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CPA March/April 2012

Volume 54, Number 5

Tomorrow’s Trusted Attester New IRS Rules for Reporting Foreign Financial Assets Health Care Reform: Dealing with the Coming Employer Mandates Washington Brothers Score CPA Exam Top Ten Awards

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WashingtonCPA March/April 2012

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Contents

wa s h i n g t o n

CPA www.wscpa.org • memberservices@wscpa.org Tel (425) 644-4800 • Toll free in WA (800) 272-8273 Fax (425) 562-8853 902 140th Ave NE Bellevue, WA 98005-3480

BOARD OF DIRECTORS Mark A. Hugh Chair Mary D. Marino Vice Chair Randy L. Wells Secretary Lucy L. Liu Treasurer James R. Ladd Immediate Past Chair Richard E. Jones President & CEO

Tomorrow’s Trusted Attester

Peter E. Doubleday Sharon K. Philpott Joyce G. Etheridge Russell D. Price Waylon P. Jones Rosemary Sanchez Karissa A. Lackey Lisa J. Sunderman Susan E. Legel David E. Trujillo Peter R. E. Miller William L. Wells David J. Miniken Glenn G. Wisegarver Nerelys M. Ortiz CHAPTER BOARD CHAIRS Waylon P. Jones Bellevue Area Joseph W. Crowther Central Joseph M. Reid Central — North Seattle Jack W. Curnow Northwest Kathryn A. Dixon Olympia — Peninsula — Pierce County Mary H. Hawkins Sammamish Valley Connie L. Griffith Seattle H. Court Carter Snohomish County Michael K. Briggs South King County John Vogel South Sound Industry Trayson J. Harmon Southwest Lucas M. Zarecor Spokane — Wenatchee Katrina L. Cantu Yakima

Jeanette Kebede

Editor

The WashingtonCPA is published by the Washington Society of Certified Public Accountants for its members. Views and opinions appearing in this publication are not necessarily endorsed by the WSCPA. The products and services advertised in The Washington CPA have not been reviewed or endorsed by the Washington Society of Certified Public Accountants, its board of directors or staff. The WashingtonCPA (USPS 009754) is published six times annually by the Washington Society of Certified Public Accountants, 902 140th Avenue NE, Bellevue, WA 98005-3480. $12 of members’ annual dues goes toward a subscription to The WashingtonCPA. Periodicals postage paid at Bellevue, Washington and additional mailing offices. Photos by veer.com, gettyimages.com.

istockphoto.com,

and

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The Trusted Attester: A New Opportunity in Assurance Services

13

2012-2013 Board of Directors Nominees

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Thank You for Your Support of Washington CPA Foundation and CPAPAC

21 How to Respond to an Ethics Investigation 23 New IRS Rules for Reporting Foreign Financial Assets 25 Health Care “Reform”: Practical Steps That Employers and Their Advisors Should Consider Today to Deal with the Coming “Employer Mandates” 39 Washington Brothers Score CPA Exam Top Ten Awards Departments 4

Leadership Lens

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Tech Tip

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News Briefs

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CPE Digest

POSTMASTER:

16 Advocacy

37

Registration Form

Send address changes to The WashingtonCPA,

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38

Classified Ads

c/o WSCPA, 902 140th Avenue NE, Bellevue, WA

22, 40 Events

39

Profile

98005-3480.

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Foundation and CPAPAC Financial Literacy

WashingtonCPA March/April 2012

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Leadership lens

A New Credential for CPAs in Business & Industry By Rich Jones, CPA, CGMA, President & CEO

CGMA is a new global designation that recognizes CPAs working in a range of management accounting roles in businesses, industries, organizations and governments worldwide. Management accountants, in today’s complex business environment, have greatly expanded their roles as business partners and are expected to synthesize and interpret a wide range of non-financial and financial information. As the CGMA program matures and is fully built-out, it will leverage the resources of the AICPA and its 370,000 members and the deep store of information and learning materials concerning management accounting that CIMA has developed over its 92-year existence. CIMA is the largest management accounting body in the world with more than 172,000 members and students in over 165 countries. Only about 2,000 CIMA members are in the US. The designations historically used by CIMA have been the ACMA (Associate Chartered Management Accountant) and FCMA (Fellow Chartered Management Accountant). New ACMA and FCMA designations will not be issued after January 31; all new designations will be CGMAs.

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WashingtonCPA March/April 2012

To join CIMA in the past, candidates completed a period of qualifying practice of at least three years and passed a series of 15 qualifying exams. For CGMA members outside the US, these same qualification requirements will remain in place. However, US CPAs who are voting members of the AICPA and who meet the experience requirements described below will not need to take a qualifying examination to obtain the CGMA designation if they enroll before January 2015. Starting in January 2015, qualifying AICPA members must take a computer-based assessment to earn the CGMA designation. Until January 1, 2015, AICPA Regular (voting) members must meet any one of CGMA experience requirement options below. A minimum of: • Three years of financial (including internal audit) or management accounting experience in business, industry or government; or • Two years of financial or management accounting experience plus one year in public accounting; or • Three years of financial/management accounting experience on a consulting basis; or • Three years of experience in a management accounting role focused on the management and operation of a CPA firm.

As mentioned in Mark Hugh’s column, on January 31, the AICPA auto-enrolled all of their members whom they believed qualify for the CGMA credential (approximately 130,000 members). Many of our members, including me, received a welcome kit in the mail and a welcoming e-mail.There is no charge for the credential for the period from issuance until July 31, 2012. Thereafter, the annual CGMA credential dues will be $150. However, CGMAs with dual AICPA-state society memberships will save $50 and will have dues of only $100.

So why should qualifying CPAs in business and industry care about this credential? CGMAs will have access to a great deal of information and tools that were specifically developed for management accountants. CGMAs will have exclusive access to www.cgma.org which will host numerous jointly-developed resources and content, including:

CGMA Resrouces

f you look closely at my byline above, you will notice that I have added a new designation, CGMA.This stands for Chartered Global Management Accountant, a credential issued by a joint venture between the AICPA and the Chartered Institute of Management Accountants (CIMA). This new designation launched around the world on January 31 with simultaneous events in London and New York City. The launch event was at 5 am Pacific Time and I made sure to be up at that time to watch it over the internet. This new program/designation/credential has the potential to be a game changer for US CPAs and others around the world.

CGMA Experience Requirements

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• An online social network of management accountants worldwide; • Thought Leadership white papers; • Webcasts; • Frequent communication on current issues; • A digital international magazine for management accountants; • A competency self-assessment platform for ongoing professional development.

As the community of CGMAs gets established in Washington, the WSCPA plans to hold networking and learning events developed exclusively for CGMAs. Subject matter experts and discussion facilitators will be provided by AICPA and CIMA.We expect these events to be very valuable to attendees. It is exciting to be in on the ground floor of the CGMA program, something that may prove to be the gold standard for management accountants around the world. The Society is forming a task force of leaders in the management accounting field to help WSCPA staff launch this program in Washington. Jim Ladd, Immediate Past Chair of WSCPA and a fellow CGMA, has volunteered to chair this task force. If you are interested in serving on the task force, or if you have questions or want additional information, please contact Judy Love at jlove@wscpa.org or (425) 586-1130. You can contact rjones@wscpa.org.

Rich

Jones

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Leadership lens

Industry CPAs: Building a Plan for Future Growth By Mark Hugh, CPA,WSCPA Chair for 2011-12

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ne-half of the 10,000 members of the WSCPA work in industry, government, and education. Among some of those members, as well as members in public accounting, there’s sometimes a misunderstanding that the WSCPA’s activities only support its members in public accounting. I find the same misperception among some of the attendees of the Board of Accountancy mandated ethics courses that I teach on the behalf of the WSCPA. Being a CPA is being part of a respected but heavily regulated profession. And, the rules regarding representing oneself as a CPA apply 24/7 and in any role. Ethics rules expressly state this. A CPA who provides professional services may hold various positions. For example, they may be a salaried employee, a partner, a director, an owner-manager, a volunteer, or a consultant working for an employer, a firm, or for one or more clients. The form of the legal relationship between the CPA, the employer, or anyone they serve in any role, does not alter the CPA’s legal responsibility to follow all ethical rules and regulations. It’s those stringent mandated ethical rules, as well as our rigorous educational, certification, and continuing learning requirements that make the CPA designation the premier professional standard in accounting and finance in industry, government, and education. One of the core roles of the WSCPA is advocacy. And when it advocates on behalf of CPAs in Washington, in almost all cases that advocacy benefits members in industry, government, and education. Last year the WSCPA was instrumental in preventing the Board of Accountancy, our regulator, from being merged into a much larger government agency. That regulator licenses, makes rules for,

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and disciplines those 5,000 members in industry, government, and education. Similarly, this year the WSCPA is collaborating with the Board on a rule amendment that would allow the use of the title “CPA Retired” by CPAs who have retired their licenses. This change will benefit all of our members, especially those that have retired but still wish to use the title in a role such as serving as a volunteer on a board of directors. In January the AICPA introduced the Chartered Global Management Accountant (CGMA) credential. During this year and into the future, the WSCPA plans to work closely with the AICPA to promote the CGMA, as well as create special programs and initiatives to support our members in industry and government who are CGMAs. The CGMA doesn’t replace the CPA designation, it supplements the CPA credential by recognizing the special skills of management accounting beyond finance. For members in industry and government, this will enhance their professional credibility and give them access to extensive global resources and expertise. It’s an exciting opportunity that benefits half of our membership and all WSCPA members in industry and government should explore this new management accounting certification. And over time, the CGMA is poised to become the most valued, well known, and prevalent management accounting credential in the world. Some of our members currently also hold the Certified Management Accountant (CMA) designation, which is offered by the Institute of Management Accountants (IMA). This is a well-known and well-respected management accounting credential. However, it’s likely to decline in influence over the next few years as the CGMA expands and grows.

That statement isn’t intended to be inflammatory; it’s just the harsh reality when one looks at the potential for growth of the CGMA in the United States and worldwide. The IMA has 60,000 members, of which one-third are also CPAs. The AICPA has 370,000 members, of which approximately 130,000 are in industry and government. The CGMA is offered in conjunction with the 172,000 member London based Chartered Institute of Management Accountants (CIMA). All of the members of CIMA are in industry and government. The AICPA and CIMA will work in collaboration with the state societies to provide initiatives benefiting CGMAs. Approximately half of the members of the state societies are in industry and government and only half of those members are also members of the AICPA. That represents an additional group of 100,000 potential CGMA candidates. And, there are hundreds of thousands more CPAs in industry and government who are members of neither the AICPA nor a state society. This isn’t speculation, it’s reality. As noted in Rich Jones’ column, in January the AICPA automatically qualified its 130,000 members who are eligible for the CGMA. As soon as each of these members verify their experience with a few clicks of a mouse, the CGMA will already dwarf the CMA. And, there is room for much more growth both within the US and worldwide. The CMA credential will always exist and be of value for non-CPAs. However for CPAs, who already possess the premier professional accreditation in accounting and finance, the preferred path to enhancing that for management accounting purposes is now the CGMA. You can contact Mark Hugh at mark@ markhugh.com. WashingtonCPA March/April 2012

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cover story

The Trusted Attester: A New Opportunity in Assurance Services By Bob Bunting and Laurie Tish, Partners, Moss Adams LLP

CPAs are ideally suited to perform these attestation services for companies who report on their sustainability efforts.

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he December 2011 issue of the Journal of Accountancy includes an article on CPA Horizons 2025, the AICPA’s yearlong effort to examine what’s on the horizon for CPAs and the accounting profession. The January/February 2012 issue of The WashingtonCPA also included a report on this initiative. We won’t attempt to summarize the CPA Horizons 2025 report here, but it’s essential reading for forward-looking professionals.

so we’ll share our view on one relatively new service opportunity. The remainder of this article addresses the opportunities for CPAs to provide assurance on two different types of sustainability reports—corporate social responsibility (CSR) reports and vendor code of conduct reports.

Over the past five years or so, there has been an increasing recognition, especially among branded companies, that The purpose of this article is to drill they must demonstrate greater concern down on one of the 10 “Insights and for the environment, the well-being of Directions” in the report and suggest their communities, and the sustainhow the general language translates into ability of their business practices over a specific new service opportunity for time. Consumers, regulators, employthe CPA profession. Insight No. 5, Trusted ees, and other stakeholders are driving Attester, refers to our role as auditors this process. Slightly over 50 percent and the need to preserve the profes- of large US publicly traded companies sion’s place as the auditor of financial and now produce annual or semiannual CSR other decision-making information. The reports to inform stakeholders of their CPA Horizons 2025 report doesn’t give efforts to reduce greenhouse gas emisany examples of how this might play out, sions, lessen power consumption, and

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WashingtonCPA March/April 2012

eliminate unnecessary waste products. The percentage of reporting companies in Europe is even higher, exceeding 80 percent. Major companies such as Walmart, Costco, and Microsoft are now “greening” their supply chains by demanding that their suppliers regularly report on “codes of conduct,” which often contain many items included in traditional CSR reports. The supply chain reporting phenomenon has been given additional impetus by the California Transparency in Supply Chains Act. Passed in 2010, this law requires all retailers and manufacturers doing business in California and having total worldwide revenues in excess of $100 million to formally publish their policies and safeguards to prevent the use of slave labor and human trafficking in their product supply chains. The California attorney general estimates that 3,200 companies, many of whom are domiciled outside the state, will be required to report under this law, which took effect January 1 of this year. While the law doesn’t specifically require companies to do anything more than report their actions to prevent slave labor, what

As sensitivity to environmental and social responsibility has grown, the need to look “green” has become a competitive necessity for many companies. However, there’s a big difference between looking green and being green.

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trusted attester

company would want to report to their customers and shareholders that they’re doing nothing? At least a few of these companies have turned to their outside auditors for additional testing procedures related to their supply chains. CSR reporting began as a way for companies to differentiate themselves from competitors as conscientious, environmentally and socially responsible citizens. As more companies have embraced CSR reporting and mandated upstream reporting by their suppliers, it has become a commercial necessity in many industries, such as food processing and agribusiness, clean technology, consumer electronics, and parts of the health care industry. The next time you stop by your wine store to buy a special bottle for friends, read a few of the back labels. You’re likely to see references to organic vineyards and other sustainable practices that you may not have seen a few years ago. So where does the CPA come in? As sensitivity to environmental and social responsibility has grown, the need to look “green” has become a competitive necessity for many companies. However, there’s a big difference between looking green and being green. Some of the barriers and challenges are: • •

Lack of a single reporting standard for measurement and benchmarking in CSR reporting A plethora of green product certifications with sometimes questionable standards or verification Incentives within companies to report on what’s good and ignore what’s bad in their environmental and social performance Informal or inadequate systems for collecting data and ensuring quality control over reported data Inconsistent use of key performance indicators (KPIs) or benchmarks

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Trusted Attester Preserve the role of the CPA as the trusted attester of financial and other information. •

The profession must stay vigilant in defending its unique role as providers of audit and attest services. All CPAs benefit from the public trust that is rooted in the provision of audit and assurances services. Audit and attest functions must evolve to meet changing regulatory demands and client and business needs.

Copyright 2011 The American Institute of Certified Public Accountants. All rights reserved. Used with permission.

Lack of an external attestation requirement to ensure integrity and accuracy in reporting

Despite the lack of an attestation requirement, companies and other informed buyers are increasingly requiring verification of sustainability claims from their suppliers and service providers. For example, both Costco and Walmart reserve the right to have supplier reports verified. There are several verification models in place today, including an examination by an independent CPA, which is the highest level of assurance available under current standards. CPAs are ideally suited to perform these attestation services for companies who report on their sustainability efforts. Since the gathering of data for a vendor code of conduct report or of KPIs for a CSR report requires a robust structure of internal control and a formal reporting process, auditors can easily adapt their existing attestation approach and framework to conduct the examination of the code of conduct items or of the KPIs or other CSR data. One of the challenges for sustainability attesters is that there’s no set authorita-

tive guidance on the criteria by which the data must be verified. Groups such as the International Integrated Reporting Committee (IIRC), which is trying to create a globally accepted framework for sustainability accounting, may ultimately succeed. But one of the hurdles it must vault is the fact that each industry is unique in the way it addresses and reports on sustainability data. Currently the CPA, working with the client, must identify the criteria applicable to the reported data. These may include criteria established by the industry or even by the client itself. The vendor code of conduct engagements are much more clear in this regard, since the code of conduct itself serves as the criterion. Underlying all this is the structure of internal control in place governing the CSR or code of conduct data. Sustainability data is rarely as clean as financial data generated by the company, since the related internal systems aren’t as sophisticated or well maintained. And too often sustainability data is carved out of operational data and massaged along the way before it’s reported. But there’s no reason the internal controls governing sustainability data shouldn’t align with the COSO framework. The rigors WashingtonCPA March/April 2012

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trusted attester

of an annual verification process and the ability of a CPA to place reliance on a company’s structure of internal control over sustainability data would help company management understand the importance of implementing and maintaining a robust system. Another issue for CPAs and their sustainability clients to consider is the choice between the types of assurance engagements available. As noted above, an annual CSR report lends itself very well to a traditional examination engagement, but for this option to be viable the client must have a strong structure of internal control over both the integrity of the data and the related reporting process. The resulting examination report may be issued under US attestation standards or international attestation standards established by the IAASB. Two other options are an agreed-upon procedures engagement or a review, each issued under the attestation standards established by the AICPA. Not many US-based companies are choosing to have their CSR or code of conduct reports examined by CPAs. In fact, most CSR reports aren’t verified at all. Instead companies often choose their own “independent experts”—frequently from their own board of directors or other related parties—and these influencers help decide what area should be covered in the report. While this effort has value, it can be misunderstood by users of the report to constitute some form of verification of the data—when in reality it’s merely addressing the suitability of the criteria and KPIs the company has chosen to measure and report. Code of conduct reports are often verified, but again, this work isn’t always being performed by CPAs. Some of the market players are consulting firms that perform certain procedures related to the code of conduct requirements and then issue a pass-fail grade that’s submitted directly to the vendor. This method of verification doesn’t allow much dialogue between the supplier company’s management and the verifying firm, which

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As CPAs, we need to help educate our clients and the companies we do business with to the advantages of engaging a Trusted Attester.

increases the risk of inaccurate reporting. It also doesn’t address the integrity or reliability of the underlying internal control structure. We believe the independent auditor of the supplier company’s financial statements is best suited to conduct the verification of the code of conduct report. These reports frequently address personnel- and payroll-related matters, environmental and factory conditions, and other requirements that may overlap with financial statement audits. For example, personnel- and payroll-related data could be tested via an expansion of the internal control testing done in connection with the financial statement audit, and assessments of environmental or factory conditions could be accommodated in site visits or inventory observations typically performed in a financial statement audit. There are numerous benefits to engaging a CPA to examine CSR and code of conduct reports, including: • •

It offers the highest level of assurance. There’s a direct relationship between the client and the verifying firm, which allows for enhanced communication and more accurate testing results. Particularly for code of conduct reports, procedures can be combined or performed at the same time as the audit of

financial statements, allowing for a more efficient use of company and auditor efforts. As with a financial statement audit, a valuable by-product of the service can be a management letter of recommendations, which allows management to see where improvements and efficiencies can be made to the internal control structure and data gathering and reporting processes.

Companies that track and measure sustainability efforts need to establish unquestioned credibility for their claims and assertions in this area. After a company goes to all the trouble of gathering, analyzing, and reporting sustainability data, the best thing it can do is have the report examined to ensure stakeholders of its accuracy. As CPAs, we need to help educate our clients and the companies we do business with to the advantages of engaging a Trusted Attester. The former CEO of Moss Adams, Bob Bunting now leads the firm’s Sustainability Services Group. He is also a past member of the IIRC. Laurie Tish, CPA, leads the firm’s Puget Sound region Not-for-Profit & Government Services Group and serves on the firm’s Sustainability Services Group. Past chair of the Washington State Board of Accountancy, she currently serves on the board of directors of the National Association of State Boards of Accountancy. www.wscpa.org


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WashingtonCPA March/April 2012

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news briefs

Look for Your WSCPA Membership Renewal in Your Mailbox Win one of three $300 Amazon gift cards

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our annual membership renewal will be mailed April 17 and will cover your membership from June 1, 2012-May 31, 2013. Payment is due no later than June 30, 2012. Renew early and you have the chance to win big! The WSCPA will hold three drawings for $300 Amazon gift cards.The sooner you renew, the more opportunities you have to win. 1. 2. 3.

Pay your dues by midnight April 30 and be entered into each of the three drawings. Pay your dues by midnight May 15 and be entered into the second and third drawings. Pay your dues by midnight June 1 and be entered into the third drawing.

As an extra bonus, if you renew your membership and update your membership profile by June 1, you will earn an extra entry into the drawing for a $100 Amazon gift card. Thank you in advance for your prompt renewal and for your continued membership in the WSCPA! Have you recently moved, changed employers or changed your e-mail address? If you answered “yes” to any of these questions, please update your contact information with the WSCPA prior to April 1. Make changes at www.wscpa. org (click “Update Profile”) or e-mail changes to memberservices@wscpa.org.

Nominate an Outstanding Member

wscpa Membership Renewal Options Thank you for renewing your membership by June 1, 2012

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Online at www.wscpa.org, under Membership

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Call (425) 644-4800 or (800) 272-8273 (Toll-free in Washington) with a credit card

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Fax your membership renewal statement to (425) 562-8853

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Mail with payment to WSCPA, 902 140th Ave NE, Bellevue, WA 98005-3480

WSCPA Annual Awards John L. O’Brien Lifetime Achievement Award Vincent A. Gervais Public Service Award Business of the Year Award Volunteer of the Year Award Rising Star Award New Professional Award

Submit your nomination by March 15 at www.wscpa.org. (Enter “awards” in the search box.)

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news briefs

In Memoriam: Lorin H. Wilson

As The WashingtonCPA magazine was going to press, we received word that Lorin H. Wilson passed away on January 29, 2012. Lorin served as Board Chair of the WSCPA (1954-1955), Chair of the State Board of Accountancy, and Vice-President of the AICPA, and chaired many other prestigious boards. His entire career was spent at Deloitte, where he served as Managing Partner of both the Seattle and Los Angeles offices and on D&T’s Board of Directors. He received the John L. O’Brien Lifetime Achievement Award from the WSCPA in 2008.

1. The renewal deadline is April 30. After April 30, renewal applications must include a $100 late fee. 2. Renew online.You must renew your individual and/ orfirm license with the State Board online using CPA Online. Download instructions for using the online system here: www.cpaboard.wa.gov/files/Detailed_Instructions_w-pics.pdf. Questions? Please visit www.cpaboard.wa.gov or send an e-mail to customerservice@cpaboard.wa.gov.

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Membership Notice

The membership of Shawn E. Stoller of Bellevue has been terminated in accordance with paragraph 11.2 of the WSCPA bylaws following the revocation of his individual and firm licenses by the Washington State Board of Accountancy.

Find out more at cgma.org

www.wscpa.org CGMA_ThirdPage_ADS.indd

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

GR WTH Officially, of course, it’s Chartered Global Management Accountant. A new designation representing accomplished professionals that drive and deliver business success, worldwide.

Easy Marketing for Your Firm Enroll by March 31 for just $175 and your listing will be in the service through June 30, 2013. Your listing is FREE from April-June! Sign up today at www.wscpa.org (click “Find a CPA”)

Are Your CPA Credentials Due for Renewal in 2012? Important Renewal Reminders

It’s what CGMA stands for.

CPA Referral Service

1/30/12 11:21 AM

as the public able to easily find your firm this past tax season? Are you looking for ways to attract new clients? Now is a great time to enroll your firm in the WSCPA Find a CPA Referral Service and expand your client base. The public turns to the WSCPA Find a CPA Referral Service more during tax time than any other time of the year. There is still time left for new clients to find you this tax season. Enroll by March 31 for just $175 and receive three free months of service (April-June). Your listing will be enrolled in the service through June 30, 2013. This service does far more than any ordinary phone book listing. Not only does this service make it easy for new clients to find your firm, but it also highlights the services and areas of expertise offered by your firm. How does the service work? This service is marketed in directories statewide, online directories, and via Twitter and Facebook. Each firm in the referral service is promoted via social media to our followers. Hundreds of individuals and businesses statewide looking for CPAs visit this service at www.wscpa.org or call the Society to receive a list of participating CPAs based on services offered. A recent user of the CPA Referral Service said: “Very helpful. It was a quick and easy-touse resource, which produced half-a-dozen suggested CPAs [in my area that met my desired service needs].” What are the benefits? Consumers seeking a CPA will learn about your firm’s services and contact information. Provides inexpensive, effective marketing for your firm. Questions? Call (425) 586-1142, or toll-free in Washington at (800) 272-8273, Ext. 1142, or send an e-mail to memberservices@wscpa.org. WashingtonCPA March/April 2012

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volunteer

news briefs

Committee Spotlight

discounts

The GAA Committee: • Responds to standard setters (GASB, AICPA, and GAO); • Plans and executes a successful annual conference (April 19-20, 2012 — see page 30 for more information); and • Networks with government professionals outside the WSCPA. The WSCPA Government Accounting and Auditing Committee meets the second Friday each month (excluding April). Meetings are scheduled from 10 a.m.-12 p.m. at the WSCPA or in the Seattle area. Conference calling is available for all meetings. Registration is not required and committee meetings do not qualify for CPE credit. For more information go to www.wscpa.org (click “WSCPA Community,” then “Committees,” “Government Accounting and Auditing Committee”). To join the committee, click on “Sign up Today” on the Committees page. For more information, contact Jennifer Ayoub at (425) 586-1142 or jayoub@wscpa.org. Learn about WSCPA committees at www.wscpa.org (WSCPA Community > Committees)

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WashingtonCPA March/April 2012

CPE

resources

network

Take Stock in the Value of Your Membership

Government Accounting & Auditing Committee

Whether you work for a government agency or in public accounting serving clients in the government arena, making connections with other WSCPA members who work in this niche can be an invaluable member benefit. Consider joining the WSCPA Government Accounting and Auditing Committee (GAA) and start making those connections today.

updates

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he WSCPA is dedicated to continuously adding value to your membership and providing the resources you need to fulfill your professional responsibilities. Do you know all the member benefits your membership currently affords you? Networking with Peers. Attend networking events, join a committee, or participate in a chapter meeting and gain the opportunity to meet and talk with other CPAs in your area who have similar interests. See networking events on page 22 or visit the WSCPA Community section of the Society’s website, www.wscpa.org. Cutting Edge and Convenient CPE. Choose from over 12,000 hours of live professional education annually, as well as a wide array of self study and webcast options, in-house training, and more. You are sure to find an education option program that meets your professional needs. To search for CPE, visit www.wscpa.org/cpe/catalog. Career Center. Whether you are a CPA looking for a new position or an employer with a position to fill, the online Career Center at www.wscpa. org (click Career Center) is a helpful resource. Timely Information. Receive timely information and keep up to date on changes in the profession with information at www.wscpa.org, in The WashingtonCPA magazine and The Short Form e-newsletter. CPA Referral Service. Enroll in the online referral service and allow this cost effective tool to market your firm’s services and increase your client base. For more information, visit

www.wscpa.org and click “Find a CPA” or turn to page 11. Community Outreach. Give back to your community and share your expertise. Learn about Financial Literacy and Advocacy volunteer opportunities at www.wscpa.org (visit the Financial Literacy or Advocacy section and select “Volunteer”). Insurance Services. From group health insurance to professional liability, long term care and disability insurance, WSCPA has partnered with insurance providers and brokers to help you get the coverage you need. For more information visit the Membership section of www.wscpa.org and select Member Benefits. Discounts. Receive discounts on various services and products you need for everyday business like Paychex, CCH, UPS shipping, and more. Review the affinity partners and discounts in the Membership section of the website (select Member Benefits). CPA Exam Review Discounts. Student members receive substantial discounts on both live and self study exam review courses. Choose from Becker, ExamMatrix, Kaplan, Lambers, Rigos, Roger, and Yaeger. For complete details visit the Society’s student website, www.discovercpa.org (select “Exams,” then “Steps to CPA”). These are just a few of the benefits available to you. If you have questions about your member benefits, contact Jennifer Ayoub, Membership Services Administrator, at (425) 586-1142, or (800) 272-8273 (toll-free in Washington) or e-mail jayoub@wscpa.org. www.wscpa.org


board nominees

2012-2013 Board of Directors Nominees

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he Board of Directors is pleased to present for your review nominees for the Society’s 2012-13 Board of Directors.

In accordance with Article VI of the bylaws, all nominees will be declared elected by the secretary at the annual meeting unless other nominations, supported by at least one percent of membership, are received by March 1, 2012. If a contest for one or more positions develops, an election for those positions will be held at the meeting.

Randy L. Wells, CPA Position Term Board service

Glenn G.Wisegarver, CPA

Lucy L. Liu, CPA

Randy L.Wells, CPA

Lucy L. Liu, CPA

Glenn G. Wisegarver, CPA

Vice Chair

Position

Treasurer

Position

Secretary

1 year; automatically becomes chair 2013-14

Term

1 year

Term

1 year

Board service

Since 2009

Board service

Since 2009

Since 2009

Randy Wells, CPA, is the former Managing Partner for RSM McGladrey, overseeing the firm’s Pacific Northwest and Bay Area offices. With the firm since 1989, he has more than 20 years of experience in public accounting, with expertise in accounting and auditing, and other consulting services in the manufacturing, distribution, construction, and professional services industries. Randy has held leadership positions for several professional and civic organizations. A graduate of Eastern Washington University, Randy is married with three children.

www.wscpa.org

Lucy Liu, CPA, is the Tax Division Manager for the City of Bellevue where she administers the city’s business taxes and licenses. She has worked in the state and local tax area for 19 years. Prior to joining the City of Bellevue, Lucy worked at a national accounting firm in its state and local tax practice specializing in Washington Business & Occupation and sales and use taxes. She is also a former revenue auditor for the Washington State Department of Revenue where she audited businesses for compliance with state taxes. Lucy is a graduate of the University of Washington. She lives with her husband and two daughters in Bellevue.

Glenn Wisegarver, CPA, is Vice President of Finance & Information Technology at Zetec, Inc. Prior to his current role, Glenn held a number of financial leadership positions with Hitachi Consulting, Arthur Andersen LLP, Microsoft, Tektronix, and Ford Motor Company. Glenn also served as a Captain in the U.S. Air Force. Glenn is a past President and longtime board member of the Washington Chapter of Financial Executives International. Married with two children, Glenn enjoys baseball, fishing, writing, and Laser sailboat racing.

WashingtonCPA March/April 2012

13


board nominees

Robert L. Grannum, CPA

Dean A. Granholm, CPA

Meet the Incoming Chair: Mary Dowling Marino, CPA Mary Dowling Marino, CPA, is a tax partner in the Commercial Services group of CliftonLarson Allen LLP’s Bellevue office. During her 30 years of experience Mary has held leadership positions with Jefferson Wells, RSM McGladrey Inc., and KPMG. She is currently a member and former Chair of the Board of Directors for the King County Boys and Girls Clubs and a member of the Women Business Owners organization. Mary and her husband, Carl, live on Bainbridge Island and in Bellevue.

Dean A. Granholm, CPA

Robert L. Grannum, CPA

Position

Director

Position

Director

Term

3 years

Term

3 years

Dean Granholm, CPA, is Chief Accounting Officer for AAA Washington, headquartered in Bellevue. With 21 years of experience at this premier membership organization, he manages accounting, tax and budget matters for its multiple businesses, including the auto club, insurance agency, travel agency and retail sales. Dean has served as President and Director of the Bellevue Chapter of the WSCPA and as Trustee of the Washington CPA Foundation. Following a mid-life career change, Dean earned a B.A. in Business/Accounting at the University of Washington, and briefly served on the audit teams at Arthur Young and Ernst & Young prior to joining AAA.

Rob Grannum, CPA, is a tax partner in the Puget Sound region of Moss Adams and is the firm’s Health Care Group leader for the Washington Region. He provides federal and state taxation services to a variety of business and individual clients, with particular emphasis on health care organizations. Rob maintains an in-depth knowledge and understanding of the tax laws related to the health care industry and is a frequent speaker at various health care and business organizations regarding the impacts of health care reform. Rob is a member of the Medical Group Management Association and Health Care Financial Management Association. He also serves on the board of the Boys & Girls Club of Snohomish County.

Remaining on the Board The following members currently serve on the board and will serve on the 2012-13 Board in the following positions:

14

WashingtonCPA March/April 2012

Chair:

Mary Dowling Marino, CPA

Immediate Past Chair:

Mark A. Hugh, CPA

President & CEO:

Richard E. Jones, CPA, CGMA

www.wscpa.org


board nominees

Marinilka B. Kimbro, PhD

William A. Simer, CPA

Andrew L. Read, CPA

Marinilka B. Kimbro, PhD

William A. Simer, CPA

Andrew L. Read, CPA

Position

Director

Position

Director

Position

Director

Term

3 years

Term

3 years

Term

3 years

Marinilka Barros Kimbro, PhD, teaches at Seattle University and received her PhD from the University of Maryland. She has held research appointments at HEC-Paris, Hong Kong Polytechnic University, IE-Madrid, UW-Tacoma and Gonzaga University. Dr. Kimbro has also been active in training executives at the Securities and Futures Commission in Hong Kong, Goldman Sachs, Credit Suisse, Johnson Stokes & Masters, E&Y, Sidley Austin, NYU Executive Summer Institute, and the Global Forum among others. An expert on IFRS and fraud, Dr. Kimbro has taught, worked and traveled all over the world. Marinilka lives in Bellevue with her husband David and their two sons.

Andy Read, CPA, is an Audit Partner and Director of Deloitte Growth Enterprise Services in the Seattle office of Deloitte & Touche LLP. He has provided a variety of audit, due diligence and other assurance services to domestic and foreign-held entities for over 20 years. He served a two-year term with Deloitte’s Tokyo office from 1997-1999. Since 2009, Andy has co-led the firm’s middle market growth initiative and now serves family-owned and other privatelyheld enterprises. A graduate of Seattle University, Andy sits on the boards of Seattle University’s Albers School of Business Accounting Advisory Board, Capitol Hill Housing Improvement, Japan America Society of the State of Washington, and Seattle Pony Baseball.

William Simer, CPA, is a shareholder in the Spokane-based firm of McDirmid, Mikkelsen & Secrest, P.S. With more than 35 years of experience in both public accounting and industry, Bill has held key leadership positions in many community organizations, including Greater Spokane Incorporated, the Spokane Symphony, and the Fox Theater. He currently serves on the boards of the Eastern Washington University Foundation and the Inland Northwest Community Foundation. A member of the AICPA, Bill earned a B.A. in Professional Accounting from Eastern Washington University. Bill and his wife, Renee, live in Spokane.

Directors:

Peter E. Doubleday, CPA Joyce G. Etheridge, CPA Waylon P. Jones, CPA Karissa A. Lackey, CPA

www.wscpa.org

Peter R. E. Miller, CPA David J. Miniken, CPA Nerelys M. Ortiz, CPA

Sharon K. Philpott, CPA Rosemary Sanchez, CPA David E. Trujillo, CPA

WashingtonCPA March/April 2012

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advocacy

Emergency Preparedness ... and Advocacy By Judy Love,WSCPA Director of Advocacy

WSCPA Grassroots Volunteers -

A

s of this writing, some 25,000 Puget Sound residents are still in the dark after nearly a week. Perhaps your neighborhood was one of those so affected, or you were among the 200,000 without power for several days. As we head into “normal” March weather— or what passes for normal in recent years—many of us are reassessing our preparedness for adverse weather. Either that, or we were pleased and perhaps a bit surprised to discover how resourceful we can be under such circumstances. Dealing with sporadic Internet connection while working from home for three days, I have tried to keep up with daily bill monitoring reports from WSCPA’s lobbyist, Lisa Thatcher. The good news is, as we have been predicting, it appears there is nothing in this legislative session that affects the profession in particular that we need to leap into action to support or express opposition to. But that does not mean that a watchful eye and emergency preparedness aren’t necessary until the last minute of the last day of any legislative session. A key element of that preparedness is ensuring that some 150 grassroots volunteers around the State are ready and willing to respond if called to action. To that end, I sent a message to all the volunteers two days before Christmas (see box).

16

WashingtonCPA March/April 2012

Many of you have not been asked to contact your legislators for the past couple of years, but that does not mean that you are not still a valuable part of a state-wide network. I have been talking recently with some very new CPAs who have expressed a keen interest in getting involved in advocacy. They are ready to leap into action right NOW. They want to know “When?” and “How often?” I explain it’s more like being a volunteer firefighter, ever alert and ready, but almost hoping no situations arise to require your services. That has been the case for the past couple of legislative sessions. We have been very strategic in addressing the few issues that have surfaced. This has meant engaging only those WSCPA grassroots volunteers from districts where a fire has started to smolder. Fortunately, we have been successful in putting out the embers at that level without calling on reinforcements from neighboring firehouses. (Translation: Any bill we were concerned about never made it out of its committee of origin, never reached the attention of more than a couple of dozen legislators.) I hope I can still count on you to contact one or all of your legislators should an issue arise that affects the profession. As always, you will receive the core of a message and a direct link to the legislator’s email. No need to respond if you plan to keep your firefighting gear close to your desk, but please let me know if you would like to retire from service. Even though I expected mostly “out of office” notices, and only needed to hear from those who chose to opt out, within minutes nearly a dozen messages came flying back: “You can count on me!” “Always happy to do this; just let me know.” “Nice letter and analogy. Count me in as one of your volunteer fire fighters.” This is both personally and professionally gratifying. For the past 12 years these dedicated members continue to understand how very important constituent contact can be. Sometimes the fate of a piece of legislation can hinge on one phone call, which actually happened on the Practice Mobility bill a few years ago. Although everything has been quiet for the profession on the legislative front, the State Board has taken initial steps towards enacting a long-awaited change to section 4-30 of the WAC (Washington

Administrative Code)/Board Rules that will allow the designation “CPA Retired” for those CPAs who: • •

Have reached 60 years of age and hold an active license in good standing; or At any age, have held an active license in good standing, not suspended or revoked, to practice public accountancy in any state for a combined period of not less than 20 years.

Watch for notice of public comment and hearing in the Board’s WBOA-News. If you aren’t already receiving it, you may subscribe at www.cpaboard.wa.gov. The Board expects to establish procedures to accommodate those who meet the criteria but have already retired a license. If you have questions, contact me at jlove@wscpa.org or (425) 586-1130. www.wscpa.org


Thank You for Your Support of Washington CPA Foundation and CPAPAC Washington CPA Foundation Your support of the Washington CPA Foundation helps aspiring CPAs realize their dreams. For the 20112012 academic year, the Foundation awarded $40,000 in scholarships to 13 accounting students attending Washington universities. This year’s scholarships included three named scholarships, the Roy J. Polley Memorial Scholarship, the George Waterman Memorial Scholarship, and Sambataro Family Scholarship. The Foundation also supports Accounting PhDs through the ADS program, and financial literacy through community grants. This year’s grant winner is the Financial Education Private Public Partnership. Learn more by watching the Foundation video online at www.wscpa.org (enter “Foundation” in the search box).

Foundation Circle Contributors Named Scholarship Contributors* Derrek L. Gafford, CPA Ernst & Young LLP KPMG Linda Polley Moss Adams LLP

Northwest Accounting Educators PricewaterhouseCoopers LLP Joseph P. Sambataro Jr Peter A. Shimer, CPA Wells Fargo

* Contribution of at least $3,000 toward a named scholarship to be awarded the next academic year.

Chairman’s Circle Richard E. Jones, CPA

Leaders Circle Jessica E. Andrews, CPA Rodney W. Ashby, CPA Daniel W. Brady Sr, CPA, MBA Brian T. Carroll Robert M. Cole Jr, CPA, MA Scott E. Eschbach, CPA

Joyce G. Etheridge, CPA Daniel W. Fisher Heather L. Fitzpatrick, CPA Richard D. Greaves, CPA Michelle H. Gretsch, CPA Wendy F. Jones, CPA, CIA, CMA Brett J. Jordan, CPA

CPAPAC During the upcoming political campaign season, WSCPA members will meet with legislative and gubernatorial candidates to deliver CPAPAC checks. Those meetings will provide an opportunity for discussions about key issues for the profession. They will also increase CPAs’ visibility while enhancing legislators’ understanding of the critical role CPAs play in preserving the state’s business climate. Thank you to every WSCPA member and firm whose CPAPAC contributions play such an important role in the Society’s advocacy efforts on behalf of the profession.

Foundation Contributor Level

Contribution

Named Scholarship Contributor Chairman’s Circle Senior Executives Circle Executives Circle Leaders Circle Senior Contributor Supporting Contributor

$3,000+ $2,500+ $1,000-$2,499 $500 -$999 $250 - $499 $100 - $249 $50 - $99

Senior Executives Circle Mark A. Hugh, CPA

James R. Ladd, CPA Executives Circle

L. Neil Bretvick, CPA, MS Tax Weldon T. Burton, CPA Antonio M. Laliberte, JD Susan E. Legel, CPA, MBA Lucy L. Liu, CPA Donald W. Luby, CPA Mary D. Marino, CPA, MBA Jeffrey P. Maxwell, CPA, JD Peter R. Miller, CPA, CFE

Dean A. Granholm, CPA Sharon K. Philpott, CPA William A. Simer, CPA Julleen J. Snyder, CPA Lisa J. Sunderman, CPA, MBA David E. Trujillo, CPA Randy L. Wells, CPA William L. Wells

Learn more about the Foundation and CPAPAC at www.wscpa.org (search for “Foundation” or “CPAPAC”). Contributions to the Washington CPA Foundation and CPAPAC may be made at any time during the year, or when you renew your Society membership every spring. www.wscpa.org

WashingtonCPA March/April 2012

17


Foundation & CPAPAC

Thank You to Contributors to the Foundation and CPAPAC

Thank you

The following individuals and organizations donated to the Washington CPA Foundation or CPAPAC from January 2011-January 2012.

Foundation Contributors Senior Contributors Patricia L. Angell, CPA Erica M. Ash, CPA, MBA Robert J. Bowls, CPA Jolene G. Cox, CPA Bonnie L. Curran, CPA Jennifer G. de Leon, CPA Christopher W. Hesse, CPA Arlen G. Horst, CPA, CMA Barbara M. Johnson, CPA Bryan R. Joyner, CPA Michael J. Kander, CPA, CIA Jason D. Kors, CPA, MS Tax Glenn M. Light John P. Marvin Russell James PLLC Sandra J. Moss, CPA Glenn G. Wisegarver, CPA Supporting Contributors Carmen J. Aguiar, CPA, CFP, PFS Colleen R. Anderson, CPA Gordon P. Asheim, CPA Kim M. Atwater, CPA Donald F. Aubrey, CPA James D. Bacon, CPA Bill Bailey Kiyosha B. Baird, CPA Tyler J. Baldwin, CPA Cathi L. Barta, CPA Marc G. Bateman, CPA Steve Becher Louis H. Beckman, CPA David G. Bembridge, CPA Arlene J. Berry, CPA Robert C. Best, CPA, JD Jessie D. Beyer, CPA Irene B. Birdsall, CPA Bruce E. Bixler Gregg Blodgett Bradley S. Bogar, MBA Pat L. Bohan, CPA, CGFM Sidney H. Boles, CPA Gaylon D. Boley, CPA Geraldine L. Booth, CPA Brady W. Borel Paul W. Brandstetter, CPA William H. Bratton, CPA Bruce D. Breitenbach, CPA Gunnar Brokhaug, CPA Brian R. Bronk, CPA George M. Brower, CPA, CIA David A. Brown

18

John R. Brown, CPA Christine B. Brunner, CPA Bruce P. Budge, CPA Daniel A. Burns, CPA Bradford N. Buskirk, CPA Deanne M. Butler, CPA Gayle L. Cagianut, CPA Yasmin L. Caldwell, CPA Curt A. Carlson Maria T. Carrion-Ochoa, CPA Edward T. Carson, CPA Cesar Q. Castaneda, CPA Rebecca A. Cates, CPA Marc D. Christianson, CPA Theresa J. Christianson, CPA Robin A. Clark, CPA Roger F. Clark, CPA Kenneth L. Clenin, CPA Barbara J. Clevenger, CPA James E. Coates, CPA R D. Collier, CPA Daniel C. Collins David C. Conklin, CPA Jeffrey M. Cordova, CPA Deborah A. Corrington, CPA David D. Cottler Michael R. Cross, CPA Joseph P. Deacon, CPA Richard J. DePosit, CPA, MS Tax Susan G. Devaney Eva M. Donahoo, CPA David A. Dorn, CPA Peter E. Doubleday, CPA Thomas N. Durrett, CPA Charles J. Dyer, CPA Scott C. Eastham, CPA Thomas J. Eby MBA Phillip T. Eggers, CPA Roger J. Elliott Robert J. Erickson, CPA, JD Kim E. Etlicher, CPA Joan C. Faubion, CPA Leon F. Ficker, CPA John J. Flavio Jr Paul J. Fleury, CPA Joseph R. Forde, CPA Jackie L. Franklin, CPA Norman H. Frey Li Fu, CPA Jesusa J. Fusade, CPA James H. Gall, CPA, MBA Chris A. Gates, CPA, CITP Stephanie W. Gebhardt, CPA Pamela S. Geiger Dr Norman J. Gierlasinski, CPA Susan Gill Brian G. Gosline, CPA, JD

WashingtonCPA March/April 2012

Irwin L. Goverman, CPA Roger K. Gray, CPA, MBA Terry W. Greer, CPA, MBA Harumi K. Guiberson Clarence G. Guimond Jr, CPA Gary G. Guinn Ariff A. Gulamani, CPA, CA Vaughn S. Hagen, CPA Walter J. Haig II, CPA Ian R. Halifax, CPA Mary M. Hammons, CPA Jerry C. Haralson Michael R. Harper, MBA Darryl L. Harris, CPA, CFE Michael P. Hart, CPA, MPAc Michael D. Haveman, CPA Walter A. Hedeen, CPA Alicia M. Heggerness, CPA M S. Heidema, CPA Teresa A. Herrin, CPA Gary L. Hielkema James K. Hilger, CPA Kim P. Hillyard John R. Hodder, CPA Susan G. Hoenig, CPA Shyh-Ing Hong, CPA William D. Hood, CPA Steven J. Hopp Stephen J. Hopps, CPA Loren D. Hostek, CPA Dixie A. Hughson, CPA Gary E. Hutchens, CPA Michael K. Hutchinson, CPA Roberta Hyman, CPA Hitoshi Inoue, CPA Cindy L. Isaacson, CPA Kenji Ito, CPA Joyce T. Jakubiak, CPA, MBA Natalia S. Jernegan, CPA Debra L. Johnson Ernest R. Johnson Don N. Jonas, CPA Waylon P. Jones, CPA, CFE, CFF George C. Jonson, CPA Carolyn D. Judd, CPA, BBA Kazuhiko Kadono, CPA, CGA Arthur Y. Kageyama Osamu Kasuya Raad T. Kattula, CPA Robert B. Kemper, CPA John E. Kimball, CPA Marinilka B. Kimbro, PhD Rebecca M. Kitz, CPA Douglas M. Klan, CPA Teruo Kobayashi, CPA John P. Koenes, CPA Jeffrey R. Kolcum

Karl J. Korsmo Glenn E. Kosai Jocelyn P. Krabbenschmidt, CPA Vildana Kunduklija, CPA Stroud W. Kunkle, CPA Evelyn M. LaFond Irene R. Laible, CPA Nancy M. Lalic, CPA Gordon W. Lamb, CPA Michael R. Lampton, CPA Kathryn J. Lappano, CPA Marvin P. Leaf, CPA David C. Lee Kwang M. Lee, CPA Matthew J. LePley, CPA Rick L. Linder, CPA Luellen H. Lockwood, CPA Deborah M. Loober, CPA William D. Loughrin Jr, CPA Donna K. Lutkewitte, CPA, MS Richard C. Lyga, CPA John S. Macdonald, CPA Anthony T. Mai Harriet Man, CPA, CA Michael J. Mansfield, CPA Pansey L. Marro, CPA Carrie A. Martin Connie M. Martin, CPA Sam T. Martin, CPA, CFP, MBA Gregory A. Matty, CPA Ross D. McIvor, CPA James W. McKean, CPA Phil McLaughlin Tim McNees Stacie M. Meyer, CPA Lynn M. Micheau Fawn L. Michel, CPA Sallie A. Miles, CPA David J. Miniken, CPA, CMA James B. Misenheimer III, CPA Bruce I. Mitchell, CPA, MBA Donald W. Mitchell Patricia G. Molnar, CPA Robert M. Monson, CPA Robert E. Morrow, CPA John R. Morton, CPA Matthew S. Moser, CPA, PFS Gary E. Mueller, CPA Cassandra L. Mulligan, CPA Michael A. Munger, CPA Donald J. Murphy, CPA Daniel B. Myers-Power, CPA Alisa S. Na, CPA Bea L. Nahon, CPA Bradley D. Nelson David S. Nelson, CPA, CTRS Kristine T. Nelson, CPA, MPACC

Michelle B. Nelson, CPA Raquel R. Nelson, CPA Todd G. Nelson Ann B. Nguyen, CPA Thomas P. Nicholas, CPA Riene S. Niemcziek, CPA Henry L. Nornberg, CPA Brian D. Nyman, CPA Terence V. O’Keefe Susan F. O’Neill, CPA Dale E. Offret, CPA Larry M. Okada, CPA, CA Gary B. OMalley Phillip L. Orrin, CPA Joanne L. Ort, CPA, MPAcc Nerelys M. Ortiz, CPA Susanne B. Packman, CPA Benjamin J. Page, JD Richard N. Pahre, CPA Craig A. Palmer, CPA Rhoda M. Pawlak Michael S. Peasley, CPA, MS Tax Ronald J. Perkins, CPA Hwan J. Perreault, CPA Linda M. Perry, CPA, MT Jack B. Person, CPA Donna G. Peterman-Altig Scott T. Petersen, CPA Lorrie Pfaff, CPA Molly M. Philopant, CPA Valerie A. Pickens, CPA, CIA Kari L. Piehl, CPA Michael C. Plato, CPA, EA Michael J. Plymale, CPA Russell D. Price, CPA, MBA, ACA Nancy Y. Prior, CPA Thomas A. Pucci, CPA Edward L. Raisl, CPA Tiffanie A. Ranta, CPA Robert J. Rebar, CPA Stephen J. Reddaway, CPA Margo Reich, CPA Stephen D. Reichenbach Richard L. Renouard, CPA Lonnie L. Rich, CPA Penny F. Ridderbusch, CPA Christopher J. Rieke, CPA, CFP James J. Rigos, CPA, JD, LLM Rachel M. Robert, CPA Donald L. Rodman, CPA, MBA Sheila A. Roe, CPA Sharon R. Rogers, CPA Gordon R. Roland, CPA Daniel E. Ross Harvey J. Rothschild III, CPA Robert W. Rubel, CPA Dr Michael R. Ruble, CPA, PhD

www.wscpa.org


k u! David J. Rumsey, CPA James L. Russell, CPA Ken M. Russell, CPA Craig S. Ruthford, CPA Dr Debra L. Sanders, CPA Susan J. Sanders, CPA John P. Sandstrom Thomas P. Sawatzki, CPA Jeffery S. Schilling, CPA Richard W. Schmidtke, CPA David R. Schultz, CPA David G. Schureman, CPA Martin F. Seiler, CPA Charlene H. Severin, CPA Harold G. Shapiro, CPA Mary Ann Shea Jay T. Shilhanek, CPA Eric S. Simpson Orphalee Smith, CPA, PFS Dale W. Snow, CPA Terry D. Sodders, CPA Pamela M. Spaletta, CPA Rachel M. Sroufe, CPA Gary W. Stachlowski, CPA William M. Stanke, CPA Donald L. Starr, CPA Gary A. Stecher, CPA Elliot D. Stein, CPA, MBA Tax Kyle P. Stemmer, CPA, MBA Donald W. Stetson, CPA Gayle A. Stetson, CPA George W. Stewart, CPA Darren J. Szendre, CPA Roger T. Tanabe, CPA Steve Taylor, CPA, MBA Harold G. Thompson Jr, CPA Terry M. Thompson, CPA Tommy R. Thomson, CPA Susan L. Thomson-Sines, CPA Enga H. Thong, CPA Kathleen L. Trumbauer, CPA Mark E. Ulloa, CPA Robert A. Underhill, CPA, JD Jeffrey M. van Burkleo, MS Tax Beth M.Van Pay, CPA, FLMI Joseph H.Vandal Jr, CPA Mary C.VanNuland, CPA Susanne W.Vickerman, CPA Sharon I.Vik, CPA, MBA Robert W. Wales Donald B. Walter, CPA, MBA S D. Walton, CPA Catherine B. Wandell, CPA Shu-Hui Wang, CPA Linda B. Ward, CPA Martin B. Warr Mark P. Waslen, CA, CFA

www.wscpa.org

View all scholarship recipients at www.discovercpa.org

Donald G. Watts, CPA Dennis O. Webb, CPA, MA Patricia A. Wehr, CPA Robert E. Wells, CPA Michael J. Wernz, CPA Leo L. Werre, CPA Elizabeth J. Widdison Bradley R. Wilkins Alan K. Williamson, CPA Virgil B. Woodfield, CPA Robert R. Wright, CPA Justin K.Yamamoto, CPA Josh Yeyni, CPA, PS James D.Young, CPA, MBA Wah Yan Yun, CPA Jay T. Zettervall, CPA Stephen J. Zevenbergen, CPA Danielle R. Zlatich, CPA Lawrence R. Zommick, CPA Other Contributors (<$50) Marcia K. Bennison, CPA Mary Elise Cadera, CPA Sesinando N. Cantor, CPA Richard J. Caragol, CPA Jordan Chester Gordon R. Craig, CPA, MBA Pamela Creitz-Peppan, CPA Brenda L. Dean, CPA, CIA Kimberly K. Dodd, CPA, REBC M C. Evans-Wenzel RDH June M. Farries, CPA Richard N. Ginnis, CPA Melvin A. Goldberg, CPA, JD William F. Gould Bonnie L. Green, CPA Gerald L. Greer, CPA Ryan R. Hart, CPA Paul V. Hughes, MBA Ronald A. Johnson, CPA, MBA Kevin G. Krieger, CPA Dr Margie N. LaShaw, CPA Louis H. Mills, CPA Valerie Moseley, CPA Andre Mueller, CPA Ryan L. Munn, CPA Kenshi Nagayoshi Judith E. Nakatsu, CPA, MBA Hiroko Nihongi Richard F. Osborn, CPA, CFE Brian W. Paxton, CPA Susan E. Pierce, CPA Shauni Rock, CPA Keith D. Rozgo Jin H. Rudolph, CPA LaVeta M. Scherer, EA Mary L. Simpson, CPA

Gale E. Smith, CPA Russell J. Smith, CPA Yet Sok, CPA Julie I. Sweet, CPA, CMA Catherine B. Thruelsen Akiko Tojo, CPA Richard A.Volk, CPA Franz Von Bradsky MBA Judith L. Waddell, CPA Dorothy R. Wagsholm, CPA Susan K. Winkle John N. Zaremba, CPA Jianyou Zhou, CPA Robert F. Abramson Jr, CPA

CPAPAC Contributors Carmen J. Aguiar, CPA, CFP, PFS Gregory C. Alwood, CPA Michael R. Ammerman, CPA Jason S. Anderson, CPA, MS Tax Gordon P. Asheim, CPA Kim M. Atwater, CPA Donald F. Aubrey, CPA Robert J. Bacon, CPA, MPAcc Paul M. Bailey, CPA Tyler J. Baldwin, CPA Kelly D. Barber, CPA, MS Tax Cathi L. Barta, CPA Marc G. Bateman, CPA Arthur O. Beck, CPA Louis H. Beckman, CPA Marcia K. Bennison, CPA Arlene J. Berry, CPA Robert C. Best, CPA, JD Jessie D. Beyer, CPA Jonathan L. Bishop, CPA Steven B. Bishop, CPA, CVA, CFF John P. Bjorkman, CPA Pat L. Bohan, CPA, CGFM Sidney H. Boles, CPA Adele B. Bolson, CPA CMA CFM Brady W. Borel Brian A. Borzone Kevin L. Bouchillon, CPA Kristene D. Bourne Daniel L. Boyd, CPA Robert S. Boyd, CPA Paul W. Brandstetter, CPA William H. Bratton, CPA Greg T. Brault, CPA Brian R. Bronk, CPA George M. Brower, CPA, CIA

David A. Brown John R. Brown, CPA Christine B. Brunner, CPA Bruce P. Budge, CPA Daniel A. Burns, CPA Weldon T. Burton, CPA Bruce G. Bushman Bradford N. Buskirk, CPA Deanne M. Butler, CPA Jacqueline L. Cabe, CPA Gayle L. Cagianut, CPA Terry J. Campbell, CPA, MST Linda M. Canney, CPA Sesinando N. Cantor, CPA Richard J. Caragol, CPA Curt A. Carlson James R. Carrithers, CPA Harold D. Carrothers, CPA Edward T. Carson, CPA Rebecca A. Cates, CPA Jose Cerrillo III, CPA Amanda Y. Chang, CPA, MS Tax Marc D. Christianson, CPA Theresa J. Christianson, CPA Steven M. Clancy, CPA, CITP, CFF Robin A. Clark, CPA James E. Coates, CPA Robert M. Cole Jr, CPA, MA R D. Collier, CPA Daniel C. Collins David C. Conklin, CPA Ralph A. Conner, CPA Deborah A. Corrington, CPA David D. Cottler Sue B. Couper, CPA Jolene G. Cox, CPA Kevin R. Cox, CPA Gordon R. Craig, CPA, MBA Pamela Creitz-Peppan, CPA Michael R. Cross, CPA Vicky M. Dalton, CPA, CGFM Richard Dance, CPA Stephen G. Dashiell, CPA Chris A. Davies, CPA, CMA Charles R. Davis, CPA Timothy R. Davis Donald G. De Santis, CPA, CFP Billie De Vore, CPA Joseph P. Deacon, CPA Brenda L. Dean, CPA, CIA Randy J. Deasy, CPA Susan G. Devaney Mary E. Dickinson, CPA Scott J. Dietzen, CPA Steven V. Ditzler, CPA Kimberly K. Dodd, CPA, REBC

David A. Dorn, CPA Peter E. Doubleday, CPA Dennis L. Duban, CPA Thomas N. Durrett, CPA Phillip T. Eggers, CPA Roger J. Elliott David A. Elmenhurst, CPA James L. Erickson, CPA, PFS Robert J. Erickson, CPA, JD Scott E. Eschbach, CPA Joyce G. Etheridge, CPA Kim E. Etlicher, CPA Joan C. Faubion, CPA Buell J. Felts, CPA Leon F. Ficker, CPA Robert C. Finney, CPA John T. Fisher, CPA, CGFM John J. Flavio Jr Joseph R. Forde, CPA Rick R. Foster, CPA Lynnette B. Frank, CPA Daniel Frein, CPA Norman H. Frey Darrell W. Fry, CPA Rodney K. Fujita, CPA James H. Gall, CPA, MBA Steven C. Garber, CPA Chris A. Gates, CPA, CITP Erling D. Gebers, CPA Stephanie W. Gebhardt, CPA Pamela S. Geiger Dr Norman J. Gierlasinski, CPA Bradley A. Gilden, CPA Michael J. Gillespie, CPA, MBA Sandee J. Gimblett, CPA Richard N. Ginnis, CPA Michael E. Gocke, CPA, CFP Bert R. Golla, CPA Brian G. Gosline, CPA, JD Irwin L. Goverman, CPA Rick H. Graham, CPA William J. Graham, CPA Dean A. Granholm, CPA Alan L. Gray, CPA Roger K. Gray, CPA, MBA Bonnie L. Green, CPA Kimberly K. Green, CPA Gerald L. Greer, CPA Terry W. Greer, CPA, MBA Ariff A. Gulamani, CPA, CA Vaughn S. Hagen, CPA Walter J. Haig II, CPA Tara E. Haight, CPA Richard E. Haislip, CPA, MBA Ian R. Halifax, CPA Mary M. Hammons, CPA Michael R. Harper, MBA

WashingtonCPA March/April 2012

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Learn more about CPAPAC and WSCPA Advocacy efforts at www.wscpa.org (click “Advocacy”)

CPAPAC Contributors Michael P. Hart, CPA, MPAc Katherine H. Hasegawa, CPA Michael D. Haveman, CPA Brian Heeb Alicia M. Heggerness, CPA M S. Heidema, CPA Charles A. Hellam Patrick S. Herrin, CPA Christopher W. Hesse, CPA R D. Hice, CPA Gary L. Hielkema James K. Hilger, CPA Kim P. Hillyard John R. Hodder, CPA Susan G. Hoenig, CPA Richard Q. Honsowetz, CPA William D. Hood, CPA Thomas J. Hoover, CPA Steven J. Hopp Stephen J. Hopps, CPA Navzer R. Hormazdi, CPA, MT Loren D. Hostek, CPA Mark A. Hugh, CPA Dixie A. Hughson, CPA Marc S. Hutchinson, CPA Michael K. Hutchinson, CPA Judy C. Hyatt, CPA Hiroo Inoue, CPA Hitoshi Inoue, CPA Kenji Ito, CPA Don N. Jonas, CPA D M. Jones Richard E. Jones, CPA Waylon P. Jones, CPA, CFE, CFF George C. Jonson, CPA Brett J. Jordan, CPA Mary E. Joyce, CPA Steven L. Judd, CPA, CMA, CFE Kazuhiko Kadono, CPA, CGA Arthur Y. Kageyama Osamu Kasuya Robert B. Kemper, CPA James W. Keyes, CPA Ryan N. Kidd, CPA Herbert S. Kim, CPA John E. Kimball, CPA Douglas M. Klan, CPA Teruo Kobayashi, CPA John P. Koenes, CPA Karl J. Korsmo George J. Koutelieris, CPA, MS Jocelyn P. Krabbenschmidt, CPA Kevin G. Krieger, CPA Marilyn J. Kritzer, CPA

Stroud W. Kunkle, CPA James R. Ladd, CPA Irene R. Laible, CPA Antonio M. Laliberte, JD Nancy M. Lalic, CPA Gordon W. Lamb, CPA Kathryn J. Lappano, CPA Marvin P. Leaf, CPA Jeff E. Leary, CPA, CFP Kwang M. Lee, CPA Susan E. Legel, CPA, MBA David R. Lemon, CPA R G. Lincoln, CPA Rick L. Linder, CPA Lucy L. Liu, CPA Steven R. Livingston Robert B. Loe, CPA, MBA, CFE Dennis C. Loman, CPA Mark T. Long, CPA, MSTax Deborah M. Loober, CPA William D. Loughrin Jr, CPA Jessica J. Lustig, CPA Richard C. Lyga, CPA Kevin B. Maas, CPA John S. Macdonald, CPA Anthony T. Mai Harriet Man, CPA, CA Mary D. Marino, CPA, MBA Connie M. Martin, CPA Sam T. Martin, CPA, CFP, MBA Sally J. McColloch, CPA Ross D. McIvor, CPA Phil McLaughlin Tim McNees Swati Mehra John M. Mertz, CPA Stacie M. Meyer, CPA Carrie D. Miceli Lynn M. Micheau Fawn L. Michel, CPA Sallie A. Miles, CPA David L. Miller, CPA, CFP Peter R. Miller, CPA, CFE Louis H. Mills, CPA David J. Miniken, CPA CMA, MBA Bruce I. Mitchell, CPA, MBA Donald W. Mitchell Charles E. Morgan, CPA Mark J. Morrissette, CPA John R. Morton, CPA Valerie Moseley, CPA Matthew S. Moser, CPA, PFS, MS Andre Mueller, CPA Gary E. Mueller, CPA Beverly A. Mumper, CPA, CFP Michael A. Munger, CPA Ryan L. Munn, CPA James P. Murphy, CPA

Thomas A. Murphy Jr, CPA Alisa S. Na, CPA Kenshi Nagayoshi Bea L. Nahon, CPA Paul G. Neiffer, CPA Thomas G. Neill, CPA David S. Nelson, CPA CTRS Michelle B. Nelson, CPA Raquel R. Nelson, CPA Todd G. Nelson Ann B. Nguyen, CPA Thomas P. Nicholas, CPA Riene S. Niemcziek, CPA Daniel M. Niles, CPA Darci N. Nilson, CPA Henry L. Nornberg, CPA Arthur G. Norris, CPA Thomas M. O’Brien, CPA Aldryth N. O’Hara, CPA Terence V. O’Keefe Dale E. Offret, CPA Gary B. OMalley John A. Omlin, CPA Douglas M. Oord, CPA Phillip L. Orrin, CPA Joanne L. Ort, CPA, MPAcc Nerelys M. Ortiz, CPA Benjamin J. Page, JD Richard N. Pahre, CPA Rick D. Parducci, CPA James D. Parkin, CPA Rhoda M. Pawlak Brian W. Paxton, CPA John E. Pendergast, CPA Linda M. Perry, CPA, MT Jack B. Person, CPA Donna G. Peterman-Altig Scott T. Petersen, CPA Lorrie Pfaff, CPA Molly M. Philopant, CPA Sharon K. Philpott, CPA Keri M. Pick, CPA Susan E. Pierce, CPA Kathleen P. Pitman, CPA Michael C. Plato, CPA EA Michael J. Plymale, CPA Russell D. Price, CPA, MBA, ACA Thomas A. Pucci, CPA Patrick Pugh Barbara L. Puigh, CPA Edward L. Raisl, CPA Tiffanie A. Ranta, CPA Christopher P. Rasmussen, CPA Andrew L. Read, CPA Robert J. Rebar, CPA Harley B. Reckord, CPA Margo Reich, CPA Richard L. Renouard, CPA

Christopher J. Rieke, CPA, CFP Nathan P. Riggan, CPA James J. Rigos, CPA, JD, LLM Linda K. Rixe, CPA Frederick M. Robinson, JD, LLM Shauni Rock, CPA Donald L. Rodman, CPA, MBA Sharon R. Rogers, CPA Thomas D. Rogers, CPA Gordon R. Roland, CPA Emily R. Rollins, CPA David J. Rumsey, CPA James L. Russell, CPA Ken M. Russell, CPA John D. Salata, CPA Dr Debra L. Sanders, CPA Susan J. Sanders, CPA John P. Sandstrom Thomas P. Sawatzki, CPA James D. Schafer, CPA, MS LaVeta M. Scherer, EA Jeffery S. Schilling, CPA Richard W. Schmidtke, CPA Daniel J. Schroeder, CPA Morgan L. Schulte, CPA, CMA Martin F. Seiler, CPA Charlene H. Severin, CPA John W. Shea Jay T. Shilhanek, CPA Peter A. Shimer, CPA Randall W. Shoop, CPA Eric S. Simpson Gale E. Smith, CPA Orphalee Smith, CPA, PFS Walter R. Smith, CPA Yet Sok, CPA Stephen Sommerville, CPA, CA Douglas D. Springer, CPA, PFS Cathy L. St John, CPA Gary W. Stachlowski, CPA William M. Stanke, CPA Richard N. Starnes Donald L. Starr, CPA Sidney J. Starr, CPA, CFF, DABFA Elliot D. Stein, CPA, MBA Tax Kyle P. Stemmer, CPA, MBA Donald W. Stetson, CPA Gayle A. Stetson, CPA George W. Stewart, CPA Nicholas G. Stewart, CPA David A. Stiefel, CPA, PFS Darren J. Szendre, CPA Roger T. Tanabe, CPA Steve Taylor, CPA, MBA Edward D. Thomas, CPA David E. Thompson, CPA, CVA Harold G. Thompson Jr, CPA Terry M. Thompson, CPA

David A. Thomsen, CPA Tommy R. Thomson, CPA Susan L. Thomson-Sines, CPA Enga H. Thong, CPA Richard D. Thornbrue, CPA Akiko Tojo, CPA David E. Trujillo, CPA Robert E. Turner, CPA, MAcc Mark E. Ulloa, CPA Robert A. Underhill, CPA, JD William Van Oostrum, CPA Beth M.Van Pay, CPA, FLMI Joseph H.Vandal Jr, CPA Mary C.VanNuland, CPA Susanne W.Vickerman, CPA, MS Sharon I.Vik, CPA, MBA Richard A.Volk, CPA Dorothy R. Wagsholm, CPA Robert W. Wales William W. Wangler Jr, CPA Linda B. Ward, CPA Martin B. Warr Donald G. Watts, CPA Dennis O. Webb, CPA MA Donna R. Weber, CPA Patricia A. Wehr, CPA Randy L. Wells, CPA William L. Wells Michael J. Wernz, CPA Leo L. Werre, CPA Bradley V. White, CPA Gary M. Whitsell, CPA, MBA H T. Wick Mary L. Wilkes, CPA Bradley R. Wilkins Glenn G. Wisegarver, CPA Carol A. Woo, CPA Jeffrey A. Wood, CPA Virgil B. Woodfield, CPA Cheryl K. Woods, CPA Robert R. Wright, CPA Wah Yan Yun, CPA Dominic J. Zamora, CPA, JD, AIFA John N. Zaremba, CPA Stephen J. Zevenbergen, CPA Jianyou Zhou, CPA Lawrence R. Zommick, CPA

Thank you! 20

WashingtonCPA March/April 2012

Firms Bader Martin PS Benson & McLaughlin PS CliftonLarsonAllen LLP Clothier & Head PS Ernst & Young LLP Hellam Varon & Co Johnson & Shute PS KPMG Moss Adams LLP

www.wscpa.org


professional conduct

How to Respond to an Ethics Investigation By Lori Hope, CPA

T

he AICPA Code of Professional Conduct begins with a Preamble, in which members are to “assume an obligation of self-discipline above and beyond the requirements of laws and regulations.” Further, we are to practice an “unswerving commitment to honorable behavior, even at the sacrifice of personal advantage.” That’s a pretty high standard, but it’s designed to keep the profession strong. These two statements make it clear that self-scrutiny is to be practiced every day, for every decision. Nevertheless, despite your best efforts, it may happen to you. You may receive a letter from the AICPA Professional Ethics Division in which you are informed of a complaint filed against you, regarding a possible violation of the Code of Professional Conduct. What should you do? Begin by reviewing the rules of conduct that are referenced in the letter as the subject of the investigation. You can find the rules in the AICPA Code of Professional Conduct, which is easily found online on the AICPA Web site (www.aicpa.org/Research/Standards/ CodeofConduct/Pages/default.aspx). The letter that you receive will reference the Joint Ethics Enforcement Program (JEEP), a program under which the AICPA and the WSCPA work together to investigate and resolve complaints. The program includes a Manual of Procedures, which describes the process under which the investigation is managed. This manual, available to you upon request, may answer questions you have about your rights and responsibilities, and tell you what you can expect from the AICPA and the WSCPA during the course of the investigation. Prepare a response to the letter, providing as much relevant information as possible, and be sure to include any evidence in support of your response. If you are not sure how to answer a specific www.wscpa.org

It is important that you respond in a timely manner, as failure to do so may constitute a failure to cooperate with the investigation. This, in itself, is a violation of the Code of Conduct, the AICPA bylaws, and the WSCPA bylaws. question, you should call the case investigator for clarification. You should respond to the letter by the requested due date (thirty days from the date of the letter, typically). If you cannot meet that deadline, call the case investigator and request an extension. It is important that you respond in a timely manner, as failure to do so may constitute a failure to cooperate with the investigation.This, in itself, is a violation of the Code of Conduct, the AICPA bylaws, and the WSCPA bylaws. You may also have heard from the State Board of Accountancy regarding the subject matter of the complaint. Note that the State Board is a different organization than the WSCPA or the AICPA: the State Board of Accountancy is a state agency that regulates CPAs and the practice of public accountancy in Washington, while the WSCPA and AICPA are membership organizations whose purpose is to work for the best interests of member CPAs and the general public. The agencies operate independently, and conduct

their own investigations.Thus, you’ll need to respond to both investigations individually. It can be upsetting to get a letter charging you with a violation. Remember, however, that the purpose of an ethics investigation is to collect information to help determine whether or not there is evidence of a violation. If there is not enough evidence to support the allegations, the investigation will be closed. If you have any questions, you can contact the Professional Conduct Committee through Julie Phipps,WSCPA Manager of Professional Standards, at jphipps@ wscpa.org or (425) 586-1132. Lori Hope, CPA, is a former member of the WSCPA Professional Conduct Committee. Amended and reprinted from the November/December 2008 issue of The WashingtonCPA magazine.

WashingtonCPA March/April 2012

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2012

Networking Events

WSCPA ANNUAL MEETING

Learn more & REgister: www.wscpa.org/CPE/catalog (enter “NP” in search box) FEES: $20 per event

featuring

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Thursday, June 7 7:30-9:00 a.m.

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Contact Amy O’Donnell at aodonnell@wscpa.org for details or download the 2012 Marketing Guide at www.wscpa.org [click “Advertise with WSCPA,” then “2012 Marketing Guide (PDF)”]

WashingtonCPA March/April 2012

Code: AM Webast Code: WAM Members Only $30 1 tech CPE credit Register at www.wscpa.org or call (425) 644-4800, (800) 272-8273 (toll-free in WA) www.wscpa.org


FBAR

Up on the New IRS Rules for Reporting Foreign Financial Assets? By Scott Usher, MST, CPA

I

n this time of declining revenues and budget shortfalls, the U.S. government has launched major anti-fraud initiatives to disclose unreported income from foreign assets. If your clients have financial interests in—or signature authority over—foreign bank or other financial accounts, they may already be filing Form TD F 90-22.1 Report of Foreign Bank and Financial Accounts. It’s commonly referred to as FBAR and has a filing deadline of June 30. (You can find more information about FBAR reporting requirements on the IRS website at http://1.usa.gov/AzEldl, as well as the IRS’ FBAR-related FAQs at http://1.usa.gov/zuwiBS.) Now, under new and different rules issued as temporary regulations by the IRS on December 16, 2011, clients may also be required to report certain of their foreign financial assets on a new Form 8938 as part of their federal income tax returns. The penalties for failing to file Form 8938 can be quite substantial. Although the regulations were just issued in December, if your clients owned specified foreign financial assets during 2011 and the aggregate value exceeded certain minimum threshold amounts, this new reporting requirement applies to their 2011 individual income tax returns. It does not, however, replace the existing FBAR filing requirement. Depending on the circumstances, clients may be required to file both forms— Form 8938 and FBAR—and certain key definitions and reporting requirements are different for each.

Who Must Report Foreign Financial Assets on Form 8938?

If your client is a person with an interest in reportable foreign financial assets—and is a U.S. citizen, a resident alien, or a certain type of nonresident alien—the client is potentially subject to the new regulations. That said, taxpayers www.wscpa.org

The thresholds are somewhat higher for those living abroad, although to qualify the person must either be a U.S. citizen with a tax home in a foreign country or a U.S. citizen who was physically outside of the U.S. for at least 330 days during the tax year. Under these circumstances, a person’s foreign financial assets must exceed $200,000 on the last day of the tax year or have exceeded $300,000 at any time during the tax year—$400,000 and $600,000 for married couples filing joint returns.

Which Foreign Financial Assets Must Be Reported?

who aren’t required to file income tax returns for the year are not required to file Form 8938. Currently, domestic entities are not required to file Form 8938. However, under proposed regulations, certain domestic entities formed to hold financial assets may be subject to the filing requirements for tax years beginning after December 31, 2011.

The new tax rules for reporting foreign assets on Form 8938 apply only to specified foreign financial assets. These assets generally include the following: • •

What Are the Reporting Thresholds?

To reduce the filing burden on individual taxpayers with small foreign holdings, the regulations establish minimum thresholds below which they aren’t required to file Form 8938. These minimum thresholds are as follows: For persons living in the U.S. and filing federal income tax returns as either single or married filing separately, the total value of the foreign financial assets must exceed $50,000 on the last day of the tax year or have exceeded $75,000 at any time during the tax year. For married persons who file joint tax returns, the threshold amounts are $100,000 and $150,000, respectively.

foreign accounts maintained by a foreign financial institution other foreign financial assets that are not in accounts maintained by a foreign financial institution: stock or securities that aren’t issued by a U.S. person, an interest in a foreign entity, and a foreign contract or other financial instrument with an issuer or counterparty that is not a U.S. person an interest in a foreign estate or trust, assuming the person knows or has reason to know of the interest based on readily available information or a past distribution

Your client does not have to report foreign accounts maintained by a U.S. financial institution or other domestic payer, the U.S. branch of a foreign financial institution, or the foreign branch of a U.S. financial institution. Further, your client does not have to duplicate reporting of specified foreign WashingtonCPA March/April 2012

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FBAR

financial assets that are already reported on any of the following forms, although Form 8938 does require identification of the specific forms on which such assets are filed: Forms 3520, 3520-A, 8621, 8865, and 5471. For those assets that are reportable on Form 8938, it’s important to recognize that your client will need to provide more detailed information than is required for FBAR reporting purposes— including such things as the names of stocks and the amounts of foreign currencies. It’s also necessary to indicate where the income from these assets is reported on the tax return.

Potential Penalties

The IRS can impose significant penalties for failing to file Form 8938 or for under-reporting assets, as follows: • Failure to File Penalty Taxpayers that fail to file Form 8938 as required are subject

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to a penalty of $10,000. If they still haven’t filed after receiving notification from the IRS, they may be subject to an additional penalty of up to $50,000. Underpayment Penalty If taxpayers underpay their taxes as a result of undisclosed specified foreign financial assets, they are also subject to a penalty equal to 40 percent of the underpaid tax. Civil and Criminal Penalties Although less common, there is a penalty for civil fraud equal to 75 percent of the underpayment that resulted from the fraudulent act. The IRS can also initiate criminal proceedings.

Potential Penalties

The statute of limitations has been extended with regard to Form 8938. In general, if a taxpayer fails to file the

form or fails to report a specified foreign financial asset as required, the statute of limitations remains open. After a return is filed with Form 8938, or the omission is corrected on an amended filing, the statute of limitations generally extends for a three-year period. However, if the amount of the specified foreign financial asset that was not reported exceeds $5,000, the statute of limitations extends six years from the filing date. In light of the new filing requirement, it’s more important than ever to request that clients provide tax information well in advance of the April 17 deadline. Scott Usher, MST, CPA, is a Senior Manager in the tax practice of Bader Martin, PS. He is a leader in the firm’s international practice group and also a member of the WSCPA’s International Tax Committee. Scott can be reached at susher@ badermartin.com.

www.wscpa.org


health care

Health Care “Reform”: Practical Steps That Employers and Their Advisors Should Consider Today to Deal with the Coming “Employer Mandates” By William M. Freedman, JD Background

Recent studies and surveys demonstrate these unappetizing facts: •

Average annual premiums for employer-sponsored health insurance are $5,429 for single coverage and $15,073 for family coverage.1 In the last eight years, employers have increased the share of the premium that employees must pay and have doubled the employees’ deductibles and copayment obligations.2 If premium trends continue, the average premium for family coverage will be nearly $24,000 by 2020.3 Even optimistic studies doubt that the payment reforms in Affordable Care Act will materially affect this outcome.4

With that background, let’s explore one of the Affordable Care Act’s provisions that directly affects many employers: the “employer mandate.”

the full time equivalent number of yearround part time employees. If the sum of those two numbers equals at least 50, the employer is an “applicable large employer.” 7 Beginning in 2014, “applicable large employers” must navigate two different “pay or play” mandates.

Planning to Deal with the Affordable Care Act’s “Employer Mandate”

The Penalty for Failing to Offer Group Health Benefit Plan Coverage To Full Time Employees.8

The Patient Protection and Affordable Care Act,5 as amended by the Health Care and Education Reconciliation Act of 20106 (the “Affordable Care Act”) makes a number of significant changes to the way employers and their employees will secure health care coverage. Although litigation today focuses on the Affordable Care Act’s individual “pay or play” mandate, employers must focus on another change: the employer “pay or play” mandate. This obligation only applies to an “applicable large employer.” What is that? Add the number of full time employees (employees regularly scheduled to work 30 or more hours per week) plus www.wscpa.org

This penalty applies if-•

the employer fails to offer its bona fide full-time employees (the 30+ hours per week employees) and their dependents the opportunity to enroll in an employer-sponsored health plan, and at least one bona fide full time employee qualifies for the Affordable Care Act’s new premium credit that employees with household income below 400% of the federal poverty level may be entitled to receive if they enroll in a policy

offered through the Affordable Care Act’s new state health exchanges. 9 The penalty is equal to: (a) the total number of bona fide full-time employees (regardless of how many opted to enroll in an exchange plan) minus 30, multiplied by (b) $2,000. Planning for this Penalty: Is the employer an “applicable large employer”? If not, don’t worry about this penalty, for the employer is exempt. Worry about the rapidly escalating cost of health coverage. If the employer is an “applicable large employer,” does the employer’s health benefit plan currently offer coverage to all bona fide full time employees? If the answer is, yes, then we don’t have to worry about this penalty. But, if the answer is, no, is the penalty ($2,000 times the number of bona fide full-time employees minus 30) less than the employer’s cost for covering the fulltimers who are not currently covered? Review the income and number of fulltime employees. The smaller the number, WashingtonCPA March/April 2012

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health care

the more willing the employer will be to continue to exclude full-timers and pay the penalty. Remember: we get 30 fulltimers for free. If the incremental cost to the employer of adding more full-timers is less than $2,000 per employee, then pay the penalty. 10

The Penalty on the Applicable Large Employer that Offers Group Health Benefit Plan Coverage To All Of Its Bona Fide Full Time Employees -- But That Coverage is Not Affordable. 11

This penalty applies if the employer’s plan fails either of these two requirements: • the employee premium cost must be less than 9.5% of household income, and • the plan’s share of covered health benefit costs must be at least 60%, The penalty is equal to $3,000 times the number of bona fide full-time employees who enroll in an exchange policy and receive the premium credit. Planning for this Penalty: First, look at the 9.5% requirement: At the moment, the IRS has taken the position that the requirement is based upon the cost of the self-only premium, divided by the employee’s household income, regardless of what coverage the employee actually elects.12 How does the employer subsidize the cost of single coverage? Many fully subsidize that cost. That guarantees satisfaction of this requirement, for the cost is guaranteed to equal to 0% of every employee’s household income.

Consider recommending a change to the employer’s subsidy policy if the employer does not currently subsidize that much of the single premium. Watch out: consumer groups want the 9.5% affordability test to be based on the coverage the employee elects — which may therefore be family coverage. Second, how about the 60% actuarial value test? Will the employer’s plan use a deductible/co-insurance limit sufficiently low enough to assure that the plan is projected to pay 60% of the claims? How do we determine this? No guidance has been issued yet. In all likelihood, plans that are high deductible and which approach the maximum permitted limits for an HSA-eligible plan (annual out-of-pocket expenses of $6,050 self-only and $12,100 family) are the most likely to flunk the 60% test.

1 2011 Health Benefits Annual Survey of Nonfederal Private And Public Employers With Three Or More Workers, Kaiser Family Foundation and the Health Research & Educational Trust, http://ehbs.kff.org/ 2 “State Trends in Premiums and Deductibles, 2003-2010: The Need for Action to Address Rising Costs” (Schoen et al Commonwealth Fund, November 2011, http://www. commonwealthfund.org/Publications/Issue-Briefs/2011/ Nov/State-Trends-in-Premiums.aspx) 3 Id. 4 For example, the Commonwealth Fund’s study cited above estimates that the Affordable Care Act’s provider payment reforms could reduce overall health benefit plan costs by 1% -- reducing the 2020 family premiums from $24,000 to $21,633. 5 Pub. L. No. 111-148, 124 Stat. 119 (2010). 6 Pub. L. No. 111-152, 124 Stat. 1029 (2010).

7 New IRC §4980H(c)(2), added by Affordable Care Act §1513. 8 New IRC §4980H(a), added by Affordable Care Act §1513. 9 The premium tax credit is equal to the difference between (1) the second least expensive (“silver”) policy offered on the new exchanges, and (2) a percentage of the individual’s household income (the individual’s expected contribution). The expected contribution increases (and, therefore, the value of the credit declines) as household income increases: from 2% of income for families at 100% of the federal poverty level to 9.5% of income for families at 400% of federal poverty level. Today, 400% of the federal poverty level for a family of four is $89,400. 10 If the employer’s share of premium costs will exceed $2,000, and the employer sees no hope of affording those costs given the likely rise in premiums, then the employer may choose to drop the plan altogether, let employees

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WashingtonCPA March/April 2012

Now, focus on how this penalty is calculated. It is based solely on the number of full-timers who enroll in an exchange plan and receive that premium credit. The fewer who enroll the lower the penalty. How many full time employees will abandon the employer’s plan and instead enroll in an exchange plan because it is cheaper? The higher the median wages, the higher the net cost of the exchange policy, the fewer the number of full-timers who will enroll in an exchange plan. The IRS estimates that the net premium cost for an exchange policy for a family of four with $50,000 in household income will be $3,570, plus the employee’s co-insurance obligation.13 According to independent projections, those co-insurance obligations will be $5,000 to $6,000.14 Example: Assume the average full time employee makes 60,000 and that the average employee is married with a spouse who earns at least $20,000. If the employee enrolls in that “silver” exchange policy, the employee’s net premium cost will be $7,600, plus the exchange policy’s $5,000-$6,000xdeductible-copayments. How does that compare to the total cost of participating in the employer’s plan? The closer the two are, the smaller the number of full-timers who will migrate to exchange coverage, the lower the penalty. On the other hand, the lower the employer’s median wages, the more likely it is that the exchange policy will cost less than the employer’s plan. That will increase the penalty. Employers in low wage industries with significant numbers of bona-fide full time employees face the unappetizing task buy policies on the state exchanges, and pay the $2,000 penalty (it’s nondeductible). 11 New IRC §4980H(b), added by Affordable Care Act §1513, which then references new IRC §36B(c)(2)(C), added by Affordable Care Act §1401. 12 IRS Notice 2011-73, Internal Revenue Bulletin 2011-40 (Oct. 3, 2011); IRS Proposed Regulations (REG-13149110) On Premium Credit Under the Affordable Care Act, Federal Register dated Aug. 17, 2011. 13 http://www.treasury.gov/press-center/Documents/ 36BFactSheet.PDF. 14 Actuarial Analysis to Estimate Costs of a Model EHB Package” (National Health Council, August 2011); What the Actuarial Values in the Affordable Care Act Mean” (Kaiser Family Foundation, April 14, 2011)

www.wscpa.org


technology Tip

Creating a Screen Capture on an iPad

of almost certainly having to more heavily subsidize their employersponsored plans in order to avoid the $3,000 penalty. Remember: part-time employees do not have to be offered coverage and they are ignored in the head counts for both penalties. They are counted only to determine whether the employer is an “applicable large employer.” Employers with a significant part-time employee population may wish to continue that practice, for it reduces the full-time headcount and thereby reduces exposure to both penalties.

By K2 Enterprises

B

usiness professionals are using tablet devices such as Apple’s iPad to perform an increasing number of tasks on a daily basis. As these devices become more commonplace as serious business tools, users need to know how to perform many of the same tasks on their tablet that they otherwise have performed on their PC. One such task is how to create a screen capture on an iPad. As described in this tip, the process for doing so is rather easy and it does not even require downloading an app. To begin, navigate to the screen on the iPad you would like to capture as an image. While on this screen, tap on the iPad’s Home button at the bottom of the device and, while holding down the

William M. Freedman is a Partner in the Corporate Department of Dinsmore & Stohl LLP in Cincinnati, Ohio. He is a speaker at the WSCPA’s new Healthcare Conference, May 18 at Meydenbauer Center in Bellevue. You can contact Bill at bill.freedman@ dinslaw.com.

Home button, press and release the On/ Off/Sleep/Wake button at the top of the device, as shown in Figure 1. Upon doing so, you will see a flash and hear a sound similar to that of a camera click. This will confirm to you that the iPad has made a screen shot and you can then see the screen shot using the iPad’s Photo app. Note, that while this same procedure works for the iPhone, there does not yet appear to be an app that allows you to make a screen recording (video) of the activity on your iPad or iPhone, though there are some tools that reportedly work with an iPad or iPhone that has been jailbroken.

Figure 1 Creating a Screen Capture with an iPad

Learn more © 2012 Fire Eyes Photography

On/Off Sleep/Wake Button

Healthcare C onference May 18, 2012 8:00 a.m. - 4:10 p.m. Meydenbauer Center Bellevue, WA Introducing a new conference designed for CPAs, internal auditors and other financial professionals who work with healthcare providers

CO-SPONSOR

Home Button

AHIA

Details coming soon...

www.wscpa.org/conferences www.wscpa.org

K2 Enterprises provides WSCPA members with CPE courses on a variety of technology topics. Visit the CPE/Event Catalog at www.wscpa.org for a schedule of courses. WashingtonCPA March/April 2012

27


Financial Literacy

Tapping into the Energy of Spring By Amy O’Donnell,WSCPA Financial Literacy Program Manager

O

ne of my favorite parts of my job is helping members with their financial education presentations and projects. Members have found some creative ways to customize the materials to connect with students or adults. It’s great when they can share their ideas and enthusiasm with other members as well. Recently, I have been hearing from members who want to know how they can help in their area. The WSCPA reaches out to teachers and community groups across the state. The presentation requests are then posted on the website. However, not all areas receive the same level of requests—leaving eager volunteers without opportunities. What’s a volunteer to do? Why not create your own opportunity for financial education? Many members have been able to do this. Start by thinking outside of the classroom: •

28

Kids clubs and groups such as Boys Scouts or Girl Scouts, Boys and Girls Club or after school programs. Local school or PTSA—offer a workshop on key money

WashingtonCPA March/April 2012

point you in the right direction. Some examples are: • •

• Download Financial Literacy materials at www.wscpa.org (click on Financial Literacy)

lessons that parents can share with their kids. Local community center, library or senior center.

The WSCPA has materials for elementary, high school and adult audiences. As a member, you can download them and customize the presentation to fit your style and objective. If we don’t have materials on the topic you are looking for, please let us know. We have access to materials through our partners or can

Presentation materials on fraud that targets seniors from FINRA. Net Cetera created by the Federal Trade Commission to teach kids about being safe online (includes identity theft). Materials from the AICPA for assisting military families with their unique financial challenges.

Staff are available to assist you with questions you have on the materials, how to mix topics for a single presentation, or suggestions on what topics may appeal to a group you have in mind. Another area for getting involved is volunteering to be a speaker during campaigns such as Money Smart Week Washington (April 22-28). Many non-profits and libraries want to host events that week and need speakers. Offering your expertise is a great way to assist with providing a community service and opportunity for education. For more information, e-mail aodonnell@wscpa.org.

www.wscpa.org


CPE Digest © 2012 Fire Eyes Photography

Business and Industry

Build your own CPE conference with

• Subscriptions start at only $189 (+tax) for dozens of streaming video or text-based CPE courses • Earn Ê to Î CPE credits for each course • Choose from four subscription options

Cluster CPE

March 15-16 | WSCPA Learning Center, Bellevue 8 seminars, each worth 4 CPE credits Here’s a unique way to get an update on business and industry topics: Cluster CPE — two days of CPE courses on a range of popular business and industry topics. Select four courses from a lineup of 8 four-hour CPE programs to create your own two-day CPE conference. Network with other attendees during lunch, which is provided for all attendees. From an update on FASB developments to the latest trends for today’s financial manager, these two days provide the updates and essential information you need to know. If you are unable to attend both days, you can select the seminars that fit your schedule. The programs will be held at the WSCPA Learning Center in Bellevue. Each 4-hour seminar is offered to members for only $180. To learn more about each of the programs below, enter “CL4” or the codes in the catalog search box at www.wscpa.org/CPE/catalog.

Analyzing Your Company’s Financial Statement

CL4FSABM

select one:

New FASB Developments for Business & Industry

CL4FASBI

12:30-4pm

Uncertainty in Income Taxes: A Must Know for Tax CPAs and Accountants/Auditors

CL4FIN48

Enhancing the Success of Your Organization with a Winning Culture

CL4TBFF

March 16 Financial Fraud, Forensics and the CPA

CL4FFF

select one:

Controller’s Update: Latest Trends for Today’s Financial Manager

CL4SKSB

Purchasing, Inventory, and Cash Disbursements: Common Frauds and Internal Controls

CL4PCD

Essential Skills for the Survival and Growth of Your Organization

CL4SGYC

select one:

Saturday & Night Webcasts Management | Estate/Financial Planning Specialized Knowledge | Taxation

Learn more at www.wscpa.org/cpe/catalog enter keyword “SWEB”

Sponsor. Connect.

CODE

8-11:30am

12:30-4pm

Need more flexibility for meeting your CPE requirements?

CODE

8-11:30am

select one:

Learn more and order at www.wscpa.org/selfstudy

© 2012 Fire Eyes Photography

March 15

Self-Study CPE Subscriptions

Unlimited CPE. Unmatched value.

www.wscpa.org

2012 Conference sponsorSHIP Network with WSCPA members. Market your products and services in a one-on-one environment. Become a sponsor! Contact Rachel Ingalls, ringalls@wscpa.org, (425) 586-1112 www.wscpa.org > Newsroom > Advertise with WSCPA

CONFERENCES WashingtonCPA March/April 2012

29


Conferences

Gover nmental Accounting & Auditing C onference Association of Government Accountants Regional Conference

A Note from the Conference Committee Once again, the WSCPA offers its annual Governmental Accounting and Auditing Conference at the Courtyard Marriot in Tacoma on April 19-20. Live video conference sessions are also provided in Spokane and Everett, as a cost-effective way for government accounting and auditing professionals to obtain timely updates and essential guidance on hot topics. Learn about the latest hot topics and updates specific to your government area. Conference presenters are recognized experts in the governmental industry, including Heather Keistter, Assistant Director at the GAO; Eric Swenson, Senior Economist, Washington State Economic and Revenue Forecast Council; and Matt Smith, the State Actuary. Session topics include: • Auditing and accounting standard updates • The current state of the State economy • State of the State – Pension update • Performance measurement • Performance audit from GAO • Fund Accounting – GASB No. 54 • Fraud • Internal controls during tight budget time This conference also features ideal opportunities to network with peers and interact with these governmental experts. Continental breakfast and lunch will be provided. For registration and more information please visit www.wscpa.org/conferences.

April 19-20, 2012 | 8 am - 4 pm Courtyard Marriott, Tacoma, WA Live Video Conferences: Everett (GAAC2) & Spokane

CO-SPONSOR (GAAC3)

Keeping up with new standards, as well as current trends affecting local governments in Washington can be a challenge. At the 2012 WSCPA/AGA Governmental Accounting & Auditing Conference, recognized experts in the governmental industry will review recent changes and provide essential guidance on hot topics, such as new and pending standards. Register today!

REGISTRATION FEES (Code: GAAC)

WSCPA & AGA Member Fee $335 Standard Fee $410 Includes continental breakfast and lunch

&

Live Video Conference

web CAST

• • • •

(CODES: GAAC2, GAAC3, WEBGAAC)

WSCPA & AGA Member Fee $260 Standard Fee $335 GAAC2 or GAAC3: includes continental breakfast, lunch

CPE Earn up to 16 technical credits PLUS ...

Free parking! Room block available. Learn more at www.wscpa.org/conferences.

• • • • • •

Auditing Standards Update Governmental Audit Quality Center (GAQC) and Auditing Standards Update 10 Leading Practices in Performance Measurement that Governments are Slow to Adopt Department of Retirement Systems: Making It Easy to See Your Future (Luncheon Presentation) Economic Outlook State of the State’s Pension Systems Overcoming Imperfect Data and Finding a Story: GAO’s Review of Aviation Safety at and near Airports GASB Update Reporting Governmental Funds: GASB 54 Fraud Prevention and Internal Controls

Save the date! Women’s Leadership Summit - June 15, 2012 - Bell Harbor International Conference Center, Seattle

REGISTRATION FEES

Emerg ing Leader s

WSCPA Member Fee $275 Standard Fee $350 Includes continental breakfast and lunch

Conference May 11, 2012 | 8:00 a.m. - 4:15 p.m. Microsoft Campus - Visitor Center Bldg #92 Redmond, WA Prepare for a learning experience that will inspire you! At the Emerging Leaders Conference, you will obtain the critical knowledge and tools required by today’s marketplace to become an influential leader. Connect with tomorrow’s leaders and get practical advice from acclaimed experts and highly successful speakers. Register today!

30

WashingtonCPA March/April 2012

PLUS ... Free parking! CPE Earn up to 8 credits (7 Non-tech) • • • • • • •

How to Make the Jump: Becoming a Supervisor & Business Leader Career Path Panels Generational Differences How to Talk to Non-Financial Professionals Emotional Intelligence Your Health.Your Success.Your Choice. Professional Issues Update and Policy Regulations Affecting WA Business and Advocacy Register at www.wscpa.org/conferences www.wscpa.org


Register at www.wscpa.org or page 37

REGISTRATION FEESconferences

© 2012 Fire Eyes Photography

Inter national Tax

WSCPA Member Fee $260 Standard Fee $335 Includes continental breakfast and lunch

C onference

May 14, 2012 | 8:00 a.m. - 4:15 p.m. Bell Harbor International Conference Center Seattle, WA The International Tax Conference will explain the new laws, rules and trends affecting your international tax practice. Recognized experts in this field will share practical information that CPAs, tax advisors, attorneys, financial officers and other tax professionals need to know to advise clients in today’s global economy.

• • • • • • •

PLUS ... Free parking! CPE Earn up to 8 technical credits

Overview of International Taxation PFICs: the Details, the Pitfalls, the Solutions, and the Reporting IRS Offshore Compliance and FATCA Reporting Requirements Update Use of Partnerships in International Joint Ventures When is the EB-5 Program a Good Option for Your International Clients or Projects Canadian Cross Border Issues International Tax Update

REGISTRATION FEES (code: HCC)

New!

Healthcare CO-SPONSOR

© 2012 Fire Eyes Photography

Conference AHIA

General Sessions • Healthcare Reform • Healthcare Consolidation (ACO) • Fraud • New Construction/Expansion

WSCPA & AHIA Member Fee $220 Standard Fee $295

Concurrent Sessions • Process Improvement • Meaningful Use • ICD-10 • IT: HIPAA Privacy/Security, Disaster Recovery and Business Continuity Planning

© 2012 Fire Eyes Photography

Washington State Tax C onference

Register at www.wscpa.org/conferences www.wscpa.org

• • •

Tax Update Internal Audit Best Practices Private Insurance Providers/ Exchange

REGISTRATION FEES

WSCPA Member Fee $275 Standard Fee $350 Includes continental breakfast and lunch

PLUS ... Free parking! CPE Earn up to 8 technical credits

web REGISTRATION FEES (code: WEBWSTC) CAST

May 21, 2012 | 8:30 a.m. - 4:40 p.m. Bell Harbor International Conference Center Seattle, WA National Sales Tax Initiatives Washington Tax Developments Paymaster and Flow-Through Issues Impacting Business and Occupation Tax The Department of Revenue’s Tax Policy Decision Process

PLUS ... Free parking! CPE Earn up to 8 technical credits

web REGISTRATION FEES (code: WEBHCC) CAST

May 18, 2012 | 8:00 a.m. - 4:10 p.m. Meydenbauer Center, Bellevue, WA

• • •

WSCPA & AHIA Member Fee $295 Standard Fee $370 Includes continental breakfast and lunch

WSCPA Member Fee Standard Fee

• • • • •

$200 $275

Washington Economic Forecast Tax Implications of Buying and Selling a Business City Tax Simplification Washington Department of Revenue Audits Multistate Tax Update WashingtonCPA March/April 2012

31


Register at www.wscpa.org/CPE/catalog or page 37

Education and events

Fees Date

CPE Credits

Course

events by location WSCPA education and events scheduled for March-May 2012 are # listed below, chronologically by location. If you are looking for a program in another location, it may be scheduled for later in the year. Using the online CPE/Event Catalog at www.wscpa.org/CPE/ catalog, you can search by location. Type

Code For more details, search by code at www.wscpa.org/cpe

WSCPA NonAICPA Member Member Member Discount Fee Fee

SUBJECTS The main subject area is listed for each program.

Facility A&A CS EB PFP Ethics GNP

2012 EVENT SCHEDULE To view the complete schedule of events through May 2012, refer to the CPE/Event Catalog at www.wscpa.org.

Need help finding a seminar or webcast? Call (800) 272-8273 or (425) 644-4800.

LEARN MORE To view complete course details, please visit the CPE/ Event Catalog at www.wscpa.org/CPE/catalog.

MG PD SK TAX TEC

Fees Date

CPE Credits

#

Course

Type

WSCPA NonAICPA Code Member Member Member For more details, Discount Fee Fee search by code at www.wscpa.org/cpe

Facility

Subject

Accounting and Auditing Consulting Services Employee Benefits Estate/Financial Planning Ethics Government / NFP Management Personal Development Specialized Knowledge Taxation Technology

Ø

Subject

Bellevue Mar 7

8

Intermediate Access, 8 am-4 pm

COMAC02

240

315

WSCPA

TEC

Mar 8

8

Excel Data Analysis, 8 am-4 pm

COMEX13

240

315

WSCPA

TEC

Mar 9

8

Word Tips, Tricks & Techniques, 8 am-4 pm

COMWO02

240

315

WSCPA

TEC

Mar 10

8

Analytical Review Procedures Using Excel, 8 am-4 pm

COMEX14

240

315

WSCPA

TEC

Mar 15

7

New FASB Developments for Business & Industry, 8-11:30 am

CL4FASBI

145

180

WSCPA

A&A

Mar 15

4

Uncertainty in Income Taxes: A Must Know for Tax CPAs and Accountants/ Auditors, 12:30-4 pm

CL4FIN48

145

180

WSCPA

A&A

Mar 15

4

Analyzing Your Company’s Financial Statement, 8-11:30 am

CL4FSABM

145

180

WSCPA

A&A

Mar 15

4

Enhancing the Success of Your Organization with a Winning Culture, 12:30-4 pm

CL4TBFF

145

180

WSCPA

PD

Mar 15

1.5

Fraud Update, 7:15-9 am

CHBA07

30

35

Red Lion Bellevue Inn

A&A

S l

Mar 16

4

Financial Fraud, Forensics and the CPA, 8-11:30 am

CL4FFF

145

180

WSCPA

A&A

Mar 16

4

Purchasing, Inventory, and Cash Disbursements: Common Frauds and Internal Controls, 12:30-4 pm

CL4PCD

145

180

WSCPA

A&A

Mar 16

4

Essential Skills for the Survival and Growth of Your Organization, 12:30-4 pm

CL4SGYC

145

180

WSCPA

MG

Mar 16

4

Controller’s Update: Latest Trends for Today’s Financial Manager, 8-11:30 am

CL4SKSB

145

180

Apr 19

8

AICPA’s Annual Update for Controllers, 8 am-4 pm

SKSB02

275

350

Apr 19

1.5

State and Local Tax Update, 7:15-9 am

CHBA08

30

35

S

-30

WSCPA

MG

WSCPA

A&A

Red Lion Bellevue Inn

TAX

l

Apr 23

8

Introduction to QuickBooks for the Accounting Professional, 8 am-4 pm

COMQB05

240

315

WSCPA

TEC

ç Apr 23

8

Convergence and Private Company Accounting: More Changes on the Financial Reporting Horizon, 8 am-4 pm

CPCA

275

350

WSCPA

A&A

Apr 24

8

Excel Pivot Tables, 8 am-4 pm

COMEX15

240

315

WSCPA

TEC

ç Apr 24

8

Corporate Finance Check-up: Renovate Your Analytical Toolbox, 8 am-4 pm

CFC

275

350

WSCPA

A&A

Apr 25

8

Charting with Excel, 8 am-4 pm

COMEX16

240

315

WSCPA

TEC

8

Excel Functions, Tips, Tricks, & Techniques, 8 am-4 pm

COMEX17

240

315

WSCPA

TEC

ç May 1

Apr 26

8

Fringe Benefit Planning for 2012 and Beyond, 8 am-4 pm

FRIN

275

350

WSCPA

EB

ç May 2

8

A Practical Guide to Trusts, 8 am-4 pm

PGTT

275

350

WSCPA

PFP

May 7

8

More QuickBooks for the Accounting Professional, 8 am-4 pm

COMQB06

240

315

WSCPA

TEC

May 8

8

Advanced Excel, 8 am-4 pm

COMEX18

240

315

WSCPA

TEC

May 9

8

Introduction to Access, 8 am-4 pm

COMAC01

240

315

WSCPA

TEC

May 10

8

Introduction to SQL Statements, 8 am-4 pm

COMSQ02

240

315

WSCPA

TEC

May 11

8

Cash Flow Planning & Management with Excel, 8 am-4 pm

COMEX19

240

315

ç May 15

8

Innovative Solutions to Real-World Problems for Today’s Financial Professional, 8 am-4 pm

ISFP

275

350

-30 -30

ç May 16

8

Expanding the Role and Influence of CPAs in Organizations, 8 am-4 pm

ERI

275

350

ç May 17

8

Trusted Business Advisor Workshop II, 8 am-4 pm

TAW2

349

449

ç New |  non-tech credits | E Ethics credits |  Conference | Y Yellow Book | C CFP | l Chapter event |

32

WashingtonCPA March/April 2012

WSCPA

TEC

WSCPA

MG

WSCPA

MG

WSCPA

MG

Networking Event | S Season Ticket and Coupons N/A

www.wscpa.org


Register at www.wscpa.org/CPE/catalog or page 37

Education and events Fees

Date

CPE Credits

# May 17

Course

For more details, search by code at www.wscpa.org/cpe

Type

1.5 S

Code

Entrepreneurship and Succession Planning for the CPA Practitioner, 7:15-9 am

CHBA09

WSCPA NonAICPA Member Member Member Discount Fee Fee

30

35

Facility

Subject

Red Lion Bellevue Inn

SK

l

May 21

8

Excel Visual Basic Macros, 8 am-4 pm

COMEX20

240

315

May 21-22

16

IFRS Essentials with GAAP Comparison: Building a Solid Foundation, 8 am-4 pm

IFRS02

475

590

-60

WSCPA

TEC

WSCPA

A&A

May 22

8

Importing/Exporting Data with QuickBooks, 8 am-4 pm

COMQB07

240

315

WSCPA

TEC

May 23

8

Using Outlook as a Personal Information Manager, 8 am-4 pm

COMOU

240

315

WSCPA

TEC

ç May 23

8

FASB Review: Common GAAP Issues Impacting All CPAs, 8 am-4 pm

FRU

275

350

-30

WSCPA

A&A

-30

ç May 24

8

Advanced Employee Benefit Plan Topics, 8 am-4 pm

AEMP

275

350

WSCPA

A&A

May 30

8

Compilation and Review Standards Update and Review by Walter Haig, 8 am-4 pm

CRUR08

305

380

WSCPA

A&A

May 31

8

GAAP Update and Review for Small and Medium-Sized Entities (SMEs) by Walter Haig, 8 am-4 pm

GURSME07

305

380

WSCPA

A&A

16 

Governmental Accounting & Auditing Live Video Conference, 8 am-4 pm

GAAC3

260

335

University Center Everett Community College

GNP

2

Year in Review: Washington State and Local Tax News and Tips, 7-9 am

CHSV05

25

25

Marriott Courtyard Totem Lake

TAX

FASB Accounting Standards Update for Leases, 7-9 am

CHSV06

25

25

Marriott Courtyard Totem Lake

A&A

Investment Planning in the Current Market Environment, 7-9 am

CHSV01

25

25

Marriott Courtyard Totem Lake

PFP

Institutional Fraud, 12-1 pm

CHOM06

25

25

Indian Summer Golf & Country Club

SK

Economic Outlook in Thurston County, 12-2 pm

CHOM10

40

40

Indian Summer Golf & Country Club

SK

Lease Accounting, 12-1 pm

CHOM07

25

25

Indian Summer Golf & Country Club

A&A

Estate Planning Update, 12-1 pm

CHOM01

25

25

Indian Summer Golf & Country Club

A&A

Accounting and Reporting Standards Annual Update and Review by Walter Haig, 8 am-4 pm

ARSUR04

525

640

Harborside Inn

A&A

30

30

Washington State Convention Center

SK

Everett Apr 19-20 Kirkland Mar 21

S l

May 16

2

S l

Jun 13

2

S l

Olympia Mar 7

1

S l

Apr 4

2

S l

May 2

1

S l

Jun 6

1

S l

Port Townsend May 17-18

16

Seattle 1.5

S

WSCPA Annual Meeting with Professional Issues Update, 7:30-9:30 am

AM

Mar 13

0

S

Happy Hour Networking Event, 5-7 pm

NP23

Steam Plant Grill

PD

Apr 10

0

S

Happy Hour Networking Event, 5-7 pm

NP24

Steam Plant Grill

PD

Apr 19-20

16 

Governmental Accounting & Auditing Live Video Conference, 8 am-4 pm

GAAC2

260

335

Northeast Washington Educational Service District 101

GNP

Apr 26

2

Working with Financial Tools and Functions in Excel, 7:30-9:30 am

CHSP08

40

40

Gonzaga University COG

SK

16 

Governmental Accounting & Auditing Conference, 8 am-4 pm

GAAC

335

410

Courtyard Marriott Tacoma

GNP

2

Going Global, 7:30-9:30 am

CHYK02

25

25

Holiday Inn Yakima

A&A

Jun 7 Spokane

S l

Tacoma Apr 19-20 Yakima Mar 20

S l

Webcasts and Webinars ç Mar 1 2 WEBCAST: Lean Accounting, 9-11 am

WEB409

79

109

Webcast

MG

ç Mar 2

2

WEBINAR: Foreign Account Reporting Requirements: Forms, Issues, and Penalties, 11 am-1 pm

WNR340

79

94

Webinar

TAX

ç Mar 2

2

WEBINAR: Worker Misclassification Amnesty: Update on IRS’ Voluntary Program, 8-10 am

WNR341

79

94

Webinar

TAX

ç Mar 3

2

WEBCAST - SATURDAY: Estate, Financial, and Income Tax Planning for the “nonTraditional” Client, 4-6 pm

SWEB81

79

109

Webcast

PFP

ç New |  non-tech credits | E Ethics credits |  Conference | Y Yellow Book | C CFP | l Chapter event |

www.wscpa.org

Networking Event | S Season Ticket and Coupons N/A

WashingtonCPA March/April 2012

33


Register at www.wscpa.org/CPE/catalog or page 37

Education and events

Fees Date

CPE Credits

# Mar 5

Course

For more details, search by code at www.wscpa.org/cpe

Type

2

Code

WEBCAST: SSAE 16 The New Standard for Service Organization Reporting, 9-11 am

WEB396

WSCPA NonAICPA Member Member Member Discount Fee Fee

79

109

Facility

Subject

Webcast

A&A

Mar 6

2

WEBINAR: Key Tax Issues for Members in Industry, 11 am-1 pm

WNR342

79

94

Webinar

TAX

Mar 7

2

WEBINAR: Outlook Part 1 - E-mail Management Tips & Techniques (Basic), 8-10 am

WNR343

79

94

Webinar

TEC

Mar 7

2

WEBINAR: Outlook Part 2 - E-mail Management Tips & Techniques (Advanced), 11 am-1 pm

WNR344

79

94

Webinar

TEC

Mar 8

3

WEBCAST: Banking’s Impact from IFRS and Reformatted Financial Statements: Adrift in the Perfect Storm, 1-3 pm

WEB410

99

129

Webcast

A&A

Mar 8

3

WEBCAST - EVENING: Accounting’s Perfect Storm: The Coming Changes That Will Impact the Entire Profession, 6-9 pm

SWEB83

99

129

Webcast

A&A

ç Mar 8

2

WEBCAST: Change Management: Making Improvement Happen, 2-4 pm

WEB429

79

109

Webcast

MG

Mar 8

2

WEBINAR: PowerPoint Level 1 - Creating Professional Presentations, 8-10 am

WNR345

79

94

Webinar

TEC

Mar 8

2

WEBINAR: PowerPoint Level 2 - Advanced Presentation Design, 11 am-1 pm

WNR346

79

94

Webinar

TEC

Mar 9

8

WEBCAST: Convergence 2011- Reformatted Financial Statements: The Changing! 8:30 am-4:30 pm

WEB138

255

295

Webcast

A&A

Mar 9

2

WEBINAR: Adobe Acrobat for Accountants I - Basic Features & Functions, 8-10 am

WNR347

79

94

Webinar

TEC

Mar 9

2

WEBINAR: Adobe Acrobat for Accountants I I - Advanced Features & Functions, 11 am-1 pm

WNR348

79

94

Webinar

TEC

ç Mar 10

2

WEBCAST - SATURDAY: Creating Competitive Advantage: Developing A Roadmap for Sustainable Performance, 12-2 pm

SWEB85

79

109

Webcast

MG

Mar 10

8

WEBCAST - SATURDAY: Effective Writing for CPAs: Simplify the Process; Simply the Product; Manage Email, 7 am-3 pm

SWEB84

195

245

Webcast

PD

Mar 12

3

WEBCAST: Accounts Receivable Management - “Part 1 of 6 of the Technical Controllers Series,” 8-11 am

WEB292

99

129

Webcast

MG

ç Mar 12

2

WEBCAST: Managing the Accounting Function So You Become Invaluable “Part 2 of 6 in the Technical Controller Series,” 11:30 am-1:30 pm

WEB298

79

109

Webcast

MG

Mar 12

3

WEBCAST: Getting Stuff Done When You Don’t Own the Company - “Part 3 of 6 in the Technical Controllers Series,” 2-5 pm

WEB436

99

129

Webcast

MG

ç Mar 13

3

WEBCAST: It’s ALL in the Process! How to Generate Productivity and Breakthrough Improvements “Part 4 of 6 in the Technical Controller Series,” 8-11 am

WEB312

99

129

Webcast

MG

ç Mar 13

2

WEBCAST: Setting the RIGHT Tone! A Finance Leader’s Best Tool for Employee Engagement “Part 5 of 6 in the Technical Controllers Series,” 11:30 am-1:30 pm

WEB319

79

109

Webcast

PD

Mar 13

3

WEBCAST: Money Talks! Presenting Financial Concepts with Ease “Part 6 of 6 in the Technical Controllers Series,” 2-5 pm

WEB438

99

129

Webcast

MG

6

6

ç Mar 13

4

WEBCAST: Investment Strategies for Tough Times, 3-7 pm

WEB325

129

159

Webcast

SK

Mar 13

4

WEBCAST - EVENING: Rebuilding a Successful Retirement, 7-11 pm

SWEB87

129

159

Webcast

PFP

Mar 14

8

WEBCAST: Fraud: Exposures and Solutions in the Nonaudit Environment, 8:30 am-4:30 pm

WEB139

255

295

Webcast

A&A

Mar 15

8

WEBCAST: Accounting and Auditing Update, 8:30 am-4:30 pm

WEB140

255

295

Webcast

A&A

Mar 16

4

WEBCAST: Accounting Basics for Finance Professionals, 12-4 pm

WEB413

129

159

Webcast

A&A

Mar 16

8

WEBCAST: Internal Control:Your Number One Defense Against Errors and Fraud, 8:30 am-4:30 pm

WEB141

255

295

Webcast

A&A

ç Mar 16

2

WEBINAR: Closing Best Practices – Shortening Month-End, 8-10 am

WNR349

79

94

Webinar

A&A

ç Mar 16

2

WEBINAR: Fraud Alert –How Fraud Can Impact You! 11 am-1 pm

WNR350

79

94

Webinar

A&A

Mar 19

2

WEBCAST: Strategic Sourcing - Supply Chain Excellence, 7-9 am

WEB412

79

109

Webcast

MG

Mar 19

2

WEBCAST: Find a Need and Fill It:Your Key to Business Development, 4-6 pm

WEB326

79

109

Webcast

MG

ç Mar 19

8

WEBCAST Revised Auditing Standards, 8:30 am-4:30 pm

WEB142

255

295

Webcast

A&A

ç Mar 19

2

WEBINAR: Pricing for Profitability: Why Cost Matters, 8-10 am

WNR351

79

94

Webinar

MG

Mar 20

4

WEBCAST: Marketing for CPAs, 7-11 am

WEB414

129

159

Webcast

SK

Mar 21

3

WEBCAST: Accounting’s Perfect Storm: Coming Changes That Will Impact the Entire Profession, 10 am-1 pm

WEB369

99

129

Webcast

A&A

Mar 21

3

WEBCAST: Banking’s Impact from IFRS and Reformatted Financial Statements: Adrift in the Perfect Storm, 7-10 am

WEB415

99

129

Webcast

A&A

Mar 21

4

WEBCAST: Communication Miracles at Work: How to Increase Cooperation and Decrease Conflict, 12-4 pm

WEB416

129

159

Webcast

SK

6

6

ç New |  non-tech credits | E Ethics credits |  Conference | Y Yellow Book | C CFP | l Chapter event |

34

WashingtonCPA March/April 2012

Networking Event | S Season Ticket and Coupons N/A

www.wscpa.org


Register at www.wscpa.org/CPE/catalog or page 37

Education and events Fees

Date

CPE Credits

# ç Mar 21

Course

For more details, search by code at www.wscpa.org/cpe

Type

2

Code

WEBINAR: Tax Depreciation Review & Update, 8-10 am

WNR352

WSCPA NonAICPA Member Member Member Discount Fee Fee

79

94

Facility

Subject

Webinar

TAX

ç Mar 21

2

WEBINAR: Travel & Entertainment Expenses: Review & Update, 11 am-1 pm

WNR353

79

94

Webinar

TAX

Mar 22

4

WEBCAST: Automating Small Business Disaster Recovery, 7-11 am

WEB417

129

159

Webcast

MG

Mar 22

4

WEBCAST: What is Cloud Computing? 11:30 am-3:30 pm

WEB418

129

159

Webcast

TEC

Mar 22

2

WEBCAST - EVENING -The CFO’s Role in Banking and Financing, 5-7 pm

SWEB89

79

109

Webcast

MG

Mar 22

2

WEBCAST - Creating Competitive Advantage: Developing A Roadmap for Sustainable Performance, 12-2 pm

WEB419

79

109

Webcast

MG

Mar 22

8

WEBCAST: Key Ratio Analysis, 8:30 am-4 pm

WEB143

255

295

Webcast

A&A

Mar 23

8

WEBCAST: FASB Update, 8:30 am-4:30 pm

WEB145

255

295

Webcast

A&A

ç Mar 23

8

WEBCAST: Financial Statement Analysis for Managers: Driving Company Driving Company Performance, 8:30 am-4:30 pm

WEB144

255

295

Webcast

MG

ç Mar 23

2

WEBINAR: Nonprofit Grant Writing: A Financial Manager’s Primer, 8-10 am

WNR354

79

94

Webinar

SK

Mar 24

8

WEBCAST - SATURDAY: Successful Wall Street Investing in 7 Steps, 7 am-3 pm

SWEB90

195

245

Webcast

SK

Mar 24

2

WEBCAST SATURDAY: The CFO’s Role in Operational Control, 9-11 am

SWEB91

79

109

Webcast

MG

Mar 24

2

WEBCAST - SATURDAY: Lean Accounting, 11 am-1 pm

SWEB92

79

109

Webcast

MG

ç Mar 26

8

WEBCAST: Internal Controls for Business - To Prevent Fraud and Loss, 7 am-3 pm

WEB380

195

245

Webcast

MG

Mar 26

4

WEBCAST: Enterprise Risk Management for SMEs - Small to Medium Enterprises: Risk Plays No Favorites, 7-11 am

WEB422

129

159

Webcast

MG

ç Mar 26

2

WEBINAR: Recognizing Sham Transactions, 11 am-1 pm

WNR355

79

94

Webinar

SK

ç Mar 26

2

WEBINAR: The Top 10 Legal Mistakes Companies Make and How to Avoid Them, 8-10 am

WNR356

79

94

Webinar

MG

Mar 27

8

WEBCAST: Best Practices for Industry- Creating and Managing Electronic Documents and Information, 2-10 pm

WEB355

195

225

Webcast

SK

Mar 27

4

WEBCAST EVENING: Marketing for CPAs, 6-10 pm

SWEB94

129

159

Webcast

SK

Mar 27

2

WEBINAR: Excel - Formulas and Functions, 11 am-1 pm

WNR357

79

94

Webinar

TEC

ç Mar 27

2

WEBINAR: Best Practices for Printing and Formatting Your Excel Spreadsheets, 8-10 am

WNR358

79

94

Webinar

TEC

ç Mar 28

2

WEBINAR: Ten Excel Spreadsheet Design Techniques You Must Know - Part 1, 8-10 am

WNR359

79

94

Webinar

TEC

ç Mar 28

2

WEBINAR: Ten Excel Spreadsheet Design Techniques You Must Know - Part 2, 11 am-1 pm

WNR360

79

94

Webinar

TEC

Mar 29

2

Mar 29

2

Mar 29

2

Mar 29

2

6

6

6

WEBCAST: Gold and Silver Investing Today, 2-4 pm

WEB439

79

109

Webcast

SK

WEBCAST: Strategic Sourcing - Supply Chain Excellence, 2-4 pm

WEB444

79

109

Webcast

SK

WEBCAST - EVENING: How Good Companies Become Great, 6-8 pm

SWEB96

79

109

Webcast

MG

WEBINAR: iPad Part 1 - What You Need to Know, 8-10 am

WNR361

79

94

Webinar

TEC

Mar 29

2

WEBINAR: iPad Part 2 - Doubling the Value of Your iPad, 11 am-1 pm

WNR362

79

94

Webinar

TEC

Mar 30

8

WEBCAST - Successful Wall Street Investing in 7 Steps, 7 am-3 am

WEB425

195

225

Webcast

SK

Apr 3

4

WEBCAST: Strategic Planning for SMEs: Moving from Ideas to Action, 2-6 pm

WEB449

129

159

Webcast

MG

Apr 4

8

WEBCAST - Effective Writing for CPAs: Simplify the Process: Simplify the Product: Manage E-mail, 7 am-3 pm

WEB427

195

225

Webcast

PD

Apr 4

2

WEBCAST: Budgeting Wars Prevention: How to Ensure Accountability Exists in Your Budget Process, 8-10 am

WEB428

79

109

Webcast

MG

Apr 4

3

WEBCAST: High Road Corporate Governance from the Inside - Out: The CFO Controller’s Tool Kit, 2-5 pm

WEB455

99

129

Webcast

SK

ç Apr 4

2

WEBINAR: Foreign Account Reporting Requirements: Forms, Issues, and Penalties, 11 am-1 pm

WNR363

79

94

Webinar

TAX

ç Apr 4

2

WEBINAR: Worker Misclassification Amnesty: Update on IRS’ Voluntary Program, 8-10 am

WNR364

79

94

Webinar

TAX

Apr 5

2

6

WEBCAST: High Road Approach to Difficult Conversations: How to Face and Grow from Them, 8-10 am

WEB421

79

99

Webcast

MG

Apr 5

4

6

WEBCAST: Problem Solving and Creative Thinking for CPAs, 11 am-3 pm

WEB430

129

159

Webcast

SK

Apr 5

4

WEBCAST: Myths of Budgeting and How to Overcome Them, 1-5 pm

WEB431

129

159

Webcast

MG

Apr 5

2

WEBINAR: Microsoft Office 2007/2010 - What’s New? 8-10 am

WNR365

79

94

Webinar

TEC

Apr 5

2

WEBINAR: Windows 7 - Tips & Techniques, 11 am-1 pm

WNR366

79

94

Webinar

TEC

6

ç New |  non-tech credits | E Ethics credits |  Conference | Y Yellow Book | C CFP | l Chapter event |

www.wscpa.org

Networking Event | S Season Ticket and Coupons N/A

WashingtonCPA March/April 2012

35


Register at www.wscpa.org/CPE/catalog or page 37

Education and events

Fees Date

CPE Credits

#

Course

Code For more details, search by code at www.wscpa.org/cpe

Type

WSCPA NonAICPA Member Member Member Discount Fee Fee

Facility

Subject

Apr 6

2

WEBINAR: Outlook Part 1 - E-mail Management Tips & Techniques (Basic), 8-10 am

WNR367

79

94

Webinar

TEC

Apr 6

2

WEBINAR: Outlook Part 2 - E-mail Management Tips & Techniques (Advanced), 11 am-1 pm

WNR368

79

94

Webinar

TEC

Apr 7

4

WEBCAST - SATURDAY: Marketing for CPAs, 7-11 am

SWEB97

129

159

Webcast

SK

Apr 9

2

WEBCAST: SSAE 16 The New Standard for Service Organization Reporting, 9-11 am

WEB397

79

109

Webcast

A&A

Apr 11

3

WEBCAST: Accounts Receivable Management - “Part 1 of 6 of the Technical Controllers Series,” 8-11 am

WEB292

99

129

Webcast

MG

ç Apr 11

2

WEBCAST: Managing the Accounting Function So You Become Invaluable “Part 2 of 6 in the Technical Controller Series,” 11:30 am-1:30 pm

WEB299

79

109

Webcast

MG

Apr 11

3

WEBCAST: Getting Stuff Done When You Don’t Own the Company - “Part 3 of 6 in the Technical Controllers Series,” 2-5 pm

WEB465

99

129

Webcast

MG

ç Apr 12

3

WEBCAST: It’s ALL in the Process! How to Generate Productivity and Breakthrough Improvements “Part 4 of 6 in the Technical Controller Series,” 8-11 am

WEB313

99

129

Webcast

MG

ç Apr 12

2

WEBCAST: Setting the RIGHT Tone! A Finance Leader’s Best Tool for Employee Engagement “Part 5 of 6 in the Technical Controllers Series,” 11:30 am-1:30 pm

WEB327

79

109

Webcast

PD

Apr 12

3

WEBCAST: Money Talks! Presenting Financial Concepts with Ease “Part 6 of 6 in the Technical Controllers Series,” 2-5 pm

WEB148

99

129

Webcast

MG

6

6

Apr 12

2

WEBCAST EVENING: Lean Accounting, 6-8 pm

SWEB99

79

109

Webcast

MG

ç Apr 16

2

WEBINAR: Contemporary Cost Concepts: Understanding Activity-Based Costing, 8-10 am

WNR369

79

94

Webinar

A&A

ç Apr 16

2

WEBINAR: Take Your Writing to the Next Level: MS Word Can Make You a Better Writer, 11 am-1 pm

WNR370

79

94

Webinar

TEC

Apr 17

4

WEBCAST: Accounting Basics for Finance Professionals, 8 am-12 pm

WEB432

129

159

Webcast

A&A

Apr 17

4

WEBCAST: Rebuilding a Successful Retirement, 11:30 am-3:30 pm

WEB149

129

159

Webcast

PFP

Apr 17

4

WEBCAST - EVENING: Investment Strategies for Tough Times, 7-11 pm

SWEB101

129

159

Webcast

SK

Apr 17

2

WEBINAR: Adobe Acrobat for Accountants I - Basic Features & Functions, 8-10 am

WNR371

79

94

Webinar

TEC

Apr 17

2

WEBINAR: Adobe Acrobat for Accountants I I - Advanced Features & Functions, 11 am-1 pm

WNR372

79

94

Webinar

TEC

Apr 18

2

WEBCAST: How CPAs can Interpret and Apply Business Valuations, 9-11 am

WEB433

79

109

Webcast

MG

6

Apr 18

2

WEBINAR: Apple’s iPad in the Accounting Profession, 11 am-1 pm

WNR373

79

94

Webinar

TEC

ç Apr 18

2

WEBINAR: How Is Mobile Computing Changing Business Practices Today? 8-10 am

WNR374

79

94

Webinar

TEC

16

WEBCAST: Governmental Accounting & Auditing Conference, 8 am-4 pm

WEBGAAC

260

335

Webcast

GNP

Apr 19-20 Apr 19

2

WEBINAR: Key Tax Issues for Members in Industry, 11 am-1 pm

WNR375

79

94

Webinar

TAX

Apr 20

8

WEBCAST: FASB Update, 8:30 am-4:30 pm

WEB146

255

295

Webcast

A&A

ç Apr 20

2

WEBINAR: Creating the Best Projections You Can, 11 am-1 pm

WNR376

79

94

Webinar

MG

ç Apr 20

2

WEBINAR: Effective Corporate Governance: Working with the Board and Audit Committee, 8-10 am

WNR377

79

94

Webinar

MG

Apr 20

2

WEBCAST: Top 5 Ways to Get the Most Value for Your Audit Fees, 6-8 am

WEB434

79

109

Webcast

PD

Apr 21

2

WEBCAST - SATURDAY: What Auditors Need To KnowAbout The New XBRL Filing Requirement, 6-8 am

SWEB102

79

109

Webcast

SK

Apr 21

8

WEBCAST - SATURDAY: Best Practices for Industry- Creating and Managing Electronic Documents and Information, 7 am-3 pm

SWEB103

195

225

Webcast

SK

Apr 23

2

Apr 23

2

6

WEBCAST: Coaching Staff to Stay on the Right Track, 10 am-12 pm

WEB354

79

109

Webcast

PD

WEBCAST: Change Management: Making Improvement Happen, 6-8 am

WEB435

79

109

Webcast

MG

ç Apr 24

2

WEBINAR: Analyze Your Data Using Excel Pivot Tables, 8-10 am

WNR378

79

94

Webinar

TEC

Apr 24

2

WEBINAR: Excel - Formulas and Functions, 11 am-1 pm

WNR379

79

94

Webinar

TEC

Apr 25

4

WEBCAST: Washington CPA Ethics and New Developments (A WA Requirement), 8-11:30 am

WEB328

159

189

Webcast

Ethics

E

ç Apr 25

2

WEBINAR: Tips for Eliminating Errors From Your Excel Spreadsheets, 8-10 am

WNR380

79

94

Webinar

TEC

Apr 25

2

WEBINAR: Excel - Advanced Tips, Tricks & Techniques, 11 am-1 pm

WNR381

79

94

Webinar

TEC

WEBCAST: Rebuilding a Successful Retirement, 11:30 am-3:30 pm

WEB437

129

159

Webcast

PFP

WEBCAST: Problem Solving and Creative Thinking for CPAs, 2 -6 pm

WEB151

129

159

Webcast

SK

Apr 26

4

Apr 26

4

6

ç New |  non-tech credits | E Ethics credits |  Conference | Y Yellow Book | C CFP | l Chapter event |

36

WashingtonCPA March/April 2012

Networking Event | S Season Ticket and Coupons N/A

www.wscpa.org


Register at www.wscpa.org/CPE/catalog

Registration

Register online at www.wscpa.org/CPE/catalog or:

Questions? E-mail cpe@wscpa.org or call (425) 644-4800 or (800) 272-8273 (toll-free in Washington).

Code

Title

Date

City

Fee1

2

3

2

WSCPA CPE policies apply to all programs in the CPE Digest. Review the CPE policies at www.wscpa.org. www.wscpa.org

WashingtonCPA March/April 2012

37


classified ads

Detailed advertising information is available online at www.wscpa.org. Ads are $1 per word with a minimum fee of $50. Active e-mail and web site addresses are included. Classified Ads are placed on the website for 60 days when received, and in the next magazine when received by the deadline (March 25 for the May/June issue). Positions available ads are for magazine placement only. To post a job listing, visit the Career Center at www.wscpa.org. Contact Sharon Olene-Marander at (425) 586-1138, (800) 272-8273, Ext. 1138, or classifieds@wscpa.org for more information. All ads must be pre-paid. Find classified ads at www.wscpa. org under Newsroom. POSITIONS AVAILABLE Established Bellingham CPA firm is seeking experienced auditor to join our team of professionals. 5+ years of audit experience required. Collaborative working environment, excellent advancement opportunities and salary and benefits package.Submit resume and cover letter to Varner Sytsma & Herndon, CPA’s, 2200 Rimland Drive, Suite 205, Bellingham,WA 98226, Attn: H/R Staff Accountant position available with CPA firm located in MountVernon,Washington. Position requires 3-5 years public accounting experience in preparing individual and business tax returns and financial statements. Auditing experience is a plus. Working knowledge of Creative Solutions/Ultra Tax, Microsoft Office, Quickbooks and other accounting and tax software preferred. Must be able to communicate and interact with staff and clients, multi-task and manage multiple assignments. Opportunity for advancement. Salary depending on experience. Equal opportunity employer. Send cover letter, resume and references to: sdt@wncpa.com. Established Bellingham CPA firm is seeking experienced CPA to join our team of professionals. 3+ years of tax experience required.Collaborative working environment,excellent advancement opportunities and salary and benefits package. Submit resume and cover letter toVarner Sytsma & Herndon,CPA’s,2200 Rimland Drive, Suite 205, Bellingham,WA 98226,Attn: H/R OFFICE SPACE Private office space in professional suite located in Bellevue. 143 SqFt unfurnished. Suite includes reception area, access to conference rooms, internet, copier, utilities, and kitchenette.There are three CPA’s sharing the suite current.Easy access to I-405 near I-90.Contact Ann (425) 451-7719 or anncpa@normankitto.com. Share Kirkland Office Space with two successful CPAs. 140+ sqft private office plus reception area and kitchen. Close to I-405 entrance; walking distance to waterfront, restaurants and shops. Call John (425)8273031 or Jim (425)822-6022. Fast growing East Vancouver location. Class A Office Space available for CPA practitioner & staff. Built in 2008 Full service. Successful Financial Advisory Practice located in space. Contact Dan Foster at (360) 883-2623 ext. 101 or dan.h.foster-cpa@ampf.com.

38

WashingtonCPA March/April 2012

Share office space in Kirkland with two CPAs. 140 square foot private office. Office includes reception area, conference room and kitchen. Office building includes other business professionals and offers free parking. Five blocks from downtown restaurants and shops. Easy access to and from I-405. Call Ray (206) 595-9697 or Dave (425) 827-5620. Bellevue Offices. AV Bus/EP law firm has offices for small firm or solo practitioners. Great for startup! Relaxed park-like setting near DT Bellevue. Receptionist, copier/scanner/shredding, conf/seminar rooms, tax library, kitchen, shower + FREE PARKING for tenants/clients, and with easy in & out + freeway access ( I-405, I-90 & 520). Details & photos at www. bellevueprofessionaloffices.com. Call Mike, George or Dave at (425) 453-4455. Office Share with Solo Attorney. Newly remodeled office in Federal Way business district near Celebration Park. Conference room, reception/secretary station, parking, fax, copier, internet, kitchen and utilities. Contact Eileen at emsfw@ earthlink.net or call (206)399-2046. PRODUCTS AND SERVICES Have any restaurant clients who need hands-on help? 25 year CPA and former restaurant owner works complementary to you, consulting for operational and systems efficiency, profit improvement, POS assessment/implementation or exit strategy/restaurant sale. Certified QuickBooks ProAdvisor. Project based or hourly. Jean Klein, (206)795-4443. www.smallrestaurantspecialist.com.

IBA Sells Privately Held Companies. Do you represent a client who is ready to retire or has taken a company as far as they want to or can? IBA is the Pacific Northwest’s oldest business brokerage (M&A) firm.We are professional negotiators with over 4000 completed transactions. Please contact us if we can be of assistance at (800) 218-4422 or www.ibainc.com. PRACTICES FOR SALE Contact Mark Hause at Accounting Practice Sales by e-mail at MARKHAUSE@CONTACTAPS.COM or call 877-345-7722 for more information on the following practices: Spokane CPA Firm for Sale: This well rounded CPA firm renders professional services in the areas of write-up,income tax,compilation(s),review(s),and auditing. The firm has long term relationships with most of the clients while continuing to accept new business which fuels the continuing growth of the practice. The practice has a variety of clients in all industries but does serve a number of non-profit entities in a variety of capacities. The owner seeks to retire but would be available for transition to the new owner through tax season. This practice is primed for a new owner and continued prosperity. VOLUNTEER POSITIONS The following organizations need a CPA to serve on the board of directors and/or provide other guidance on financial matters. Learn more at www.wscpa.org (enter volunteer positions in the search box).

MERGERS & SALES Bellevue CPA firm for sale. Our firm has diverse client base. Our revenue is generated from audits, reviews, write ups, consulting, QuickBooks training and tax returns. The potential buyer will retain our office. We are flexible and will train the new owner. Our firm is the best fit for an individual who is ready to take charge of a highly profitable business. Contact Ela at elaerickson@gmail.com.

Citizens for Off-Leash Areas

Retired CPA calls it quits again. Only 37K gross - but excellent client base. Individual and business tax returns. Lynnwood – Edmonds area. Can help transition. Contact: CPA.SnoCo@gmail.com.

Emergency Feeding Program

CPA looking for $150,000-$250,000 size practice to purchase in the Bellingham area. Cash purchase. Please respond to Tom by phone, (707) 545-0701 or email, TJTCPA@aol.com. Everett/Bellevue Firm Looking for King and Snohomish County CPA firm and/or Registered Investment Advisory Company to purchase. We are the second largest CPA firm in downtown Everett, manage $135m and are looking to purchase another firm. Our client base is as broad as the services we offer, as we cater to individuals and small business. Please contact the owner,Brian Evans at 425-252-6909 or email to brian@ bauerevans.com. You can review our websites at www. bauerevans.com and www.bondstreetwealth.com. Considering Selling Your Practice? Consider all your options.We do the work. Confidential.We have buyers actively seeking practices. Call Mark Hause at 877-345-7722 or visit our website at www.accountingpracticesales.com. Accounting Practice Sales. We make dreams happen!

Communities in Schools of Puyallup Congress for the New Urbanism-Cascadia Coyote Central - New Education Across Border

Friends of Gordon Carter Hearing Speech and Deafness Center (HSDC) Helping Link Metro Parks Tacoma Music Works Northwest NEST, North East Seattle Together Northeast Washington Education Council Relief and Education for Afghan Children The Swedish Finn Historical Society Transitional Resources Vision Loss Connections Washington Poison Center YMCA of Snohomish County

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Washington Brothers Score CPA Exam Top Ten Awards Bryan and Michael Dean, CPAs “When I won the Elijah Watt Sells Award I had no idea what it was,” said Bryan Dean. “It wasn’t until months later when it was announced nationally and my firm found out that I discovered that it was a big deal.” The American Institute of CPAs annually presents the Elijah Watt Sells Award to the candidates who have obtained the 10 highest cumulative scores on all four sections of the Uniform CPA Examination. Washington’s own Bryan and Mike Dean received this prestigious award in 2007 and 2010, respectively. Having the benefit of one award recipient in the family already, Mike at least knew about the award. “I knew I had scored well, but I never believed I would actually win the award. Before I took the exam I had written off the idea of trying to replicate my brother’s success because I did not have the same amount of time, and in my mind Bryan was (and still is) 10 times smarter than I am,” said Mike. The brothers are graduates of the University of Washington Foster School of Business and are working in public accounting in the Seattle area. Bryan is a audit senior with Clark Nuber and Mike is an associate in PwC’s assurance practice. Before Mike sat for the CPA exam, Bryan gave him what turned out to be excellent advice. “I didn’t want to put a whole lot of pressure on Mike,” said Bryan, “but I had a gut feeling that he was going to get the award. I told him exactly what I did to study for the test. Block off 2+ months, study like it was a job, review sections to keep the material fresh, review all of the multiple choice questions, and take each practice exam as an actual exam. I told him what worked for me. The work was all Mike and he ended up beating me by one point.” Mike recalls, “The most important advice Bryan gave me was to be www.wscpa.org

consistent and pace myself. He told me that the CPA exam is much more a marathon than it is a sprint. He never talked about the Elijah Watt Sells Award with me. Bryan was legitimately interested in setting me up for success for passing the exam and kept me focused on the ultimate goal of becoming a CPA and that was all that mattered. Being able to follow in my brother’s footsteps and win the award though, was a very gratifying experience for my family and me.” Speaking of family, Elijah Watt Sells history might have turned out differently if Bryan had followed the Dean family career path toward dentistry, instead of accounting. “Seeing how hard my older brother (David) needed to work for UW Dental School (Class of 2010) and hearing my Dad (UW Dental School class of 1980) and him talk about all the ‘exciting’ things about being a dentist, perhaps did point me in the direction of being an accountant,” Bryan said jokingly. “Seriously, I have always known that I wanted to do something with numbers and business related,” explained Bryan. “I also had the privilege of having an internship at Clark Nuber early in my college career. This experience confirmed that I wanted to go into public accounting.” “Growing up I had always assumed that I would go into medicine or become a dentist like my dad,” said Mike. “However, as I grew up I started to realize that dentists had to deal with medical emergencies and since I do not deal well with blood, injuries, or sickness, I thought that I would make a terrible doctor/dentist.” The brothers are passionate about sports of all kinds. Bryan plays basketball, tennis, pickleball, and skis. “I love watching soccer – international tournaments, English Premier League, MLS,” said Bryan, who married his college sweetheart, Dani, just a few weeks after completing the CPA exam.

Bryan Dean, CPA

Michael Dean, CPA

A Husky football and basketball fan, Mike plays basketball (CPA league), co-ed soccer (which he plays with his girlfriend Nance), skis, and enjoys fishing. “Our annual fishing trip is a tradition that my grandpa and my dad started over 30 years ago and now my dad, my brother David and I continue the tradition (Bryan would too, but he hates fishing).” Both brothers teach Sunday school at their church and enjoy spending time with family. “We owe any success we have in life to our family,” said Bryan and Mike. Looking to the future, will the Dean brothers start their own CPA exam review? “There is a joke going around that Mike and I should start our own CPA exam consulting business,” said Bryan. “Passing the CPA exam is just the first step in your career as a CPA, so I am trying to keep my focus ahead on the next challenge in my career.” “Like Bryan I realize that becoming a CPA is only the beginning of a long career. I know that many more experiences await me in the future,” said Mike. WashingtonCPA March/April 2012

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Your Profession. Your Future. Your Advocate.

Golf Tournament â&#x20AC;&#x153;A bad day on the course is better than a good day at the office.â&#x20AC;? Mark your calendar and plan to attend these 2012 golf tournaments.

WSCPA Golf Tournament

Monday, June 11 - 1 pm Bear Creek Country Club,Woodinville,WA

WSCPA Spokane Chapter/RMA Golf Outing Thursday, May 31 - 1:30 pm Circling Raven Golf Club,Worley ID

Registration now open | Sponsorships available

Registration opens March 1 | Sponsorships available

Registration Fee Learn more

Registration Fee Learn more

CPAs, clients, bankers, lawyers, friends and family are welcome! Along with golf, this event includes a golf cart, lunch, dinner, drinks, prizes, and networking opportunities! (425) 644-4800 | (800) 272-8273 (toll-free in WA) $120/person E-mail memberservices@wscpa.org

Tournament Sponsor

drink Sponsor

lunch Sponsor

The 13th Annual Golf Outing includes green fee, power cart, real time scoring, ball marker, unlimited use of driving range, dinner and a no-host awards reception. Watch your Short Form for registration details or download a form at www.wscpa.org. $125/person Bob Cole - (509) 329-4010 Gregg Larson - (509) 747-6265 Crystal Miller - (509) 326-2626


The WashingtonCPA March-April 2012