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washington

CPA May/June 2010

Volume 52, Number 6

Student issue Attracting Students to Profession with Interactive Web Site Effective Job Search Strategies from a Corporate Recruiter’s Perspective

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Bizarre Legislative Session Produces One Sure Thing for Profession

26

Need a Break from Being the Finance Expert?

34

New CPE Formats Try It for Free

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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 Carmen J. Aguiar Chair James R. Ladd Vice Chair David E. Katri Secretary Mark A. Hugh Treasurer Julleen J. Snyder Immediate Past Chair Richard E. Jones President & CEO

Robert M. Cole, Jr. Anthony J. Cook Jolene G. Cox Lori E. Field Audrey L. Godwin Michelle H. Gretsch Susan E. Legel Lucy L. Liu

Mary D. Marino Russell D. Price Thomas A. Pucci Lisa J. Sunderman Randy L. Wells William L. Wells Glenn G. Wisegarver

CHAPTER PRESIDENTS Dean A. Granholm Bellevue Area Joseph Crowther Central Joseph M. Reid Central — North Seattle Richard E. Helke, II Northwest Lawrence E. Siminski Olympia — Peninsula — Pierce County Dora K. Leung Sammamish Valley Connie L. Griffith Seattle Candace W. Charlwood Snohomish County Michael K. Briggs South King County John Vogel South Sound Industry Trayson J. Harmon Southwest Casi R. Densley Spokane — Wenatchee Jeff S. Buege 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.

Student Issue 6 Start Here, Go Places. Website Offers Greater

Interactivity for Students

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For Students, Graduates and CPAs: Effective Job Search Strategies from a Corporate Recruiter’s Perspective

15 Washington CPA Foundation Awards $41,000 in Accounting Scholarships 16 Bizarre Legislative Session Produces One Sure Thing for Profession 19 Blue-Ribbon Panel May Lead U.S. to Different Accounting Standards for Private Companies 22 New Compilation and Review Standard Addresses Many Small Firm Issues 34 New CPE Formats: Try Webcasts, Webinars for Free

Departments 4

Leadership Lens

26

Financial Literacy

14

News Briefs

29

CPE Digest

16

Advocacy

37

Registration Form

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

18

Industry Voice

38

Classified Ads

98005-3480.

24

Events

39

Member Profile

POSTMASTER: Send address changes to The WashingtonCPA,

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WashingtonCPA May/June 2010

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Leadership lens

The Engaged Board. The Engaged New Professionals. The Engaged Washington CPA Foundation. The Engaged CPAPAC. The Engaged Member. By Carmen Aguiar, CPA, Chair

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year ago, your Board of Directors during its June retreat celebrated the successes of the past few years that led the Washington Society of CPAs to a new level in governance. The 21 members serving on the board of directors set goals for the year that focused on the vision of being essential to the success of our members. As with every journey, challenges arose and doors to opportunities opened. The key to success was the engagement of every director, every staff member, and every member. It is the vision, along with the collaboration and the commitment of all those involved, that leads this organization to be stellar. For almost 20 years, I have been involved in leadership at the WSCPA and the AICPA. The opportunities with these two organizations led me to involvement with other organizations. This past March, I attended the AICPA Regional Council meeting in Los Angeles. How energizing to see your Washington delegation continue to demonstrate the legacy as one of the most active and influential societies in the nation. Our Society’s commitment to being proactive and visionary is evident in our involvement at not only the state level, but also the national and international levels. The Annual Meeting in Seattle on May 5 with speaker, Barry Melancon, President & CEO of the American Institute of CPAs, demonstrates the respect between the WSCPA and the AICPA. Barry will also address numerous Beta Alpha Psi accounting students from around the state at the University of Washington on May 4 and meet separately with your Board of Directors. As always, Barry is a wealth of knowledge on issues affecting our profession. A snapshot of the 2009-2010 engaged leadership:

Our members invested in the future through the Washington CPA Foundation…

• Designing and implementing a development plan to create more opportunities to fulfill their mission • Achieving a record year of fundraising, making the Foundation financially independent • Awarding $41,000 in scholarships to 21 accounting students for the 2010-2011 year, with a goal to award $60,000 annually to 20 students [See page 15 for a list of 2010-2011 scholarship recipients.] • Supporting the Accounting Doctoral Scholars (ADS) program, $10,000 a year • Providing financial support for the WSCPA Financial Literacy program

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Our members invested in legislative efforts through the CPAPAC…

• Successfully serving as your voice to maintain the independence of the Board of Accountancy from transference to the Department of Licensing. • Monitoring proposals and bills of importance to our profession, educating legislators and clearly being on the forefront. Lisa Thatcher, our lobbyist, has been instrumental in these efforts. • Building relationships with legislators in their local districts and sharing knowledge and perspectives.

Our members invested in continuing professional education…

• Actively working with other state societies to meet the changes in the world of CPE by offering full-day webcasts. • Delivered webinars for the first time with outstanding participation.

Our members value their investment in the WSCPA …thank you…

• Despite economic challenges, membership remained at record levels, over 9,600. • New professionals represent 23% of the membership, up from 7% four years ago.Young professionals (and their employers) are committed to engaging in their professional association and developing their leadership skills. • 237 student members received their CPA licenses and became CPA members.

Thank you for providing me with the privilege and honor to serve as Chairman of your Board of Directors. I could not have worked with a more engaged board. We set goals, delivered and I hope had fun along the way. Many thanks to Rich Jones, our President and CEO and the amazing WSCPA team. I look forward to the future of our profession and our organization. Be engaged. Encourage your aspiring and experienced CPAs to be engaged. “Do not follow where the path may lead. Go instead where there is no path and leave a trail.” Harold R. McAlindon Register for the WSCPA Annual Meeting with Professional Issues Update webcast online at www.wscpa.org (search for WAM in the CPE/Event catalog). This qualifies for 1.5 hours of CPE. www.wscpa.org


Leadership lens

President & CEO Award Recipient: Roy Polley By Rich Jones, CPA, President & CEO

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xfirst met Roy and Linda Polley about four years ago when Linda called the Society offices to inquire about making a gift to the Washington CPA Foundation. I was new in my job at the WSCPA but knew that we had a small scholarship fund in Roy’s name on the books of the Foundation. That’s about all I knew about Roy. I of course returned Linda’s call and since then we have all become friends. Since then, I have learned a lot about Roy’s career as an educator and the incredible number of people whose lives he has touched. And I discovered how much Roy loved teaching accounting, no matter the venue. So as I thought about whom I would honor this year with the President & CEO award, Roy’s name came immediately to mind and it stayed there. I could think of no one more deserving. Let me tell you a little bit about Roy. Roy was born on May 19, 1932 in Tacoma, Washington. Except for service during the Korean Conflict, he has lived in Tacoma ever since. He graduated from Stadium High School in Tacoma in 1950 and went to work at Northern Pacific Railway in Tacoma as a Clerk. In 1952 he was drafted out of the National Guard and into the Army and sent to Korea, where he was assigned to the Railway Transportation Corps. He was honorably discharged from the Army as a Staff Sergeant in 1954 and returned to Tacoma. In 1955 he enrolled in College of Puget Sound, from which he graduated in 1959 with a BBA, with majors in Economics and Business Administration and a minor in History. Four years later Roy received a Diploma from the International Accounting Society in Illinois. Then in 1964 he received his MBA degree in Business Management from University of Puget Sound. Roy began teaching at University of Puget Sound in 1963 as a Teaching Fellow and taught there until May 1999, when he retired as a Full Professor. Since then, www.wscpa.org

Roy continued to teach accounting on a part time basis at Pierce College and Tacoma Community College, until he had to quit in 2007 due to health reasons. Roy and Linda have kept records of all

several former students who were present to see Roy receive the President & CEO’s Award, everyone present had a story to tell about how instrumental Roy had been in creating in them an interest

President & CEO Award recipient Roy Polley with Michelle Gretsch, Bill Caddey, Cleveland Futch, Doug Collier and Linda Polley of his classes over the years and report that Roy has taught accounting classes to about 15,000 college students. One of those accounting students was his wife, Linda, who Roy met through school and married on June 6, 1970. However, Linda was quick to point out to me that she and Roy did not date while she was his student. Linda worked in public accounting and in industry as an accountant and has been the Chief Accountant for the Polley family for the 40 years of their marriage. Roy tells everyone how much he loved being an accounting professor. It defined his life. And he got involved in the lives of his students. At a recent gathering of

in accounting as a career and how he had helped each of them get their first job, including his wife Linda. The picture of this presentation is above. It is also on the WSCPA website at WSCPA Community/ Member Spotlight/Awards. Roy’s former students in the picture are Michelle Gretsch (current member of the WSCPA Board of Directors and the Washington CPA Foundation), Bill Caddey, Cleveland Futch, Doug Collier and Linda Polley. As you can see, Roy was in the hospital at the time, but that did not prevent the group from discussing the many changes in the accounting profession over the continued on page 15 WashingtonCPA May/June 2010

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Students

Start Here, Go Places. Website Offers Greater Interactivity for Students By Heather Bunning and Erin Curtis, AICPA Academic & Career Awareness Team

Start Here, Go Places. website provides guidance to students interested in the field of accounting.

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roviding information to students about the numerous career paths in accounting is a fun and very important aspect of what the AICPA and the WSCPA do as professional associations. Whether doing classroom presentations or using online resources, you have the opportunity to share your CPA story and make a difference in a student’s future.

The AICPA encourages Washington CPAs to get involved. You can share your story with students in an effort to raise awareness of accounting as a profession and career choice and be profiled in the Real-Life CPA section on the site. Featured CPAs also have the opportunity to respond to students’ questions about accounting, classes, the CPA exam and much more in the Ask A CPA section. The Institute encourages you to take a few minutes to complete the online questionnaire located at http://aicpa.org/CPAprofile and help inform and inspire the next generation of CPAs.

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The AICPA created the Start Here, Go Places. program in 2001 to encourage high school and college students to pursue careers in accounting and ultimately to become CPAs. Through a combination of online and print activities, the program provides students, parents and educators with accounting-related career resources. The campaign has continued to be successful, increasing awareness and understanding of the CPA profession. In the fall of 2009, the AICPA’s Academic & Career Awareness team launched an updated version of the Start Here, Go Places. website to inspire the next generation of CPAs. “Over the past 10 years, the number of students interested in the field of accounting has grown rapidly. The tools and resources on the Start Here, Go Places. website were developed to stay in touch with the ever changing CPA profession and to provide guidance to students interested in the field of accounting,” said Jeannie Patton, Vice President of AICPA Students, Academics and Membership. With the number of accounting majors on the rise and the overall popularity of the CPA profession increasing, the new site meets this demand head-on, building on the program’s existing momentum, while providing an even more interactive and robust experience. Start Here, Go Places. continues to be the online destination for early exploration of accounting careers. “The Start Here, Go Places. website is a place for students to realize the incredibly rich possibilities of a career in accounting,” Patton said. “As more college students graduate with

www.wscpa.org


Students

The Real-Life CPAs feature allows students to see real life careers in action and provides insight on what a career in accounting could be like.

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(Above) Real-Life CPAs includes Washington CPAs Philip Bayley, Bob Bunting, and Bryce Hansen. You can get involved, too. Go to http://aicpa.org/CPAprofile and complete the questionnaire.

degrees in accounting, younger people are increasingly intrigued by the field. Start Here, Go Places. is designed to be their guide to this rewarding profession. The site offers a more personalized experience for students to explore an accounting career, breaking stereotypes and featuring real CPAs.” The Start Here, Go Places. website lays the groundwork for students to discover exactly what a career in accounting means, and gives them the opportunity to apply their own interests and values to finding a career that’s right for them. Among the many helpful resources located on the website, recent enhancements include: • The FutureMe™ feature allows students to create a future vision of themselves by choosing a specific career in accounting and a road map to get there. When first visiting the site, students are presented

with questions to discover career paths that best suit their needs. FutureMe™ — the central feature of the site — lets students assume the persona of a CPA complete with the job, salary, location and perks of their choosing. Students build a FutureMe™ by navigating a rich Flash interface and identifying their likes and dislikes. Behind the scenes, the site builds a custom personality model that delivers a shortlist of jobs they are best suited for. Potential FutureMe™ jobs range from CFO for Tiffany & Co. to special agent for the FBI. Students save their FutureMes™ in the form of a customizable profile. • Real-Life CPAs, which can be sorted by interest. Included are audio/video and print profile testimonials from CPAs around the country. This feature allows students to see real life careers in action and provides insight on what their life in accounting could be like. “As more college students graduate with degrees in • Salary & demand information for accounting, younger people are increasingly intrigued by dozens of careers. Not surprisingly, this is a very popular section. The site now the field. Start Here, Go Places. is designed to be their guide features a new interactive salary widget, to this rewarding profession. The site offers a more personal“$alary $napshot.” With vibrant graphics and interactive, pop-up characters, ized experience for students to explore an accounting the tool provides insight to the salaries career, breaks stereotypes and features real CPAs.” CPAs can earn in different interest areas.

www.wscpa.org

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Students

CPAs respond to students’ questions about accounting, classes, the CPA exam and much more in the Ask A CPA section (above) of Start Here. Go Places.

Detailed information for each step of the journey to get from point A to point CPA: high school (job shadowing), college (school & scholarship searches) and post college (CPA Exam & licensure information). State-specific information is also included in the Getting There section to help students understand their own state requirements to become a CPA. Facebook Connect capability, which allows students to post and share content from Start Here, Go Places. to their personal Facebook profiles.

All of these enhancements were developed to keep students engaged when exploring potential career paths. In addition, the website was designed to help CPAs offer an interactive career presentation when invited into the classroom to speak with high school students. No more PowerPoint needed. Simply connect to the internet straight from the classroom and navigate the site along with the students. Since its re-launch, the website has outpaced the previous site’s average time on site by visitors by 52% (Current site average = 5:30 minutes / previous site average = 3:36 minutes) and has had over one million page views from registrants representing all 50 states including District of Columbia, America Samoa, Guam, Puerto Rico, Virgin Islands, India, China, as well as other countries. Additionally, visitors are viewing an average of 6.71 pages during their visit, with a steadily growing number of visitors connecting to the site through mobile devices.

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The Getting There section shares everything students need to know to get from point A to point CPA.

Take a few minutes to complete the online questionnaire at http://aicpa.org/CPAprofile and help inform and inspire the next generation of CPAs. How You Can Help

The Institute encourages Washington CPAs to get involved. You can share your story with students in an effort to raise awareness of accounting as a profession and career choice and be profiled in the Real-Life CPA section on the site. Featured CPAs also have the opportunity to respond to students’ questions about accounting, classes, the CPA exam and much more in the Ask A CPA section. The AICPA encourages you to take a few minutes to complete the online questionnaire located at http://aicpa.org/CPAprofile and help inform and inspire the next generation of CPAs. To learn more about the AICPA student initiatives, contact the AICPA’s Academic & Career Awareness team at StartHereGoPlaces@aicpa.org. Heather Bunning is Senior Manager - High School and Community College Initiatives with the AICPA Academic & Career Awareness Team. Erin Curtis is Coordinator - Student Initiatives with the AICPA Academic & Career Awareness Team. www.wscpa.org


Students

cover story

Students are invited to answer a few questions about themselves in the highly interactive FutureMe™ section. After the short quiz, the site suggests jobs that fit the students’ lifestyle and future bank accounts.

DiscoverCPA.org Offers Resources for Future CPAs “Students want to know: How much will I make as a CPA in Seattle? Spokane? Vancouver?” said Mark Peterson, WSCPA Academic & Student Relations Coordinator. Students can learn what CPAs take home and what it takes to become a CPA in Washington at the WSCPA student website, DiscoverCPA.org.

What CPAs Take Home

On DiscoverCPA.org, students can compare average CPA salaries for different locations and download details on average salary ranges for accountants working in Puget Sound, Eastern Washington or the Portland/Vancouver area.

What It Takes to Become a CPA

DiscoverCPA.org shares vital information on why and how to become a CPA, including: • education and steps required to sit for the CPA exam; • discounts on CPA exam review courses; • scholarship applications; • internship leads and tips; • WSCPA networking opportunities; • what to do after you’ve passed the CPA exam to get a license; • WSCPA student member benefits; • and much more!

www.wscpa.org

WashingtonCPA May/June 2010

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Students

For students, graduates & CPAs

Effective Job Search Strategies from a Corporate Recruiter’s Perspective By Jill Walser, Owner, I got the job! Career Service

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ou have spent hours online searching job boards for open positions and have applied for hundreds of openings. You are exhausted, but don’t seem to be getting anywhere. Is there anything else you should be doing? Absolutely! Like with anything, the smarter your job search strategy is, the more effective it is going to be. While working as a corporate recruiter, I had a front-row opportunity to see how candidate’s different job search strategies worked out. If the company I worked for extended an offer to a candidate, I backtracked several key factors, including how the person found out about the job, how their resumes looked, how they interviewed and how they followed up. Now a business owner and career coach, I share that information with my clients. One of the first questions my clients want to know is how to find a job. In this article, I am going to share that advice with you.

Where Do You Want to Work?

Start your job search by choosing 15 - 20 companies for whom you think you would love to work.They can be employers you have heard great things about from friends that have worked there, businesses you have read about in the news, companies that are geographically convenient or employers who make a product or service that you love. They should meet your “hard” criteria too; they should be of a size likely to provide you with the type of employment opportunities you seek, for example. This is a list you will add to and subtract from, as you gain more insight.

Apply Now

Don’t wait for an opening to be posted to apply. Some open positions can’t be

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posted, the person leaving may not know it (performance termination) or may not announce it publicly (planning a move), for example, but often the recruiter or hiring manager has already started looking. If your resume were to land on their desk before they needed you, you would likely get more attention than if you applied when they posted the job.

Research, Research, Research

Once you have selected your target companies, start your research and record your findings on Excel. For each company, assign a worksheet and add information gained from news articles, blogs, company websites or word-of-mouth. Search your LinkedIn contacts for people you already know that can offer insight into the www.wscpa.org


Students

company’s culture, hiring process, opportunities, etc.

Use LinkedIn

Not on LinkedIn? Join! LinkedIn provides a great place to keep track of your network. These are people that you work with or used to work with, friends, family, neighbors and fellow group members. The first step to using Linked In is to create a profile. You will enter information about where you have worked or volunteered, where you went to school, and the groups you are a member of. Then, start adding contacts; I suggest you only add people that you know, like and trust. Lost track of some people? LinkedIn has several ways to find people with whom you have lost touch. You can look up an old employer and see all of the people who have identified that place as their current or past employer. If you remember them, add them. In addition, LinkedIn has a feature where it will “look” in your email and tell you who you already know that is signed up on linked in. Alternatively, you can type in someone’s name and see if they have an account. In any case, the person will get an email from you asking if they would like to connect. Once they do, you will be able to see their profile and that is when the magic happens! Let’s say you connect with 100 people on LinkedIn and they have worked an average of five jobs each. That is potentially 500 employers where you now have an inside connection. The beauty of LinkedIn is that you can also see friends of friends, raising your potential inside connections exponentially. You will know right who to go to to get the inside scoop on a particular company. LinkedIn has a few other terrific features and I have learned a few job search strategies that they do not talk much about. In addition to a terrific Q&A section and job board, you can learn a lot from looking at the profiles of people who hold your “dream job.” Wondering what industry affiliations to join? www.wscpa.org

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“The best networkers never ask for a job. They know that someone who knows, likes and respects them will be alert to potential opportunities without having to be asked.”

Find the WSCPA company page on LinkedIn at: www.wscpa.org/Content/ networking.aspx

Check what groups that people holding the jobs you want are members of. Wonder what your ideal employer is looking for in a candidate? Look at the profiles of recent hires for clues on certifications, volunteerism and education.

Build Your Network with Professional Organizations

Join and attend professional organizations. Typically, they meet once per month and you will often find that there is a guest speaker, they may offer snacks or a meal, and there is usually time for networking. Set a goal to talk to two or three people at each meeting. More than that and you will forget with whom you spoke. Ask for the cards of the people you converse with and jot down some notes about the conversation on it after your talks. Then, follow up – add them to LinkedIn and arrange a coffee meeting if your conversation went particularly well. Folks I have worked with have had great luck with alumni associations, so consider joining those as well. Many have a charter to provide services to job seekers.

Keys to Finding a Job through Your Network

Treat your network connections as

you would your friends. Always ask about how you can be helpful to them, for example, to ensure they do not feel as if you are purely contacting them to see what they can do for you. Since the best networking is always done in person, casually ask if you can chat with the person in their office, short of that, a coffee meeting or other gathering is fine. Phone contact is next best, but try for a face-to-face meeting if logistically possible. The best networkers never ask for a job. They know that someone who knows, likes and respects them will be alert to potential opportunities without having to be asked. The key is to keep your network responding to you in the “yes” mode – Yes, I can tell you what I like about the company – instead of the “no” mode – No, we don’t have any openings. Don’t encourage your network to avoid you because they don’t want to say no. Did you get a “yes, you can stop by” response? Let them know you will have five questions prepared and that you won’t take more than 15 minutes of their time—then stick to that. Make it clear when you have reached the end of your WashingtonCPA May/June 2010

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Students

questions and observe the time, this will help them gain trust that you stick to your word and are not taking advantage of their kindness in seeing you. Quite likely, they will want to extend the conversation and at this point, it will become more of a conversation and less of a favor they are doing for you. Even so, be respectful of their time and they will feel more confident in referring you to talk with someone else. Your tone should be curious and positive while asking questions. Make notes during the meeting, add new information to your Excel worksheet and follow up on leads. In addition to asking about what the person with whom you are talking likes best about the company, other great questions include, “What was your first position with the company?” “What is the hiring process like?” and “What advice might you have for someone in my situation?” Also, ask what groups or industry associations they are active in; consider following up on those groups to see if they might be a good fit for you. During your job search, strive to meet two people per week and join two groups that meet monthly. Be sure to triangulate information whenever possible and don’t dismiss a job opportunity just because you hear negative comments from one or two people. They may be disgruntled, had a bad boss who is no longer there, or were bad employees. Even the happiest employees will bring their own skewed perspective; just keep that in mind. Where you cannot seem to source a “warm” connection to a particular target company, be sure to drop the name of the place into your conversations with people. Chatting with your neighbor? Toss in, “I wish I knew someone from XYZ. It seems like an interesting place to work.” If they know someone there, and if they know and trust you, they will introduce you. Don’t pressure them by asking outright whom they know; you want your network to say “yes” to you and you want

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it to be their idea, so they’ll take ownership of it down the road. Consider the difference: “Here’s that great controller I was telling you about,” vs. “John asked me to ask you if there were any openings for a controller.” The best connections come from a mutual party’s desire to make a match, not a desire to get you off their back.

“Don’t be overly concerned about not being completely qualified for the positions that interest you. An 80% skill match is close enough for most places as they are also interested in hiring people that are a good culture fit and show enthusiasm for the company.”

Want Ads

You may have noticed that I have not mentioned answering want ads yet. That is mostly because the numbers are against you. As a warm contact referred by someone that the hiring manager knows and trusts, you are much more appealing than a stranger answering an ad on the Internet.This factor alone explains the reason why 70% of all open positions are filled by someone who knew someone who knew the hiring manager. Sure, that leaves 30% of all jobs, but would you rather be one of 3-4 people personally referred for a position, or one of 300 – 400 who apply for a position posted on Monster? By the time most jobs make it to Monster, they are picked over. The company’s recruiter has exhausted their network of strong candidates as well as the networks of everyone that works for the company and is forced to go fishing with a large net. Instead of taking the work of someone she trusts that the candidate being referred is sane, smart and motivated, she has to shuffle through hundreds of

anonymous resumes to try to find the best candidates. If answering ads on the Internet is part of your job search strategy, try to keep it under 15% of your search time.

Staffing Services

Consider using staffing services, especially if your network is skimpy in your industry or if you are new in town. Know that it is thousands of dollars more expensive to hire you through a service than if you found the job yourself, so if you have leads on certain companies, be sure to let your recruiter know not to refer you to those places due to the commissions involved. Wonder which service to contact? Check the LinkedIn profiles of people working where you want to work for prior involvement with staffing agencies. Or, contact the HR departments of your target companies and ask if they are contracted to work with a certain company. When you meet with the staffer, talk about temporary, temp-to-hire and permanent placement options.

Be Prepared

You never know where your next job will come, so take advantage of every opportunity and be prepared. Practice a brief “elevator speech” about what kind of job you want and why you are a valuable candidate. Tell a story about a time where you “saved the day” in some way in your last role. Don’t be overly concerned about not being completely qualified for the positions that interest you. An 80% skill match is close enough for most places as they are also interested in hiring people that are a good culture fit and show enthusiasm for the company. Jill Walser, of I got the job! Career Services, is a former corporate recruiter now sharing inside secrets with her clients. www.igotthejob.us To find upcoming Career Workshops led by Jill Walser, visit www.wscpa.org and click on Education and CPE/Event Catalog. In the Keyword search enter CW. Sessions are held at the WSCPA from 12:00-1:30 pm. www.wscpa.org


news briefs

Time to Renew Your Membership Don’t miss your chance to win the opportunity to read, play or getaway!

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ou should have received your WSCPA membership renewal invoice in April. The invoice covers membership from June 1, 2010-May 31, 2011. Payment is due no later than June 1. Paying your dues on time helps strengthen your professional organization by using the substantial dollars and resources saved in support of the profession and your membership. Renewing your membership by June 1 is easy and convenient:

Pay early and get the chance to win big. The WSCPA will hold drawings for three different prizes giving you the opportuntity to read, play and getaway. 1.

Dues Renewal Options

Pay your dues by midnight April 30 and be eligible to win prize 1, 2 or 3 listed below. Pay your dues by midnight May 15th and be eligible to win prize 2 or 3 listed below. Pay your dues by midnight June 1st and be eligible to win prize 3 listed below.

Thank you for renewing your membership by June 1, 2010

The fun prizes in the read, play or getaway drawings are:

2. 3.

:

Online at www.wscpa.org. Click Pay Dues

1.

%

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

2. 3.

Ê

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

*

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

Read - Kindle and a $25 Amazon gift card to get you started! Play - a Wii Ultimate Bundle. Getaway - $300 Visa gift card. Use your gift card for a mini vacation or anywhere Visa is accepted.

To update your membership profile visit www.wscpa.org, log in and click Update Profile. Don’t forget to update your segment information — this customizes the information you receive from the WSCPA. Thank you in advance for your prompt payment and for your continued membership in the WSCPA. READ, PLAY or GETAWAY Renew your WSCPA membership early and you could win: READ

Kindle and $25 Amazon gift card

PLAY

Wii Ultimate Bundle

GETAWAY

$300 Visa gift card.

BONUS

Renew your membership and update your profile by June 1 to earn an extra entry into the drawing for the $300 Visa gift card!

As an extra bonus, if you pay your membership and update your profile by June 1, you will earn an extra entry into the drawing for the $300 Visa gift card!

CPA Referral Service If your firm is currently enrolled in the WSCPA Find a CPA Referral Service, it is renewal time. The cost of the enrollment is still just $175 and covers your listing through June 30, 2011. Look for your firm’s renewal in early June. If your firm is not currently enrolled and you are looking for ways to build your client base, look no further than the WSCPA Find a CPA Referral Service. The WSCPA referral service is a great source of new clients looking for services in industries that match your firm’s expertise. Rather than using directory assistance to find a CPA, potential clients feel comfortable about their referral from the WSCPA because they are able to view information about services offered by your firm. Learn more at www.wscpa.org (click on “Find a CPA,” and to enroll, click “Enroll online today”). Questions? Contact Jennifer Ayoub at (800) 2728273, ext. 1142 (toll free inside WA), (425) 586-1142 or jayoub@wscpa.org.

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WashingtonCPA May/June 2010

www.wscpa.org


news briefs

Washington CPA Foundation Awards $41,000 in Accounting Scholarships The Washington CPA Foundation recently announced 2010-2011 scholarship recipients. Congratulations!

Past Scholarship Winner to Pursue Doctorate

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yan Guggenmos, a 2007 Washington CPA Foundation Scholarship winner and 2008 Seattle University graduate, has been accepted at the University of Massachusetts in Amherst, to pursue a PhD in Business Administration with an emphasis in accounting. Ryan will begin the program in September 2010. A CPA, Ryan has been employed with Deloitte & Touche, LLP, in the audit practice for two years. His interest in auditing supplies his doctoral studies focus. He stated that he has always been interested in questioning why people do the things that they do and plans to apply that question to the audit process. Through this pursuit, Ryan wants to contribute to the betterment of the accounting profession. “I ultimately would like to land a research position at a major university. I would love to, someday, return to the Seattle area,” said Ryan. The WSCPA and the Washington CPA Foundation congratulate Ryan on this impressive achievement and wish him well in his studies. We are happy to have invested in his education through the scholarship program. Learn about WSCPA Members in the Spotlight at www.wscpa.org. www.wscpa.org

Laurel Berry-Huff Samantha Bowman Nita Chang Melissa Cheesman Jordan Chester Pitichoke Chulapamornsri Kirsten Dezellem Megan Garber Aries Gomez-Gonzales Kirsten Hansen Amanda Hehr Matthew Herring Kevin Huynh Emily Kulm Carly McPherson Michael Plengrat Aymeric Prieur Lisa Rindal Anna Root Ashley Thomason Jong Seok Won

Western Washington University University of Washington Central Washington University Seattle University University of Washington University of Washington Gonzaga University University of Washington Eastern Washington University University of Puget Sound (Roy J. Polley Accounting Scholarship) Central Washington University University of Washington Seattle Pacific University Washington State University Gonzaga University University of Washington University of Washington University of Washington - Tacoma Washington State University Western Washington University Washington State University

President & CEO Award Recipient: Roy Polley continued from page 5

past many decades and also reminiscing about their days as students in Professor Polley’s classes. Asked by Linda how he enjoyed the presentation of his award, Roy was his usual man of few words as he responded “it was impressive.” In case you are wondering why Mickey Mouse is in the picture, it is because Roy used to tell his beginning accounting classes that if they thought this was going to be a Mickey Mouse class that they were in the wrong classroom. That began a lifelong relationship between Roy and Mickey Mouse. I have met very few professors in my life who have such a love for

teaching their students and whose love is returned so effortlessly by those students as they stay connected for many years into the future. You can’t fake that…it is very real. Roy and Linda do not have children, unless you count the thousands of young people whom they have helped raise. They plan to leave a major portion of their estate to the Washington CPA Foundation for accounting scholarships so that future college students will be able to complete their degrees and enter the world of accountancy. What a tremendous legacy for a wonderful couple. Roy (and Linda), you are my Man of the Year.

WashingtonCPA May/June 2010

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advocacy

Bizarre Legislative Session Produces One Sure Thing for Profession By Judy Love,WSCPA Director of Advocacy

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he 2010 legislative session may well be characterized more in terms of what DID NOT happen rather than what DID happen for the profession.

State Board of Accountancy WILL NOT move into the Department of Licensing

The WSCPA Advocacy Center at www.wscpa.org is the source to help you keep track of proposed changes to laws and regulations, contact legislators, and be an active Grassroots Volunteer.

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WashingtonCPA May/June 2010

The State Board of Accountancy will remain a stand-alone agency. WSCPA staff, lobbyist and literally hundreds of grassroots volunteers around the State communicated with their legislators about the Society’s opposition to the Governor’s bill to move the State Board of Accountancy into the

Department of Licensing. The legislation died in both the House and Senate. The Society’s position was supported by NASBA, the AICPA and recommendations and comments highlighted in a report from a 2008 U.S. Treasury Advisory Committee on the Auditing

“If there is any good news to be gleaned from whatever tax increase comes out of this session it is that legislators never seriously considered imposing a sales tax on professional services.”

www.wscpa.org


members only

Will Your Profession Be the Same Tomorrow?

Still Time to Register for Annual Meeting and Professional Issues Update, May 5

Profession urging “states to create greater financial and operational independence of their state boards of accountancy.” The report cited additional concerns “about the financial and operational independence of state boards of accountancy from outside influences, such as other state agencies, and the possible effect on the regulation and oversight of the accounting profession. A number of state boards are under-funded and lack the wherewithal to incur the cost of investigations leading to enforcement. In addition, some state boards fall under the centralized administrative ‘umbrella’ of other state agencies and lack control of financial resources and/or operational independence necessary to carry out their mandate of public protection.”

No Sales Tax on Professional Services

If there is any good news to be gleaned from whatever tax increase comes out of this session it is that legislators never seriously considered imposing a sales tax on professional services.WSCPA staff, lobbyist and members with state and local tax expertise began providing input to key budget writers as early as October about the inadvisability of looking to a sales tax on professional services as a remedy for the State’s budget shortfall. As of this writing, the seemingly endless 2010 legislative session leaves undecided how lawmakers will settle differences in order to balance the State’s budget. The only sure thing is an increase in taxes. Which taxes and how large an increase have a few key decision-makers in a deadlock. An increase in the B&O rate on services is likely. The WSCPA invests heavily in its advocacy efforts on behalf of the profession. As you renew your membership dues for the coming year, keep in mind the value of that investment. www.wscpa.org

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any of the events behind daily news headlines have the potential to fundamentally change the CPA profession and your job. What does this mean for you? Join with other members of the WSCPA for this year’s annual meeting via live webcast Wednesday, May 5 to take a closer look at this question and learn what the possible answers mean for your job. The WSCPA is pleased to have the very informative and engaging Barry C. Melancon, CPA, as the keynote speaker for WSCPA Annual Meeting: Update on the Profession. Barry Melancon is the President and Chief Executive Officer of the American Institute of Certified Public Accountants (AICPA), the national professional organization of CPAs with 350,000 members. He directs the Institute’s operations in New York; Durham, NC; WashingMembers Only ton, DC; and Lewisville, TX. As head of Webcast the largest body of CPAs in the world, Annual Meeting and Melancon is called upon to repreProfessional Issues Update sent the Institute with state, national and international organizations and is Keynote Speaker sought after by key opinion leaders for Barry Melancon, CPA his expertise. AICPA President and CEO Mr. Melancon’s knowledge and experience will make attending this meeting DATE Wednesday, May 5 via live webcast a worthwhile and engagTIME 7:00 - 9:30 a.m. ing experience as he guides participants CPE 1.5 technical credits through a fast-paced, up to the minute FEE $15 look at issues, changes, challenges and opportunities—both national and REGISTER at www.wscpa.org international—facing the profession. (enter WAM in the CPE/Event Learn about the status of IFRS converCatalog keyword search) sion efforts, changes to the CPA exam, progress report on international adminThis webcast will give you a look istration of the CPA exam, tax strategy behind the headlines and into the patents, the latest bills in Congress that future: international accountaffect CPAs and more. ing standards, GAAP for small Learn more about where your procompanies, internationalization fession will be tomorrow—register of the CPA exam, the IRS protoday for this live webcast and participosal to license tax preparers and pate from the comfort and convenience more. Melancon’s presentation of your own desk. will be preceded by the 30-minute Register in the CPE/Event Catalog WSCPA Annual Meeting. at www.wscpa.org (enter WAM in the keyword search). WashingtonCPA May/June 2010

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industry voice

On Fire CPE For Industry CPAs WEBINAR: Understanding the Changing Retirement Plans Landscape (WNR17) May 19 | Your Desk

You know as well as anyone that keeping current on the many changes seen in qualified and non qualified retirement plans over the years is tricky. Join us for a refresher that has a little something for everyone: • Review the retirement plan market place; • Find out which plan and service arrangements make sense for your clients; • Learn what to look for when consulting with your clients; • And much more. Washington State Tax Conference (WSTC) May 20 | Cedarbrook Lodge, Seattle

Changes to Washington State law affect your CPA practice, your clients and your employer. The Washington State Tax Conference, designed for CPAs and other finance professionals, will explore and examine the essential tax topics for 2010. The conference includes these sessions: • Why Washington Should Not Impose a Sales Tax on Professional Services; • New Washington Tax Court Cases; • New Washington Tax Legislation and Significant Department of Revenue Issuances; • The Year in Review and Future Initiatives from the Department of Revenue’s Perspective; • Apportionment of Revenue from Service Activities; • Taxation of Digital Products; and • Hot Topics in Washington Property Tax. WEBINAR: The New Form 5500: EFAST2... Are you Ready? (WNR18) May 26 | Your Desk

The DOL has made significant changes to form 5500. Retirement plan sponsors are now required to file forms electronically. How will it work? What new information is required? How will the IQPA audit report be filed? Will the DOL be ready to accept thousands and thousands of electronic filings? Join us for an informative session answering these questions and more: • Learn how to assist your clients to file electronically. • Find out whether your clients are eligible to use the 5500 Short Form. • Review the new fee disclosures on Schedule C.

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WashingtonCPA May/June 2010

• •

Discover how to obtain credentials from the DOL to submit IQPA audit reports electronically. And much more.

A Quick Look at QuickBooks Pro (QBP) June 9 | Meydenbauer Center, Bellevue

Although QuickBooks is generally labeled as an “entry level” accounting solution, it is an extremely powerful product with features and capabilities of which many users are either not aware or don’t know how to utilize effectively. This course is designed to help you get more out of QuickBooks and to resolve the issues with which even experienced QuickBooks users often struggle. Performance Analysis: Identifying Profit Improvement Opportunities (PA) June 14 | WSCPA Learning Center, Bellevue

Discover ways to make your company more profitable. This fast-paced, interactive seminar will teach you how to use operational auditing and performance analysis techniques to identify and implement cost saving opportunities and processes. Audits of 401(k) Plans (AFKP1) June 16 | Hampton Inn, Spokane

401(k) plans have become a popular option for employee benefit plans, so you must have the skills to audit these plans effectively. This course will cover every aspect of how to audit a 401(k) plan and prepare financial statements that satisfy ERISA and SEC requirements. Tap into ways to plan and conduct 401(k) audits more efficiently and effectively, and understand the differences between 401(k) audits and other employee benefit plan audits. Creating a Positive Work Culture with Performance Feedback (CPW1) June 23 | WSCPA Learning Center, Bellevue

Do you ever wish one of your reporting employees wouldn’t come to work? Would you like to fix the problem so you can look forward to that employee being there and contributing? Most likely an effective fix will require providing some performance feedback. This seminar will explain the keys to creating a positive work culture with performance feedback and build an organizational culture that embraces performance feedback. Learn about additional seminars for CPAs working in business and industry at www.wscpa.org. www.wscpa.org


accounting Standards

Blue-Ribbon Panel May Lead U.S. to Different Accounting Standards for Private Companies

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he AICPA and the Financial Accounting Foundation (FAF), with support from the National Association of State Boards of Accountancy, have formed a blue-ribbon panel to explore the future of standard setting for private companies, including whether separate, standalone accounting standards for private companies are needed. The FAF is the parent organization of the Financial Accounting Standards Board (FASB). The panel is expected to make recommendations this fall. Most of the recent discussions concerning financial reporting standards have centered on International Financial Reporting Standards (IFRS), specifically on whether the Securities and Exchange Commission (SEC) will endorse the proposed roadmap released under the previous administration that could lead to all U.S. public companies being required to use IFRS on a phased-in basis beginning as early as 2014.Yet even if the SEC eventually mandates the use of IFRS to replace U.S. generally accepted accounting principles (GAAP), the requirement would apply only to the approximately 15,000 public companies in the United States. But what about the 29 million private companies that will continue using U.S. GAAP? “We need to take a fresh look at how U.S. accounting standards can best meet the needs of private company financial statement users, and that’s what this blueribbon panel will do,” says Rich Jones, President & CEO of the Washington Society of CPAs. “I expect the panel’s recommendations to be an extremely positive development for our state’s many private companies and the CPA firms who serve them.” In early January, Rick Anderson, CEO of Moss Adams LLP, was named chairman of the panel. Anderson currently serves on the FAF Board of Trustees, was a member of the AICPA governing Council www.wscpa.org

Even if the SEC eventually mandates the use of IFRS to replace U.S. GAAP, the requirement would apply only to the approximately 15,000 public companies in the United States. What about the 29 million private companies that will continue using U.S. GAAP? for three years and is the immediate past chair of the AICPA Major Firms Group. The panel’s other members will represent a cross-section of financial reporting constituencies, including lenders, investors, owners, preparers and auditors. According to the U.S. Small Business Administration, small businesses employ more than half of all private sector workers and are responsible for 44% of the private payroll in the United States. They also have produced 64% of the new jobs created during the past 15 years. Many of these companies are small and medium-sized organizations that report

to a narrow range of financial statement users, such as lenders, venture capitalists and insurers. “Small business has also been instrumental in creating new innovations and are an important element in our economic recovery,” says Robert R. Harris, CPA/CFF, chairman of the AICPA Board of Directors.“We need a financial reporting system that provides financial statement users and small business owners with information they can truly use and understand. We CPAs know full well that the financial reporting needs of our private company clients or employers and WashingtonCPA May/June 2010

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Accounting Standards

“We CPAs know full well that the financial reporting needs of our private company clients or employers and their financial statement users are different from those of public companies. It’s time for accounting standards to reflect this difference, where appropriate.” their financial statement users are different from those of public companies. It’s time for accounting standards to reflect this difference, where appropriate.” In recent months there have been many calls within the accounting profession for a new and comprehensive evaluation of private company accounting. Included in those calls was the voice of the Private Company Financial Reporting Committee (PCFRC), a joint initiative of the AICPA and the FASB. For the past several years, the PCFRC has been monitoring standard setting and speaking out on behalf of the needs of private

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WashingtonCPA May/June 2010

companies and the CPAs who serve them. “The goal is to bring valuable information to the users of private company financial statements without burdening those companies and their CPAs with requirements that have no relevance to their investors, lenders and other financial statement users,” says Harris. “By doing this, we should also be able to help control financial reporting costs, something I know our members in business and industry will appreciate.” “The time has come to address accounting standards for the majority of

America’s businesses at the policy level and the recently created blue-ribbon panel will do just that,” said Rich Jones. Source: AICPA. Printed with permission.

www.wscpa.org


Save on Live Seminars with a Season Ticket Your Ticket to Affordable, Live CPE

$164.50 per 8-hour seminar!* You cannot find a better value on live CPE.

Why pay more than you have to for live seminars? The Season Ticket, exclusively available to WSCPA members, allows you to attend up to 80 hours of live CPE from June 1, 2010 - May 31, 2011 for only $1,645* — that’s just $164.50 per 8-hour seminar. Order the Season Ticket today and your CPE journey this year will be incredibly affordable and hassle free.

Planning for CPE is easy with a Season Ticket. Registering for 6 courses at once saves time.

Lock in the best deal on CPE. Take up to 10 eight-hour programs from June 1, 2010 - May 31, 2011 for as little as $164.50 each.* Save time on CPE planning. Season Ticket holders can register for a total of six programs at a time. No add-on fees. Season Ticket holders will not be charged add-on fees for conferences and special programs. Members Only. Once you’ve renewed your WSCPA membership for 2010-2011, you’ll be able to order a Season Ticket. Order a Season Ticket once you’ve renewed your dues online at www.wscpa.org or on your dues statement.

Save $100 when you order a Season Ticket by June 30 * When purchased by June 30, 2010. The Season Ticket is $1,745 after June 30. Washington society of certified Public accountants

2010-2011 Season Ticket

IRS or Washington State Tax Problems? Experience Can Make A Difference. IRS, Revenue and Labor & Industries Audits: Administrative and Judicial Appeals & Refund Actions; Lien & Collection Problems; Tax Planning; Commercial Litigation.

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Martin Silver, P.S. Attorneys & Counselors

800 - 5th Avenue, Suite 4000 • Seattle, WA 98104 • Telephone: (206) 224-3461 • Fax (206) 224-3459


Compilation and review

New Compilation and Review Standard Addresses Many Small Firm Issues

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t its final meeting of 2009, the AICPA’s Accounting and Review Services Committee (ARSC) approved Statement on Standards for Accounting and Review Services (SSARS) No. 19, a new compilation and review standard that includes the most significant changes to the SSARSs since 1978. An over-arching goal of the new standard was to address issues that had emerged over years with small CPA firms and their small business clients. For example, one of the major changes reflected in the new standard is to allow, but not require, CPAs to disclose in the compilation report the reason(s) why they are not independent when performing a compilation service. CPAs always had been permitted to perform compilations when not independent but were prohibited from including in the

report an explanation regarding the lack of independence. The standard is effective for compilations and reviews of financial statements for periods ending on or after December 15, 2010, with the exception of the new provision on the compilation reporting option which may be implemented early. With SSARS No. 19’s issuance on December 30, 2009, the compilation reporting option became available. “This change has long been supported by many CPAs from small firms, as well as by those who use their compilation reports,” says Rich Jones, President & CEO of the Washington Society of CPAs. “Allowing CPAs to explain the reasons why they are not independent will provide transparency to users and flexibility for CPAs.”

One of the major changes reflected in the new standard is to allow, but not require, CPAs to disclose in the compilation report the reason(s) why they are not independent when performing a compilation service.

Other Changes

Another important change made by SSARS No. 19 is that the new standard separates the compilation guidance from the review guidance. For the large number of small firm practitioners who perform compilations but not reviews, this makes the compilation guidance much easier to use. Other significant changes include: •

A discussion of how the accountant obtains limited assurance through the performance of review procedures. • Introduction of the term review evidence to the review literature. • A discussion of tailoring the review procedures based on the accountant’s understanding of the client’s industry, knowledge of the client, and awareness of the risks that he or she may unknowingly fail to modify the review report on materially misstated financial statements. • A discussion of materiality in the context of a review engagement. • A requirement that an accountant document the establishment of an understanding with management through a written communication (e.g., an engagement letter) regarding the services to be performed. • The establishment of enhanced documentation requirements for compilation and review engagements.

New Standard Differs from Exposure Draft

There are a couple of differences between the exposure draft released for comment in April 2009 and the final standard that was issued. Most notably, the proposal to allow an accountant to

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WashingtonCPA May/June 2010

www.wscpa.org


compilation and review

perform a review engagement when the accountant’s independence was impaired due to the performance of internal control services to the client was deferred. Based on comments on both sides of the issue, the ARSC decided to conduct additional outreach with key stakeholders to glean more insight on such review engagements. More information about the recent changes to the SSARSs, including an Executive Summary of Compilation and Review Engagements – SSARS No. 19 and guidance on the compilation reporting option, can be found at www.aicpa. org/reliability. Source: AICPA. Printed with permission.

www.wscpa.org

Three Seminars for Peer Review Firms and Reviewers How to Conduct a Review Under the AICPA Practice-Monitoring Program (HCRPM), June 7-8, Bellevue Upcoming Peer Review: Is Your Firm Ready? (SNPR), June 9, Bellevue Learn more or register at www.wscpa.org. AICPA’s Advanced Workshop: Practical Guidance for Peer Reviewers (#07682), June 10, Beaverton, OR Learn more or register with the Oregon Society of CPAs at www.orcpa.org.

WashingtonCPA May/June 2010

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Events

2010 New Professionals Networking Events

MAY 14

SPOKANE Events JUNE 17 AUG 13 OCT 21

Lake Coeur D’Alene Cruise (NP02), The Coeur d’Alene Resort New! Scavenger Hunt (NP05), Downtown Spokane New! Billiards Tournament (NP07), Far West Billiards

JUNE 9* JULY 16 AUG 11 SEPT 16* OCT 28 NOV 17*

Puget Sound Events New! Horse Races (NP13), Emerald Downs, Auburn Billiards Tournament (NP01), Jillian’s, Seattle BBQ Picnic (NP03), Bellevue Argosy Cruise (NP04), Seattle, $30 Members’ Reception (NP06), Rock Bottom Brewery, Bellevue, complimentary New! Whirly Ball (NP08), Seattle Casino Night (NP09), Redhook Ale Brewery, Woodinville

* One lucky eligible attendee will win a CPA exam review prize.

Sponsors Event fees are low thanks to these sponsors:

For Only $20/person (unless noted otherwise), each event includes: networking with young CPAs, bankers and lawyers; activities, prizes, appetizers and drinks.

Register and learn more at www.wscpa.org (search for NP in the Education & Events Catalog) or call (425) 644-4800. Locations subject to change. Check online at www.wscpa.org for latest event details.

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WashingtonCPA May/June 2010

www.wscpa.org


Events

Photo Album

Events for students around the state... Tukwila South King County Chapter CPA/Student Bowling Slam | February 6

SPOKANE Spokane Chapter E Clair Daniels Event: Best Practices in Accounting & Auditing in the Inland Northwest | February 10

TOPPENISH Heritage University Success Skills Event | February 18

www.wscpa.org

WashingtonCPA May/June 2010

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Financial Literacy

Need a Break from Being the Finance Expert? By Amy O’Donnell,WSCPA Financial Literacy Program Manager

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re you the local financial expert in your circle of friends and family? You may have found yourself helping someone with basic questions and realized that they need more information than you can provide or have the time for. Fortunately, there are great resources to help them become their own financial expert. How do you determine which resources to recommend? A web search can yield lots of results—some will be fantastic resources and others may be selling a product or even worse, a front for a scam.The key thing to look for is that the information on the website is not biased and, whenever possible, non-commercial. Websites with interactive components, such as calculators, are another factor to consider. These tools provide feedback for the user to know where they are lacking in funds, education or both.To help you sift through the websites, below are some suggestions. This is not meant to be an exhaustive list.

Managing Money

There are several websites that help individuals manage their funds on-line and create easy to follow displays of current spending levels, where savings can be made and target for spending categories. Using these tools can be a real eye opener and quickly identify spending leaks. Some websites to consider: •

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Mint.com: Mint gathers financial information from your bank accounts and downloads them into a Mint account. Mint then does the bookkeeping and creates graphs to display assets and debts. It also provides tips on where you can save money and reminders to pay your bills. GoSimplifi.com: Sophie (an online guide) helps users review their finances and make plans.

WashingtonCPA May/June 2010

Need a break from being the finance expert? Encourage your friends and family to use the “Ask the Expert” sections of 360financialliteracy.org and Lifetuner.org. •

Lifetuner.org (from AARP): Provides tools for reviewing your finances and education resources. AARP also has a Money section on its main website with information for those who are retired or getting close to retirement.

Range of Topics

For general financial education or websites with an array of topics, consider recommending: •

AICPA’s 360 Degrees of Financial Literacy (360financialliteracy.org): This site provides financial topics by life stages in simple concise language. Recently redesigned, this site includes new tools for consumers, such as a blog.

Feed the Pig (feedthepig.org): Find savings tips and calculators to help consumers evaluate spending habits and make goals. Includes a new section for tweens (4-6th graders). Bankrate.com: Consumers can search for the best rates on mortgages, savings accounts, and credit cards. Financial education and videos are also available. Washington Department of Financial Institutions Clearinghouse (www.dfi.wa.gov/ financial-education.htm): Consumers can review resources by topic. The site also offers information for parents and educators, along with links to other helpful websites. Download DFI’s series of booklets on the basics of investing, created in partnership with Kiplinger’s. www.wscpa.org


Financial Literacy

Who Said Church Ladies Can’t Have Fun? •

Choose to Save (www.choosetosave.org): General education, retirement resources and a comprehensive list of websites are provided through this site. The Ballpark Estimator helps individuals identify how much they will need for retirement. Many news organizations, such as PBS, MSN and CNN, have money sections that cover a range of financial topics. Magazines like Kiplinger’s have websites with general resources for the public as well. For the basics of investing, a few to check out are FINRA and Investor Protection Trust. Government and regulatory agencies such as the Department of Treasury, FDIC, Federal Trade Commission and the U.S. Financial Literacy Education Commission also provide consumer education.

If you are looking for supplemental materials for a presentation, any of the websites listed above are great places to check. Need a break from being the expert? Both 360 Degrees of Financial Literacy and Lifetuner.org have an “Ask the Expert” section. You can let someone else field the questions for awhile. Staying current on the latest news on personal finances and their effect can be challenging.There are several ways to stay up to date that require minimal efforts on your part. Using RSS feeds, Google Alerts, following a blog of a favorite financial guru, columnist or organization, and e-newsletters. These methods allow you to quickly scan what the current topics of interest are, changes to laws or rules and how they may affect you. WSCPA members may request financial literacy curriculum for www.wscpa.org

Olympia Church Discusses Financial Issues at Seasonal Celebration By Monty Harmon, CPA, Harmon Consultants, Inc Every quarter the women at Grace Covenant Community Church hold a seasonal dinner party. Women are invited to attend a formal dinner followed by playing bunko or doing crafts. In March, they had an evening on Finances. I was invited to speak to the women about financial issues in a tough economy and where to find answers to their concerns. Honestly, I was not expecting many ladies would come out to such an evening. I was pleasantly surprised when I was greeted by eighty “church ladies” that were not even fazed by the use of “casino” cards to “raffle” door prizes. These women knew how to have “fun” in a dys-fun-ctional financial world. After dinner, the ladies started their evening with a group lip-sync of “Money Makes the World Go Around.” This was followed by me being introduced as Money Harmon. I then presented in the most light-hearted manner possible basic financial concepts such as managing credit card debt, home finances, and consumer spending. Following dessert I was allowed to conclude with a Saturday Night Live video clip with Steve Martin (www. commoncraft.com/friday-funny-snldont-buy-stuff-you-cannot-afford). adults, elementary and high school students. These can be downloaded at www.wscpa.org under the Financial Literacy tab. Amy O’Donnell,WSCPA Financial Literacy

These church ladies made an evening of learning financial issues into a fun event. When it was time to leave, they were well stocked with web addresses like www.feedthepig.org and great resource materials provided by the WSCPA.

“These women knew how to have “fun” in a dys-fun-ctional financial world.”

I have been invited to return to discuss with the young women and their husbands on educating their children on finances. Amy O’Donnell (aodonnell@wscpa.org) provided all the support and boxes of handouts for the event above. You can bet I will be contacting Amy before this next presentation. How about you? Is there a group that could benefit from your knowledge of financial literacy? Program Manager, writes the WSCPA FL Blog, where she highlights financial resources and shares financial literacy news and volunteer opportunities. Visit the FL Blog in the Financial Literacy section of www.wscpa.org. WashingtonCPA May/June 2010

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Events

Golf Tournament May 17, 2010 1:00 p.m. start

Register today! Registration deadline: May 10

13737 202nd Ave NE Woodinville, WA 98077 www.bearcreekcc.com

D2 Productions

In addition to CPAs and their clients, bankers and lawyers, friends and family are welcome to attend. Don’t miss this opportunity to golf at Bear Creek, an exclusive club.

Special price break for 2010: $110/person, $210/two people, or $420/team of four 28

WashingtonCPA May/June 2010

Along with golf, this event includes cart, lunch, dinner, drinks, reception and prizes!

Registration

Call (425) 644-4800 or (800) 272-8273 (toll-free in Washington).

Questions?

Please send an e-mail to memberservices@wscpa.org or call (425) 644-4800. www.wscpa.org


CPE Digest

Education and Event Listing...... page 30 Registration.................................. page 37

What’s your CPE style?

Try it for free!

ebinars Webcasts and wrs... be for mem see page 34

www.wscpa.org

My turf

My pace

My choice

Prefer self-study? Like taking webcasts at your desk? Enjoy seminars and conferences? As a WSCPA member, you can save on seminars, conferences, self-study, webcasts and webinars. Which one fits your CPE style? Prefer seminars and conferences? As a member, you can save $75 on 8-hour seminars or conferences. Plus, save even more with a Season Ticket. See page 30 for the hundreds of programs. Look for this symbol  to identify WSCPA conferences.

self study your speed? Take advantage of new WA Pros annual subscriptions starting at $175(+tax). Check out WSCPA self-study discounts online at www.wscpa.org.

Want CPE at your desk? Choose from more than 100 WSCPA webcasts and webinars. You can try it for free—see page 34 for details. For a full list of webcasts and webinars, search for WEB and WNR in the CPE/ Event Catalog at www.wscpa.org. WashingtonCPA May/June 2010

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Register at www.wscpa.org or page 37

Education and event listing

Fees Date

Course

Code For more information, enter code in catalog at www.wscpa.org

WSCPA Member Fee

NonMember Fee

AICPA Member Discount

Facility

ICONS

events by location WSCPA education and events scheduled for May - September 2010 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, you can search by location.

ç

New

l

Chapter event or meeting Networking event

S

Season Ticket and Coupons N/A

Locations in this CPE Digest issue Bellevue

p. 30

Kent

p. 33

Bellingham

p. 32

Port Hadlock

p. 33

Chelan

p. 32

Seattle

p. 33

Coeur d’Alene

p. 33

Spokane

p. 33

Kennewick

p. 33

Woodinville

Your Desk - Webcasts and Webinars

p. 33 p. 34

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

2010-2011 EVENT SCHEDULE To view the complete schedule of events through May 2011, refer to the CPE/Event Catalog at www.wscpa.org or the 2010-2011 Washington Professional Education Catalog (mailed to members in mid-May). To request a copy of the catalog, call (800) 272-8273 (toll-free in Washington) or e-mail cpe@wscpa.org. Need help finding a seminar or webcast? Call the WSCPA at (800) 272-8273 or (425) 644-4800 to speak with a Member Services Representative.

Fees Date

Course

Code For more information, enter code in catalog at www.wscpa.org

WSCPA Member Fee

NonMember Fee

AICPA Member Discount

Facility

20

20

0

Emerald Downs

Auburn May 14

S

Horse Races - New Professionals Networking Event 6:30-8:30 pm

NP13

Bellevue May 11

S6

May 13

CTVFL08

35

35

0

WSCPA

XPT3

230

305

0

WSCPA

May 14

DATE CHANGE Integrating Microsoft Office Applications

IMOA3

230

305

0

WSCPA

May 17

Crystal Reports: Introduction

CR13

230

305

0

WSCPA

May 18 May 18

Í

May 18

Í

Identifying Fradulent Financial Transactions

FEFFT

265

340

-30

WSCPA

Ratio Analysis with Excel 12:30-4 pm

XRA41

130

165

0

WSCPA

Working Trial Balance with Excel 8-11:30 am

XWTB41

130

165

0

WSCPA

May 19

Data Analysis with Excel

XDA2

230

305

0

WSCPA

May 19

Internal Control Deficiencies: Assessment and Reporting Under SASs 112 & 115

ICDAR

265

340

-30

WSCPA

May 20

DATE CHANGE Financial Statement Analysis: Basis for Management Advice

FSABM2

265

340

-30

WSCPA

May 20 May 20 May 21

ç

Financial Literacy and Presentation Skills 9 am-4:30 pm DATE CHANGE Excel Pivot Tables

Sl

Introduction to Excel Visual Basic Macros

XVBM3

230

305

0

WSCPA

New Washington Tax Developments 7:15-9 am

CHBA08

35

40

0

Maggiano’s at Lincoln Square

DATE CHANGE Critical Skills for Creating Great Budgets: Maximizing Profit and Power

CSCB

265

340

-30

WSCPA

May 24

Importing Data into QuickBooks Pro

IDQBP2

230

305

0

WSCPA

May 25

Personal Financial Accounting: A Prescription for Achieving and Managing Wealth

PFA3

285

360

0

WSCPA

May 26

Compilation and Review Standards Update and Review

CRUR7

285

360

0

WSCPA

May 26

Introduction to OLAP (Online Analytical Processing)

OLAP2

230

305

0

WSCPA

May 27

GAAP Update and Review for Small and Medium-Sized Entities

GURSME

285

360

0

WSCPA

May 27

Introduction to XBRL

XBRL3

230

305

0

WSCPA

May 28

Auditing Standards Update and Review

AUUR3

285

360

0

WSCPA

May 28

Crystal Reports: Intermediate

CR23

230

305

0

WSCPA

Full day courses are from 8:00 a.m.-4:00 p.m. and qualify for eight credit hours unless otherwise noted.

ç New |  non-tech credits | E Ethics credits |  4 credits |  Conference | Y Yellow Book | C CFP | l Chapter event |

30

WashingtonCPA May/June 2010

Networking Event | S Season Ticket and Coupons N/A

www.wscpa.org


Register at www.wscpa.org or page 37

Education and event listing Fees

Date

Course

Code For more information, enter code in catalog at www.wscpa.org

NonMember Fee

AICPA Member Discount

Facility

Jun 2

Introduction to Microsoft PowerPoint

COMPP1

230

305

0

WSCPA

Jun 3

Excel Pivot Tables

COMEX1

230

305

0

WSCPA

CPE in Ethics: A Requirement in Washington State 8-11:30 am

CENRW401

175

210

0

WSCPA

Jun 4

ç

WSCPA Member Fee

Jun 7-8

How to Conduct a Review Under the AICPA Practice-Monitoring Program

HCRPM

425

540

-60

WSCPA

Jun 9

QuickBooks for Accountants

QBP

265

340

0

Meydenbauer Center

Jun 9

Upcoming Peer Review: Is Your Firm Ready?

SNPR

265

340

-30

WSCPA

Jun 10

Excel Based Dashboards

EBD1

265

340

0

WSCPA

Jun 11

Outlook for Accountants: Get Organized Today!

OUT

265

340

0

WSCPA

Jun 14

Make Money for You and Your Clients: Surgent McCoy’s Top Individual Tax Planning Strategies

ITPS

275

350

0

WSCPA

Jun 14

Performance Analysis: Identifying Profit Improvement Opportunities

PA

265

340

0

WSCPA

Jun 15

Profit Improvement: 10 Tips for a Better Bottom Line

PITT

265

340

0

WSCPA

Jun 15

Surgent McCoy’s Handbook for Mastering Basis, Limitation Issues for S Corporations, LLCs, and Partnerships

HMBI

275

350

0

WSCPA

Jun 17

Audits of 401 (k) Plans

AFKP2

265

340

-30

WSCPA

Audits of 403 (b) Plans: A Challenging New Audit Area

FOTB

265

340

-30

WSCPA

ç

Jun 18

Y

Jun 22

C

Tough Times: Best Tax and Financial Planning Strategies for a Bad Economy

TSBE

265

340

-30

WSCPA

6

Creating a Positive Work Culture with Performance Feedback

CPW1

265

340

0

WSCPA

ç

Jun 23

ç

Jun 24

R&D Tax Credits: Calculation and Documentation

RDTC

265

340

0

WSCPA

ç

Jun 25

Cost Segregation Studies: Do It Yourself?

CSS

265

340

0

WSCPA

What Board Treasurers Need to Know About Not-for-Profit Accounting 8-11:30 am

WBTN41

110

110

0

WSCPA

Jun 29

Í

Jul 6

Compilation and Review Standards Update and Review by Walter Haig

CRUR1

295

370

0

WSCPA

ç

Jul 7

GAAP Update and Review for Small and Medium-Sized Entities (SMEs) by Walter Haig

GURSME1

295

370

0

WSCPA

ç

Jul 12

Financial Management Workshop: What Public Accounting Didn’t Teach You

FMW

265

340

0

WSCPA

ç

Jul 13

Accountant’s Guide to Fraud in Compilations/Reviews/Audits

AGF

265

340

0

WSCPA

Jul 13

Corporate Finance Tune-Up: Putting the Right Skills in Your Analytical Toolbox

CFT

265

340

0

WSCPA

Auditing: Implementing the NEWLY Revised Risk Assessment Standards

RISK10

265

340

0

WSCPA

Jul 14

Y

Jul 16

S

BBQ Picnic - New Professionals Networking Event 7-10 pm

NP03

20

20

0

WSCPA

ç

Jul 22

Í

Effective Business Development Skills In Today’s Recession 8-11:30 am

EBS41

140

170

0

WSCPA

ç

Jul 23

Inside the IRS - A Tour for CPAs, EAs and Accountants

ITI

265

340

0

WSCPA

Jul 26

Excel for Windows Advanced

COMEX2

230

305

0

WSCPA

Jul 27

Word Tips Tricks & Techniques

COMWO1

230

305

0

WSCPA

Jul 29

The Top 50 Mistakes Practitioners Make and How to Fix Them: Individual Tax and Financial Planning

INBB

275

350

0

WSCPA

Jul 30

The Best S Corporation Limited Liability and Partnership Update Course by Surgent McCoy

BCPE1

275

350

0

WSCPA

Aug 2

Excel Tips, Tricks and Techniques for Accountants

EXL

265

340

0

WSCPA

Aug 3

Internal Controls for Small Business Accounting Systems

ITCB1

265

340

0

WSCPA

ç

Aug 3

Rock Solid Tax Strategies That Will Mesmerize Your Self-Employed LLC, “S” Corporation, and Schedule C Clients

RSTS

265

340

0

WSCPA

ç

Aug 4

Fresh New Tax Planning and Compliance Ideas That Take Advantage of Recent Tax Acts and IRS Pronouncements

FNTP

265

340

0

WSCPA

Aug 4

Paperless Office

PPO

265

340

0

WSCPA

ç

Aug 5

Business Continuity and Disaster Recovery

BUS

265

340

0

WSCPA

Aug 5

Guiding Surviving Spouses, Heirs, Beneficiaries, Estates, Trusts and Decedents on Tax, Estate and Financial Planning - Forms 1040, 1041, 706 and 709

SSAR

275

350

0

WSCPA

Aug 10

Personal Financial Accounting: A Prescription for Achieving and Managing Wealth by Walter Haig

PFA1

295

370

0

WSCPA

Full day courses are from 8:00 a.m.-4:00 p.m. and qualify for eight credit hours unless otherwise noted.

ç New |  non-tech credits | E Ethics credits |  4 credits |  Conference | Y Yellow Book | C CFP | l Chapter event |

www.wscpa.org

Networking Event | S Season Ticket and Coupons N/A

WashingtonCPA May/June 2010

31


Register at www.wscpa.org or page 37

Education and event listing

Fees Date

Course

Code For more information, enter code in catalog at www.wscpa.org

ç

NonMember Fee

AICPA Member Discount

Facility

Aug 11

Compilation and Review Standards Update and Review by Walter Haig

CRUR2

295

370

0

WSCPA

Aug 12

GAAP Update and Review for Small and Medium-Sized Entities (SMEs) by Walter Haig

GURSME2

295

370

0

WSCPA

Aug 16

CPE in Ethics: A Requirement in Washington State 8-11:30 am

CENRW402

175

210

0

WSCPA

Aug 17

Washington B & O and Sales Tax

WSTX1

265

340

0

WSCPA

Aug 18

Thirty-Plus Practical Tools and Techniques for Making Your Key Financial Decisions

TTMD

265

340

-30

WSCPA

Negotiating Skills for Finance Professionals: Get What You Want When You Want It

NSFP

265

340

-30

WSCPA

Aug 19

6

Aug 23

Excel Functions Tips Tricks Techniques

COMEX3

230

305

0

WSCPA

Aug 24

Introduction to SQL

COMSQ1

230

305

0

WSCPA

Aug 25

Crystal Reports Introduction

COMCR1

230

305

0

WSCPA

Aug 25

Troubled Times - Current Economic Crisis: Critical Accounting & Auditing Considerations

TTEC

265

340

-30

WSCPA

Aug 26

ç

WSCPA Member Fee

Cash Flow Statement: Preparation, Presentation and Use

FCFS

265

340

-30

WSCPA

Aug 30

Y

Revised Yellow Book: Government Auditing Standards

EOYB2

265

340

-30

WSCPA

Aug 31

Y

Right The First Time: Cases In Not-For-Profit Accounting And Auditing

CNFP

265

340

-30

WSCPA

Sep 1

Excel Pivot Tables

COMEX4

230

305

0

WSCPA

Sep 2

Introduction to Microsoft PowerPoint

COMPP2

230

305

0

WSCPA

Sep 3

Crystal Reports Intermediate

COMCR2

230

305

0

WSCPA

Sep 8-9

Northwest Accounting Educators Conference 7:30 am-4:10 pm

NAEC

175

175

0

WSCPA

Su

Sep 10

Compilation and Review Standards Update and Review by Walter Haig

CRUR4

295

370

0

WSCPA

ç

Sep 13

Acquisitions to Grow the Business: Structure, Due Diligence and Financing

AGB

265

340

0

WSCPA

ç

Sep 14

Driving Corporate Performance: The CFO’s Role in Developing Competitive Advantage

DCP

265

340

0

WSCPA

NP06

0

0

0

Rock Bottom Restaurant & Brewery, Bellevue

Sep 16

S

Members’ Reception - New Networking Event Must be 21 or older to attend 6-8:30 pm

Sep 21

Y

Form 990: AICPA’s Answer to Unlocking the Tax Complexities

EOF9902

265

340

-30

WSCPA

Sep 22

How to Guide Your 60+ Clients on Tax, Long-Term Care, Planning, Estate, Social Security, Medicare, and Eldercare Strategies

GYEC

265

340

0

WSCPA

Sep 22

Real Estate Accounting and Auditing

REAA

265

340

-30

WSCPA

Sep 23 Sep 23

ç

Construction Contractors: Accounting, Auditing and Tax

CAAT

265

340

-30

WSCPA

Tips and Traps for Dealing with the IRS: From Start to Finish

DIRS

265

340

-30

WSCPA

Sep 24

Closely Held Business Taxation: 49 Practical Ways to Cut Taxes

CHBT1

265

340

-30

WSCPA

Sep 27

Cash and Tax Basis Financial Statements - Preparation and Reporting

CTB1

265

340

-30

WSCPA

Sep 27

Excel Budgeting and Forecasting Techniques

EBT

265

340

0

WSCPA

Sep 28

Microsoft Word: Essential Tools and Techniques for Accountants

WOR

265

340

0

WSCPA

Sep 28

Public Company Update: SEC, PCAOB, and Other Developments

PCOU

265

340

-30

WSCPA

Sep 29 ç

C

Sep 29

Í

Excel PivotTables for Accountants - Part I 8-11:30 am

PT141

140

170

0

WSCPA

Í

Google Apps for Accountants - An Alternative to Microsoft Office 12:30-4 pm

GAP41

140

170

0

WSCPA

Sep 29-30

SEC Reporting

SECR

425

540

-60

WSCPA

Sep 30

Security for Accountants: New Legal Requirements and Practical Solutions

SEC

265

340

0

Meydenbauer Center

Sep 30

Surviving and Growing Your Company in Difficult Times: Essential Skills for the Finance Team

SGYC2

265

340

-30

WSCPA

Sep 8

Compilation and Review Standards Update and Review by Walter Haig

CRUR3

295

370

0

Hampton Inn Bellingham

Sep 9

GAAP Update and Review for Small and Medium-Sized Entities (SMEs) by Walter Haig

GURSME3

295

370

0

Hampton Inn Bellingham

Accounting and Reporting Standards Annual Update and Review by Walter Haig

ARSUR1

485

600

0

Campbell’s Resort on Lake Chelan

Bellingham

ç

Chelan Jul 8-9

Full day courses are from 8:00 a.m.-4:00 p.m. and qualify for eight credit hours unless otherwise noted.

ç New |  non-tech credits | E Ethics credits |  4 credits |  Conference | Y Yellow Book | C CFP | l Chapter event |

32

WashingtonCPA May/June 2010

Networking Event | S Season Ticket and Coupons N/A

www.wscpa.org


Register at www.wscpa.org or page 37

Education and event listing Fees

Date

Course

Code For more information, enter code in catalog at www.wscpa.org

WSCPA Member Fee

NonMember Fee

AICPA Member Discount

Facility

Coeur d’Alene Jun 17

Lake Coeur d’Alene Cruise - New Professionals Networking Event 6:308:30 pm

NP02

20

20

0

Lake Coeur d’Alene Cruises

Accounting and Reporting Standards Annual Update and Review by Walter Haig

ARSUR2

485

600

0

Coeur d’Alene Golf & Spa Resort

The Revised Yellow Book: Government Auditing Standards

EOYB1

265

340

-30

Hilton Garden Inn Tri-Cities/Kennewick

u

Farm Tax Conference

FARMC

220

295

0

Three Rivers Convention Center

Sl

How to Find and Keep Good Employees 8-9 am

CHSK12

20

20

0

Golden Steer Restaurant

S

Aug 19-20 Kennewick Jun 15 Aug 19 Kent May 20 Jun 17

Sl

Protecting Your Network / Tech Q&A 8-9 am

CHSK02

20

20

0

Golden Steer Restaurant

Jul 15

Sl

Asset Allocation in Today’s Market 8-9 am

CHSK01

20

20

0

Golden Steer Restaurant

Accounting and Reporting Standards Annual Update and Review

ARSUR4

455

570

0

Inn at Port Hadlock

Port Hadlock May 13-14 Seattle May 13

u

Business & Industry Conference

BIC

225

300

0

Washington State Convention Center

May 14

u

International Tax Conference 8:30 am-4:30 pm

INTC

225

300

0

Bell Harbor International Conf Center

May 20

u

Washington State Tax Conference 8:30 am-4:40 pm

WSTC

225

300

0

Cedarbrook Lodge

Jun 9

S

Billiards Tournament - New Professionals Networking Event 7-10 pm

NP01

20

20

0

Jillians

Aug 11

S

Argosy Cruise - New Professionals Networking Event 7:30-9:30 pm

NP04

30

30

0

Argosy Cruises

ç

Sep 23

The LLC and LLP Supercourse - How to Guide Families, Professionals and Closely-Held Clients on Limited Liability Companies and Limited Liability Partnerships

LLSC

265

340

0

Hilton Seattle Airport

ç

Sep 24

Today’s Complex Real Estate Tax Planning Strategies for Distressed Real Estate, LLCs, Contractors/Builders, Investors, Homeowners, and Like-Kind Exchanges

DREP

265

340

0

Hilton Seattle Airport

Sep 28

Accounting for Income Taxes: Applying SFAS No. 109/FIN 48: A Whole New Ballgame!

AIT

265

340

-30

DoubleTree Guest Suites Southcenter

Spokane May 12

Sl

Computers and the Workplace/Current Hot Topics and Significant Developments in Employment Law 12-2 pm

CHSP16

40

40

0

The Spokane Club

May 13

Sl

Navigating Through the Accounting Standards Codification 7:30-9:30 am

CHSP20

50

50

0

Gonzaga University COG

May 20

Sl

The Future of Commercial Lending 7:30-9:30 am

CHSP22

50

50

0

Gonzaga University COG

May 27

Sl

Employment Trends for the Accounting Professional 7:30-9:30 am

CHSP21

50

50

0

Gonzaga University COG

Audits of 401 (k) Plans

AFKP1

265

340

-30

Hampton Inn Spokane

Scavenger Hunt - New Professionals Networking Event 4:30-7:30 pm

NP05

20

20

0

TBA

Jun 16

ç

Aug 13

S

Sep 20

Y

Sep 29

Form 990: AICPA’s Answer to Unlocking the Tax Complexities

EOF9901

265

340

-30

Hampton Inn Spokane

Surviving and Growing Your Company in Difficult Times: Essential Skills for the Finance Team

SGYC1

265

340

-30

Hampton Inn Spokane

2010 Golf Tournament 1 pm

GOLF01

420

420

0

Bear Creek Country Club

Woodinville May 17

S

Take CPE from the comfort of your home or office. Turn the page for new webcasts and webinars.

à

Full day courses are from 8:00 a.m.-4:00 p.m. and qualify for eight credit hours unless otherwise noted.

ç New |  non-tech credits | E Ethics credits |  4 credits |  Conference | Y Yellow Book | C CFP | l Chapter event |

www.wscpa.org

Networking Event | S Season Ticket and Coupons N/A

WashingtonCPA May/June 2010

33


Register at www.wscpa.org or page 37

Education and event listing

Fees Date

Course

Code For more information, enter code in catalog at www.wscpa.org

WSCPA Member Fee

NonMember Fee

AICPA Member Discount

Facility

AICPA Member Discount

Facility

Online CPE the easy way...Webcasts & Webinars Members Only,Try it for free Get your CPE credits from your home or office or anywhere there’s an Internet connection. See below for webcasts and webinars scheduled from May-September 2010. WSCPA WEBCASTS:

WEBINAR WEDNESDAYS:

Like You’re in the Classroom, Only Better...

Double the Value, Double the Convenience

• •

Choose from 1.5-, 2-, 4-, or 8-hour CPE programs • Numerous hot accounting and niche industry topics • Over 100 webcasts • Interactive Q&A included Try it for free: Webcast: Professional Issues Update November 9, 9-10:30 a.m. To register, enter “WEB” in the CPE/Event Catalog keyword search at www.wscpa.org.

One CPE credit each Only $20 for members ($35 for non-members) • Offered on Wednesdays • Interactive Q&A included

View the full schedule at WSCPA.org.

Try it for free: Webinar: Reseller Permits Making Sense of Sales Tax June 2, 9-10 a.m. To register, enter “WNR” in the CPE/Event Catalog keyword search at www.wscpa.org.

Fees Date

Course

Code For more information, enter code in catalog at www.wscpa.org

WSCPA Member Fee

NonMember Fee

Your Desk - Webinars and Webcasts ç

May 5

S

WEBCAST: WSCPA Annual Meeting with Professional Issues Update MEMBERS ONLY 7:30-9:30 am

WAM

15

15

0

Webcast,Your Desk

ç

May 17

S

WEBCAST: Auditing Bits in Bytes: Session 3: Internal Control Considerations 11 am-1 pm

WEBA1

79

109

0

Webcast,Your Desk

ç

May 19

S

WEBINAR: Understanding the Changing Retirement Plans Landscape 9-10 am

WNR17

20

35

0

Webinar,Your Desk

ç

May 24

S

WEBCAST: Auditing Bits in Bytes: Session 4: Assessing & Responding to Risk 11 am-1 pm

WEBA2

79

109

0

Webcast,Your Desk

ç

May 26

S

ç

Jun 1

ç

Jun 2

ç

Jun 2

ç

Jun 3

ç

Jun 4

ç

Jun 7

ç

Jun 7

ç

Jun 9

ç

Jun 11

S

C

S

S

WEBINAR: The New Form 5500: EFAST2à Are you Ready? 9-10 am

WNR18

20

35

0

Webinar,Your Desk

WEBCAST: Oil and Gas Taxation: Fundamentals 8:30 am-4:30 pm

WEB01

255

295

0

Webcast,Your Desk

WEBINAR: Reseller Permits: Making Sense of Sales Tax - Complimentary to members. 9-10 am

WNR01

0

15

0

Webinar,Your Desk

WEBCAST: Oil and Gas Taxation: Advanced and Update 8:30 am-4:30 pm

WEB02

255

295

0

Webcast,Your Desk

WEBCAST: Retirement Plans Conference 8:30 am-4:30 pm

WEB03

255

295

0

Webcast,Your Desk

WEBCAST: Similarities and Differences Between U.S. GAAP and IFRS 8:30 am-4:30 pm

WEB04

255

295

0

Webcast,Your Desk

WEBCAST: Auditing Bits in Bytes: Session 5: Substantive Testing 11 am-1 pm

WEB100

79

109

0

Webcast,Your Desk

WEBCAST: Fundamentals of Partnership Taxation 8:30 am-4:30 pm

WEB05

255

295

0

Webcast,Your Desk

WEBINAR: The Taxpocalypse! New Taxes from the 2010 Washington State Legislature 9-10 am

WNR02

20

35

0

Webinar,Your Desk

WEBCAST:Valuation for Mergers and Acquisition Transactions 8:30 am-4:30 pm

WEB06

255

295

0

Webcast,Your Desk

Full day courses are from 8:00 a.m.-4:00 p.m. and qualify for eight credit hours unless otherwise noted.

ç New |  non-tech credits | E Ethics credits |  4 credits |  Conference | Y Yellow Book | C CFP | l Chapter event |

34

WashingtonCPA May/June 2010

Networking Event | S Season Ticket and Coupons N/A

www.wscpa.org


Register at www.wscpa.org or page 37

Education and event listing Fees

Date

Course

Code For more information, enter code in catalog at www.wscpa.org

ç

Jun 14

ç

Jun 15

ç

Jun 16

ç

S

WSCPA Member Fee

NonMember Fee

AICPA Member Discount

Facility

WEBCAST: Auditing Bits in Bytes: Session 6: Engagement Wrap-Up 11 am-1 pm

WEB101

79

109

0

Webcast,Your Desk

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

WEB07

255

295

0

Webcast,Your Desk

WEBINAR: 2010 Roth IRA Conversions - What You Need to Know Before Your Clients Ask 9-10 am

WNR03

20

35

0

Webinar,Your Desk

Jun 16

WEBCAST: Entertainment Industry Conference 8:30 am-4:30 pm

WEB08

255

295

0

Webcast,Your Desk

ç

Jun 18

WEBCAST: Fraud in Audit, Accounting and Tax Conference 8:30 am-4:30 pm

WEB09

255

295

0

Webcast,Your Desk

ç

Jun 21

S

WEBCAST: Auditing Bits in Bytes: Session 7: Identifying, Evaluating and Communicating Internal Control Deficiencies 11 am-1 pm

WEB102

79

109

0

Webcast,Your Desk

ç

Jun 23

S

WEBINAR: New Developments in GAAP & Tax Law Impacting Not-forProfits 9-10 am

WNR04

20

35

0

Webinar,Your Desk

ç

Jun 28

S

WEBCAST: Auditing Bits in Bytes: Session 8: Quality Control Considerations 11 am-1 pm

WEB103

79

109

0

Webcast,Your Desk

ç

Jun 28

WEBCAST: Fraud: Essential Audit Tools and Techniques 8:30 am-4:30 pm

WEB10

255

295

0

Webcast,Your Desk

ç

Jun 30

WEBINAR: Badges of Fraud: An Accountant’s Guide to Tax Crime 9-10 am

WNR05

20

35

0

Webinar,Your Desk

ç

Jun 30

WEBCAST: Intellectual Property Institute 8:30 am-4:30 pm

WEB11

255

295

0

Webcast,Your Desk

ç

Jul 6

WEBCAST: Measure What Matters to Customers: Using Key Predictive Indicators 8:30 am-4:30 pm

WEB12

255

295

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Webcast,Your Desk

ç

Jul 8

WEBCAST: Estate and Trust Conference 8:30 am-4:30 pm

WEB13

255

295

0

Webcast,Your Desk

ç

Jul 9

WEBCAST: Business Valuation Conference 8:30 am-4:30 pm

WEB14

255

295

0

Webcast,Your Desk

ç

Jul 12

WEBCAST: Private Foundations Tax Primer 8:30 am-4:30 pm

WEB15

255

295

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ç

Jul 13

WEBCAST: Private Foundations - Advanced Tax Topics 8:30 am-4:30 pm

WEB16

255

295

0

Webcast,Your Desk

ç

Jul 14

S

WEBINAR: Unclaimed Property - Making Claims and Getting Claims 9-10 am

WNR06

20

35

0

Webinar,Your Desk

ç

Jul 14

E

WEBCAST: Accountancy Laws, Ethics (CA ONLY), Taxes and Financial Reporting Review 8:30 am-3:30 pm

WEB17

129

161

0

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ç

Jul 19

WEBCAST: Legal and Financial Aspects of Restructuring and Liquidation 8:30 am-4:30 pm

WEB18

255

295

0

Webcast,Your Desk

ç

Jul 20

WEBCAST: Finding and Evaluating Frauds: A Case Study Approach 8:30 am-4:30 pm

WEB19

255

295

0

Webcast,Your Desk

ç

Jul 21

WEBCAST: Advanced Fraud Case Study 8:30 am-4:30 pm

WEB20

255

295

0

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ç

Jul 22

WEBCAST: Intro to XBRL and New Opportunities for CPAs 8:30 am-4:30 pm

WEB21

255

295

0

Webcast,Your Desk

ç

Jul 28

WEBCAST: New Federal Tax Law- Individual and and Business Current Developments You Need To Know 8:30 am-4:30 pm

WEB22

255

295

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ç

Jul 29

WEBCAST: IRAs--Contributions and Distributions Distributions for Traditional Roth, SEP, and SIMPLE IRAs 8:30 am-4:30 pm

WEB23

255

295

0

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ç

Jul 30

C

WEBCAST: Health Savings Accounts (HSAs), Medicare, Tax Favored Health Care Plans & Medical Expenses 8:30 am-4:30 pm

WEB24

255

295

0

Webcast,Your Desk

ç

Aug 4

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WEBINAR :Protecting Your Clients,Your Business and Your Good Name 9-10 am

WNR07

20

35

0

Webinar,Your Desk

ç

Aug 9

WEBCAST: Tax Planning Based on the 1040 8:30 am-4:30 pm

WEB25

255

295

0

Webcast,Your Desk

ç

Aug 10

WEBCAST: Tax Planning for Investors 8:30 am-4:30 pm

WEB26

255

295

0

Webcast,Your Desk

ç

Aug 11

WEBCAST: Ready, Set, Change: Today’s Real Estate Laws 8:30 am-4:30 pm

WEB27

255

295

0

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ç

Aug 13

WEBCAST: Applying A-133 to Nonprofit and Governmental Organizations 8:30 am-4:30 pm

WEB28

305

355

-30

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ç

Aug 17

WEBCAST: Tax Issues in Divorce 8:30 am-4:30 pm

WEB29

255

295

0

Webcast,Your Desk

ç

Aug 18

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

WEB30

255

295

0

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ç

Aug 19

WEBCAST: Searching for Fraud: Assessing Risk and Addressing Red Flags 8:30 am-4:30 pm

WEB31

255

295

0

Webcast,Your Desk

ç

Aug 23

WEBCAST: Preparing Form 5500 8:30 am-4:30 pm

WEB32

255

295

0

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ç

Aug 24

WEBCAST: Partner’s Audit Engagement Documentation and Review 8:30 am-4:30 pm

WEB33

305

355

-30

Webcast,Your Desk

S

S

C

C

Full day courses are from 8:00 a.m.-4:00 p.m. and qualify for eight credit hours unless otherwise noted.

ç New |  non-tech credits | E Ethics credits |  4 credits |  Conference | Y Yellow Book | C CFP | l Chapter event |

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Networking Event | S Season Ticket and Coupons N/A

WashingtonCPA May/June 2010

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Register at www.wscpa.org or page 37

Education and event listing

Fees Date

Course

Code For more information, enter code in catalog at www.wscpa.org

S

WSCPA Member Fee

NonMember Fee

AICPA Member Discount

Facility

ç

Aug 25

WEBINAR: Accounting 101 : How HR Affects the Bottom Line 9-10 am

WNR08

20

35

0

Webinar,Your Desk

ç

Aug 25

WEBCAST: Compilation & Review Update 7 am-3 pm

WEB104

195

225

0

Webcast,Your Desk

ç

Aug 26

WEBCAST: FIN 48--Accounting for Uncertain Tax Positions 8:30 am-4:30 pm

WEB34

255

295

0

Webcast,Your Desk

ç

Aug 30

WEBCAST: Corporate Liquidations and Dissolutions 8:30 am-4:30 pm

WEB35

255

295

0

Webcast,Your Desk

ç

Aug 31

WEBCAST: FIN 46R Variable Interest Entity Consolidation Rules: Not Just a Big Company Issue! 8:30 am-4:30 pm

WEB36

305

355

-30

Webcast,Your Desk

ç

Sep 1

WEBCAST: S Corporations Workshop 8:30 am-4:30 pm

WEB37

255

295

0

Webcast,Your Desk

ç

Sep 15

WEBINAR: Cash Reporting: Hazards for the Accountant and Business 9-10 am

WNR09

20

35

0

Webinar,Your Desk

ç

Sep 22

WEBCAST: Farmers Tax and Accounting Conference 8:30 am-4:30 pm

WEB38

255

295

0

Webcast,Your Desk

ç

Sep 23

WEBCAST: Federal Taxation of Partnerships and LLCs Part I: Formation, Operation and Allocations 8:30 am-4:30 pm

WEB39

255

295

0

Webcast,Your Desk

ç

Sep 24

WEBCAST: Common Interest Realty Associations Conference 8:30 am-4:30 pm

WEB40

255

295

0

Webcast,Your Desk

ç

Sep 29

WEBCAST: Audits of HUD-Assisted Projects 8:30 am-4:30 pm

WEB41

305

355

-30

Webcast,Your Desk

ç

Sep 30

WEBCAST: Fraud in the Governmental and Not-For-Profit Environments: What a Steal! 8:30 am-4:30 pm

WEB42

305

355

-30

Webcast,Your Desk

S

View the complete list of WSCPA courses at www.wscpa.org.

Need help finding a seminar or webcast? Call the WSCPA at (800) 272-8273 or (425) 644-4800 to speak with a Member Services Representative.

Full day courses are from 8:00 a.m.-4:00 p.m. and qualify for eight credit hours unless otherwise noted.

ç New |  non-tech credits | E Ethics credits |  4 credits |  Conference | Y Yellow Book | C CFP | l Chapter event |

36

WashingtonCPA May/June 2010

Networking Event | S Season Ticket and Coupons N/A

www.wscpa.org


Register at www.wscpa.org

Registration

Register online at www.wscpa.org 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 May/June 2010

37


classified ads

Detailed advertising information is available online at www. wscpa.org. Classified Ads are $40 for 40 words or less and $1 for each additional word. Active e-mail and web site addresses count as two words and are $10 additional each. Positions available ads are for magazine placement only. 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.

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 Long Established Company in Wenatchee seeks experienced Accountant. Requires expertise in accounting, income tax, investments and trusts. Must have BA in Accounting and minimum of 3 years experience, including tax. CPA preferred. To apply please send resume to jobs@redandassociates. com. Ref:GFA 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 to Varner Sytsma & Herndon, CPA’s, 2200 Rimland Drive, Suite 205, Bellingham,WA 98226,Attn: H/R

Mergers & Sales 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. Local Firm Looking for Practice. Are you thinking of retiring or selling your practice soon? We are a Redmond based CPA firm looking to purchase another firm. We are looking for a firm with revenues between $200,000-$1,000,000. Most of our work is with business clients and high net worth individuals. We have purchased practices before and are very familiar with how to transition a client base. Please call Bruce Sult at 425 883-3111 or email bruce@falcosult. com if you are interested in discussing a sale. You can review our website at www.falcosult.com. Considering SellingYour 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! 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. We Sell Practices!--- ProHorizons has been helping CPAs sell their practices since 1995. Confidential, prompt, professional and stress free. Call for a FREE sales

38

WashingtonCPA May/June 2010

package and confidential consultation with our regional representative, Ken Berry at 888-729-9476 or visit www. prohorizons.com. Practices for Sale Contact Mark Hause at Accounting Practice Sales by e-mail at MARKH@JB.COM or call 877-345-7722 for more information on the following practices: Anacortes CPA Firm for Sale: This CPA firm is a traditional CPA firm with income tax, write-up, along with financial services to round out the practice.The firm revenue mix breaks out 76% tax, 18% write-up, and 6% financial services. The buyer will have the opportunity to retain the current office location indefinitely as the Seller owns the building.With a loyal client base and good fees, this firm offers opportunity to a firm looking to expand or a CPA wanting to be on their own. Blaine CPA Tax Firm for Sale: This CPA firm located close to the Canadian border is primed for a new owner and has wonderful potential.The firm is the only CPA firm in town and receives referrals from all types of professionals including banks and real estate agents.The practice revenues are predominantly from tax services with that segment of the business generating approx. 86% of total revenues for the firm. The balance is split almost equally between write-up and consulting. With opportunities for cross border tax and consulting services along with traditional income tax services, this firm is a solid opportunity for any accountant who wants to own their own firm or a firm looking to expand or open a branch office. Bremerton, Port Orchard, Silverdale Area CPA Firm for Sale:This outstanding CPA firm (single location) with an excellent fee structure and solid cash flow is for sale. The firm is a tax practice with no auditing and enough write-up work to balance out cash flow over the course of the year. The firm client base composed of long term loyal clients is the product of the owner’s long term commitment to the community coupled with top of the mind name recognition when seeking professional accounting services. This firm is further enhanced with knowledgeable staff, no concentration of clients either by fees or segment of the local economy. All of the foregoing creates an opportunity for any firm or practitioner to acquire a firm that is a proven entity. KentTax Practice for Sale: This firm caters to the Hispanic community by preparing income tax returns and providing accounting services for the balance of the year. The revenue stream consists of 65% income tax preparation and 35% accounting services.The firm employs schedule billing for all individual income tax returns which causes the average fee to equal many franchise tax providers. The firm value is further augmented by the staff that assists the owner in providing quality professional services. The ideal buyer would be one who possesses Hispanic communication skills that will enhance the loyalty and boost the value of services rendered to the firm’s clients. North Seattle Firm for Sale: This CPA firm located in North Seattle has been in the business of providing top drawer professional services for over 30 years. The firm is a full service practice offering all

traditional accounting services including attestation. The revenue mix breaks out 73% income tax, 10% write-up, 14% auditing, 3% reviews and compilations with excellent per return and/or engagement fees. The practice has a significant number of business returns that will require a good business minded accountant that is comfortable with rendering advice and counsel on a variety of business related matters. The firm has great staff, established methods and procedures which make this a turn key practice. All of these qualities combine to make this firm a must see for any accountant or firm looking for an acquisition.

Volunteer Opportunities The Institute of Inspection, Cleaning & Restoration Certification certifies companies in the cleaning and restoration industry. Seeking someone to oversee an annual audit of financials, to review and recommend to Board an audit firm, and to review/approve annual audit report. Contact Seth Wilkinson, seth@iicrc.org. Tisbest Philanthropy is the leading provider of charity gift cards. Seeking a board member/volunteer treasurer to provide general financial guidance. Board meets quarterly in Seattle. Contact Jon Siegel, (206) 501-3005 ext 6, jon@TisBest.org. The Arc ofTri-Cities Foundation is seeking new board members. Generates, administers, invests and disperses contributed funds and properties in support of The Arc. Meets on 4thWeds.at 5:15 pm.Three-year,staggered terms. Contact Tawney Carrier, tcarrier@cowanmoore.com. Washington Water Trust works to improve and protect stream flows and water quality in Washington. Learn more at www.washingtonwatertrust.org. Seeks board member to attend quarterly meetings, provide financial expertise.Term of service: 1-3 years. Seattle and Ellensburg offices. Contact Susan Adams, susan@washingtonwatertrust.org, (206) 675-1585 ext. 101. Best Little Rabbit, Rodent & Ferret House 91-1873550 501(c)3 Inc. 1996. Seeks general financial advice including yearly budget procedures. Contact Sandi Ackerman, Sandi@RabbitMeadows.org, (425) 836-8925. The International District HousingAlliance (IDHA), a 501(c)(3),seeks board members with accounting skills to fund development.IDHA provides housing services,financial education, citizenship and ESL education, and leadership development to low-income families. One year commitment.MeetWed.evenings.Contact Sharyne Shiu-Thornton, (206) 623-5132, sharyne@APIalliance.org. Theater Puget Sound aims to nurture a healthy and vibrant theatre community, develop strong ties among the region’s theatre professionals, raise visibility of the region’s theatre scene. Seeks board members with financial backgrounds. Quarterly board meetings. Contact Karen Lane, karen@tpsonline.org. New Moon Farm Goat Rescue and Sanctuary is a non-profit animal shelter in Arlington. Need a CPA with non-profit experience to point out opportunities/benefits available to non-profits, plan finances, and help with books. Contact Ellen, newmoonfarmrescue@hotmail.com. Learn more about these and other volunteer opportunities at www.wscpa.org (Enter volunteer positions in the search box).

www.wscpa.org


MEMBER profile

New Graduate Prepares for a Little Time Off Sarah Ozanne Sarah Ozanne is looking forward to some time off.

Sarah made time for volunteering. While at Whitworth, she volunteered with local churches, a retirement community, and A senior at Whitworth University, TaxAide (a tax service offered by AARP Sarah will graduate this month with a for low income, elderly, and disabled perbachelor of arts degree in accounting and sons). She also continued to volunteer theology. with the American Cancer Society. Sarah, who grew up in Everett, Wash“What began as an internship with ington and attended Cascade High School, the area Relay For Life director turned in knows to consider all the possibilities to much more. After working on a local before making important decisions. event for a few months I was hired to help with extra administrative support “After high school I took a year off and needed, especially in the area of processexplored some different career possibili- ing monetary donations. I was able to ties. I volunteered at a local church and learn not only about the local event I was was an intern at the American Cancer helping with but also how the organizaSociety,” said Sarah. tion functioned as a whole. The next two summers I returned to the office to work Once she started at Whitworth, she as an event recruiter for the local breast decided to pursue a degree in business cancer walk. In this position I met with a management. number of companies and organizations in the Seattle area to see how they and “As part of the business core I took the American Cancer Society could work financial accounting. Halfway through the together on various events. When I came class I knew this is what I wanted to do. I to Whitworth I continued to volunteer had always loved numbers and math but with the Relay For Life held at the uniwas never exactly sure how I would use versity, chairing the event my sophomore that in a career. Accounting was what and junior years. This year I serve on the I had been looking for. I re-declared my planning committee and as an advisor to major and began taking more accounting the current chair.” classes that spring,” said Sarah. In addition to interning with the Sarah’s next move was to combine her American Cancer Society, Sarah also held newfound love of accounting with her accounting internships. interest in theology. “I can’t say enough about the internship “I have always held an interest in the- experience. I would recommend this to ology and chose my time in college to every accounting student. I and a number explore that in a deeper way. Throughout of classmates have found that internships the past four years I have found my two can teach us more than we ever imagined majors to be a good intellectual balance about the world of accounting. For some of concrete and abstract thought.” it has confirmed what they thought they wanted to do and others have found that You would think that Sarah’s double a different area of accounting or busimajor wouldn’t allow time for other ness is really what they are interested in activities, but that’s not the case. as a career. I would also say to keep an

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open mind about what position you will have after you graduate. Some of the jobs that have worked out and are perfect for people are jobs they never imagined.” For Sarah, a recipient of Washington CPA Foundation scholarships in 2008 and 2009, that perfect job will be in the world of public accounting. She has accepted a position with a local accounting firm in Spokane, DeCoria, Maichel & Teague. Before she starts working full time in July, Sarah plans to take a few weeks off to spend time with family and perhaps travel with friends. And study. “I plan to begin studying for the CPA exam in June, hopefully completing the entire exam by December 2010.” Hopefully, Sarah will also find time in the next few weeks to read a novel by Jodi Picoult, her favorite author, or visit the Mukilteo Lighthouse Park, one of her favorite Puget Sound beaches. The little bit of time she has off is well deserved for this future CPA.

WashingtonCPA May/June 2010

39


Periodicals postage paid at Bellevue WA and additional mailing offices

Your Profession. Your Future. Your Advocate.

Online CPE the easy way...Webcasts & Webinars Members Only,Try it for free Get your CPE credits from your home or office or anywhere there’s an Internet connection. WSCPA WEBCASTS:

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Choose from 1.5-, 2-, 4-, or 8-hour CPE programs • Numerous hot accounting and niche industry topics • Over 100 webcasts • Interactive Q&A included Try it for free: Webcast: Professional Issues Update November 9, 9-10:30 a.m. To register, enter “WEB” in the CPE/Event Catalog keyword search at www.wscpa.org.

One CPE credit each Only $20 for members ($35 for non-members) • Offered on Wednesdays • Interactive Q&A included Try it for free: Webinar: Reseller Permits Making Sense of Sales Tax June 2, 9-10 a.m. To register, enter “WNR” in the CPE/Event Catalog keyword search at www.wscpa.org.

View the schedule of interactive webcasts and webinars or register today at www.wscpa.org.

The WashingtonCPA - May/June 2010  

bi-monthly magazine of the Washington Society of CPAs

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