park City that is designed for emerging professionals. The academy is intended to take talented, achievement-oriented CPAs and significantly accelerate their development as leaders so they can make a meaningful impact in their organizations, in their communities, and in our profession. This highly interactive event is packed with networking opportunities, personal development exercises and

development of leadership skills where you are given tools that help you take these new skills back to your organization. I participated in the Leadership Academy in 2014, and the skills and insights I gained there have been more influential for me than any other training I’ve attended during my career. The 2020 Leadership Academy is open for registration for new professionals and will be held November 11–13 in Park City, Utah.

You can apply for the Leadership Academy at uacpa.org/ leadershipacademy.

Connections With the UACPA and the Profession One of the most exciting events of the year is the annual Inauguration and Awards banquet. This event welcomes new CPAs to the profession and congratulates them on their achievement. I always enjoy this event because, as the new CPAs are welcomed to the profession, they also get the opportunity to interact with experienced CPAs who are being recognized as standouts making a difference in the profession. The banquet this year will be the centennial gala and will celebrate the 100th anniversary of the UACPA.

Development of Networking Skills and Provide Networking Opportunities The UACPA provides members with access to networking events both within the UACPA and outside of the profession. In the past, this has included an annual Bees night to attend a baseball game with the UACPA and

professional networking events with other professional associations, such as the Utah Young Lawyers Division.

Developing a strong network of other professionals during your first 10 years provides a huge benefit throughout your career. The Bees night will be held on August 8 this year, and you can purchase tickets in June.

Connect Students to the UACPA and Provide Resources We work with universities throughout the state to connect students to the UACPA so they can connect with CPAs as they begin their journey. The UACPA is a hub for insight, education and a valuable resource to any student stepping into the profession.

If you’re a new professional, I encourage you to get involved so you can enhance your skills and take advantage of the opportunities available to you. If you’re an experienced CPA, think about the new professionals you work with who could take advantage of all the opportunities the UACPA has to offer. Encourage new professionals to attend a networking event, volunteer within the UACPA or apply for the Leadership Academy. n David Peaden, CPA is a senior audit manager with Eide Bailly LLP. He has more than nine years in public accounting and specializes in healthcare, government, commercial and not for profit audits. David graduated from Utah State University in 2010. He loves sports and playing with his kids. He lives in Lehi with his wife, Shantel, and four children.

the journal entry | april 2020

31

THE BLAH, BLAH, BLAH OF THE 2020 SESSION NOT EVERY LEGISLATIVE SESSION IS A ROLLER COASTER

By DAvid Peterson, Ryan Peterson and Craig Peterson

I

n the spring of 2013, the greatest rock band of all time was inducted into the Rock and Roll Hall of Fame in Cleveland, Ohio. Canadian super trio, Rush — composed of Geddy Lee (bass and lead vocals), Alex Lifeson (lead guitar), and the late, great Neil Peart (drums) — had spent the last 40 years continually playing, singing, songwriting, and touring. Their body of work consists of 18 studio albums, 11 live albums, and millions of miles of touring performing for their throng of nerdy, yet fiercely loyal, fans. Though eligible for induction in 1998, the band was shunned for more than 15 years. As the three members of Rush took the stage to accept their award, loyal Rush fans wondered, “How will Rush react to this long-overdue recognition?” Neil Peart took the podium, first delivering a heart-felt thank you to the Hall of Fame and the Rush support team. Geddy Lee followed praising family, friends, and their fanatical followers. Finally, Alex Lifeson stood at the podium and said one word: “Blah.”

For the next two and a half minutes, Alex Lifeson shared the story of Rush’s induction by saying the word, “blah” over and over. His acceptance speech, though hilarious,

32

the journal entry | april 2020

clearly captured the essence of the 2020 legislative session: blah, blah, blah.

The session began on the heels of a grassroots’ swell of support to place the 2019 tax restructuring bill on the 2020 ballot. Fearing the bill would fail at the ballot box, the executive and legislative branches of the government agreed to repeal the bill on the second day of the legislative session. The governor had built his budget on that bill. The legislature had based their fiscal responsibilities around the implementation of that bill.

Nine months and thousands of hours had been invested in the tax bill and now the bill was dead and with it went the energy of both legislative bodies. The first four weeks of the session were just blah.

Bills were still introduced but at a much slower pace.

Some committees met to hear one or two bills or would cancel altogether due to lack of work. Requests for appropriations were made, but if these requests needed funding from the general fund, it was considered by

many to be a “Letter to Santa Claus.” In the wake of a general election, where every member of the House and half the members of the Senate are up for reelection, the desire to tackle big issues like tax reform was at an alltime low. Many of the 30- and 40-year veterans of Utah politics remarked how this session was one of the weirdest sessions they had ever seen.

Luckily, the UACPA had a pretty light but overwhelmingly successful legislative session. The bills we supported passed and the majority of those we did not support failed. One we were keenly interested in was SB23, Division of Occupational and Professional Licensing Amendments, sponsored by Sen. Curt Bramble and Rep. Jim Dunnigan. Sen. Bramble’s bill sought to make significant changes to the licensing requirements of professional services providers in the state. In past sessions, many attempts were made to “lower the bar” of professional licenses. Included in those efforts have been the option to “test into” a license or the elimination of certain licenses completely. Those efforts failed to gain traction in the past but legislative interest to increase the number of licensed professionals has remained strong.

SB23 made a number of changes to professional licensure.

One significant change shifted the burden from the licensee to the Division of Occupational and Professional Licensing (DOPL) on questions of competency. Basically, DOPL must grant a license to any licensee from another state, district, or territory who held a license for at least one year, is in good standing, and the director of DOPL determines the license encompasses a similar scope of practice as Utah. Instead of the licensee proving his/her

competency, the assumption is made that the individual is competent in the absence of evidence to the contrary.

The original draft of SB23 allowed the acceptance of licenses from anywhere in the world. The original bill also eliminated DOPL’s authority to review and refuse the granting of a license. The UACPA team, in concert with other professional associations, fought for changes which protect the value of Utah’s professional licenses.

The second substitute of the bill, which ultimately passed, not only narrowed the scope to U.S. states, districts, and territories, but also granted review and refusal authority to DOPL’s director. The bill also includes a two year sunset provision, which requires a legislative review of the program to ensure professionals being licensed meet Utah’s standards.

While not perfect, second substitute SB23 is significantly better than the original bill. The bill sponsors were willing to meet with the UACPA team and allow us to make significant changes to the bill in order to protect the value of Utah’s professional licenses. We will continue to monitor the impact of the new law over the coming years and work with DOPL and the legislature to ensure that professional licenses remain not only an asset to the professionals in the state, but also as a protection to Utah citizens.

On the last day of the session, the threat of the COVID-19 virus became very real for millions of Utahns as the governor briefed the state regarding the pandemic.

continued on next page

the journal entry | april 2020

33

Following the press conference, Utah’s legislature reconvened for the last few chaotic hours of the session.

One of the bills that needed to pass was Senate Bill 119 — Income Tax Revisions.

On the heels of the governor’s press conference, the federal government extended the income tax filing deadline by 90 days. Pursuant to state law, individual returns are automatically adjusted to meet the federal filing requirements. The due date for corporate and pass-through entities, however, is set by Utah statute and requires a statutory (legislative) change to match the federal deadline.

Senate Bill 191 would solve this issue but failed to pass in the final minutes of the session. The UACPA team, working with State Tax Commissioner John Valentine and SB191’s sponsor, Sen. Curt Bramble, will continue encouraging the governor to call a special session to address this issue. Obviously, it would be impossible to assemble the legislature and follow social distancing guidelines, but a joint resolution was passed on the final day giving the legislature the ability to assemble electronically under exigent circumstances. We will continue pushing this issue with both the legislative and executive branches of government so Utah businesses are afforded the same protections granted individuals under federal law.

As previously stated, the first four weeks of the legislative session were blah. During the last two weeks, however, our world turned upside down. We live in a time of absolute uncertainty. Change seems to be the only true constant.

While the world deals with a pandemic, Utahns toss in an earthquake for good measure. Obviously, Utah’s economy has taken a tremendous hit, but that same economy will be rebuilt bigger and stronger. With the support of loyal UACPA members, the citizens and business of Utah will weather this storm and live to fight another day. n

34

the journal entry | april 2020

David Peterson is a partner and attorney with Peterson Consulting Group. He received a B.S. degree from Brigham Young University, his J.D. from the University of Toledo, and his LL.M. from The Judge Advocate General's Legal Center and School. He has served on Active Duty and with the Army National Guard for more than 20 years and currently holds the rank of Major.

Ryan Peterson is the managing partner of Peterson Consulting Group. He has been a contract lobbyist in the state of Utah for the last 12 years. He received a degree in economics from the University of Utah with a focus on statistics and econometrics. He is an avid golfer and resides in Salt Lake City.

Craig Peterson, senior partner of Peterson Consulting Group, has been involved in legislative processes for almost 40 years as a State Representative, State Senator, and Republican Senate Majority Leader.

During the past 20 years, he has been a lobbyist, successfully representing a broad spectrum of clients. Craig and his sons Ryan and David have become a strong political voice for their clients.

2020 Leadership Academy Emerging Professionals

SKILLS THAT MAKE YOU STAND OUT Leadership Academy is an intensive and rewarding retreat to develop and enhance the skills needed to propel new professionals into the future.

This year, Leadership Academy is accepting 20 new professionals to participate in this exclusive opportunity.

The application deadline is August 4, 2020.

To apply, visit uacpa.org/LeadershipAcademy

the journal entry | april 2020

35

WOMEN IN ACCOUNTING

Karen Halladay, CPA G

rowing up on a family farm in North Dakota, Karen Halladay's parents instilled a strong work ethic in her. Being the oldest girl out of eleven siblings also helped her learn the meaning of responsibility at an early age. "I graduated from Moorhead State University with a bachelors degree in accounting and was in the first group of CPAs that earned MBA degrees through the Utah State University and UACPA collaboration. I have held accounting positions with both profit and non-profit entities and worked in higher education, the video game industry and local government. I recently served as the CFO for YWCA Utah. My volunteer experience includes being the treasurer for several nonprofit organizations and spending time working with the wonderful people in the community doing important work for great causes."

How Did You End Up Choosing a Career In the Accounting Profession? I considered being an architect or pharmacist while in high school.

One chemistry class in college was enough for me and pharmacy was no longer my career choice. I took Accounting 101, really liked it and kept pursuing the degree. I enjoyed the work and was excited about the variety of career opportunities it offered.

What Do You Enjoy Most About Your Profession? Each day presents new

challenges, variety in the work and opportunity to make a difference. I enjoy collaborating with others to develop and implement smart solutions that contribute to an organization or business’s success. I also appreciate and

36

the journal entry | april 2020

value the chance to work with dedicated people in an organization — from managers to facility caretakers.

What Advice Would You Give Other Female Professionals? You are ready

— ready to take the next step in your career, whether it’s moving into a supervisory role, a CFO position, becoming a partner or starting a business. Do not be afraid to stretch and grow. Take the assignments. Lead a team. Lead the business or organization. Write an article. Speak at a conference. Encouragement and motivation can be found in people, nature, history and words, such as the following quote seen on a charm — “you are braver than you believe, stronger than you seem, and smarter than you think.” This is true and we should all be reminded of this.

How Have Mentors/Others Helped You In Your Career? Unfortunately, I never

What Do You Enjoy Doing Outside of Work? My husband, Shawn, and I treasure our time

had a mentor. Fortunately, I benefited from the many wonderful role models in the businesses and organizations I worked with. One manager in particular assigned me to various work teams and committees. With these opportunities, I gained working relationships across the organization, got organizationwide experiences and had the opportunity to develop leadership skills. Other managers impressed upon me the value of quality work, whether I was preparing accounting entries, reports, writing an analysis or issue report or presenting financial information. I am fortunate to have family, friends and colleagues that provide valuable support and advice.

with family and friends. We enjoy traveling, both in the U.S. and abroad, hiking, and cheering at games (mostly soccer). I look forward to attending the Sundance Film Festival with friends each year and am currently learning to quilt.

What Advice Do You Live By? There are many resources that offer advice and inspiration.

Personally, I really like to learn and take pride in my work. So, my work and home advice would be to a lifelong learner, help others, have many experiences/ adventures, do your best work and take care of yourself.

There is no road map on living life — you get to choose what works for you, so go for it! And lastly, be kind! n

Nominate someone to be featured in The Journal Entry.

Send nominations to Amy Spencer, as@uacpa.org.

STARTING your practice?

GROWING your practice?

SELLING your practice?

$1 Billion+ in Deals Closed Whatever stage you’re in...

Our Best-in-class Brokers will help you achieve YOUR goal!

Ryan Pannell Ryan@APS.net

800-397-0249 www.APS.net

the journal entry | april 2020

37

MEET A MEMBER

MacRay Curtis, CPA 38

the journal entry | april 2020

MAC was born in Nampa, Idaho, but soon moved to Salt Lake City where he spent his entire youth. "I went to South High School and participated on the football team, the A ‘Capella and Bel Canto (madrigal) choirs and served as a seminary officer," he says.

"My family did not have many economic advantages, but we had hardworking, loving parents who encouraged us to excel in all we did. I served a mission in the New York City mission, attended the University of Utah (Go Utes!) and received a bachelor’s degree in accounting. I started my career at the State Auditor’s Office. I was excited to obtain that position because it gave me the opportunity to obtain a CPA license while still providing the life balance that I desired."

What Led You to Become a CPA? I had no plans to study accounting when I started university studies. I thought I would get a degree in counseling or history. But, out of curiosity, I took an accounting class, enjoyed it and received an “A.” The rest is history. I have enjoyed accounting and it has been good to me.

What Was It Like as the UACPA President During the 75th Anniversary?

I was UACPA president in 1995–96. That year was the 75th anniversary of the UACPA. We didn’t have many activities like those planned for the 100th anniversary, but the highlight of that year was the celebration held at the Homestead in Midway, Utah. It was a fun evening of dinner and casino games.

Another highlight of that year was the effort we made to reexamine the UACPA’s strategic plan. This effort was begun the previous year while Kevin Simister was president. We were very pleased with the work of the committee and the direction they provided for the association.

What is One Book or Books That Have Greatly Influenced You? I don’t think it would

surprise anyone to say that the book that has most influenced me is the Book of Mormon. But I also enjoy reading leadership and personal improvement books by such authors as Steven Covey, Hyrum Smith and Jim Collins, among others.

What Would Surprise People to Know About You? Believe it or not, I once held my junior high school record in the quarter mile. Also, the fact mentioned above that I was in choirs would probably surprise many.

What Do You Like to Do Outside of Work?

I am retired now, for the most part. Therefore, everything I do is “outside of work.” I have always had a voracious appetite for reading, so I do a lot of reading. There are always plenty of repair and updating tasks related to my 30-year-old house. I enjoy participating in volunteer work, and we have enjoyed having the freedom to travel — especially to places we have not visited before. Much of that travel involves finding where our ancestors have lived and finding out about their lives.

What Have Been Some of Your Goals Both Personally and Professionally?

Professionally, my goal was to make a difference. I have had the opportunity to serve the profession in many ways and hope that I have helped someone along the way.

Personally, my goal has been to be a good person who treats others kindly and teach my children the same. It is also to make a difference in the lives of others. I hope I have done that.

What Advice Do You Live By? Advice I try

to live by: My mother taught me to treat others kindly, regardless of who they were (race, religion, nationality, sex, wealthy or poor). She taught me to live a Christ-like life. Also, The Platinum Rule: “Do unto others as they would have you do unto them.” n

the journal entry | april 2020

39

MEET THE EXECUTIVE BOARD

What Would You Do With Five Extra Hours in a Day? Jay Niederhauser President

"The truth is that I would just work more, but I am told this is not an acceptable answer. If I were to dream, I would spend more time with my wife and family doing the things that we have always talked about doing but never made time for."

Ray LanghaIm Vice President "I would smile more and me and the wife would take a few more vacations to warmer weather and go scuba diving and complete some more family history on the Germany side."

Aubrey Bickmore Neeley Treasurer

Katrina Baird Member-at-Large

"Extra time in any day would be heaven!

If I had spare time I would spend it working out, cleaning, going to the spa and hanging out with girlfriends or taking my boys on a new adventure."

"I would do one or all of the following: 1) Play with my kids. 2) Sew/quilt. I recently purchased a long-arm quilting machine and it’s super fun. Or 3) Read. I’m always up for a good novel."

Monica Gardner Immediate Past President "Hopefully I could accumulate those and use them to travel. It doesn’t matter where – local, domestic, international — I just want to see new places. If I can’t accumulate them, I would spend more time reading for fun."

Paul Skeen AICPA Council

"If I had five extra hours per day, I would ski every single day during the season.

During the warmer weather, I would spend at least an hour of that wishing it were still ski season and then alternate days of golf and cycling."

Susan Speirs CEO "If I had five extra hours in a day, I would finally be able to tackle projects that have either been put on “hold” or have limped along such as quilting and clothing design. I would love to take a few food chemistry classes and even take piano lessons again."

Not pictured: Stacy Weight (President-Elect), Nate Staheli (Member-at-Large), Troy Runnells (Secretary), Katie Chandler (Emerging Professionals)

40

the journal entry | april 2020

BOARD BULLETS

News From the UACPA Board The following actions were taken by the executive board at the February board meeting.

•

It was decided that the UACPA would not sign onto a letter drafted by the Utah Taxpayers Association supporting the tax reform bill (SB2001) passed at the end of 2019. As an organization, we work with legislators on good fiscal and tax policy and provide independent insights. With the potential of a strong referendum, this was seen as “taking sides,” which could prove to be damaging for future tax reform projects.

•

The fiscal budget for the year ended March 31, 2021, was approved by the executive board. We will be utilizing data functions to better understand the intricacies and needs of our organization.

•

e board approved monies to be donated to Th the Utah CPA Education Foundation for a joint project with Weber State University and high school students in the Weber, Box Elder, Morgan, Davis and Summit County school districts. The UACPA and WSU will partner to spearhead a “money camp” that will teach students 15–18 years old about the accounting profession as they begin thinking about secondary education. In a survey sent to membership several months prior, members indicated that we needed to be doing more outreach to high school students. We will be using an outreach model from Indiana and WSU to pursue this project.

•

Names were approved to be submitted for a vacancy that needs to be filled in June 2020 on the State Accountancy Board.

MEET THE UACPA STAFF

What Would You Do With Five Extra Hours in a Day? april deneault cpe manager "I would use the extra time to get some more sleep, watch some of the shows that have been on my watch list forever, spend more time with meal prep and cooking, and spend more time with my family."

tyler hodges membership development coordinator "Well, first I would not say no to sleeping an extra half hour or so. After that, I would love to spend more time with my wife and newborn son. We enjoy going to parks and watching movies. After all that, if I still have some time, doing some woodworking or playing some games would be a great way to spend my extra time."

amy spencer marketing/communications "The list of things I want to do is massive. I would start with things I want to do more of, like exercising, enjoying nature, tackling house projects, cooking new dishes and reading books. Ideally, I would make space for new hobbies that I've put on the backburner like rock climbing, screenwriting and painting."

tom horn financial director "Assuming they are daylight hours, I would be spending more time hitting the Jeep trails or getting an extra round of golf in somewhere."

the journal entry | april 2020

41

Tell Us About a CPA Who Should Be Honored The UACPA Awards Task Force is accepting nominations for CPAs to be honored at our Sept. 24 event!

Award Categories Distinguished Service CPA in Business & Management CPA in Public Practice CPA in Government & NonProfit Leadership Council Member Outstanding Educator Rising Star Women to Watch: Experienced Leader • Women to Watch: Emerging Leader • • • • • • • •

Nominate a CPA at uacpa.org/nominate Submit nominations by July 15, 2020

42

the journal entry | april 2020

CONNECT WITH YOUR CHAPTER

find your next m

eeting at uacpa.o

rg/chapter

the journal entry | april 2020

43

CPECourseSchedule

Register online at uacpa.org, or call the UACPA office at 801-466-8022.

DATE

CPE

COURSE TITLE

INSTRUCTOR

VENDOR

NONMEMBER MEMBER FEE* FEE

OCTOBER 10/16/20

8

Accounting & Auditing Update for Small Businesses

Marty Van Wagoner

AICPA

$190

$345

10/21/20

4

Preparation, Compilation, and Review Engagements: Update and Review

Marty Van Wagoner

AICPA

$170

$195

10/21/20

4

Revenue and Cash Receipts: Common Frauds and Internal Controls

Marty Van Wagoner

AICPA

$170

$195

10/22/20

8

Annual Update for Controllers

Curtis Quickel

AICPA

$290

$345

10/23/20

8

Analytics and Big Data for Accountants

Curtis Quickel

AICPA

$290

$345

10/26/20

8

K2's Case Studies in Fraud and Technology

TBD

K2

$290

$345

10/27/20

8

K2's Office 365 - All the Things You Need to Know

TBD

K2

$290

$345

10/30/20

4

Interpreting the New Revenue REcognition Standard: What All CPAs Need to Know

Marty Van Wagoner

AICPA

$170

$195

10/30/20

4

The Bottom Line on the New Lease Accounting Requirements

Marty Van Wagoner

AICPA

$170

$195

11/5/20

8

Governmental and Not-for-Profit Annual Update

Roger Cusworth

AICPA

$290

$345

11/6/20

8

Real-World Frauds Foundin Governments and Not-for-Profits

Roger Cusworth

AICPA

$290

$345

11/9/20

4

Reviewing Partnership Tax Returns: Wha Are You Missing?

TBD

AICPA

$170

$195

11/9/20

4

Reviewing S Corporation Tax Returns: What Are You Missing?

TBD

AICPA

$170

$195

november

11/11/20

8

Intermediate Individual Taxation

11/13/20

8

AICPA's Annual Federal Tax Update

11/18/20

8

Fraud Update: Detecting and Preventing the Top Ten Fraud Schemes

11/19/20

8

Forensic Accounting Investigative Practices

11/20/20

8

Annual Update for Accountants and Auditors

11/30/20

8

12/1/20

TBD

AICPA

$290

$345

Michael Blackburn

AICPA

$290

$345

Anne Layne

AICPA

$290

$345

Anne Layne

AICPA

$290

$345

Marty Van Wagoner

AICPA

$200

$345

K2's Excel Financial Reporting and Analysis

TBD

K2

$290

$345

4

K2's Best Word, Outlook and Powerpoint Features

TBD

K2

$170

$195

12/1/20

4

K2's Advanced Quickbooks Tips and Techniques

TBD

K2

$170

$195

12/7/20

4

Reviewing Individual Tax Returns: What Are You Missing?

TBD

AICPA

$170

$195

12/7/20

4

Social Security and Medicare: Maximizing Retirement Benefits

TBD

AICPA

$170

$195

12/8/20

8

Hottest Tax Topics for 2020

TBD

AICPA

$290

$345

12/14/20

8

Accounting and Reporting for Not-for-Profit Organizations

John Georger, Jr.

AICPA

$290

$345

12/15/20

8

The New Yellow Book: Government Auditing Standards, 2018 Revision

John Georger, Jr.

AICPA

$290

$345

December

*Early-bird pricing available for classes when registering at least two weeks in advance. (Excludes 4-hour courses and core training courses) AICPA members receive an additional $30 off the price of each 8-hour course (excluding 4-hour courses and core training courses) where the AICPA is listed as the vendor. Use promo code AICPA8 for 8-hour courses.

44

the journal entry | april 2020

S TAT E &

L A C LGOO T V E R NM E N CE C ONF E R E N 0 Y 8 , 202

MA

Join us for this year 's State & Local Government Virtual Conference!

Earn 8 hours of CPE. Cost is $199 for members; $240 for nonmembers.

Register at uacpa.org. Your conference link will be emailed the day before the event.

8:05 – 9:05

GASB Update Hollie Andrus, CPA – State Auditor’s Office

9:05 – 9:20

Break

9:20 – 10:35

Professional Judgement Dr. Douglas Prawitt BYU Marriot School of Business

10:35 – 10:50

Break

Breakout Sessions 10:50 – 11:50 Cyber Security

Ethan Farmer

Disclosures in Governnment Financial Statements Ryan Roberts

New GAGAS/Writing Findings Hollie Andrus, CPA – State Auditor’s Office

11:50 – 12:55

Lunch Break

Breakout Sessions 1:00 – 2:00 Blockchain - Dustin Wheeler

Challenges Facing Local Governments

Janica Gines, CPA

2:00 – 2:10

Single Audit – Internal Controls Over Compliance

2:10 – 3:10

Legislative Update Craig Peterson, Ryan Peterson & David Peterson UACPA Lobbyists

3:10 – 3:15

Break

3:15 – 4:15

Economic Update Robert Spendlove – Zions Bank

Break

the journal entry | april 2020

45

Member Benefits

The UACPA's Affinity Partners help you get the most out of your membership Beehive Insurance Groups with 2 to 100 eligible employees can participate in medical, dental, vision, telehealth and voluntary onsite programs through this plan. For more information, contact Todd Valentine, 801-743-7788 or tvalentine@beehiveinsurance.com.

National Affinity Service

Identity protection experts have you covered for $12.95 per month or $16.95 per month for a family. Visit healthwealth.fit/ uacpa_infoarmor.

CCH

UACPA members receive a discount on the U.S. Master Tax Guide and more. Visit cchgroup.com and use code Y3819.

Payroc

Payroc, a full-service payment processing company, makes it easier and faster for your clients to pay you, and can even eliminate the vast majority of the fees a firm pays for credit card processing. Contact Colby Poulson at 801-951-8110 or colby.poulson@payroc.com.

Camico

The Mutual Insurance Company offers UACPA members a variety of benefits. To learn more, call 800-652-1772 or email inquiry@camico.com.

The UACPA Honors 100% Membership Congratulations to the firms and businesses currently participating in the UACPA's 100% membership program. This demonstrates their commitment to the profession, to the association's high ethical standards and a commitment to life-long learning.

PUBLIC PRACTICE • CBIZ • Cook Martin Poulson • Davis & Bott • Eide Bailly • Haynie & Company • Hinton Burdick • Jones Simkins • PricewaterhouseCoopers • Savage Esplin & Radmall • Squire • Stayner Bates & Jensen • Tanner LLC INDUSTRY • LDS Church Auditing Department

Office Depot/Office Max

UACPA members can save up to 80% on office products, printing, technology and furniture. Visit officediscounts.org/ uacpa to learn more.

Paychex

Paychex, Inc., a leading provider of integrated human capital management solutions for payroll, benefits, human resources, and insurance services offers one month of free payroll, retirement, and HR services and six-month, money-back satisfaction guarantee for payroll and retirement services. For more info, visit Paychex.com/accounting-professionals.

Learn more about member benefits by talking to Amy Spencer, as@uacpa.org or calling 801-466-8022 46

the journal entry | april 2020

Firms with 10 or more full-time CPAs are eligible to be a part of the 100% membership program. Learn more by talking to Tyler Hodges, thodges@uacpa.org or call 801-466-8022.

ContactList Accounting Issues When UACPA members have questions about accounting issues, help is available from the UACPA Accounting Issues Committee.

Each month, a member of the committee is assigned to answer accounting questions and help you interpret the rules as they apply to your particular situation. The following members may be contacted during the months listed.

April

May

Ted Rokich 801-263-3090 trokich@fdic.gov

Mark Anderson 801-532-7800

IN MEMORIAM Kaye Grimm Balmforth

November 15, 1925 – February 15, 2020 UACPA member since 1961

markanderson@hayniecpas.com

floyd Pickering

June

Janury 31, 1926 – Sept. 23, 2019

Mark Anderson 801-532-7800

UACPA member since 1961

markanderson@hayniecpas.com

CPE Approval - Does This Qualify?

When UACPA members have questions regarding CPE approval and whether or not something may or may not qualify, they can turn to the UACPA CPE Approval Committee for answers. Each month, committee members are assigned to answer member questions related to CPE approval. Below are the members who may be contacted with your questions.

April – June Steve Avis 801-532-7800 stevea@hayniecpas.com

Scott L. Robinson 801-990-5918 srobinson@tannerco.com

Classified Ads To place your classified advertisement and reach Utah CPAs, contact the UACPA at mail@uapca.org.

Interested in Buying a Practice? See local and nationwide listings at www.APS.net and register for free email updates or call us at 1-800-397-0249.

THINKING OF SELLING YOUR PRACTICE? Accounting Practice Sales is the leading marketer of accounting and tax

Tax Issues The Tax Issues Committee focuses on legislative and regulatory issues and does not answer technical questions. For assistance with a technical matter, please refer to the UACPA referral tool at uacpa.org. Send questions related to legislative or regulatory issues to taxissues@uacpa.org.

practices in North America. We have a large pool of buyers, both individuals and firms, looking for practices now. We also have the experience to help you find the right fit for your firm, negotiate the best price and terms and get the deal done. To learn more about our risk-free and confidential services, call Ryan Pannell with The Holmes Group at 1-800-397-0249 or email Ryan@APS.net.

the journal entry | april 2020

47

UTAH ASSOCIATION OF CPAS

Nonprofit Org.

136 S. MAIN STREET, SUITE 510

U.S. Postage

PAID

SALT LAKE CITY, UT 84101

Salt Lake City, UT Permit No. 1996

UACPA Golf Tournament Tuesday Aug. 11 Promontory Jack Nicklaus Golf Course in Park City

We've got big things planned for this year's golf tournament. Our annual event that benefits the Utah CPA Education Foundation, has a new look on an exciting course. Prizes and raffle will take place during lunch.

REGISTRATION WILL OPEN IN MAY UACPA.ORG/GOLF Provided by CGMa

48

the journal entry | april 2020