The Journal Entry - July 2019

July 2019,

Vol. II I The Future of the Profession

The CPA of Tomorrow As the demands for the profession are changing, we take a look into the future

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Mission,Vision,Values

ExecutiveBoard

Mission

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

president............................................. Monica Gardner president-elect................................. Jay Niederhauser vice president........................................... Stacy Weight treasurer............................................Jason Tomlinson secretary.................................................. Troy Runnells member-at-large........................................ Nate Staheli member-at-large...................................... Tom Colligan pronet council..................................... Katie Chandler immediate past president........................... Matt Klein aicpa council.......................................Brandon Allfrey ceo..............................................................Susan Speirs

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

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.

Vision

Values Advocacy 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.

ceo......................................................... Susan A. Speirs communications/marketing and editor of the journal entry................ Amy Spencer cpe manager.......................................... April Deneault financial director...................................... Tom Horn membership development..................... Tyler Hodges

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.

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: www.uacpa.org

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 believe that we serve as the primary resource and point of contact for Utah CPAs.

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

Diverse Population Outreach

accounting transactions and the changing status of the law, as well as

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.

variations in practices and procedures among accountants, informa-

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tion in the magazine should not be used, acted or relied upon, as a substitute for independent accounting or legal research and advice.

in this issue | July 2019

feature story

How the Profession is Changing 129 New Members............................................................................................4 Movers & Shakers......................................................................................5 President's Message...................................................................................6 Message from the CEO............................................................................. 7 The CPA of the Future..............................................................................8 Student Award Winners on Their Way to CPA................................... 10 Educators Talk About Guiding New Accountants ............................. 14

By the Numbers: The Job Landscape in 2022

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By the Numbers: The Job Landscape in 2022...................................... 19 UACPA Represents the Profession in D.C...........................................20 Legislative Update...................................................................................23 Tech Series and Free CPE for Members...............................................27 Women in Accounting: Amy Anholt....................................................28 Meet the Executive Board......................................................................30 Board Bullets ........................................................................................... 31 Meet the UACPA Staff............................................................................. 31 Meet a Member: Ron Mano...................................................................33 Photos: Leadership Council and May Council in D.C.......................35 2019 CPE Course Schedule....................................................................36

Closing the GAAP: Amy Anholt 28

Meet a Member: Ron Mano

Member Benefits/100% Membership Firms........................................39 Contact List/Classifieds.......................................................................... 41 In Memoriam........................................................................................... 41

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New Members

New Members

Congratulations to the following individuals who were approved for membership or affiliate status in the UACPA as of June 24, 2019.

Elise Faucette Cook Martin Poulson, P.C. Douglas Morrill Crossroads Accounting Professionals, PLLC Todd Gordon Nathan Allen CBIZ MHM, LLC Brooks Bodily Cook Martin Poulson, P.C.

Kevin Brickson Alden Moon Jaxon Law Jordan Jones Eide Bailly, LLP McKelle Holyoak Erin Koller BDO USA, LLP Travis Mundy Bryan Donaldson Sadler, Gibb & Associates

Alexys Brower Brian Godfrey Adams & Petersen, CPAs

Nicole Johnson

Anfissa Silva KPMG LLP

Kristine Rasmussen Assure

Randy Williams Rachel Walker Ledger Gurus

Byron Gurney The Church of Jesus Christ of Latter-Day Saints

Mckay Lindsey Squire & Company, PC

Students

Shawn Christensen Nelson Curtis Jared Bird Breanna Ottenbacher Alyssa Barnes Crystal Bush Jordan Ackerman Chad Clegg Kathryn Martinson Tanner, LLC Joseph Brewer Deloitte & Touche LLP 4

Logan Robinson

Brigham Young University Spencer Strong Stephen Bishopp Adam Hewlett Dixie State University Paula Szugye Sarah Shurtliff Dustin King Zhi Li Nathan Moses Steven Day Laura Stratton Madison Baker Grayson Tracy

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Hunter Chamberlain Kaleb Hurst Southern Utah University JT Tonge Neil Owens Stevens Henager College Hongtao Li University of Phoenix Sean M Williford University of Utah Christina Tergevorkian Paul Heaton Anastasiya Lyubarets Tanner Roberts Devon Gethers Kelly Ordean Pearl Mano John Richards Utah State University Tyrel Pierson Cole Revelli Shelby Carter DeAnza Atkinson Utah Valley University Camille Klemetson Mariah Frazier Chad Stevens Joshua Bulpitt Johann-Vililami Wolfgramm Christine Hannemann Daniel Avery Jantzen Walker Kyle Balcer

Weber State University Bryan Elder Lynelle Jensen Sabrina Ashby Jason Barrack Tiffanie Garrett-Barnes Heidi Roofener Juan Beis Pachiarotti Chanel Saxton Taylor Dillon Western Governors Mark Antonio Erin LeGrand Amber Re Catie Woolard Michael Greenwood Brandon Bennion Bertha Kirschten Shelby Anderson Laura Hrehor Hannah Mensah Cindy Murphy Matthew Caruso Tiffany Elkins Francisca Sitgreaves Christopher Hughes Carrie Reyes Matthew Heil Caitlin McBride Cherrie Beaty Brandi DeFilippo Adam West Trisha Smith Ryan McCurrach Jessica Baxter Angela Trowbridge Richard Curtis Jennifer Kronenberg

Raphael Ackumey Jeannie Suarez Hannah Okai-Mensah Maria Lourdes Bernardino Sibil Iglesias Samantha Morris Kevin Lausch Patricia Rodriguez Kim Rittenberry Michelle Blakemore Jacob Chaplain Christeen Francis Shelley Blackburn Traci Jimenez Westminster College Leandro Couto Jacob Stelter Sarah Hirst Elijah Gaunt

Movers & Shakers

New Members

BDO USA, LLP has announced the addition of Jerry Bregg as a Tax Partner. Jerry brings more than 20 years of experience in tax services to public companies and closely-held entities. Jerry received his bachelors and masters degrees at San Diego State University. He is currently the Vice Chair of the University of Utah's School of Accounting Advisory Board.

Jerry Bregg Stayner Bates P.C., a firm specializing in assurance, tax consulting and business valuation services has joined BKD CPAs & Advisors. As part of BKD's network of 38 offices in 17 states, the firm will now offer clients a wealth of resources that were not previously offered. With more than 2,710 personnel — including more than 300 partners — BKD provides a wide range of assurance, tax and accounting outsourcing services. BKD Managing Partner Jeff Ronsse says, "with the addition of Stayner Bates, BKD has accomplished a long-standing goal of joining the Utah market. The Stayner Bate's office and staff will remain at their current location in Salt Lake City.

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President's Message

Monica Gardner, CPA

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here is no doubt that the accounting profession has seen changes over the years — both in what accounting is and how it is done. In colonial times, people used the single-entry method to manually keep track of transactions that relied heavily on a barter and credit system. This was more bookkeeping than accounting. The early 1900s saw a number of changes to the accounting profession as a result of several well-known events such as the ratification of the 16th Amendment allowing for a federal income tax, the Ultramares case, the Securities Act of 1933, the Securities Exchange Act of 1934, and the formation of the SEC. As the tax and accounting environment continued to evolve in scope and complexity, so did the opportunities for the accounting profession. Several committees and organizations were formed to help educate and monitor the profession, while rules and guidelines were created to provide uniformity.

The late 1900s brought additional change through the use of the computer and various software. Their initial use may have been limited, but both soon grew to be common, invaluable tools in big and small businesses. The advent of the internet fueled this growth. Today, very few businesses could survive without these resources.

Why this little history lesson? It is a reminder that the accounting profession continually changes — and we need to change with it. Think back 5, 10, 15 years — could you envision where you are right now? Doing what you do and how you do it? Now look 5, 10, 15 years into the future – what does that looks like? What will you be doing and how will you be doing it? These are difficult questions to answer.

If you have a crystal ball, please let me know!

These questions are being tackled by various organizations such as the AICPA, NASBA, and even the UACPA. In fact, this was the topic of discussion at the UACPA’s June

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Leadership council meeting. It is important for existing CPAs to know how to adapt and stay relevant in an everchanging environment and so that incoming CPAs can be properly educated and trained.

In the most recent issue of The Journal of Accountancy, there is a great article featuring Bill Reeb, the new AICPA chair.

He states, “If you aren’t embracing the change that is clearly upon us and committed to being part of the evolution we need to make as a profession, then you are saying to those who follow you that you are OK with leaving them a profession in far worse shape than what you inherited from the courageous leaders before you.” I agree with him on this.

NASBA sends out a monthly report covering topics that affect state accountancy regulations. The April report discussed the changing environment and the impact of “disruptive technology”. The CPA exam must also continue to evolve. What topics are relevant? What is the appropriate depth and breadth of accounting topics? How do we better incorporate and test technology and analytical assessment?

While no one really knows what the future holds, one thing for sure is that it is changing. We need to be open to new ideas and methods. It is up to each of us to embrace that change and do the best we can to work with others along the way. n

CEO's Message

Susan Speirs, CPA

"It has been my experience that competency in mathematics, both in numerical manipulations and in understanding its conceptual foundations, enhances a person’s ability to handle the more ambiguous and qualitative relationships that dominate our day-to-day financial decision-making."

– Alan Greenspan

W

hat, you may ask, does that have to do with accounting? Perhaps everything and nothing. We’ve seen the landscape of core accounting services change from 24 column ledgers to spreadsheets and moving forward to data analytics. Tools have been designed to take source data to accounting applications and make suppositions and predictions. Are we ready? The CPA profession is experiencing exponential strides that larger companies are using that will trickle down to the smallest of small businesses. Below are some opportunities our profession will be leveraging: • Artificial Intelligence. Bill Gates referred to the rise of artificial intelligence as computer science’s “Holy Grail.”

SMACC is developing AI applications to help further automate and further streamline bookkeeping tasks.

Cloud-based accounting software packages such as QuickBooks indicate that they are already 75% automated. As CPAs, we do much more than track receipts and provide basic reports. With increased automation, we will have the ability to have more robust discussions regarding operations, tax planning and sustainability of the organizations we serve and work for.

• Data Analytics. In the past, data was human-generated. As technology trends continue to sprint forward, the definition is morphing into including data that is unstructured and machine generated as well as data that may reside outside of corporate boundaries. As entities continue to operate in some of the toughest climates ever, the role of the auditor becomes more relevant. Because of technology advances in big data and analytics, we have the opportunity to re-think how

the audit is executed and the relevance of the audit evidence, audit standards and even the precision auditors will require of analytical procedures.

• Robotics. Robotic process automation in accounting is often perceived as human replacement; however, it is more of a bionic arm that can help the finance and accounting operations staff process transactions faster by reducing the data movement work. Robotics in accounting is similar to Excel macros. The key difference is that instead of being limited to the macro running in Excel, RPA software runs across any accounting application you point it to. RPA applications bridge the gap between disparate applications. Robots are able to integrate at the micro-task level where other systems have not. RPA has advanced to the point where applications are non-invasive to current IT structure and can be customized to workflow. Productivity can increase to 24/7 with error free movement and reduced output variability. As robotics are programmed to take care of slow data entry type work, humans are free to tackle the value-added work where they’re truly needed.

AI, data analytics and robotic process automation will never replace the relevance and the human decision-making process. With our new “bionic arm” we will be able to untangle and communicate to the decision makers the information they need to run profitable and sustainable business. There is no better time to be a CPA and our relevance is at a higher level than ever before. n the journal entry | July 2019

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The CPA of the Future As knowledge and skills evolve, the CPA licensure requirements get ready for a makeover.

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Feature Story

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he CPA of the future is going to be dramatically different from the CPA of today. The CPA Evolution initiative is helping us shape the future and begin visualizing what that person looks like in an effort to help current and incoming professionals alike.

A joint project between the AICPA and NASBA, the CPA Evolution initiative is designed to explore integrating technological and analytical expertise into initial licensure requirements.

In a blog on the AICPA by Susan Coffey, some themes have been revealed based on the feedback she is receiving.

Change is Good

There was overwhelming agreement that the profession should evolve to align with the changing marketplace. This thinking is consistent with what the profession’s leadership, regulators and other key stakeholders have expressed.

The feedback indicated that technological innovation will provide new opportunities for CPAs to deliver value and it is critical in our ongoing commitment to protect the public. Innovations in information processing, automation and data analytics can eliminate some of the manual tasks CPAs have traditionally performed, freeing up more time for analysis and delivering more insightful and meaningful information.

It was also pointed out that technology opens up new opportunities for CPAs to serve clients and employers.

As organizations integrate more technologies into their business processes, CPAs can advise on the efficacy of their systems and controls while helping address potential risks.

If our profession can embrace change and evolve to serve in these roles, we can enhance the value we provide to organizations and the public.

Education, Examination and Experience are Important

Feedback emphasized the three Es" and how they are important to the initial licensure process. One comment referred to this shared experience as “one of the strengths of our profession.”

The CPA Exam Should Change

The CPA Exam needs to change to keep up with new technologies, skills and competencies affecting practice.

Some suggested enhancing the amount of Exam content related to technology competency and critical-thinking skills. This is all great feedback for NASBA and the AICPA to think about, particularly as the AICPA conducts a practice analysis to ensure the Exam remains current.

Education Should Change

Respondants said there’s room for improvement in accounting education. Some suggested that college coursework should have a greater focus on the technological skills and competencies that newly licensed CPAs are expected to have when hired. Others pointed out that there could be a greater focus on the needs of small businesses and startups in accounting education.

Core Accounting Skills and Competencies Must Remain

Perhaps some of the most pervasive feedback was concern that core accounting concepts, skills and knowledge will be jettisoned in favor of a very tech-heavy profession. While incorporating more technology skills and knowledge into licensure is a key goal of CPA Evolution, it is important not to turn CPAs into IT system designers, coders or software developers. Instead, the aim is to ensure future CPAs have the skills and competencies they need in technology and analysis to do their jobs more effectively. Some of these skills include data analysis, cybersecurity risk management, business intelligence and information system and organization controls.

It has been noted that changing CPA licensure could change what makes the CPA so strong today. The CPA stands for integrity, objectivity, trust and competence. The goal is to promote these strengths in a way that keeps pace with the evolving nature of business and our services.

The dialogue about CPA Evolution will continue and your feedback is valuable. To share your thoughts visit, evolutionofcpa.org. n

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On Their Way to CPA Meet the students who stood out at their universities and received recognition From the UACPA

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JARED FRY UTAH STATE UNIVERSITY Why Accounting? I took a couple of accounting courses during high school and loved the topics that we learned.

Because I enjoyed the classes, I decided to take initiative and research the benefits of a career in accounting. I felt that accounting would provide me with amazing opportunities, and I haven’t changed my opinion since.

he new class of CPAs is rich with talent. It is tradition for the UACPA to honor fifth-year accounting students to recognize them for demonstrating their committment to the profession even before they have taken the exam.

Where do you see yourself in five years? I plan to be working in public accounting as a tax professional. I hope to be a true representative of Utah State and be considered one of the “most capable” young members of the firm.

As we peer into the future of the profession, we get to know the individuals who received the UACPA's Outstanding Student Award at their respective universities this spring.

Favorite accounting class. My favorite accounting class was my Master’s Corporate Tax Class

The award recipients have taken the opportunity to organize service and academic projects from start to finish and have been able to experience real life scenarios as they've strategized to optimize time and monetary constraints that our business word experiences every day.

Favorite thing about Utah State University I love the sense of community that Utah State University has. I am able to say I know almost every single one of my classmates by name and have had the opportunity to talk with most of them.

Free Time. I really like to cook. I have taken a couple of culinary arts courses and I love to make different styles of food. I hope to travel to Italy this summer during my internship in London to learn more about Italian cuisine.

Monica Gardner witnesses the challenges of engagement firsthand with teaching a 7 a.m. math class.

Photo by Christian Wood.

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Feature Story

ANASTASIA SHESTAKOVA UNIVERSITY OF UTAH

MITCH DOMAN SOUTHERN UTAH UNIVERSITY

Why Accounting? I started my college journey thinking accounting was boring. However, after many attempts at different career paths, I realized that I enjoyed working with numbers and appreciate organization in my work. My advisor recommended the accounting path. Turns out, she was right — I loved accounting!

Why Accounting? My plan was to be a superhero, but that didn't work out, so I went with the next best thing.

Where do you see yourself in five years? I see myself with a CPA license and working in public accounting. I hope to continue down the audit path in public accounting.

Where do you see yourself in five years? Hmm.. 2024?

I see myself doing fulfilling and challenging work at a company that values me for the skills and personality that I have to offer. I hope to have a work schedule that allows me to put my marriage first and be an involved father.

Favorite accounting class? Definitely audit. Last summer, I worked as an audit intern for two great public accounting firms, but I had not yet taken an audit class. I knew absolutely nothing about auditing when I started the internships. The next fall I took audit and realized how clueless I really was. It was a humbling experience! I am grateful for the patience of my mentors at Haynie & Co. and BDO!

Favorite accounting class. I enjoyed my Corporate/LLC Tax class. This was a surprise, even to me, as I’m going to be an auditor! The professor took a difficult subject like Corporate Tax and made it easy to understand. He was dedicated to helping students and in preparing me for the Regulation portion of the CPA exam. When there were Favorite thing about Southern Utah University. The tax concepts I didn’t understand, he made time to explain them to me, even when it was outside the scope of his class! professors in the SUU School of Business are awesome.

Many have made an extra effort to get to know me and Favorite thing about University of Utah. Aside from the have helped with a lot more than just learning the course great professors, faculty, and fancy business buildings, material. Professors who know me, my family, and my I really like that the University of Utah is so close to the life circumstances have been able to give me personalized mountains. When I need a break from studying, I can go advice as I begin my career. for a quick hike in the mountains! The University of Utah Free Time. I love being with my wife, Mattie, and my also has a lot of “Outdoor Adventures” trips which have allowed me to try a variety of outdoor activities like rafting, 2-year-old son, Finley. We drive around looking for cool tractors, eat lots of chocolate chips, and do anything that standup paddle boarding, and cross-country skiing. involves a ball. I love soccer and wish I had more time to play, referee, and watch. Finley is currently in training for Free Time. I enjoy rock climbing during the summer and the 2034 FIFA World Cup — assuming the United States ice climbing in the winter. I also enjoy desert backpacking qualifies. in southern Utah and hiking in national parks. the journal entry | July 2019

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Feature Story

ELSHA HEPPLER WESTMINSTER COLLEGE

ANDREW M ROBINSON DIXIE STATE UNIVERSITY

Why Accounting? I have been working in the accounting world for close to a decade and enjoy the work. I decided to pursue a degree to develop my skill set and increase my earning potential.

Why Accounting? In a high school elective accounting class, I realized I enjoy the procedures and services accountants provide. I got my accounting degree later than most, but feel as if my life experiences have made me a better prepared professional.

Where do you see yourself in five years? I would like to earn my CPA license and continue to work in corporate accounting.

Favorite accounting class. My favorite accounting class was Accounting Information Systems with Aaron Clark.

He did a really great job of making the information fun to learn and integrating real world scenarios into the classroom.

Favorite thing about Westminster. I enjoyed the small class sizes, individual attention from teachers and administrators, flexible schedule, small campus, and integration of CPA prep material into the program.

Free Time. I enjoy swimming, baking, and spending time with my husband and children.

Where do you see yourself in five years? I see myself as a well-rounded accountant with my CPA license, working in the public sector. I currently work in sales and use tax for all 50 states and enjoy the diverse work it provides. Law school and a master’s in taxation is also still not off the table, I would enjoy giving back as a professor or tax attorney in the future.

Favorite accounting class? I enjoyed the audit classes — it seems to be the area to always be changing and evolving.

Understanding the accounting process is only a small part of an auditor’s duties, knowing how to magnify different areas really appeals to me.

Favorite thing about Dixie State University. Dixie State University has staff in place that has either had a firm of their own or worked for reputable firms. Different industry specialties each professor brings to the classroom enlightened and reassured me I was pursuing the right degree and career path. The professors are some of the most selfless individuals I have had the privilege of learning from and would help any student above and beyond expectation.

Free Time. I enjoy hiking with my soon-to-be wife and dogs.

I spend most of the summer at the lake wake surfing. I enjoy building and fixing things: cars, home repairs, electronics, really anything because everything breaks at some point.

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Feature Story

MARIA BATEMAN BRIGHAM YOUNG UNIVERSITY

JILL OTTLEY UTAH VALLEY UNIVERSITY

Why Accounting? During my freshman year, I took an introductory accounting class. I enjoyed completing the homework for that class more than any other assignments, so I decided to dive deeper. I enjoy challenges, and accounting is full of them.

Why Accounting? My undergrad work was in journalism, yet my favorite jobs over the years were those that involved mathematics, problem solving, research, and helping people. It has been so fulfilling to find a field that I enjoy so much.

Where do you see yourself in five years? I see myself as a CPA at a regional tax firm, helping clients and increasing my capabilities in accounting. I also see myself preparing to go back to school. I have a love for education and am inspired by family members and friends to never stop learning. I will return to obtain an additional degree, most likely in educational theory or organizational behavior.

Where do you see yourself in five years? As a tax manager with the ability to help small- to midsize businesses navigate the regulatory and compliance landscape proactively.

And I’d like to become the kind of attentive listener who hears and understands people and their needs, both in work and in life.

Favorite accounting class. My favorite accounting class was Managerial Accounting during my junior year. I love the intuition behind managerial concepts and Professor Swain was an amazing instructor.

Favorite thing about Brigham Young University. My favorite thing is the people that work and attend there.

The professors in the accounting program are incredible.

They give freely of their valuable time and energy to assist students in whatever they need help with. My peers were capable, dependable, supportive, and full of integrity.

Classmates were always willing to help one another understand concepts and give freely of their insights.

Favorite accounting class? Tax Research. I had a great professor and I use what I learned every day.

Favorite thing about Utah Valley University. The people!

Utah Valley University students are warm, helpful, fun, interesting and genuine. The same goes for the professors.

I can’t think of one who didn’t exhibit an extraordinarily high level of respect for the students and concern for their overall development and achievement. It’s an ideal pairing of intellectual challenge and support.

Free Time. I like to go hiking, read, and attend my kids’ athletic and performing arts events. n

Free Time. In my free time, I enjoy getting outside and spending time with others. I enjoy hosting food parties with friends, hiking, running, and going to the beach whenever I can. the journal entry | July 2019

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Educating for the Future Meet the educators Keeping up with the rapidly-changing profession

As educators prepare accounting students for the real world, they need to stay ahead of the profession to provide students with relevant information. We ask the following educators about changes they have witnessed, their predictions and their advice to students embarking on their accounting journey.

Ron Mano, CPA from Westmister teaches Advanced Accounting, Elementary Accounting, MBA Financial Analysis, Intermediate Accounting Jeff Orton, CPA, CFA from Southern Utah University teaches Principles of Financial Accounting, Auditing I, Auditing II, Forensic Accounting Loisanne Kattelman, CPA from Weber State University who teaches Financial and Managerial Accounting (undergraduate and MBA program) Kevin Smith from Utah Valley University teaches Financial and Managerial Accounting (Intro, Intermediate and Graduate levels) Nate Staheli, Phd, CPA, CFE from Dixie State University teaches Financial Accounting, Intermediate Accounting, Advanced Accounting Troy Lewis, CPA from Brigham Young University teaches Itroduction to Taxation, Special Problems in Taxation, Advanced Taxation, Advanced Individual Taxation and Introduction to Financial Accounting 14

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Feature Story

What Changes Have You Witnessed in the Accounting Program in the Past five Years?

Ron Mano: When I first began to teach, there were two or three students who could afford a calculator. They were fourfunction calculators, add, subtract, multiply and divide. The good ones would also take the square root and cost about $400. Then they got cheaper and we wondered if we could require accounting students to bring calculators to class.

Then computers came on the scene and we went through the stages of: 1. Do we allow students to use them in class? 2. Do we require students to obtain them? 3. Do we require them to bring them to class? 4. We just assume they will all bring them to class.

The big change in the past five years relates to International Financial Reporting Standards (IFRS). In 2010, I told my students that by 2014, we will all be applying IFRS. Then Barack Obama was elected and appointed Mary Shapiro as Chair of the SEC and she said, “maybe not.” Then we went through a period of limbo and I still don’t know whether we will ever be going to IFRS even though it appears less and less likely as each day passes.

advisory boards, hiring faculty with significant industry experience and contacts, curriculum development with objectives that are forward thinking, etc.) to help maintain a level of flexibility and nimbleness in our curriculum to allow us to continuously adapt to the increased pace of change in the profession.

Loisanne Kattleman: I have seen an increase in the availability and quality of online learning resources that can be incorporated into the coursework. These various learning tools allow students to be more efficient and effective in their preparation for class. Students have a foundation in the material so class time can be used for more in-depth discussion, practical application, real-world case studies and group projects. There has also been additional emphasis on the importance of communication skills both written and oral.

Jeff Orton: When I was working in public accounting and internal auditing there were a few main data analytics tools on the market that had basic functionality for audit sample selection and evaluation. In the past few years there has been Nate Staheli: The most significant changes in accounting education is the globalization of business and the technologi- an explosion in analysis products available, and the user cal advancements. Information is exchanged in such a rapid interface and quality of information they provide is changenvironment. In some situations we have too much informa- ing the game. Their ability to quickly compute and identify tion and teaching students how to use, filter and analyze that significant risks and specific outliers, and more importantly, their ability to present results in a variety of highly visual information has become more necessary. representations that are easily understood and effectively Kevin Smith: We are in the midst of a very dynamic time as communicated, is changing the effectiveness and efficiency of what we do. This brings an exciting new frontier to the it pertains to the accounting profession: From a cooling of effectiveness, timeliness, and usefulness of the information the move towards international convergence, to significant accountants and auditors use and provide to users. codification updates from the FASB, to the proliferation of “big data” and “data analytics” throughout businesses of all shapes and sizes. The past five years have caused us academ- Troy Lewis: Our school has placed a much bigger emphasis on data science. We have focused on how large amounts of ics to stop and reflect on just what should be included in an accounting education. Previously, accounting programs and data can be used in unique and non-traditional ways to communicate and help decision makers make better informed curriculum rarely changed. Now, it appears that curricudecisions. I have also seen a stronger emphasis on critical lum is constantly under a microscope. In our newly created thinking and the ability to make business decisions using Masters of Accounting degree at Utah Valley University, we multiple sources of multi-disciplinary sources of knowledge have taken steps to incorporate these recent changes in the profession. However, we decided that wasn’t enough. We also such as those from economics, finance, accounting and tax. sought to build an infrastructure (professional and alumni the journal entry | July 2019

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Feature Story

How Do You See The Accounting Programming Changing Over the Next 10 - 15 Years?

Kevin Smith: Accounting programs will have to adapt to an ever-changing landscape, both in terms of the profession itself and in terms of the upcoming generations of students.

Once upon a time, accounting programs could design curriculum around technical knowledge and content. However, that is no longer sufficient. Recruiters assume graduates will come out knowing what they need to know for the CPA exam (or that graduates will be able to use a review course to fill in any holes). Moving forward, students will need to be well versed in the “intangibles” of accounting. Areas such as judgment and decision making, leadership, maturity, communication, etc. will carry much more weight in the recruiting process than ever before. Curriculum will need to include opportunities for students to engage in the activities of the accounting profession and develop these intangibles.

Students, more than perhaps ever before, want (and perhaps need) to be actively involved in doing, not just passively learning. Therefore, it is imperative that educators embrace the change and develop curriculum content and delivery that embraces this future.

Troy Lewis: I believe we will see the recent trends continue to advance at a faster rate as Artificial Intelligence plays a more fundamental role in information reporting and compliance. The accountant of the future will be rewarded not for their ability to find information but rather they will be rewarded by creating unique content using a higher level of cognitive thinking.

Ron Mano: I like what Yogi Berra said, “It is really hard to make predictions, especially about the future.”

Nate Staheli: I believe that there will be increased sophistication in smart technologies. These technologies may replace the current way in which we do traditional accounting.

Artificial Intelligence, cloud computing, mobile accounting, and social media will play a huge role in how we currently do day-to-day accounting.

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Loisanne Kattleman: The role of the CPA and the accounting profession itself is undergoing rapid change. To better prepare students to succeed in the evolving profession, we will need to focus on developing critical thinking skills and incorporating emerging technologies into the curriculum.

Once students have a strong foundation in accounting principles, individual assignments and group projects can be used to simulate real-world application and problem solving. It will also be important for students to learn how to effectively communicate results and recommendations in a way that others can understand and accept. Teaching students how to use and manage advanced technology such as data analytics and artificial intelligence can provide students with a marketable skillset. Universities can look to professionals on their advisory board and recent graduates to assess the need and the choice of technology to include in the curriculum.

Jeff Orton: Technology and data analytics are significantly transforming the way we do accounting and auditing in the profession. For example, the ACFE reports that only 4% of fraud is currently discovered by external auditors. A shift from only random sampling to risk-based auditing using data analytics is enabling the auditor to become much more effective in discovering errors and potential fraud in almost real time. Other areas in accounting are seeing changes as well. Accordingly, the way we prepare our students at the university level obviously has to change along with that.

Like many of our colleagues across the country, over the past couple of years we’ve incorporated several of these data analytic software programs into our curriculum to help students be better prepared to serve their clients when they enter the profession. These same patterns exist at our partner schools across the world. But we know this is just the beginning of a new frontier and we’re excited to continually collaborate with our partners in the profession to stay abreast of the changes in order to prepare students with the best possible preparation to succeed in the profession.

Feature Story

What Advice Do You Give Students Who Are Interested in Becoming a CPA? Nate Staheli: There are no shortcuts to becoming a CPA. The process is clear and the students must stay on the path.

Continue to work hard in applying the knowledge and skills you have learned in school. In addition, don't be afraid to learn how to communicate more effectively. I believe that technology has, in some regards, hurt the ability for our profession and those entering our profession to communicate.

Jeff Orton: My experience in public accounting, internal auditing, and now teaching as a professor has taught me that the absolute best part about becoming a CPA is that you have a specialized skill and knowledge that is in demand in every industry, topic, hobby, and location you can think of across the entire world. That means you have the ability and flexibility to own your career and create the career and life you want. The learning curve is steep, and it does require loads of hard work to develop the skills and knowledge you need to be successful in this area, but the rewards can be second to none in whatever aspect of success means the most to you. You’ll hear a lot about changes to the profession, and you may hear talk about a shift in the number of jobs available. But your specialized skill will always be useful, and the coming changes will create jobs that are more fulfilling and exciting for you as a CPA. People will look to you as a trusted advisor to help them navigate the world ahead. Fulfill your dreams, create your dream career, and become a CPA. Loisanne Kattleman: The future outlook is bright for accounting majors and CPAs. I encourage my students to consider the many benefits of becoming a CPA and to understand the positive impact it can have on their professional goals. One benefit of being a CPA, is the variety of career paths from which to choose to find success within the profession. There are opportunities in public accounting, corporate accounting, government, non-profit and academia.

Another benefit of being a CPA is that you can bring value and affect change within your firm or organization. Technology allows businesses to automate in ways that might eliminate services that formerly were performed by a CPA. However, this creates a more exciting and engaging role for the CPA who can provide value-added work with a focus on analysis and interpretation of relevant information. A final

benefit is the emphasis on continual and relevant learning that allows the CPA to stay current in an ever changing business world. Technology has made it possible to learn in a more timely and efficient manner. Webcasts, seminars and other online resources are readily available so that CPAs can focus their learning in a more targeted way.

Troy Lewis: Focus your educational efforts on the "why" rather than the "what." Constructing the right answer is always important but as we continue to integrate better and more timely information sources, the profession is going to reward the student of today as a professional tomorrow for his or her ability to create content rather than just rewarding the person that can quickly find answers from other unique sources. For the next several years, computers will continue to aid in finding information, but the higher-level thinking that leads to decision making will still be a prized commodity.

Ron Mano: I am not proud of what my generation has done with this profession. I tell them that I have confidence that they will do better than my generation has done. I still like the advice that I received from my former scout master, Ray Edmonds, “Don’t go to jail.”

Kevin Smith: Becoming a CPA is much more than simply being good at debits and credits. While it’s critical to understand the underlying accounting principles, rules and regulations, CPAs in today’s world need to possess high level communication and leadership skills. Focus as much on improving your “emotional intelligence” as you do on your “accounting intelligence.” Be willing to ask for and have the maturity to receive critical feedback on areas where you need improvement. You can no longer afford to be passive in your educational experience. The timetable for recruiting is getting increasingly earlier. If you wait until your senior year to start thinking about a career in public accounting, you will likely find that you are too late. Take an early and active role in determining your career path and future in the CPA profession. Get involved early and often. Seek out every opportunity to engage and network with accounting professionals.

Start today to become the CPA of tomorrow. n

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17

Legislative Update

OF CERTIFIED PUBLIC ACCOUNTA N O I T A I C O S S A NT S UTAH

Provided by CGMa

Thursday

Aug. 8

Homestead Resort

raffles prizes awards

Bring your swing to the UACPA's annual

Time: 8 a.m. Shotgun Start

golf tournament to benefit the Utah CPA Education Foundation, supporting

Location: Homestead Resort, 700 N Homestead Dr., Midway, UT

financial literacy in Utah. Prizes and raffle will take place during lunch.

Fees: $455 per team; $120 per individual Lunch included

UACPA golfers can enjoy a Garden Style room Aug. 7 and 8 for $114./night. Call 1-800-327-7220.

REGISTER NOW AT WWW.UACPA.ORG/GOLF 18

the journal entry | July 2019

by the

Numbers

These numbers reflect the future of jobs from the World Economic Forum's 2018 Future of Jobs Report.

The Job Landscape in 2022

75

Million jobs predicted to be displaced

Top 10 Declining Roles

1. Data entry clerks 2. Accounting, bookkeeping and payroll clerks 3. Administrative and executive secretaries 4. Assembly and factory workers 5. Client information and customer service workers 6. Business services and administration managers 7. Accountants and auditors 8. Material-recording and stock-keeping clerks 9. General and operations managers 10. Postal service clerks

133

Million jobs predicted to emerge

Top 10 Emerging Roles

1. Data analysts and scientists 2. AI and machine learning specialists 3. General and operations managers 4. Software and applications developers and analysts 5. Sales and marketing professionals 6. Big data specialists 7. New technology specialists 8. Organizational development specialists 9. Information technology services 10. User Experience and HumanMachine Interaction Designers

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Utah CPAs Go to D.C. Utah CPAs build relationships with elected officials on their Latest visit to d.c.

By Matt Klein, CPA

A

new National Congress convenes in Washington D.C. on odd years to coincide with the election of new members of the House of Representatives that takes place on even year. On these odd years, the Spring Council of the AICPA is held in Washington D.C. Each state brings their Federal Key Persons, who have relationships with the state delegations, along with members helping with political activities. The Council meetings have a political focus and guest speakers are members of the House and Senate who speak on the current state of politics as well as how to visit our state delegations.

We have discussed the Fiscal State of the Nation on prior visits to The Hill and were asking for members of the House and Senate to co-sponsor, or at least support, legislation. This issue had no winners or losers and was designed to assist policymakers in having long-term fiscal understanding as they make decisions that impact the nation on a short-term basis. In past years, we had advocated for a presentation by the Comptroller to a full joint session of the House and Senate. This time the proposal was a presentation to the joint budget committee meeting only with an invitation being extended to other members.

The purpose of holding the meetings at the beginning of the new Congress in D.C. is for each state to visit each member of that state’s delegation. Over a two day period, every member of the House and Senate is visited by CPAs in their state and are briefed on four issues set forth by the AICPA. We were fortunate to be meet with all six members of the Utah delegation.

Currently the IRS is only authorized to grant extensions to file returns based on federally-declared disasters. We were asking members to co-sponsor legislation that would be introduced shortly that would allow the IRS to grant extensions based on state-declared disasters as well. Another issue that came up in our discussions that we asked our delegation to consider were digital disasters similar to the CCH data breach that occurred this year.

The four issues discussed were: 1. The Fiscal State of the Nation 2. IRS Disaster Relief 3. Modernizing the IRS 4. Taxation of the Digital Economy 20

the journal entry | July 2019

In a recent survey of AICPA members, 4% agreed that the IRS is a modern, functioning agency. The IRS is still running applications today from the Kennedy era. We have talked about this in every visit to The Hill for at least the last 10 years. We pointed out that taxpayers are not the only customers as tax preparers are responsible for about 60% of the returns filed each year. Our ask in this situation was to sign a

Council Update

May Council Topics Voting items 1. Approval of Fall Council 2018 minutes 2. Dues increase $10/year for CPA and $10/ year for CGMA (increases for most all credentials and sections)

May 2019 Council Agenda May 19 3:00 Presentation - Gold Medal Award of Distinction 3:10 CPA Evolution Regional Council Recap

• CPA Evolution

3:20 Briefing for Capitol Hill Visits

• Reimagining the profession for a digital world

5:00 Roundtable Hill Prep Discussions

• Private Company Council Report

6:30 Welcome Reception

• Emerging Assurance Services • Future of Finance Panel • Report on Finance and Operations • Future of Learning • Open Forum

May 20 9:15 Welcome by the Chair of the Board 9:20 Speaker Rep. Patrick McHenry (R-NC) 10:00 "Reimagine: The Changing Landscape of the Profession"

letter to the IRS commissioner to encourage modernization and specifically to establish a practitioner services division to be able to help practitioners with more complicated issues.

1:00 Update from the Private Company Council

The final issue was merely a thought leadership piece as a resource for members of the House and Senate to refer to as issues come up with our global, digital, ever-changing economy.

2:00 Future of Finance with Panel

We offered to be a resource to members of the delegation as issues come up that they need help understanding on a national or state level. Interestingly enough, at the end of each visit the legislator asked us what was going on with Utah tax reform and how we thought it was going to play out. Each expressed gratitude that they are spectators from the national scene and some pondered sending letters to their state representatives as a resident of their district, not as a national legislator.

The AICPA and CIMA have also completed the merger and alignment of fiscal years and the chair of the AICPA, Bill Reeb, was inaugurated at the end of the Council meeting.

1:20 Emerging Assurance Servics

3:20 Open Forum 3:40 Future-Focused CPE 4:30 Speaker Rep. Jim Himes (D-CT)

May 21 9:00 Closing Comments - Chairman of the Board 9:15 Speaker - A.B. Stoddard 9:55 Hill Issue Recap 10:15 Report of the Nominations Committee 10:45 Inauguration of the 106th Chair of the Board

Several other issues were discussed. The PowerPoint Presentations are available on the UACPA website. n the journal entry | July 2019

21

2019 leadership academy

Feature Story m529 Educational Savings Plan

Feature Story

By Alice Tsai, CPA

THE BEST VIEWS COME TO THOSE WHO CLIMB 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 Nov. 4 - 6 at Deer Valley. The application deadline is August 4, 2019.

CPE: 24 hours Fees: $1150 (includes meals and 24 hours of CPE credit) In addition to topic discussions, Lodging: $127 per nightacademy (2 nights) participants will have a service opportunity room rate; suites available for an through Junior Achievement.

additional cost

Designed For: New CPAs and professionals To apply, visit www.uacpa.org/ LeadershipAcademy 22

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22

Legislative Update STARTING THE CONVERSATION AT Tax Reform Town Hall Meetings

By Chesley Erickson, UACPA PAC Chair

T

he UACPA PAC has been in existence for a long time and most of us on the current board have been around for at least 10 years. During my tenure, not much really happened during the first 7 or 8 years. We held annual meetings, discussed a few political topics, met with lobbyists and made small contributions to a few legislative races. These contributions were small because contributions to the PAC were few and far between, plus the budget for expenses was very tight.

Things have changed. I would say that change came out of necessity. Our profession is in the forefront of many politically related issues and needs to be involved with those that affect us directly and also those that affect our clients.

Why do we need the UACPA PAC? Obviously, we cannot have the input we need unless we have the PAC and the association cannot, and should not, be directly involved in contributions and some other politically charged issues.

Why and how should UACPA members be involved?

First, contributions to the PAC are welcome and important. A portion of our dues will now be forwarded to the PAC, but if you can afford more, please consider this is an option.

Second, personal involvement at times will be needed.

The most recent and most important issue we have seen is that involving a restructuring of Utah taxes. Any time you see something called, “Tax Restructuring and Equalization� you know it is time to be involved. Allocate some time to attend the town hall meetings being held and become personally informed about what information is being gathered and what is going on.

There was a town hall meeting held the last week in June. During that meeting more than two hundred people filled an auditorium to hear from the task force and give legislators and tax experts feedback on the restructuring. The format of these meetings often involves legislative staff presenting why tax reform is needed, followed by public comment and question and answer time. As a UACPA member, you have both the knowledge and expertise to provide valuable input at these meetings. Take these opportunities to be involved.

The PAC committee is monitoring these meetings and will determine what action will be needed and will require assistance from many members in trying to help legislators really understand what is needed and what is going on. These tax matters are critical and are tied to issues involving funding for public education, which always brings out highly charged debate.

Thank you for attending your designated town hall meetings and being a voice for the profession. n

Chesley H. Erickson is a partner in the CPA firm, Huber, Erickson & Bowman. He is currently stepping down as managing partner, a position he has held for over 20 years. He is president of Oakridge Country Club and involved with several non-profits. He coaches baseball in the Mueller Park Little League and enjoys spending time with his wife and five children.

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MAKE AN IMPACT JOIN OUR BOARD The UACPA is looking for leaders to fill positions on our board nominations for the 2020 -2021 year.

The nominating committee needs your help in identifying candidates for the board; if you are interested or know of someone who would be interested, please send nominations to Amy Spencer, as@uacpa.org before September 1, 2019.

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the journal entry | July 2019

Becoming More Adaptable Six steps to help you acclimate to new environments By twinkle tailor, CPA

C

hange is the only constant in today’s world. As such, adaptability is a unique trait that helps people respond to change and be comfortable in the face of uncertainty.

Adaptable people flourish amidst chaos while those who are inflexible flounder. In everyday terms, a person with high adaptability is often described as “flexible” or someone who “goes with the flow.” But is adaptability something people are born with, or can it be learned over time? The answer is that it can be learned. Although a person may not naturally be flexible, the ability to remain flexible in ideas and expectations can be nurtured. This shift in attitude over time can make someone better at adjusting to changes.

employees relish working for an agile organization that allows their jobs to change to keep pace with ever-changing realities and affords them ongoing oppor­tunities to acquire new skills. Those who never want to stop learning, appreciate the value of listening to others and under­stand the benefits of constantly evolving are of great value to organizations.

How to Become Adaptable

Why is it Important to be Adaptable?

1. Keep calm and confident. A person’s reaction to a change is the first impression of their adaptability. The key is to remain calm and composed. Instead of withdrawing, take time to understand the change and how it will impact you, and create an action plan for how to best adapt to it.

Adaptable people are excellent leaders. Leaders have an innate ability to embrace change and adapt to new situations. In today’s ever-changing business environ­ment, an organization’s ability to adapt is a critical competency.

Likewise, employees must also be ready to adapt, whether to a new idea, technology or skillset. Organizations are seeking employees who embrace learning and are resilient. These

2. Engage in positive self-talk. When faced with a change, engaging in positive talk with oneself is a valu­able habit.

Rather than feeling their blood pressure rising at the thought of change, adaptable people steer the change mindset through self-talk. It also helps in identifying concerns more clearly and recognizing ways to overcome them.

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25

Becoming More Adptable

CONNECT with your CHAPTER

3. Acquire new skills. Rapid changes in technology provide people with opportunities to acquire new skills. Make the most out of opportunities to learn something new, even if it includes taking a part-time class. It’s the ‘always learning’ attitude that sets professionals apart in their ability to remain adaptable in the face of change. Increased knowledge and skill will also provide a competitive advantage when opportunities for career ad­vancement present themselves.

4. Prepare alternative solutions. Adaptable people are more likely to have a plan B in case plan A fails or is rejected. Demonstrating adapt­ability means providing alternative solutions to initial suggestions while remaining flexible. Acceptance in the face of rejection makes a person more of a team player, someone who “goes with the flow.”

5. Utilize coping mechanisms. The way a person responds to personal and professional setbacks may significantly affect their future success. Extroverts who draw strength and motivation from talking to others should share their feelings with family, friends or their professional network to become more aware of the issue and deter­mine how to embrace it. Introverts may need to spend time alone in a comfortable, relaxing environment to help analyze the situation and find a solution.

6. Think ahead. Adaptable people are in control of their work. They are always looking for opportunities to improve.

Change is built into their DNA. Whether a new assign­ment or a personal situation, having the change mindset can help a person think ahead and better prepare for it.

Being adaptable and flexible remains a vital skillset to move ahead and stay ahead in one’s career. Professionals should flex their adaptability muscles often to reap the benefits of growth and success in the future. n

Get to know the CPAs in your area by attending a meeting at your local chapter.

Reprinted with permission of the New Jersey Society of CPAs

Cache Valley | Color Country | Cedar Breaks | Downtown | Mountain Northern | Southern | Uintah Basin

Twinkle Tailor, CPA, is a financial analysis manager at Prudential Financial in Newark. She is an MBA Candidate at Rutgers University and is a member of the NJCPA Emerging Leaders Council, Accounting & Auditing Standards Interest Group and Student Programs & Scholarships.Committee.

Twinkle can be reached at twinkle.tailor@yahoo.com.

www.uacpa.org/chapter 26

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Tech Series for CPAs These free courses help you Protect yourself and your clients as you strengthen your tech knowledge

By George Phipps

T

he accounting profession is undergoing a significant transformation due to the explosion of modern technologies. GDPR, cybersecurity risk, policy-based decision making, and increasing client demand to transact more business through mobile devices is putting immense pressure on CPA firms to evolve by understanding and integrating these technologies. But incorporating them is one thing, recognizing what your firm needs and why it is important is the challenge of the modern partner. This challenge has become enormously important because the liability associated to the risk affects everyone throughout the relationship chain — from the firm and partner, to the client.

To put risk into perspective: • The average amount of time to identify a data breach is 191 days (Ponemon study 2017). During those 191 days, the hacker is pilfering sensitive PII data that can be executed on or sold. When breached, the cost for your firm to contain the data loss averages $245/compromised record.

If a firm has less than 10,000 records the probability of a data breach is over 30%. The cost to your firm due to a data breach would be a minimum of $2.45M. and this doesn’t include the loss of brand, client confidence and ensuing legal ramification dues to unprotected systems and processes.

• The physical security and licensing costs, policy creation and adherence are minimal compared to firm’s financial footprint and legal and liability risks to not only the firm but also the partners.

• The ability of the firm to recover operationally from a catastrophe is next to impossible, not to mention the financial and brand repercussions. In fact, according to the National Cyber Security Alliance, 60% of all small businesses that get breached cease operations within six months.

Massive economies of scale have offered numerous emerging technologies to firms that, once they have established the baseline security processes and procedures to protect and mitigate risks, can begin to reap the benefits of data. These technologies help identify areas of growth, categorize patterns of data while creating operational efficiencies. The Cloud, AI and Blockchain are powerful ways to automate, and streamline transactional processes while also providing visibility to patterns in huge amounts of data and speeding up the process to reach actionable insights.

The UACPA, in conjunction with NetWize, is hosting a Tech Series to tackle just these issues. Our six sessions will describe the technology, risk, and how to take advantage of its full benefits. These sessions will be a direct and the journal entry | July 2019

27

Tech Series for CPAs transparent review of the financial and operational risk to your firm and how, with just a little knowledge and action, you can begin to build the foundation of a secure organization.

Topics to be covered are reviewed below. Registration details can be found on next page.

August 21: Cyber Security — Accounting firms are emerging at a very rapid pace as leading business advisory roles within their clients. Not only is identifying clients’ business objectives important but also the role of helping them to understand and manage their cyber risks.

Identifying these risks can be daunting and fraught with disaster if not managed correctly. The need for a structured framework and consistent deliverable will enable the partners to add value to their clients and position the firm for expansive growth.

September 18: Compliance — As technology is driving changes to the management of accounting firms, the ability to focus on more and more advisory services will provide new streams of revenue and enhanced relationship with clients. But with this new level of access and utilization of data to achieve greater results, it will require a very strict adherence to compliant processes with regard to client privacy and the handling of data, to ensure the client / partner relationship is never compromised. This session will focus on tools and solutions that will help not only secure an environment, so data is not compromised, but also doesn’t restrict the speed of doing business.

October 16: Document Sharing and Disaster Recovery — Signed documentation is at the core of every accounting firm, and if mis-handled, the results can rear litigious outcomes and expected organizational disaster. Those documents need to not only be shared securely but also follow industry standard Digital Signature Policies in order to leave no trace in the case of a breach. This policy, as a piece of the overall Disaster Recovery framework helps to identify the business assets and infrastructure needed to run a successful accounting firm while ensuring that if there is a corporate disaster, processes and contingency plans are put into place that allow for Continuity of your Operations.

January 15: Review topics shared and a panel discussion driven by the questions we ask the members 28

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February 19: Mobile Device Management for Accountants — due to the new age of borderless transactions, an innovative generation of business owners is emerging. They are digital natives, and many have never had to conduct business in a world that did not include the Internet and smart phones. This new generation of business owner is looking for immediate insight delivered to their portable devices, whether that is a smart phone, tablet, laptop or other mobile device. Clients are expecting that their accounting professionals can provide this instant access to them.

March 18: Trends in the Industry — Most accountants already use digital tools and are optimizing processes to go paperless. Yet as technology continues to advance and further automate numerous functions, conversations turn to the prospect of human-less accounting. Although, in the real world, the technologies transforming the financial industry will in no way render the human factor redundant. Instead accountants are embracing the cloud, AI and blockchain empowering them to reduce manual data entry while improving the speed, accuracy and business value of data.

• AI for Business Analysis — this subsection will focus on how AI can give accountants near real time access to data and how machine learning helps to automate and inform the time-consuming and redundant tasks accountants do on a day-to-day basis, which subsequently frees up their time to focus more on lucrative and in-depth analysis.

• Blockchain — this subsection will review the possible impact of blockchain to the accounting profession, where and how it can be used and what does it mean for the safety and security of all records. n

George Phipps is a VP of Services with NetWize, a MSP and Advisory Services organization working with clients to help interconnect services and solution to business outcomes.

He holds dual degrees in Political Science and Economics from the University of Southern California.

TECH TALKS

Join us for one free hour of CPE where you will learn the latest on valuable tech topics.

8.21 CYBERSECURITY

9.18 COMPLIANCE

10.16 DOCUMENT SHARING

1.15 TECH TOPICS REVIEW

2.19 MOBILE DEVICE MANAGEMENT FOR ACCOUNTANTS

All talks will be webcast.

Attend online or in person.

UACPA, 136 S. Main St., Ste 510

Register at www.uacpa.org/tech

3.18 TRENDS IN INDUSTRY FREE FOR UACPA MEMBERS.

ALL TALKS ARE HELD AT NOON. LUNCH WILL BE PROVIDED. the journal entry | July 2019

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Closing the Gaap — Women in Accounting

Amy Anholt, CPA Interview By Kristin Cornell, CPA

A

my Anholt has spent most of her life in Utah. "We moved to Farmington in 1982 when I was 7 — from California, from Virginia, from Germany — where I was born." Her father was a Lieutenant Colonel in the Air Force who retired after 24 years, "I was quite young, so I missed a lot of the travel that my older brothers experienced and remember fondly."

"I’m frequently reminded of how I ruined my brother’s New Year’s Eve the year I was born when my mom went into labor so her and my dad spent the night in the hospital and my brothers were left to ring in the New Year at home, with a babysitter that didn’t speak English," she recalls.

Amy earned her accounting degree at Weber State University, but that came after exploring different career paths. "My uncle was instrumental in my decision to choose the accounting profession. My Uncle, Lynn Hansen, was one of the founders of Hansen, Bradshaw, Malmrose & Erickson and one of my mentors when I first began my career. I’m thankful to him for helping me choose a career I enjoy!"

Now residing in American Fork, Amy and her husband have five children – four girls and one boy. "We received a two-for-one deal and scored twins on our final pregnancy!"

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As the CFO for Dental Select, an organization determined to create a new experience in the dental industry, Amy feels fortunate to be part of an outstanding organization.

Who Inspires You? I admire those individuals that live what they are passionate about — you can see it in their actions and their attitudes. The energy they exude is contagious and inspiring. I’ve had the privilege of attending incredible fundraising events for The Tyler Robinson Foundation, an organization that is helping families with children who have cancer deal with the unintended financial consequences. The individuals that serve this organization are passionate about it and they are incredible examples to me of selflessness and excellence in serving those that benefit from this organization.

What are you passionate about? I’m passionate about my family, music and Disneyland. I love to travel and spend time with my family! The travel doesn’t have to be big deal trips, just fun staycations at a local hotel with a pool, a day trip to the Aquarium, or a day at City Creek!

Life is a lot more enjoyable if you spend time doing things your passionate about with the people you love. I enjoy introducing friends and family to my favorite band, Imagine Dragons. In fact — I’ve traveled to 28 concerts or events with more than 46 of my family and friends, across seven states!

How do you recharge? Oddly enough, to recharge it’s good for me to sit down and write about all the things happening in my life and my thoughts in these moments.

So, journaling helps me to step back and recharge. It’s so easy to go, go, go and not stop to reflect, but when I do I find it always helps. Also, I love a good walk outside especially in the spring/fall when the weather is perfect, or even in the rain! And, at work – when I’m stuck or working on something challenging I find the solution and the accomplishment happens much quicker when I engage more of a team approach. I get energized working in a team, even if it’s just 1 additional person other than myself.

The brain power that radiates when you get smart and creative minds working on something together is amazing!

Closing the GAAP — Women in Accounting

that leads to differing perspectives on situations. When you listen and are open, you will learn many things that you would miss out on if you were stuck in your own head all the time.

I’ll wrap this up by quoting my father, “Remember who you are” — it’s important to embrace who you are and who you want to become. Love yourself and those around you and make a positive impact in the lives of those around you! n

What advice do you live by? I do my best to stay grounded and focus on the big picture. To not let the little things get to me, and focus on the relationships you are building, which are most important. And, lastly – I’d say to be compassionate and understanding as everyone’s experiences and background are different than yours, and

Kristin Cornell, CPA is a National Assurance Senior Manager at Eide Bailly, LLP. She graduated with her MAcc from Southern Utah University and has enjoyed a career of both public and industry accounting. Kristin can be reached at kcornell@eidebailly.com.

Imagine... a chair without a desk Delivering Results - One Practice At a time Ryan Pannell www.APS.net

800-397-0249 Ryan@APS.net

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31

Meet the Executive Board

What advice would you give your younger self?

Monica Gardner President

Stacy Weight Vice President

"Look for and take advantage of as many opportunities as you can. Try new things and be adventurous. Meet new people and make new friends. Some opportunities won’t work out as you would like, but you won’t regret any of them."

"To enjoy every moment of life and live life to the fullest! Life is Short. Take the trip.

Buy the shoes. Eat the cake.”

Jason Tomlinson Treasurer

Nate Staheli Member-at-Large

"Trust your thoughtful decisions, because things will turn out well in the end.

Confidence (in your choices) goes a long way."

"Enjoy the moment and don’t try to grow up to fast. Show respect and gratitude to others while being more selfless and thoughtful.

As it relates to your education, take more technology classes and develop a strong foundation in that space."

Jay Niederhauser President-Elect

Matt Klein Immediate Past President

"I would tell my younger self that life is short. Work hard, have fun, smile, be kind, make time for other people, and hang on for quite a ride!"

"Save more money. Don’t buy CDs

Troy Runnells Secretary

Susan Speirs CEO

"Enjoy the journey and don’t get caught up in the little things. We spend too much time worrying about things that more often than not don’t happen. Focus on what you can control."

"Make the time to enjoy opportunities that may never come back and for sure, practice the piano and keep taking lessons so that my older self would be a better player with less effort."

(compact discs) — they won’t exist in the future anyway and they’re a waste of money.

Use time value of money to your advantage.

And study accounting!"

Not pictured: Tom Colligan (Member-at-Large), Brandon Allfrey and Katie Chandler (ProNet Council) 32

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Board Bullets

News from the UACPA Board The following actions were taken by the Executive Board at the last board meeting.

•

Discussion and recommendations were made regarding the Utah Laws and Rules changes that need to be made due to the statute change of reducing the number of hours needed to sit for the CPA exam from 135 hours to 120 hours. The law went into effect May 14, 2019. Discussion and recommendations were made regarding clarification of education requirements, clarification of licensure requirements and clarification of approved accredited institutions to the bureau manager of the Division of Professional Licensing.

•

Recommendations of names were submitted to DOPL to help review the Utah Laws and Rules exam for CPAs. Nate Staheli volunteered to take on the assignment.

•

May AICPA Spring Council members meeting was held in Washington DC. An update was given at Leadership Council on June 7. Hill visits and topics were communicated as was the CPA Evolution project. We shared the results of Leadership Council table discussions to the AICPA. Learn more about these visits on page 20.

Meet the UACPA Staff

What advice would you give your younger self?

April Deneault CPE Manager "Stay active, eat healthy, don’t worry so much, take time to enjoy the small things and always be grateful for what you have.

Tyler Hodges Membership Development Coordinator "Sometimes I feel that my younger self had a better grasp on life than I do right now.

Granted, all the young Tyler had to worry about was video game scores and being home before curfew. But if I could give one piece of advice it would be to stay focused and take things one step at a time."

Amy Spencer Marketing & Communications Manager "Travel the world in your 20s. Develop regular fitness habits and healthy eating while you are still in good shape. Last, but not least, buy Bitcoin and moisturize."

Tom Horn Financial Director "Dream more, don’t sweat the small stuff and take more chances in life."

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MEet a uacpa member

Five Minutes with Ron Mano, CPA Ron Mano, CPA has been teaching accounting since 1973. He was born in Ogden, Utah after his family was forced to leave the West coast to move inland following Japan's attack on Pearl Harbor. "My family was living in Los Angeles where my father was doing very well financially," he says.

"They were forced to leave while my mother was pregnant with me."

Because they had relatives in Ogden, Ron's family could avoid going to a concentration camp. However, they did live in a chicken coop when they arrived. "We later moved to Rockport, and the house I lived in is now the Country store in Pioneer Village at Lagoon." Ron graduated from Bountiful High School and served a mission in Japan. He worked at Hansen, Barnett & Maxwell while in graduate school and then joined Ernst & Ernst. Ron and his wife have seven children, one of whom is a partner with Deloitte in San Francisco.

What Interested You in Teaching?

When I was a graduate student, I was a teaching assistant. I went through three busy seasons which convinced me that I might enjoy another one. At that point, the department chair at the University of Utah asked if I was interested in teaching. After three years, I got a Ph.D. and made teaching a lifetime career.

As an influencer for students, who has influenced you? I recall Joe Papenfuss suggesting to me that I should consider becoming a professor.

I laughed and said that was the last thing I would do. I have learned to never say “never.”

What would surprise people to know about you? Most people do not know that my wife has pancreatic cancer and has been dealing with it for two years.

Since her diagnosis,we have been on several cruises, a trip to Peru, Oregon, California, D.C. and more. Also, I am going to retire. I already retired once

from Weber but did not quit teaching.

I think it is for real this time.

What do you like to do outside of work? I love to golf with my wife. We also like to travel and have been to all 50 states. We went to Milwaukee last summer because Wisconsin was the one state that we had not been to together. We have season tickets to Hale Center Theater and Broadway Across America and often attend plays in Cedar City, Tuachan, Las Vegas and Wendover. Before my wife's diagnosis, we had a two-week river cruise planned from Amsterdam to Budapest.

Because she started chemo, we were only able to do the Amsterdam to Nuremburg portion of the trip.

Recently, we went to Budapest to take the cruise to Nuremburg and then did a three-day tour of Prague which we also had to cancel two years ago.

What advice do you live by?

My scoutmaster’s words, “Don’t go to jail.” n the journal entry | July 2019

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FRESH &JUICY BUSINESS & MANAGEMENT CONFERENCE Friday, Sept. 13

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Photos, Leadership Council

June Leadership Council brings together committee chairs, chapter leadership, past presidents, Leadership Academy alumni, educators and students together to discuss initiatives for UACPA membership.

May Council in Washington D.C.

Board members and PAC leadership visited Utah's elected delegates in D.C. Read more about it on page 20.

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CPECourseSchedule

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

CREDIT HOURS COURSE TITLE

DATE

INSTRUCTOR

VENDOR

MEMBER FEE*

NONMEMBER FEE

OCTOBER 10/11/19

8

U.S. GAAP: Review for Business & Industry

Marty Van Wagoner

AICPA

$285

$340

10/14/19

4

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

Marty Van Wagoner

AICPA

$170

$195

10/14/19

4

The Bottom Line on the New Lease Accounting Requirements

Marty Van Wagoner

AICPA

$170

$195

10/17/19

4

Social Security and Medicare: Maximizing Retirement Benefits

William Taylor

AICPA

$170

$195

10/17/19

4

Smart Tax Planning Strategies for Individuals

William Taylor

AICPA

$170

$195

10/18/19

8

Best Practices for Payroll Taxes and 1099 Issues

William Taylor

AICPA

$285

$340

10/21/19

8

Annual Update for Controllers

Ronald Kral

AICPA

$285

$340

10/22/19

8

Enterprise Risk Management: New Approaches for Today's Complexities

Ronald Kral

AICPA

$285

$340

10/25/19

8

Accounting and Auditing Update for Small Businesses

Marty Van Wagoner

AICPA

$285

$340

10/28/19

4

Preparation, Compilation, and Review Engagements: Update and Review

Jeffrey Lieman

AICPA

$170

$195

10/28/19

4

Audit Workpapers: Documenting Field Work

Jeffrey Lieman

AICPA

$170

$195

10/29/19

8

Construction Contractors: Accounting, Auditing and Tax

Jeffrey Lieman

AICPA

$285

$340

10/31/19

8

K2's Excel Data Magic, Including Advanced Pivot Tables & Power Pivot

TBD

K2 Enterprises

$285

$340

11/1/19

4

K2's Emerging Technologies, Including Blockchain and Cryptocurrencies

TBD

K2 Enterprises

$170

$195

11/1/19

4

K2's Testing and Auditing Excel Workbooks

TBD

K2 Enterprises

$170

$195

11/4/19

8

Annual Update for Accountants and Auditors

Marty Van Wagoner

AICPA

$200

$340

11/7/19

8

Estate and Life Planning Issues for the Middle Income Client

John Sherrick

Surgent

$285

$340

John Sherrick

Surgent

$285

$340

John Cox

AICPA

$170

$195

november

11/8/19

8

Securing a Comfortable Retirement in the Age of Spending

11/13/19

4

Developing Your Digital Mindset

11/13/19

4

Change the Way You Work: Success as a Virtual CFO

John Cox

AICPA

$170

$195

11/14/19

8

Advanced Controller and CFO Skills

John Cox

AICPA

$285

$340

11/15/19

4

Applying Professional Skepticism in an Audit

Marty Van Wagoner

AICPA

$170

$195

11/15/19

4

Fraud and Cash Receipts: Common Frauds and Internal Controls

Marty Van Wagoner

AICPA

$170

$195

11/18/19

4

Reviewing Partnership Tax Returns: What Are You Missing?

Steven Wagner

AICPA

$170

$195

11/18/19

4

Reviewing S Corporation Tax Returns: What Are You Missing?

Steven Wagner

AICPA

$170

$195

11/19/19

4

Reviewing Individual Tax Returns: What Are You Missing?

Steven Wagner

AICPA

$170

$195

11/19/19

4

Hottest Tax Planning Developments Under the Current Tax Law

Steven Wagner

AICPA

$170

$195

11/20/19

8

Not-for-Profit Accounting and Auditing Update

Stacey Bergman

AICPA

$285

$340

11/21/19

8

Not-for-Profit Financial Reporting: Mastering the Unique Requirements

Stacey Bergman

AICPA

$285

$340

11/22/19

8

AICPA's Annual Federal Tax Update

Michael Blackburn

AICPA

$200

$340

11/25/19

8

Form 990: Mastering the Unique Requirements

David Peters

AICPA

$285

$340

11/26/19

8

Advanced Tax Strategies for LLCs and Partnerships

David Peters

AICPA

$285

$340

*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.

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CPECourseSchedule

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

DATE

CREDIT HOURS COURSE TITLE

INSTRUCTOR

VENDOR

MEMBER FEE*

NONMEMBER FEE

DECEmber 12/2/19

8

Governmental Accounting and Auditing Update

Robert Moody, Jr.

AICPA

$285

$340

12/3/19

8

The New Yellow Book: Government Auditing Standards, 2018 Revision

Robert Moody, Jr.

AICPA

$285

$340

12/4/19

8

Nexus Update: Latest Developments in State Income, Franchise, and Sales Tax

Pamela Davis-Vaughn

AICPA

$285

$340

12/5/19

8

Slashing Taxes for Your Small Business Clients: Corporations, Partnerships, and LLCs

Pamela Davis-Vaughn

AICPA

$285

$340

12/9/19

8

Real World Fraud in Today's Small- to Medium-Sized Entities

Robert Minniti

AICPA

$285

$340

12/10/19

8

Preventing, Detecting, and Investigating Identity Theft

Robert Minniti

AICPA

$285

$340

12/16/19

8

Individual Income Taxation: Practical Tax Return Guidance for Your Upcoming Tax Season

Peter Bunce

AICPA

$285

$340

12/17/19

8

Individual Income Taxation: Critical Tax Compliance and Planning Strategies

Peter Bunce

AICPA

$285

$340

2019 LECTURE SERIES the uacpa presents

AUG 14

Excel The Top 10 Things you Should Know Aaron Clark

SEPT 11

Leases/ Rev Rec Marty Van Wagoner

OCT 9

Fraud/ Cyber Security

NOV 6 Legislative Update David, Ryan & Craig Peterson

DEC 11

Ethics

Lectures will be webcast throughout Utah.

EARN ONE HOUR OF CPE. $15 FOR MEMBERS. Attend online or in person. UACPA, 136 S. Main Street, Ste 510.

ALL LECTURES ARE HELD AT NOON. LUNCH WILL BE PROVIDED. Register at www.uacpa.org the journal entry | July 2019

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CELEBRATE

Digital Disruption

my529 Educational Savings Plan

Inauguration & Awards September 25 6 - 9 p.m.

Noah’s, 322 W. 11000 South keynote speaker Nikki Stone uacpa.org/awards

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Member Benefits

The UACPA Honors 100% Membership

Beehive Insurance

Congratulations to the firms and businesses curerently 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.

The UACPA's Affinity Partners help you get the most out of your membership 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.

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 www.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 UACPA Members. For more info, visit Paychex.com/accounting-professionals.

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

Learn more about member benefits by talking to Amy Spencer, as@uacpa.org or calling 801.466.8022

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It’s Simple, Really.

Paychex provides the tools, technology, and expertise to help you become your clients’ most trusted advisor.

• Integration with QuickBooks® Online, Sage Intacct®, and Xero™ helps reduce errors.

• AccountantHQ helps manage clients’ payroll and HR on a single dashboard.

• Services that are flexible and technology that is scalable.

And with the time you save, create more opportunities to better serve your clients.

For More Information.

payx.me/uacpa-account

Paychex is proud to be the preferred provider of payroll, retirement, and HR services for the UACPA.

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.

July

August

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

Mark Anderson 801-532-7800

IN MEMORIAM Reagan S. Wood

Sept. 8, 1963 - May 6, 2019 UACPA Member since 1994

markanderson@hayniecpas.com

Sherman Agearl Hoskins

September

Jan. 12, 1943 - June 10, 2019 UACPA Member since 1971

Mark Anderson 801-532-7800 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.

July — September Steve Avis 801-532-7800 stevea@hayniecpas.com

Tax Issues

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

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. Direct questions related to legislative or regulatory issues to taxissues@uacpa.org

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 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 | July 2019

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Utah Association of CPAs

Nonprofit Org.

136 S. Main Street, Suite 510

U.S. Postage

Salt Lake City, UT 84101

PAID Salt Lake City, UT Permit No. 1996

Something

Big is Coming

Watch for Announcements in October 44

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