The WashingtonCPA

January/February 2011 Volume 53, Number 4

2015 New Strategies Required for CRE Portfolios

Engagement Letter Essentials

www.wscpa.org

11 Important Notices from State Board of Accountancy

washington

CPA

BreakupsEntity Selection - Should I Be Concerned about How to Get Out?

What to Do When a Client Calls You and Says,

‘We’re Getting a Friendly Divorce’

3www.wscpa.org WashingtonCPA January/February 2011

www.wscpa.org • [email protected] Tel (425) 644-4800 • Toll free in WA (800) 272-8273

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Bellevue, WA 98005-3480

BOARD OF DIRECTORS James R. Ladd Chair Mark A. Hugh Vice Chair David E. Katri Secretary Mary D. Marino Treasurer Carmen J. Aguiar Immediate Past Chair Richard E. Jones President & CEO

Robert M. Cole, Jr. Russell D. Price Jolene G. Cox Thomas A. Pucci Peter E. Doubleday Lisa J. Sunderman Joyce G. Etheridge David E. Trujillo Michelle H. Gretsch Randy L. Wells Susan E. Legel William L. Wells Lucy L. Liu Glenn G. Wisegarver Nerelys M. Ortiz

CHAPTER BOARD CHAIRS Bryce Hansen Bellevue Area

Joseph Crowther Central Joseph M. Reid Central — North Seattle Richard E. Helke, II Northwest Vicki Dixon Olympia — Peninsula — Pierce County Amanda J. Goodman Sammamish Valley Connie L. Griffith Seattle Court Carter Snohomish County Michael K. Briggs South King County John Vogel South Sound Industry Trayson J. Harmon Southwest Shaun W. Johnson Spokane

— Wenatchee Katrina L. Cantu Yakima

Jeanette Kebede Editor

The WashingtonCPA is published by the Washington Soci-ety 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 Wash-ington 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.

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Departments

CPAwa s h i n g t o n

4 Leadership Lens11 News Briefs13 Advocacy19 Industry Voice22 Financial Literacy24 Member Discounts

26 Events28 Photo Album29 CPE Digest37 Registration Form38 ClassifiedAds39 MemberProfile

CONTENTS

Breakups Issue6 Entity Selection - Should I Be Concerned about

How to Get Out?

8 What to Do When a Client Calls You and Says,

‘We’re Getting a Friendly Divorce’

11 Important Notices from the Washington State Board of Accountancy

12 Nominate an Outstanding Member

15 New Strategies Required for CRE Portfolios - Will You Be Ready?

20 Engagement Letter Essentials

22 My Journey to Africa: Empowering Entrepreneurs in Malawi

24 New Year’s Goals? Turn to Your Member Benefits

4 WashingtonCPA January/February 2011 www.wscpa.org

LEADERSHIP LENS

Since January 2010 the IRS has been busy promulgating regulations to implement their new plans for regulation of

tax return preparers. These plans began in June 2009 when IRS Commissioner Douglas Shulman launched the Return Preparer Review program, which was an extensive process to gather information about the tax preparer industry from a very large number of sources, including tax return preparers, tax profes-sional organizations, members of associated industries, federal and state government officials, consumer groups and the public. The report resulting from this study, (Return Preparer Review, IRS Publication 4832) is very interesting and can be found at www.irs.gov.

As the report notes, currently any person may prepare a federal tax return for any other person for a fee. Due to the lack of registration and inconsistent reporting, the IRS does not know the number of tax return preparers, although it estimates that there are between 900,000 and 1.2 million paid tax return preparers. Although some preparers (e.g. attorneys and CPAs) are licensed by their states and others are enrolled to practice by the IRS, many tax return preparers do not pass any compe-tency requirements before they prepare a federal tax return. Preparers in this last category are not required to have any minimum education, knowledge, training or skill before they prepare a tax return for a fee. Finally, note that more than 80% of all federal individual income tax returns are prepared by paid tax return preparers or by taxpayers using consumer tax preparation software.

In December 2009 the IRS released its Return Preparer Review Report, along with its recommendations for improve-ment. The objectives for the new procedures were to enhance compliance, and elevate ethical conduct.

In order to achieve these objectives, the IRS made the fol-lowing recommendations:

• PTIN —All tax return preparers should have to reg-ister with the IRS and obtain a preparer tax identifica-tion number (PTIN).

• Ethics—All tax return preparers should be subject to the ethical requirements of Treasury Depart-ment Circular 230. Today only CPAs, attorneys, and enrolled agents are subject to these ethical standards.

• Testing—All tax return preparers would be required to pass a competency examination prior to being registered as a tax return preparer. CPAs, attorneys and enrolled agents would, at least initially, be exempt from this requirement.

• CPE—All tax return preparers would be required to obtain 15 hours of CPE annually as specified by the IRS and all qualifying courses would need to be preap-proved by the IRS.

Effective January 1, 2011, you will be required to register with the IRS and obtain a PTIN if you prepare any tax return(s) for compensation. This is easily done at www.irs.gov. You must pro-vide some information from your 2009 individual tax return to show that you have complied personally with your filing and tax payment obligations. And you will need to pay the annual registration fee, $64.25. Your employees who are involved in tax return preparation may also be required to register and obtain a PTIN. The rules covering these “non-signing tax return pre-parers” will be announced in December 2010.

Proposed regulations concerning Circular 230 and plans for future Competency Testing and CPE requirements were issued in September 2010 and should be followed to see how these requirements develop in the final regulations.

The WSCPA has joined the AICPA in submitting written comments to the IRS about their plans for tax return preparer regulation. We agree with the requirement that all signing tax return preparers should have to obtain a PTIN. We agree that all paid tax return preparers should be subject to the ethical

new tax return preparer rules— about Half rightBy Rich Jones, CPA, President & CEO

We believe the requirements for all regis-tered tax return preparers to pass a com-petency test (which is not expected to be difficult) and obtain 15 hours of CPE each

year will result in great confusion in the marketplace about the difference between CPAs and registered tax return preparers.

continued on page 14


LEADERSHIP LENS

CPAs working for private companies or providing services to them know that GAAP financial statements

have become increasingly complex over the years without providing significant additional value to users of those financial statements. In fact many banks and other users convert the financial statements to other forms and standards that they consider more relevant.

That’s not to say that GAAP financial statements do not serve a purpose. Investors in the 15,000 public companies in the U.S. and the multitude of advisors and analysts serving them have expectations that the standard setters at the FASB and the SEC are well-prepared to address (although too slowly for some). In the post-Enron world it is not likely that those standards will be relaxed.

But the 29 million private companies that constitute 50% of the U.S. economy, and the CPAs who serve them, have long sought relief from the many accounting and financial reporting standards that they consider to be unnecessarily complex and without value to their companies or the users of their financial statements.

Thus, for over 30 years there have been calls to adopt differ-ential standards for private business. But, with small exceptions, those efforts have failed to gain adequate support, particularly at the FASB.

But now a new strategy for change seems to be getting trac-tion:

1. In December 2009 an 18-member Blue Ribbon Panel was formed by the AICPA, the Financial Accounting Foundation (FAF, the oversight body of FASB and GASB) and the National Association of State Boards of Accountancy to address this issue.

• The panel focused on changing the process of standard setting for private companies rather than changing the standards themselves (a failed strategy in the past).

2. On October 8 a majority of the panel members voted to recommend that FAF accept a new stan-dard-setting model for private companies and create a separate board to set those standards.

One more time! moving toward Differential accounting standards for private CompaniesBy Jim Ladd, CPA, WSCPA Chair for 2010-11

• The new standard-setting board would consist of people with private company experience and would report to the FAF in the same way as the FASB and GASB.

• The new board would start with existing accounting standards and make exceptions for private companies.

• Some believe separate standalone standards may be developed in the future, but the panel recognized that modifying existing GAAP would provide for faster action.

3. On October 19 the AICPA Governing Council (including three WSCPA representatives) approved a resolution supporting implementation of “a dif-ferential GAAP model for private companies, as determined by a separate private company stan-dards board.”

4. In January the panel will issue a report with details of its recommendations.

5. In February the FAF is expected to discuss the rec-ommendations and invite public comment on any changes that it is considering.

The proposals will not succeed without significant public support from owners of private companies and users of financial statements of private companies — banks, insurers, shareholders, suppliers, and financial executives and directors of private companies.

CPAs will be encouraged to ask clients and others in the financial community to submit comments to the FAF on this important matter. There will be a direct correlation between the volume of support the proposals receive and their chances of success. Your participation in this process can make a big difference!

Watch your weekly Short Form e-Newsletter for the latest information, including an update on how you can provide feedback to the FAF.

You can contact Jim Ladd at [email protected].


COVER STORY BREAKUPS

entity selection - should I Be Concerned about How to Get Out? By Brian Gosline, CPA, JD

Then you burst their bubble when you ask, “How do you plan on getting out of this venture?” They inquire, “Why are you concerned about that when we haven’t even opened our doors yet?” But, you respond, it may be one of the most important questions to be answered.

Where to StartFor any new business, especially one

with more than one person involved, you need to ask four questions:

(i) Who is contributing what, in exchange for how much ownership?

(ii) How is the entity to be governed?

(iii) How are profits/losses/distri-butions to be made (including compensation)?

(iv) How will your ownership be terminated?

Many people ask the first three questions, but never address the final question until it is too late.

This article will be the first of two articles exploring those things with which a CPA should become familiar when it comes to entity selection – looking from the “end game” backwards. We will first look at these issues from a legal point

Two clients come into your office all excited about their new business

venture. They begin asking about all the various business entities: “Should I form a cor-

poration?” “How about an S corporation?” “What about a limited liability company (LLC)?”

Now imagine there are more than two owners, and their questions will probably double.


BREAKUPS

of view, while the next article will con-centrate on the various federal and state tax consequences. (Look for this second article in the March/April 2011 issue of The WashingtonCPA.)

First of all, Washington statutes for both corporations and LLCs act as “default” statutes. In other words, if the parties do not agree on certain items, state law will fill in the blanks. Later I will explain the statutory provisions that may apply upon the termination of the entity. But since you are free to enter into some form of a corporate governance agree-ment for your corporation or an operat-ing agreement for your LLC (collectively referred to as an “entity agreement”), we will review those items first.

Buy-Sell AgreementsTypically, an entity agreement will

include provisions most commonly

referred to as a “buy-sell.” These provi-sions require (or grant an option to) an owner to sell, and the entity and/or other owner to buy an ownership interest. Any buy-sell provisions of an entity agreement will include three (3) general things:

(i) Naming of triggering events; (ii) Determining a mechanism for

valuing the entity; and

(iii) Providing for methods of pay-ment.

Triggering events generally state that ownership interests will be transferred upon a death or termination of employ-ment of an owner. Valuation mechanism can range from agreed-upon values to full-blown appraisals. Methods of pay-ment can include the use of life insurance or a stream of payments over a period of time.

The Nuclear Bomb Provision for 50-50 Ownerships

Please understand that one of the most difficult business relationships is the “50-50 owners.” Although you may feel that you have properly drafted an entity agreement, in the event that one owner wants out of the business, it is possible for one of the owners to become very unco-operative for various reasons. Therefore,

I recommend incorporating what I refer to as “the nuclear bomb provision.” How does it work?

In the entity agreement, you can pro-vide that, upon a deadlock, an owner can “put a number on the table.” The other owner shall then either buy that interest at that amount, or sell their interest at that amount. An owner will not put a

number that is too high on the table as the other owner will sell their interest. An owner will not put a number that is too low on the table as the other owner will purchase that interest.

I have found that if you discuss these scenarios when you go through the four questions with your clients, many of these potentially devastating problems can be addressed reasonably and with less emotion.

DissolutionUnder Washington state law, a cor-

poration can generally be dissolved by agreement of the shareholders and direc-tors, administratively (e.g. failure to file an annual report), or judicially (by the court). Obviously, you can control the outcome of the first — you may lose control with the latter two. See RCW 23B.14 et.seq.

LLCs are generally dissolved similarly including by agreement of its members. See RCW 25.15.270.

Bottom LineFrom a legal stand point, do your best

to set out entity termination provisions when you start the entity, not in the end when it may be too late and the parties are in a dispute.

Because of your ability to legally con-trol your entity termination, the fed-eral and state tax consequences may be greater determining factors for your entity selection. We’ll explore those in the next issue.

Brian G. Gosline, an attorney and CPA in Spokane, is a Past President of the WSCPA and is beginning his 22nd year as an adjunct professor of taxation and business law at Gonzaga University in January, 2011.

Please understand that one of the most difficult business relationships is the “50-50 owners.” Although you may feel that you have properly drafted an entity agreement, in the event that one owner wants out of the business, it is pos-sible for one of the owners to become very uncooperative for various reasons.



The WSCPA Professional Conduct Committee is pleased to share with members some advice and counsel from

WSCPA member Jim Rigos, JD, LLM, CPA.

The Situation: Jim, as a CPA-Attorney and frequent ethics author and Society discussion leader you are well aware of issues confronting your colleagues. One area that the Profes-sional Conduct Committee has been discussing is when long-standing clients approach their CPA and announce that their relationship, whether it be one of marriage or a domestic part-nership arrangement, is about to be dissolved, and ask “Can you help us value and split up our community property assets?” The couple usually has a jointly owned business and often the CPA has some level of friendship with the couple, especially when the clients are tenured. The CPA is now faced with a dilemma and conflict issues.

Please share with our readers your perspective and advice for practitioners when faced with this challenging situation.

The Response, according to Jim Rigos: We spend some serious time on the divorce topic in most of the WSCPA’s ethics classes. The divorce engagement expert CPA sub-ject is one of the three types of conflicts of interest. Here, it involves competing clients where something the CPA does (or does not do in some cases) affects the struggle and adver-sarial proceeding between the two clients. First, one should distinguish this from the no-problem engagement of when a CPA is hired solely as an expert advocate by one of the parties and there is no prior relation-ship with the other spouse or their jointly owned business.

The threshold question is whether the CPA has a profes-

sional duty of loyalty to both clients. This is a question of fact and courts look to see if the client had a reasonable expecta-tion that a professional fiduciary duty existed. Controlling case law establishes the creation of a CPA loyalty duty at a low threshold level of service and it may continue for even past clients. The question is one of perception and may be implied if the other spouse was not separately represented. If it does

not exist, of course, then there is no duty to breach.

But if there was a long term professional relationship between the CPA and the clients (usually if there is a jointly owned busi-ness involved) it is hard to rebut the inference that both clients may consider the CPA to be their advocate. And while there is some authority to the contrary, the better view seems to be that preparing a joint tax return for a couple creates duties to both the community and each individual spouse separately. The IRS recognizes this potential loyalty conflict in such tax areas as the innocent spouse provisions, property transfer pursuant to a divorce, etc. Joint tax return preparation is a relatively uncontroversial role unless there are questions involving the allocation of past tax delinquencies or related.

The potential conflict becomes quite ripe when spouses become adverse, such as in a divorce, and one or both of the clients want the CPA to give a dissolution opinion on the value of jointly owned property such as the family community prop-erty business. The problem with being designated as the “sole valuation expert” in such a circumstance is that it is usually impossible to be a faithful 100 percent advocate for either

party. Here what is good for one client is bad for the other client. Which spouse gets the low basis property? Is the business going to the husband undervalued? Have you dis-counted the home value going to the spouse because it is not saleable?

If a CPA undertakes such an assignment as the sole expert, to whom is the duty owed? Can you be an advocate for both adverse parties? Perhaps, if there is a written conflict of interest disclosure, but even then someone could later

complain on the basis that the testimony was “not fair” and/or the consent was not sufficiently “informed.”

Informed consent requires that the clients receive full dis-closure and appreciate all the risks and dangers inherent in the CPA representing adverse clients before they agree to allow the conflict. “Uninformed consent” is the equivalent to no consent at all. It is usually quite easy after the fact to argue consent was

A CPA’s Ethical Dilemma

What to Do When a Client Calls You and says, ‘We’re Getting a Friendly Divorce’

The threshold question is whether the CPA has a professional duty of loyalty to both clients. This is a question of fact and courts look to see if the client had a reason-able expectation that a professional fiduciary duty existed.


BREAKUPS

not sufficiently “informed.” Clearly a simple statement “we have a conflict of interest” is insufficient since the client does not appreciate the details and/or significance of what could happen after they waive the conflict. And my experience is that later it is very easy to say that a particular warning should have been given or a specific item should have been disclosed even if per-haps the item at issue was not reasonably foreseeable at the time. The adequacy of the disclosure details is measured after the fact with the benefit of 20-20 hindsight.

If you are going to attempt a waiver, pack it with detailed unpleasantries—all the potential problems and risks—and make sure both clients and their attorneys all sign the document.

The situation is usually further complicated because both

parties must usually have their own lawyers in a divorce to advo-cate only their interest. The lawyer’s interest therefore must be strictly toward maximizing the allocation awarded to their own client. Fairness is not usually a lawyer’s concern. As such the lawyers have no duty at all to the CPA and may encourage us to do things that, while benefitting their particular client, operate to the detriment of the other spouse.

This adversity nature of divorce is often exacerbated by the

fact that ex-spouse animosity frequently lingers after the court dissolution is finalized. Very rarely is everyone happy with the results of a divorce and some aspect of the outcome aggravates

Good clients will understand the professional conflict CPAs are under and will be there for you when the dust settles on the dissolution. If not, and all they are doing is trying to use our professional credentials to advance their own selfish interest against their spouse, perhaps these are clients we would be better off without anyway.

Question about Ethics? Call Us!

If you call the WSCPA with a ques-tion about ethics, you’ll be referred to the Professional Conduct Committee. The purposes of the committee are:

• To be responsible for substantially all mat-ters relating to ethics of WSCPA members;

• To review complaints made against members for alleged violations under the WSCPA/AICPA Code of Professional Conduct of the WSCPA. We may also refer certain complaints to the AICPA for violations of its Code of Professional Conduct;

• To disseminate information to WSCPA members relating to ethics; and

• To review proposed changes in the AICPA Code of Professional Conduct.

If you should run into an ethical dilemma such as the one outlined here by Jim Rigos, or have questions regarding any other ethical issues, please feel free to contact us through Julie Phipps, WSCPA Manager of Professional Standards, [email protected] or (425) 586-1132.

- The WSCPA Professional Conduct Committee



one or both of the parties long after the court proceeding is completed. One or both of the spouses may later strike out against the professionals involved. Unlike most business law-suits where one party pays some money after the trial and they both go their own separate ways, here the anxiety and frustra-tion continues, especially if there are children involved. It is perhaps not surprising that marital dissolution engagements are one of the most fertile areas for complaints with the Washing-ton Bar Association against lawyers.

My general advice is that when the first client communication comes in that “we are going to get divorced” the CPA should tell the person inquiring that our CPA firm has a policy against being a divorce expert valuation witness for either or both par-ties because we have represented them in the past. While it is true that we can be subpoenaed and required to testify, that role is of a fact witness. What is to be avoided is an expert rendering an opinion on valuing jointly owned property. Avoid answering “how much” questions. The posture I recommend is to tell the inquiring spouse, “your self-interests deserve better and you are best advised to have your own expert advocate so that they can take only your side of the dispute. Our CPA firm would have a conflict even if the other client agrees.”

I also caution the CPA against meeting with one side’s lawyer without the other being present because even that has been held to be a breach of the duty of loyalty. It might be accept-able to meet with both at the same time. Even there it is better to tell both clients and their lawyers to hire their own valua-tion experts because CPAs cannot labor under an actual or in appearance conflict of interest.

I might also mention two cases I was involved in where the lawyers blamed the CPA later. If subsequent to the divorce the IRS or State makes a large assessment of a pre-divorce year return, who pays? The divorce decree in those cases did not specify and the lawyers claimed the CPA should have warned the parties since they prepared the joint return in question.

Good clients will understand the professional conflict CPAs are under and will be there for you when the dust settles on the dissolution. If not, and all they are doing is trying to use our professional credentials to advance their own selfish inter-est against their spouse, perhaps these are clients we would be better off without anyway.

One last question - If you do decline the divorce valuation engagement, may you later represent only one of the spouses? Yes, but avoid becoming an advocate against the other spouse. This would depend on the circumstances. I have advised CPAs to ask the former spouse if they object and confirm the non-objection in writing. Still, involvement in a subsequent issue that is substantially related to prior matters involving the client’s former spouse may be problematic if you did their joint tax return. If the matter is totally non-related, there may not be an ethical conflict. This, of course, does not preclude the former spouse and/or attorney filing an ethical complaint.

Non-involvement is the safe harbor. One good rule and way of looking at a split-up of joint clients is it makes your continu-ing representation for either one more difficult, and often the prudent posture is for the CPA to extract yourself from them both.

James J. Rigos, is an attorney-CPA-CMA who has written and lec-tured widely in the area of professional accounting individual and CPA firm ethics and legal liability. He is a frequent ethics instructor for the WSCPA. Plan to attend his next ethics course:

Cpe in ethics: a requirement in Washington state (CenrW417)

with Jim Rigos

February 8, 2011 8-11:30 a.m.

WSCPA, Bellevue

Register today at www.wscpa.org/CPE/catalog.

Reprinted and adapted with permission of the Oregon Society of CPAs


NEWS BRIEFS

Do your Cpa credentials expire in 2011? still need Cpe hours?

If your credentials expire in 2011, you must have

completed your required continuing professional

education (CPE) by December 31, 2010. If you did not

fulfill this requirement, your credential will lapse and

you will need to follow reinstatement procedures and

pay reinstatement fees.

Ifyoufindyourselfinthissituation:1. Prior to April 30, 2011 advise the State Board of

Accountancy staff of the deficiency in CPE hours

in writing or through the online renewal system

at www.cpaboard.wa.gov, AND

2. Complete the required CPE credit hours, AND

3. On or before June 30, 2011 submit to Board

staff documentation to support the hours

completed in conjunction with complete

renewal application information and the

reinstatement fee of $480.

2011 rule Change that may affect Your Firm

Effective January 1, 2011, firms issuing audit reports

on financial statements, performance audit reports, or

examination of reports on internal controls for non-

public enterprises must participate in a board-approved

peer review program administered by the American Insti-

tute of CPAs (AICPA) or the Washington Society of CPAs

(WSCPA). The Board’s Quality Assurance Review (QAR)

desk review will no longer review these types of reports.

If you have any questions regarding the peer review program or to enroll, please contact:

Julie PhippsWSCPA Manager of Professional Standards

Telephone: (425) 586-1132E-mail: [email protected]

Please note the following:

• Firms which currently issue audit reports should

have a peer review within three to five months

following the end of the year to be reviewed.

• Firms which decide to perform their first audit

engagement are required to undergo a peer

review within 18 months from the year-end of

that engagement.

Visit the State Board website, www.cpaboard.wa.gov

for the latest updates as they become available.

If you have any questions regarding the new rule

change or how this might affect your participation to

the QAR program, please contact Jennifer Sciba, QAR

Program Manager at (360) 586-0952 or jennifers@

cpaboard.wa.gov.

ONLINE LICENSE

RENEWAL

Effective January 1, 2010, you must renew your individual and/or firm license with the State Board

online using CPAOnline.

Download instructions for using the new system here: www.cpaboard.wa.gov/files/Detailed_Instructions_w-pics.pdf.

To learn more, visit www.cpaboard.wa.gov.

Important Notices from the Washington State Board of Accountancy


NEWS BRIEFS

WSCPA Annual AwardsJohn L. O’Brien Lifetime Achievement Award

Vincent A. Gervais Public Service AwardBusiness of the Year Award

Volunteer of the Year AwardRising Star Award

New Professional Award

Nominate an Outstanding Member

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

expand Your Client Base in time for tax season enroll now in Find a Cpa referral service

Would you l ike to expand your client base?

The WSCPA’s online Find a CPA Referral Service is a cost effective way to market your firm’s services to the public. For just $175, you can list your firm with this service. Plus, you can add satel-lite offices for $50 each. Enroll now and your firm will be in the service through June 30, 2011.

This service is marketed in directories statewide, online directories and, start-ing this year, via Twitter. Each firm in the referral service is promoted via Twitter to our followers.

Hundreds of individuals and businesses statewide looking for CPAs visit this ser-vice at www.wscpa.org or call the Society especially during tax season.

If you have questions about this

service, please call Jennifer Ayoub, (425) 586-1142 or (800) 272-8273, Ext. 1142 (toll-free in WA), or e-mail [email protected].

CPA Referral Service

We “tweet” your firm!

ENROLL TODAY!

Visit www.wscpa.org, and click “Find a CPA,”

then “Enroll Online Today.”

Save the Date WSCPA Annual Meeting June 1, 2011

Featuring Professional Issues Update with Bob Bunting

Follow WSCPA www.wscpa.org

News, events, exclusivediscounts, member discussions, and more!


ADVOCACY

Hot Chocolate ... and advocacyBy Judy Love, WSCPA Director of Advocacy

On a cold Monday morning in late November I headed down-

stairs for something warm to drink. As the hot chocolate began to brew, a voice boomed from the classroom across the hall: “... independence ... conflict of inter-est ... SSARS 19 ... liability ... professional responsibility ... liability!” As I wrapped my hands around the warm cup I thought, “You know, it probably wouldn’t hurt to sit in on this class. It might even be interesting.” A quick scan of my calendar showed no meetings or appointments; a quick scan of the room showed at least one seat open.

That is how I found myself in the front row of a Compilation and Review Stan-dards Update class. I hope I have picked up a few things in the past 11 years with the Society, but the truth is my undergrad and graduate degrees (English and Orga-nizational Development) were carefully chosen to keep me far from anything to do with numbers, balance sheets, creating or auditing financial statements, – and a work environment where ever-changing and increasingly complex rules, standards and risk factors are the norm.

“How do they do it?” I thought, as SSARS and FASB numbers flew around the room as thick as the snowflakes out-side. “How do they know their FAS 144 from 157? And what about the preceding 143?” And then there is the AICPA code of conduct. And changes to the IRS Code. By noon I had decided I’d “had enough fun,” as the instructor put it, and scur-ried back upstairs to the safety of my desk where all I have to worry about is ... 10,000 WSCPA members who must remember, apply and comply with all of the above and much, much more.

At the top of that “worry list” for the past two years has been the possibil-ity that the State Board of Accountancy might be moved into the Department of Licensing. Why, many members have won-dered, given all of the other issues facing

the profession—Red Flags rule, new 1099 reporting requirements, possible changes to S-Corps compensation, IRS tax return preparer registration, sales tax on pro-fessional services, differential accounting standards—has the Society cared?

Our concern has been driven by the belief that the Board’s ability to protect the public would be diminished. But, of equal importance, it would be consider-ably more challenging to make changes to the accountancy act necessary to keep pace with and reflect changes in the profession. These concerns were based on observations of those states where accountancy boards are under a larger umbrella agency (for instance, prior to this past year, New York has not been able to enact any changes to its accoun-tancy act for nearly 50 years).

We were pleased when the Board chose to hire outside consultants to do a performance review on the agency’s operations, processes and procedures. A provision in the 2010 budget required an additional study to evaluate the “effi-cacy, economy, and accountability” of

merging the State Board into the DOL. The Performance Review, issued in July concluded the Board “is run properly and capably by the Executive Director and its staff with the guidance of its Board, and operates in full compliance with all applicable laws.” This reinforces what we have consistently heard from the many legislators puzzled by the consolidation proposals, “Why should we be trying to fix something if it isn’t broken?”

The second report, the “Merger Report,” was issued on November 30. The 147-page document (on the Board’s website – www.cpaboard.wa.gov – under Performance Review in the “Alerts” box) was sent to key legislative commit-tees, the Governor’s office and Office of Financial Management.

To support the clearly stated rea-sons for keeping the Board as an inde-pendent agency, the report includes a number of very interesting comparisons of complaints and investigations as a per-centage of licensees in other states and also between Washington state’s engi-neers and land surveyors (the profession

As of this writing it appears unlikely the Governor’s office will introduce legislation to move the State Board into the Department of Licensing.


ADVOCACY

requirements of Circular 230. We sug-gested that those two changes be imple-mented and then see if that achieves the IRS’ goals of enhanced compliance and ele-vated ethical conduct. We believe those two changes would allow the IRS to identify unscrupulous or incompetent tax return preparers.

We believe the requirements for all registered tax return preparers to pass a competency test (which is not expected to be difficult) and obtain 15 hours of CPE each year will result in great confusion in the marketplace about the difference between CPAs and registered tax return preparers. If we are correct, this will be

CPA Requirements IRS RequirementsCollege graduate Some education required150 hours of college education 18 years oldUniform CPA Exam IRS exam

120 hours of CPE over 3 years 15 hours of annual tax education

new tax return preparer rules— about Half rightcontinued from page 4

a disservice to the public and to the profession. The vast difference in the requirements to be a CPA and a Reg-istered Tax Return Preparer are sum-marized in the table below. If you are concerned about how the public may be misled about these differences (and how that will affect the value of your CPA credential or your practice), then please share your views with your federal con-gressional delegation and the IRS Com-missioner. If you need help doing this, please contact Judy Love ([email protected]) or me.

You can contact Rich Jones at [email protected].

closest in size to the 14,000 CPA licens-ees). Look for a summary of some of that data in the March/April issue of The Washington CPA.

The Merger Report’s conclusion is stated in no uncertain terms in this paragraph from the cover letter:

“We conclude that a merger would result in a significant decrease in the accountability of WBOA to the public and the profession, and little or no gain in the efficacy or economy of WBOA’s operations and functions. Given the statutorily defined reason for WBOA’s creation and existence, which is to pro-vide public protection and to ensure the reliability of financial information, a merger is not recommended.”

As of this writing it appears unlikely the Governor’s office will introduce legislation to move the State Board into the Department of Licensing. That does not mean that a proposal couldn’t come from another source, therefore we remain vigilant as the legislature convenes. The Society is determined to preserve the independence of Wash-ington’s Board of Accountancy while working to promote and insure best practices within that structure.

You can contact Judy Love at [email protected].


ACCOUNTING STANDARDS

new strategies required for Cre portfoliosWill You Be ready?Forthcoming Changes to Accounting Procedures Will Affect Leases of Real and Personal Property, Plant and Equipment

By James T. Saint, CCIM, MRICS, Chartered Facilities Management Surveyor

From the View Point of a Corporate Lessee

Accounting of Corporate Real Estate (CRE) leases is about to undergo massive changes that will dramatically alter how senior management view their real estate holdings; and how the CRE profession-als in the future will be supporting their respective organizations.

On or about January 2012 a new IASB/ FASB Lease Accounting Standard will go into effect, with the results affecting all corporations, large and small, public and private. With the resulting changes in accounting and reporting, leverage and capital ratios may be affected from the striking changes to the balance sheets.

These massive changes will affect not only leased commercial real property such as offices, retail facilities and indus-trial warehouses, but also leases of non-real or personal property.

Beginning in 2012 the IASB / FASB will utilize a completely new model for lease accounting under which the lessee’s rights and obli-gations under ALL leases, existing and new, would be capitalized on the balance sheet instead of the current methodology of utilizing off-balance sheet financing. 1

When implemented as the new “Lease Accounting Standard,” (LAS) it will elimi-nate all current operating leases utilizing the existing off-balance sheet accounting rules. With the capitalization of all leases, the newly defined “right-to-use” leased assets and liabilities will be brought onto the balance sheet.

Currently corporate real estate

leasing accounts for roughly two-thirds of all leasing activity, and is estimated by the U.S. Securities

and Exchange Commission (SEC) as $1.0 to $1.3 trillion. Typically, real estate and related facilities expenses account for 20% of an organization’s income statement, and for roughly 60% of all corpo-rations, it is the 2nd or 3rd highest expense. 2

A lease, from the view point of a cor-porate lessee, will be defined as:

A contract in which the right to use a specified asset is conveyed, for a period of time, in exchange for consideration. Such a contract will apply to assets including prop-erty, plant and equipment. Addi-tionally, the right to use an asset is conveyed if the contract conveys the right to use and to control the use of the underlying asset. 3

There will be NO “grandfathering”

of existing off-balance sheet leases. Any leases in place on the effective date will have to be re-accounted for the remain-ing lease term. The only exception will be those leases with maximum possible lease terms of fewer than12 months.

What’s the Financial Impact? Here is a quick example of the first

year financial impact as a result of the new LAS rule changes:

Let’s assume a business unit has a 50,000 sf facility leased for 10 years at a flat “net” lease rate of $25 per sf per year equaling $1.25 million per year in rent expense. Incremental borrow-ing cost is 7%. Under current operating lease accounting rules the above lease has a P&L rent expense deduction in the amount of $1.25 million per year.

Under the new LAS rules, this same lease would have a deduction for the “right-to-use” lease depreciation of $877,948 and an imputed interest expense of $614,563 for a total deduc-tion of $1,492,501 the first year.

When compared to the current accounting rules, this results in a first year budget increase of more than 19%. If there were any lease renewal options in the lease agreement, and are “likely” to be exercised, the first year’s percentage increase will be much larger as a result of the implied longer lease term. Are your

This new Lease Account-ing Standard affects not only leased real estate, but also affects ALL items leased by a corporation, including manu-facturing plant and equip-ment, furniture and fixtures, vehicles and delivery trucks, just to name a few. Anything that is of a material nature and is leased will be affected.



forthcoming 2012 / 2013 budgets pre-pared for a 10% to 25% increase in first year lease expenses?

As a result of the new LAS being implemented, businesses will need to take a new fresh look at all the factors relating to their corporate real estate strategies. Economic conditions, opera-tional issues, financing abilities, regulatory issues, tax apportioning considerations for international, federal and state facili-ties, governance and budgetary issues all play a factor in determining whether to lease or own real estate.

A Little History...In March 2009, the International

Accounting Standards Board, (IASB -

www.iasb.org) based in London, England and the Financial Accounting Standards Board, (FASB - www.fasb.org) based in Norwalk, Connecticut began a process of soliciting comments on what was proposed as changes to how worldwide corporations accounted for all leased property.

The objective is to create common lease accounting require-ments to ensure that the assets and liabilities arising from lease contracts are recognized in the statement of financial position. 4

Under current accounting rules, when a business enters into a lease agreement

for any item (real estate, computers, land, copiers, vehicles, etc.) management uti-lizes a rule called FAS 13 to first deter-mine if the company essentially owns the item in question.

If the answer was “yes,” the business capitalized the lease to simulate own-ership and a loan, with the appropriate asset and liability entries on the Balance Sheet.

If the answer was “no,” the business utilized “off-balance sheet” financing incorporating a simple accrual straight-line expense on the P & L Statements.

Then comes the IASB and FASB in March 2009 with their Discussion Paper proposing worldwide lease rule changes seeking comments from the public and

Financial Statements

Present Operating Lease AccountingYear 1 2 3 4

Cash Flow Statement

Rent Expense

12,000 12,000 12,000 12,000

P&L Statement

Rent Expense

12,000 12,000 12,000 12,000

P&L Statement

P&L Total 12,000 12,000 12,000 12,000

Balance Sheet

Asset 0 0 0 0

Liability 0 0 0 0

New Capitalized Lease AccountingYear 1 2 3 4Rent Expense

12,000 12,000 12,000 12,000

Right-to-Use Depreciation

10,162 10,162 10,162 10,162

Imputed Interest

2,845 2,204 1,518 785

P&L Total 13,007 12,366 11,680 10,947

% Increase 8.4% 3.1% -2.7% -8.8%Right-to-Use Lse Asset

40,648 30,486 20,324 10,162

Right-to-Use Lse Liability

40,648 31,493 21,697 11,215

Length of Lease Term 4 yearsNet Rent per Year $12,000 per yearIncremental Borrowing Cost 7% – (imputed interest rate)Balance Sheet Numbers As at the beginning of the year

NOTE: Lease expenses will be higher in the earlier lease years under the new Lease Accounting Standard.

How is this actually going to affect the accounting of my corporation’s leased real estate?

Example

1 PriceWaterhouseCoopers (www.pwc.com) white paper, May 2010, “The overhaul of lease accounting: Catalyst for change in corporate real estate.”

2 Bob Cook, Real Estate Consultant, Cook & Associates webinars, June 2010, held on behalf of Tririga, Inc (www.tririga.com) and associated white paper, July 2010, “The New Lease Accounting and You.”

3 IASB / FASB Project Update, July 29, 2010, “Leases - Joint Projects of the IASB and FASB.”4 IASB / FASB Project Update.



industry on the principals of the proposal in order to assess impact and determine strategy. The public comment period ended July 2009, leading to deliberations between the principals of IASB and FASB through July 2010.

The result is the Project’s Exposure Draft published on August 17, 2010. In the next step in the project process, the public and industry reviewed the pro-posed details and submitted their com-ments through December 15, 2010 on the details of the proposal which will establish policies and prepare financial results.

The goal of IASB and FASB will be to distill down the accumulated comments, and come to a mutual agreement, result-ing in a unified new Lease Accounting

Standard. The target date for this new LAS to be issued is presently estimated to be mid-2011. The actual effective date of the new LAS is currently listed by the IASB and FASB as “to be determined.”

Knowledgeable industry personnel are indicating the target effective date could be as early as January 2012, just 12 months away. Or, it could be delayed into 2013, or 2014, depending on when the actual LAS is published by the IASB and FASB.

Practical Applications of New Rules

How is this actually going to affect the accounting of my corporation’s leased real estate?

See box on page 17 for an example.

Last pointDon’t wait. January 2012 is 12 months

away. Many corporate real estate opera-tions, large and small, are going to be hard pressed to comply with the new LAS, and many organizations are still in denial or think that this does not affect them.

And remember, this new Lease Accounting Standard affects not only leased real estate, but also affects ALL items leased by a corporation, includ-ing manufacturing plant and equipment,

furniture and fixtures, vehicles and deliv-ery trucks, just to name a few. Anything that is of a material nature and is leased will be affected.

As the coming months and available time to gather the information slowly evaporates, anxiety, work overload and even outright panic will begin to develop. Suddenly realization will set in — “your” corporation just does not have the appro-priate staff and talent to get the job done. Many corporations are not going to be

Copyright © September 2010, all rights reserved. Printed with permission of the author.

MEMBER PERSPECTIVE

What is your reaction to the new Lease accounting standard?

“I believe the draft rules will not provide investors with addi-tional transparency and may have unintended consequences of les-sees forcing the negative economic impact onto the lessor during lease negotiations.

“The proposed Leases rule affects the lessee more significantly than the lessor. Since the draft scope includes all leases, not merely real estate leases, the workload to calculate, track, and account will be noteworthy. Lessees will show an asset based upon a “Right-To-Use” (RTU) notion versus the typical benefits, obligation, and risk nor-mally associated with owned assets. Asset-based metrics will skew considerably with the addition of the RTU on the balance sheet. The imputed interest provision has two issues: (1) The lessee may be forced to use the lessor’s rate instead of its own cost of capital or other, and (2) The P&L impact is negative in the earlier years further separating P&L effects from cash flow streams. Ulti-mately, investors lose transparency of asset title and risk obligations, as well as forcing investors to further reconcile P&L and Statement of Cash flow differences.”

Glenn Wisegarver, CPAVP FinanceZetec, Inc.


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able to comply by the anticipated January 2012 effective date.

Will you be ready? If not, now what are you going to do?

As a result of not being ready, the neg-ative financial results of non-compliance will be ... Well, I will leave that to your individual imaginations to determine your own cataclysmic scenario.

This article is an excerpt. Read the com-plete article, as well as definitive illustrative examples comparing current procedures with the new Lease Accounting Standard proce-dures, at http://www.james-t-saint-ccim.com/articles/new_strategies_required_for_cre_portfolios_lessee_viewpoint_jul2010.pdf.

James T. Saint is a CCIM, (Certified Commercial Investment Member), one of a network of 9,000 professionals across North America and 30 international coun-tries holding one of the most coveted and respected designations in the industry, and often referred to as the “Ph.D of commercial real estate.” He holds a MRICS designation and is a Chartered Facilities Management Surveyor, as conveyed by the London, Eng-land based Royal Institute of Chartered Sur-veyors (RICS). Mr. Saint specializes in tenant and corporate real estate portfolio advisory services for improvement of the corporate bottom line. He may be contacted at Tel: +1 - 702 - 838 - 4226, or by using our web mail form at: http://www.james-t-saint-ccim.com/contactus.htm.

Disclaimer: The educational information contained herein may be subject to change without notice. It is not intended to consti-tute an analysis of any limiting or qualify-ing laws or principles, and the information should not be construed as financial or legal advice or similar opinions. No representa-tions or warranties are implied or apply. Use of the information provided herewith this educational presentation, in whole or in part, could have important legal, financial or tax consequences and the parties should consult their appropriate legal, financial, tax or other counsel prior to their use in any real estate decision making process.

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engagement Letter essentials By Ronald C. Parisi, J.D., CPA

The engagement letter plays a signif-icant role in avoiding and limiting

claims and successfully defending CPAs in professional liability disputes. Long-term claims experience shows that the follow-ing elements are essential to making the engagement letter so effective as a risk management tool for CPAs.

An engagement letter should clearly specify:

• The services to be rendered and typical services not to be rendered;

• Scope of service and limitations of the engagement; and,

• Allocation of responsibilities between the CPA and the client.

Many high-dollar claims result from the failure to clarify the CPA’s role and services to be performed. An engagement letter should leave no room for misun-derstanding or “creative” interpretations.

The general public (i.e., potential jurors) perceive CPAs as experts in documentation, and a failure to live up to

that perception may be viewed as negli-gence. When there is no accurate written description of the engagement, claimants can more easily assert that the CPA was responsible for:

1) Providing services that the CPA did not consider part of the engagement, and

2) Guaranteeing the results of a transaction the claimants initi-ated while the CPA’s services were engaged.

Engagement letters should be signed by the client. Failure to do so may be inter-preted as the client not agreeing to the terms of the engagement. Going forward with the work without a signature could also suggest that the CPA completed the engagement under terms different from those contained in the unsigned engage-ment letter. Remember, the client you negotiate with today may not be tomor-row’s client. Relationships and disposi-tions change when disputes arise, and significant events may change ownership or control of the client, including the appointment of a bankruptcy trustee or the death of a family business proprietor.

Engagement CreepClear engagement letters defend

against the phenomenon known as “engagement creep.” This involves initially well-defined tasks, or starts with a simple question that does not appear to rise to the level of a new engagement but, over time, creeps outward to encompass sig-nificant additional, undefined activities.

If there is a change in the engagement, the existing engagement letter should be updated. What may not be as clear is that, even when the terms of the actual engagement have not changed, an engage-ment letter may need to be updated when surrounding circumstances change, including the introduction of new service providers.

For example, CPAs who refer cli-ents to a financial planner or invest-ment adviser might see themselves as “just the CPA” and the planner/adviser as the professional managing the client’s investments. However, a jury may see the CPA as the trusted financial adviser who was responsible for overseeing the client’s entire financial picture, including the activity of the other professionals. A new engagement letter would clarify for

Where a CPA has carefully

defined an engagement with

one or more engagement

letters, the client will have

much more difficulty trying to

hold the CPA responsible for

matters not encompassed by

those letters.


the client and the planner/adviser what the CPA would and would not do (i.e., the limitations of the CPA’s responsibili-ties) and who would be responsible for which tasks and duties. Where a CPA has carefully defined an engagement with one or more engagement letters, the client will have much more difficulty trying to hold the CPA responsible for matters not encompassed by those letters.

Avoiding Collection Problems Communicate your billing and collec-

tion policies in your engagement letter—the best way to avoid having a collection problem. A stop-work/disengagement clause in the letter may enable a CPA to stop work in the event the client fails to pay in a timely manner. The enforcement of this clause will help prevent your firm from completing too much work without receiving payment from the client.

Bill on a timely basis, and do not allow fees to build up to the point where you can no longer walk away from them. If unpaid fees become too large, they may compro-mise a CPA’s independence and increase the likelihood of malpractice claims.

If the firm decides to disengage from the client, make it official by delivering a disengagement letter. State in the letter that the relationship is terminated as of a specific effective date, list pending due dates (including obvious ones), describe the status of work in progress and the disposition of client records, and state the outstanding fees plus payment terms.

Alternative Dispute ResolutionInclude a mediation clause for all dis-

putes and a binding arbitration clause for fee disputes only in your engagement letter. Simple fee disputes are better resolved through mediation and arbitra-tion than through litigation. Mediation is a good first step for almost all disputes, the exception being when the cost of a mediator exceeds the amount of fees in dispute. Binding arbitration—for fee dis-putes only—is an effective second step, again depending on the amount of fees in dispute.

While binding arbitration is effec-tive for simple fee disputes, most other engagement disputes tend to produce complex, high-risk, high-dollar claims that

are better managed through mediation and litigation than through arbitration. An effective legal defense can be restricted and impaired by arbitration, sometimes triggered by a general arbitration clause in the engagement letter.

It’s also a good practice to consult with your risk adviser or attorney before suing to collect fees. This enables an expert to assist you in weighing the risks and con-sequences of suing for fees. Lawsuits and counter-suits almost always result in the CPA spending far more in attorney fees and in lost billable time than is warranted for the fees owed to the CPA.

Again, the best way to avoid such problems is to clearly communicate poli-cies, roles, responsibilities, services, and the limitations of the engagement in your engagement letter.

Ron Parisi is executive vice president, risk management, for CAMICO (www.camico.com), responsible for executive oversight of the company’s underwriting and claims functions.

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may change ownership or control of the client, including the appointment of a bankruptcy trustee or the death of a family business proprietor.


FINANCIAL LITERACY

As part of its outreach efforts, the Financial Literacy Program works with WSCPA student members in colleges and clubs every year to create or support finan-cial education projects. Many groups work it into their community service efforts. The projects take on a variety of forms and can encourage students to bring financial edu-cation to other aspects of their lives. In the following article, a student member explains how he shared his knowledge in a commu-nity other than his own.

During the spring of 2010 I worked with the WSCPA to present financial lit-eracy lessons to Seattle area high school students. Little did I know that these one hour visits were prepping me for an international experience. The WSCPA materials I used in my financial literacy classes actually provided a foundation for coursework that we would present in Malawi, Africa.

It was during a springtime fundraiser for the Seattle University basketball team that Sarah Bee, Senior Lecturer in the Department of Accounting, introduced to me the idea of going to Africa on a busi-ness development project with her and recent SU grad Christina Davis. Because she nonchalantly presented the idea to me in passing, I almost didn’t want to take her seriously. I gave her idea some deep consideration and after about 45 sec-onds of deliberation I sent Sarah a text message that simply said “I’m in, what’s next?”

It’s amazing how in the blink of an eye, even the most seemingly insignificant conversation, can change your life for-ever.

The Jesuit tradition upon which Seattle University is founded promotes empow-ering leaders for a just and humane world. Unfortunately, achieving global

reciprocity in regard to these core values proves quite a challenge, especially during tough economic times. As a Seattle Uni-versity student and later as co-founder of the Africa Start-Up project, I learned that altruism and generosity have no economic bounds. My journey to Malawi, Africa is a testament to how Seattle University has dedicated and purposefully aligned them-selves with their core values. The power of benevolence is unbelievable as long as it’s done right and in a way that empow-ers others to follow the same path. Africa Start-Up is a project that does both.

Our program, Africa Start-Up, is a global student initiative aimed at allevi-ating poverty by providing sustainable business training in areas of the world with high unemployment and low educa-tional levels. The pilot of our initiative was implemented in Lilongwe, the capital city of Malawi, a landlocked country of 15 mil-lion in Sub-Saharan Africa roughly the size of Pennsylvania. In Malawi most individu-als leave school after 8th grade and the country suffers an unemployment rate of more than 85%. Running a successful small business is often the only way people can provide for their families. Unfor-tunately, many people lack basic busi-ness knowledge. Africa Start-Up fills this

knowledge gap and provides an under-standing of basic and fundamental business practices, such as budgeting, planning, and record keeping, to help business owners succeed.

Upon our arrival in Lilongwe we immediately teamed with the Malawi Col-lege of Accountancy and began an intense training schedule. We established a rela-tionship with six of their best and bright-est students, and trained them on the curriculum we had been working on all summer, using financial literacy concepts as our guide. Daily challenges would force

the Malawian students, as well as Sarah and me, to adapt our communication skills, patience, and creativity to make the project come together. We were dealing with people from a world where handouts from strangers were the norm and beg-ging was a way of life. It took a good deal of negotiation and steadfast grounding in our project goals and values to convince these students that they were making the world a better place by donating their time by helping these business owners succeed. These were not mere comfort zones or cultural boundaries we were attempting to span. We were attempt-ing a full-on paradigm shift in the minds of the students and people involved in

my Journey to africa: empowering entrepreneurs in malawiFinancial Literacy Lessons Provide Foundation for Africa Start-Up Coursework

By John Hirsh

“It’s amazing how in the blink of an eye, even the most seemingly insignificant conversation, can change your life forever.”

John Hirsh with Sarah Bee (l.) and Christina Davis in Malawi.


FINANCIAL LITERACY

our program. I’m happy to say that we achieved it, and did so within 30 days.

This global learning opportunity is meant to bridge more than cultural gaps and provide for more experiential learn-ing than a glorified pen pal program would. Seattle U accounting students will collaborate with accounting students in Malawi to solve small business problems and respond to case studies taken from real life examples provided by entrepre-neurs attending our training sessions. One such example includes a complex record keeping implementation for a horticulturist who attended our first training. These smaller service learn-ing projects have a threefold impact. First, they foster ongoing relationships between Malawi and Seattle U by con-necting students across the globe via the web. Second, SU students are provided with the opportunity to affect small busi-nesses across the globe using the knowl-edge they have gained in school. Third, we promote a sense of volunteerism and civic duty in a world where benevolence and altruism are undervalued.

Africa Start-Up is gaining awareness and interest within various groups and

organizations on campus. We are planning a return trip to Malawi for June, 2011. If we are able to raise funds, two students will go back to Lilongwe to track our progress. Based on the program’s success in Lilongwe, future “branches” should be easily portable and duplicable any-where in the world. Our sustainability plan outlines a recipe for implementa-tion and training, and details our annual operational procedures and costs, which do not exceed $15,000. We have also considered the option of utilizing the Jesuit network of universities to provide hundreds, if not thousands, of additional students the opportunity to get involved in a global learning initiative as outlined in our Africa Start-Up model. So long as this program maintains its posture as a volunteer based program and focuses on providing financial literacy training, rather than providing monetary handouts, it will sustain and eventually thrive.

When we returned to Seattle, it was difficult to talk with people about what we saw and experienced in Malawi. For the most part, the experience was a positive one. I learned more about myself than I had anticipated. Recently, I

stopped by Sarah’s office to say hi, and get her reaction to our experience. This is the essence of what she explained and exactly the type of impact we hope that both Africa Start-Up and Seattle Univer-sity have on students everywhere:

In my 12 years at Seattle University, I have been inspired by the Jesuit tradition of social justice. I am motivated to give back to my local, national and global community. I know accounting is univer-sally needed. Just as high school students benefit from financial literacy classes, so the business owners in Malawi Africa benefit from a rudimentary understand-ing of basic accounting. I am committed to impressing upon my students the concept of social justice and how they may utilize their accounting skills to help reduce poverty on a global level.

– Sarah Bee

To learn more about Africa Start-Up, visit https://sites.google.com/site/africastartupmalawi.

John Hirsh is a graduate student in accounting and Program Manager of Africa Start-Up club at Seattle University.

Africa Start-Up, is a global student initiative aimed at alleviating poverty by providing sustainable business training in areas of the

world with high unemployment and low educational levels.

Seattle U accounting

students will collaborate

with accounting students

in Malawi to solve small

business problems...

The first Africa Start-Up graduating class of business owners in Lilongwe, Malawi.


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UPS Worldwide Express®/ Saver® / Expedited® Export (Ltr/Doc/Pkg)

UPS Commercial Ground

(1-10 lbs) (11-30 lbs) (31-150 lbs)

Up to $49.99 16% 16% 3% 7% 11%

$50 to 99.99 17% 17% 4% 8% 12%

$100 to 249.99 18% 18% 5% 9% 13%

$250 to 499.99 20% 20% 6% 10% 14%

$500 to 999.99 24% 24% 7% 11% 15%

$1,000 and up 30% 30% 8% 12% 16%

Improved Ups Discount for members Just in time for tax season shipping needs

Here’s a sample of the discounts you can receive by enrolling in

the UPS Savings Program:

*See Rates and Services Chart for detail of Savings and Discounts, which depend on total weekly gross shipping

charges incurred.

Members currently enrolled in the UPS Savings Program must re-enroll to take advantage of

this new exclusive offer.

When you

need to ship

to the IRS...

save with UPS


EVENTS

WSCPA Spokane Chapter/ RMA Golf Tournament

May 26, 2011

Registration opens March 1

Watch your Short Form for registration and event details or visit www.wscpa.org.

Golf tournament

“I’d rather be golfing!”If golfing is your game, mark your calendar and plan to attend these 2011 golf tournaments.

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DWSCPA Golf Tournament

May 16, 2011 1 pm

Registration now open

In addition to CPAs and their clients, bankers and lawyers, friends and family are welcome to attend. Along with golf, this event includes cart, lunch, dinner, drinks, reception and prizes! Don’t miss this opportunity to golf at Bear Creek, an exclusive club.

Registration(425) 644-4800 | (800) 272-8273 (toll-free in WA).

$110/person, $210/pair, or $420/team of four

Questions? Want to sponsor? E-mail [email protected].

www.bearcreekcc.com www.cdacasino.com/golf

www.bearcreekcc.com

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EVENTS

PUGET SOUND EVENTSMay 18 Kickoff Event, Daniel’s Broiler, BellevueJune 16 Wine Tasting, Wine World, SeattleJuly 21 Horse Races, Emerald Downs, AuburnAugust 10 Argosy Cruise, SeattleSeptember 15 Trivia Night, Rock Bottom Brewery, BellevueOctober 27 Scavenger Hunt, Hard Rock Cafe, SeattleNovember 16 Bowling, Garage, Seattle

SPOKANE EVENTSApril 28 Trivia Night, Steam Plant Grill, SpokaneOctober 20 Casino Night, Hampton Inn, Spokane

BECOME A SPONSORContact Amy O’Donnell for details. [email protected](425) 586-1140

new professionals networking events

2011


HAPPY HOURS

ALL MEMBERS WELCOME!Casual networking. Free light appetizers. Registration not required. Puget Sound 2nd Tuesdays, various locations, 5-7:30 p.m. Find locations at www.wscpa.org/CPE/catalog. (enter HH in search box)Spokane 2nd Tuesdays, CI Shennanigan’s, 5:30-7:30 p.m.

LEARN MORE & REGISTER:

www.wscpa.org/CPE/catalog (enter “NP” in search box)

mark your calendar and plan to attend!


MEMBER DISCOUNTS

Whirly Ball Networking Event October 28Edmonds

photo album

9 - Several student members enjoy hors d’oeuvres, a popular feature of every WSCPA networking event.

10 - Elisha Kumar, Bryce Tjossem, and Joel Cambern share a laugh during a networking game.

11 - Janna Waldher and Matthew Reynolds discuss the Seattle Storm game in progress during the reception.

Happy Hour November 8, Spokane

Casino Night Networking Event November 17, Woodinville

Billiards Tournament Networking Event October 21, Spokane


CPE Digest Conferences ................................ page 30Education and Events ................ page 31Registration ................................. page 37

Find CPE fast! Look for this icon at www.wscpa.org. Click it to go directly to the CPE/Event Catalog.


Final destination?Set a new year's goal? WSCPA CPE can get you to your destination!

q Move up to manager

q Start my own practice

q Gain skill set to transition to CFO

3

3

3

You pick!

You pick!You pick!

Cluster CPEMarch 23-24WSCPA, Bellevue

8 classes, each worth 4 CPE credits

You pick four courses from a lineup of 8 four-hour CPE programs.

To see a list of classes, search for CL4 at www.wscpa.org/CPE/catalog Winter

webcasts

dd

Take CPE from the comfort of your office. See page 34.

d


CPE DIGEST Register at www.wscpa.org or page 37

The Washington Society of CPAs Thanks 2010 Customized Training Clients:

Bader Martin PSBerntson Porter & Co PLLC

The Boeing CompanyClark Nuber PS

Clark Raymond & CompanyClothier & Head PS

Dwyer Pemberton & Coulson PCGroup Health Cooperative

Hagen Kurth Perman & Co PSHellam Varon & Co Inc PS

Hurley Williams Schuessler Cook & Bryan PS CPAsJacobson Jarvis & Co PLLC

Johnson & Shute PSJohnson Stone & Pagano PS

Larson Gross PLLCLarson Allen LLP

Peterson Sullivan LLPPricewaterhouseCoopers LLP

Russell InvestmentsSweeney Conrad PS

Varner Sytsma & Herndon Inc PS

To learn more about Customized Training, please contact:

Miki McLeanCustomized Solutions Account Manager(425) 586-1136 (800) 272-8273, Ext. [email protected]

Or visit www.wscpa.org (Education Section).

Date ConferenceApril 18-19 Governmental Accounting and Auditing

Conference

May 4 International ConferenceMay 18 Washington State Tax ConferenceMay 23 Business and Industry ConferenceJune 2 Women’s Conference - new!June 3 Emerging Leaders Conference - new!

2011 spring Conference schedule

mark your calendar now and plan to attend these essential Cpe events!

Thank you!

www.wscpa.org/conferences

Firms save time and money with WsCpa customized training programs

The same high quality materials and speakers featured in many of your favorite conferences and seminars are available for CPE events for your firm. Choose from:

• A full line of ready-made in-house training programs created by nationally recognized Professional Devel-opment providers.

• WSCPA Programs - classes customized by WSCPA instructors based on your ideas or needs.

• An impressive array of local instructors with state-specific courses.


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

ç New | non-tech credits | E Ethics credits | Conference | Y Yellow Book | C CFP | l Chapter event | Networking Event | S Season Ticket and Coupons N/A

Fees Date CPE

CreditsCourse Code Non-

MemberFee

WSCPA MemberFee

AICPA Member Discount

Facility Subject

# Type

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

EVENTS BY LOCATION WSCPA education and events scheduled for January-May 2011 are listed below, chronologically by location. If you are looking for a program in another location, it may be scheduled for later in the year. Using the online CPE/Event Catalog at www.wscpa.org/CPE/catalog, you can search by location.

Locations in this CPE Digest issue

Bellevue p. 28 Seattle p. 32

Bellingham p. 30 Spokane p. 32

Everett p. 31 Tacoma p. 33

Kennewick p. 31 Vancouver p. 33

Lynnwood p. 31 Wenatchee p. 33

Olympia p. 31 Yakima p. 34

ONLINE Webcasts and Webinars p. 34

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

January - May 2011 EVENT SCHEDULE To view the complete schedule of events through May 2011, refer to the CPE/Event Catalog at www.wscpa.org/cpe/catalog or the 2010-2011 Washington Professional Education Catalog. To request a copy of the catalog, call (800) 272-8273 (toll-free in WA) or e-mail [email protected].

SUBJECTS The main subject area is listed for each program.

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

Ø

Accounting and AuditingConsulting ServicesEmployee BenefitsEstate/Financial PlanningEthicsGovernment / NFPManagementPersonal DevelopmentSpecialized KnowledgeTaxationTechnology

A&A

CS

EB

PFP

Ethics

GNP

MG

PD

SK

TAX

TEC

Fees Date CPE


Member Fee

WSCPA MemberFee


Facility Subject

# Type


Bellevue

ç Jan 5 4 2010 Health Care Reform Act: Critical Tax and Insurance Ramifications for You, Your Business and Your Clients, 8-11:30 am

CL4HCRA2 140 170 0 WSCPA SK

Jan 10 8 Creating Web Pages with HTML, 8 am-4 pm COMHT1 230 305 0 WSCPA TEC

Jan 11 8 PC Trouble Shooting & Maintenance, 8 am-4 pm COMPC1 230 305 0 WSCPA TEC

Jan 12-13 8 Tax Staff Training - Level 3 - Advanced Issues, 8 am-4 pm TSTA 425 540 0 WSCPA TAX

Jan 12 8 Using Outlook as a Personal Information Manager, 8 am-4 pm COMOU2 230 305 0 WSCPA TEC

Jan 14 8 Family Limited Partnerships, 8 am-4 pm FLP 265 340 0 WSCPA TAX

Jan 17 8 Charting with Excel, 8 am-4 pm COMEX10 230 305 0 WSCPA TEC

Jan 18 8 Andy Biebl’s Tax Advisor’s Update, 8 am-4 pm BTAU2 325 400 0 Meydenbauer Center TAX

Jan 18 8 Wireless Networking for the Small Office/Home, 8 am-4 pm COMWN 230 305 0 WSCPA TEC

Jan 19 8 Crystal Reports Introduction, 8 am-4 pm COMCR3 230 305 0 WSCPA TEC

Jan 20 1.5 S l

Economic Update by the Editor Emeritus of the Marple’s Letter, 7:15-9 am CHBA06 35 40 0 Maggiano’s, Lincoln Sq SK

Jan 25 8 Auditing Standards Update and Review by Walter Haig, 8 am-4 pm AUUR2 295 370 0 WSCPA A&A

Jan 25 8 The Complete Guide to the Preparation of Form 1041, 8 am-4 pm CG1041 265 340 0 WSCPA PFP

Jan 26 8 GAAP Update and Review for Small and Medium-Sized Entities (SMEs) by Walter Haig, 8 am-4 pm

GURSME7 295 370 0 WSCPA A&A

Jan 27 8 Introduction to Access, 8 am-4 pm COMAC1 230 305 0 WSCPA TEC

Jan 27 8 Compilation and Review Standards Update and Review by Walter Haig, 8 am-4 pm CRUR8 295 370 0 WSCPA A&A

Jan 28 8 Introduction to QuickBooks for the Accounting Professional, 8 am-4 pm COMQB3 230 305 0 WSCPA TEC

Feb 1 8 Crystal Reports Intermediate, 8 am-4 pm COMCR4 230 305 0 WSCPA TEC

Feb 2 8 Introduction to SQL, 8 am-4 pm COMSQ2 230 305 0 WSCPA TEC

Feb 3 8 Access Intermediate, 8 am-4 pm COMAC2 230 305 0 WSCPA TEC

Feb 8 4 E CPE in Ethics: A Requirement in Washington State, 8-11:30 am CENRW417 175 210 0 WSCPA Ethics

Feb 9 8 Excel Intermediate, 8 am-4 pm COMEX11 230 305 0 WSCPA TEC

Feb 10 8 Word Tips Tricks & Techniques, 8 am-4 pm COMWO3 230 305 0 WSCPA TEC

Feb 11 8 Excel Functions Tips Tricks Techniques, 8 am-4 pm COMEX12 230 305 0 WSCPA TEC

Thank you!


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

Fees Date CPE


Member Fee

WSCPA MemberFee


Facility Subject

# Type



Feb 17 8 Advanced Controller and CFO Skills, 8 am-4 pm ACCS3 265 340 -30 WSCPA MG

Feb 17 1.5 S l

NEW TITLE - Fraud: A Growth Industry in a Recession; Approaching $3 Trillion Worldwide, 7:15-9 am

CHBA07 35 40 0 Maggiano’s, Lincoln Sq SK

Feb 22 8 Introduction to Microsoft PowerPoint, 8 am-4 pm COMPP4 230 305 0 WSCPA TEC

Feb 23 8 Charting with Excel, 8 am-4 pm COMEX13 230 305 0 WSCPA TEC

Mar 1 8 Cash Flow Planning & Management Using Excel, 8 am-4 pm COMEX14 230 305 0 WSCPA TEC

Mar 2 4 Working Trial Balance with Excel, 8-11:30 am COMEX41 130 165 0 WSCPA TEC

Mar 2 4 Ratio Analysis with Excel, 12:30-4 pm COMEX42 130 165 0 WSCPA TEC

Mar 3 8 PC Trouble Shooting & Maintenance, 8 am-4 pm COMPC2 230 305 0 WSCPA TEC

Mar 7 8 Integrating Microsoft Office Applications, 8 am-4 pm COMMO 230 305 0 WSCPA TEC

Mar 8 8 Access Working Trial Balance, 8 am-4 pm COMAC3 230 305 0 WSCPA TEC

Mar 9 8 Excel for Windows Advanced, 8 am-4 pm COMEX17 230 305 0 WSCPA TEC

Mar 16 8 Excel - Based Dashboards, 8 am-4 pm EBD2 265 340 0 WSCPA TEC

Mar 17 8 Internal Controls for Small Business Accounting Systems, 8 am-4 pm ITCB2 265 340 0 WSCPA A&A

Mar 17 8 SAP Business Intelligence Reporting, 8 am-4 pm SAP 265 340 0 WSCPA TEC

Mar 22 8 Controllership: Leading Edge of Corporate Performance, 8 am-4 pm CLECP2 265 340 -30 WSCPA MG

Mar 23 4 Analyzing Costs, Productivity and Efficiency: Three Ways to Boost Your Bottom Line, 12:30-4 pm

CL4PYPL 140 170 0 WSCPA MG

Mar 23 4 Beyond Financial Accounting: Budgeting and Costing Techniques for Maximum Profitability, 8-11:30 am

CL4BLMA 140 170 0 WSCPA MG

Mar 23 4 Revenue Recognition: Getting it Right, 12:30-4 pm CL4RTBC 140 170 0 WSCPA A&A

Mar 23 4 New FASB Developments for Business & Industry, 8-11:30 am CL4FASBI 140 170 0 WSCPA A&A

Mar 24 4 CPA’s Guide to Improving Communication, Listening and Writing Skills, 12:30-4 pm CL4TLWP 140 170 0 WSCPA PD

Mar 24 4 Decision-Making Tips, Tools and Techniques for Today’s Financial Environment, 8-11:30 am

CL4TTMD 140 170 0 WSCPA MG

Mar 24 4 Cash Flow Statements: Preparation and Presentation Options, 12:30-4 pm CL4FCFS 140 170 0 WSCPA A&A

Mar 24 4 Introduction to IFRS: Grasping the Big Picture, 8-11:30 am CL4IUSA 140 170 0 WSCPA A&A

Mar 28 8 Excel Pivot Tables, 8 am-4 pm COMEX18 230 305 0 WSCPA TEC

Mar 29 8 Creating Web Pages with HTML, 8 am-4 pm COMHT2 230 305 0 WSCPA TEC

Apr 4 8 Importing Data into QuickBooks, 8 am-4 pm COMQB4 230 305 0 WSCPA TEC

Apr 5 8 Introduction to OLAP (On Line Analytical Processing) Cubes, 8 am-4 pm COMOL 230 305 0 WSCPA TEC

Apr 6 8 Excel Intermediate, 8 am-4 pm COMEX19 230 305 0 WSCPA TEC

Apr 11 8 Introduction to Visio, 8 am-4 pm COMVI2 230 305 0 WSCPA TEC

Apr 12 8 XML: Introduction, 8 am-4 pm COMXM 230 305 0 WSCPA TEC

Apr 13 8 Excel Visual Basic Macros, 8 am-4 pm COMEX20 230 305 0 WSCPA TEC

Apr 18 8 Introduction to Access, 8 am-4 pm COMAC4 230 305 0 WSCPA TEC

Apr 19 8 Introduction to QuickBooks for the Accounting Professional, 8 am-4 pm COMQB5 230 305 0 WSCPA TEC

Apr 19 0 S Happy Hour Networking Event, 5-7:30 pm HH08 0 0 0 McCormick & Schmick’s Seafood

PD

Apr 21 8 The Coming IFRS Conversion: Preparing for the Ultimate GAAP Makeover, 8 am-4 pm

IFRSC2 265 340 0 WSCPA A&A

Apr 21 1.5 S l

Social Marketing, 7:15-9 am CHBA09 35 40 0 Maggiano’s, Lincoln Sq SK

Apr 22 8 Build Success as a Professional Manager: Skills for Corporate Financial Executives, 8 am-4 pm

BSPM 265 340 0 WSCPA MG

Apr 25 8 Introduction to XBRL, 8 am-4 pm COMXB 230 305 0 WSCPA TEC

Apr 26 8 More QuickBooks for the Accounting Professional, 8 am-4 pm COMQB6 230 305 0 WSCPA TEC

May 2 8 Introduction to Microsoft PowerPoint, 8 am-4 pm COMPP5 230 305 0 WSCPA TEC

May 3 8 Charting with Excel, 8 am-4 pm COMEX21 230 305 0 WSCPA TEC

May 4 8 PC Trouble Shooting & Maintenance, 8 am-4 pm COMPC3 230 305 0 WSCPA TEC

May 9 8 Introduction to Visio, 8 am-4 pm COMVI3 230 305 0 WSCPA TEC

May 10 8 Using Outlook as a Personal Information Manager, 8 am-4 pm COMOU3 230 305 0 WSCPA TEC




Fees Date CPE


MemberFee

WSCPA MemberFee


Facility Subject

# Type


May 11 8 Word Tips Tricks & Techniques, 8 am-4 pm COMWO4 230 305 0 WSCPA TEC

May 16 8 Introduction to SQL, 8 am-4 pm COMSQ3 230 305 0 WSCPA TEC

May 17 8 Crystal Reports Introduction, 8 am-4 pm COMCR5 230 305 0 WSCPA TEC

May 19 1.5 S l

New Washington Tax Developments, 7:15-9 am CHBA10 35 40 0 Maggiano’s, Lincoln Sq TAX

May 23 8 Excel Pivot Tables, 8 am-4 pm COMEX22 230 305 0 WSCPA TEC

May 24 8 Crystal Reports Intermediate, 8 am-4 pm COMCR6 230 305 0 WSCPA TEC

May 24 8 Compilation and Review Standards Update and Review by Walter Haig, 8 am-4 pm CRUR9 295 370 0 WSCPA A&A

May 25 8 GAAP Update and Review for Small and Medium-Sized Entities (SMEs) by Walter Haig, 8 am-4 pm

GURSME8 295 370 0 WSCPA A&A

May 25 8 AICPA Business Solutions Workshop: Delivering on Your Trusted Business Advisor Status, 8:30 am-5 pm

TAW 299 399 0 WSCPA MG

May 26 8 Auditing Standards Update and Review by Walter Haig, 8 am-4 pm AUUR3 295 370 0 WSCPA A&A

Bellingham

Jan 12 8 Federal Tax Update - Individuals (Form 1040), 8 am-4 pm FTUI3 265 340 0 Lakeway Inn & Conf Ctr TAX

Jan 13 8 Federal Tax Update - C & S Corporations, Partnerships & LLCs (Forms 1120, 1120S & 1065), 8 am-4 pm

FTUB3 265 340 0 Lakeway Inn & Conf Ctr TAX

Federal Way

ç Jan 19 2 S l

Insurance Accounting and Control, 7:30-9:30 am CHPS04 20 20 0 Marie Callenders SK

ç Feb 16 2 S l

Federal Tax Update, 7:30-9:30 am CHPS05 20 20 0 Marie Callenders TAX

Kirkland

Jan 18 2 S l

Federal Income Tax Update, 7-9 am CHSV08 20 20 0 Marriott Courtyard - Totem Lake

TAX

Feb 8 0 S Happy Hour Networking Event, 5-7:30 pm HH06 0 0 0 The Wilde Rover Irish Pub and Restaurant

PD

Feb 15 2 S l

Social Security: Mastering the Client Mysteries, 7-9 am CHSV02 20 20 0 Marriott Courtyard - Totem Lake

PFP

Mar 22 2 S l

International Tax - Taxation of US Persons with Foreign Activities, 7-9 am CHSV03 20 20 0 Marriott Courtyard - Totem Lake

TAX

Apr 26 2 S l

Fraud Risk - The CPA’s Responsibility in Educating Clients, 7-9 am CHSV04 20 20 0 Marriott Courtyard - Totem Lake

SK

May 17 2 S l

Rock Star Social Media, 7-9 am CHSV09 20 20 0 Marriott Courtyard - Totem Lake

PD

Jun 21 2 S l

Defense Against the Dark Arts - Managing Department of Revenue Audits, 7-9 am CHSV01 20 20 0 Marriott Courtyard - Totem Lake

TAX

Olympia

ç Apr 6 1 S l

DATE CHANGE: Economic Outlook for Washington State, 12-1pm CHOM03 20 20 0 Indian Summer Golf TEC

ç Apr 25 8 Accounting and Auditing Update, 8 am-4 pm AAAU3 265 340 0 Indian Summer Golf A&A

Seattle

Jan 11 0 S Happy Hour Networking Event, 5-7:30 pm HH05 0 0 0 Daniel’s Broiler PD

Jan 14 8 Health Savings Accounts (HSAs), Medicare, Tax Favored Health Care Plans & Medi-cal Expenses, 8 am-4 pm

TFHCP 265 340 0 Washington State Conv Ctr

TAX

Jan 18 1 S l

Economic and Revenue Outlook, 12-1pm CHSE02 30 40 0 Women’s U Club of Seattle

SK

ç Feb 5 0 S

l

4th Annual Bowling Mixer for CPAs and Students - NON STUDENTS, 7-10 pm CHSK07 35 35 0 Acme Bowling PD

ç Feb 5 0 S

l

4th Annual Bowling Mixer for CPAs and Students - STUDENTS ONLY, 7-10 pm CHSK08 0 0 0 Acme Bowling PD



Fees Date CPE


Member Fee

WSCPA MemberFee


Facility Subject

# Type



ç Feb 15 2 S l

Employment Law Updates and Best Practices/Controlling Healthcare Costs Through Wellness Programs in the Workplace, 7:30-9:30 am

CHSE06 30 40 0 Women’s U Club of Seattle

SK

Mar 8 0 S Happy Hour Networking Event, 5-7:30 pm HH07 0 0 0 The Blarney Stone Pub PD

ç Jun 1 2 S WSCPA Annual Meeting with Professional Issues Update, 7:30-9:30 am AM 30 30 0 Washington State Conv Ctr

SK

Spokane

Jan 12 1 S l

Economic Update, 12-1:15 pm CHSP11 30 30 0 The Spokane Club SK

Jan 17 8 Andy Biebl’s Tax Advisor’s Update, 8 am-4 pm BTAU1 325 400 0 Mirabeau Park Hotel TAX

Feb 9 2 S l

Health Care Reform: A CPA’s Perspective, 12-2 pm CHSP14 40 40 0 The Spokane Club SK

ç May 19 2 S l

Ethics in the Real World (Not WA State Ethics Compliant), 7:30-9:30 am CHSP16 40 40 0 Gonzaga University SK

May 25 8 The Best Estate and Financial Planning Topics of 2011, 8 am-4 pm BEST 265 340 0 Hampton Inn Spokane TAX

Tacoma

Jan 6 8 Preparing Corporate Tax Returns for New Staff and Para-Professionals, 8 am-4 pm PCTR 275 350 0 Pacific Grill Events Center

TAX

Jan 7 8 Preparing Individual Tax Returns for New Staff and Para-Professionals, 8 am-4 pm PITR 275 350 0 Pacific Grill Events Center

TAX

Yakima

Feb 15 2 S l

Yakima Public Schools, 7:30-9:30 am CHYK07 25 25 0 Howard Johnson Plaza SK

Mar 22 2 S l

State Legislative Update, 7:30-9:30 am CHYK08 25 25 0 Howard Johnson Plaza SK

Webcasts and Webinars

Jan 5 1 S WEBINAR: Tax Practice Regulation and Quality Control: New Rules and Regula-tions, 9 am-10 am

WAWNR21 20 35 0 Webinar TEC

Jan 5 8 WEBCAST: Fraud: Essential Audit Tools and Techniques, 8:30 am-4:30 pm WEB75 255 295 0 Webcast A&A

Jan 6 2 S WEBCAST: Financial Statement Analysis From an Operational Perspective, 7-9 am WEB157 79 109 0 Webcast MG

Jan 6 4 E WEBCAST: CPE in Ethics: A Requirement in Washington State, 8-11:30 am WEB184 149 179 0 Webcast Ethics

Jan 6 8 WEBCAST: Auditing: Practical Application of Current Standards, 8:30 am-4:30 pm WEB76 255 295 0 Webcast A&A

Jan 7 8 WEBCAST: Cash and Tax Basis Financial Statements-Preparation and Reporting, 8:30 am-4:30 pm

WEB77 305 355 -30 Webcast A&A

Jan 12 8 WEBCAST: Tax Planning and Compliance for Multi-National Families, 8:30 am-4:30 pm

WEB79 255 295 0 Webcast TAX

Jan 13 2 S WEBINAR: Adobe Acrobat for Accountants III - Tips & Techniques for the Experi-enced User, 8-10 am

WNR163 74 89 0 Webinar SK

Jan 14 8 WEBCAST: Compilation & Review Update, 7 am-3 pm WEB109 195 225 0 Webcast A&A

Jan 17 8 WEBCAST: Fundamentals of 1031 Exchanges, 8:30 am-4:30 pm WEB80 255 295 0 Webcast TAX

Jan 19 4 WEBCAST: Myths of Budgeting and How to Overcome Them, 11 am-3 pm WEB158 129 159 0 Webcast MG

Jan 19 4 WEBCAST: Banking Financial and Compliance Update Series - Fourth Quarter 2010, 8 am-12 pm

WEB159 129 159 0 Webcast MG

Jan 19 1 S WEBINAR: Self Directed IRA - Retirement Dream or Tax Nightmare?, 9 am-10 am WAWNR23 20 35 0 Webinar PFP

Jan 20 8 WEBCAST: 2010 Accounting & Auditing Update, 7 am-3 pm WEB110 195 225 0 Webcast A&A

Jan 20 8 WEBCAST: The CPA’s Crucial Role in the Estate Planning Process, 8:30 am-4:30 pm


Jan 21 3 S WEBCAST: Accounts Receiveable Management, 8-11 am WEB213 99 129 0 Webcast MG

Jan 21 3 S

WEBCAST: Getting Stuff Done When You Don’t Own the Company, 12-3 pm WEB220 99 129 0 Webcast MG

Jan 21 8 C WEBCAST: Form 1041 Workshop, 8:30 am-4:30 pm WEB82 255 295 0 Webcast TAX

Jan 24-25 8 C DATE CHANGE: WEBCAST: Advanced Estate Planning Institute, 8:30 am-4:30 pm WEB78 555 645 0 Webcast TAX

Jan 25-26 8 C WEBCAST: Top Individual Tax Planning Issues for Your Client’s Financial Well-Being, 8:30 am-4:30 pm


Jan 27 2 S

WEBCAST: Five Clients in Five Days, 8-10 am WEB225 79 109 0 Webcast MG




Fees Date CPE


MemberFee

WSCPA MemberFee


Facility Subject

# Type


Jan 27 2 S

WEBCAST: Make Meetings Matter, 10 am-12 pm WEB230 79 109 0 Webcast MG

Jan 27 8 WEBCAST: Pricing on Purpose: How Better Pricing Leads to Better Profits, 8:30 am-4:30 pm


Jan 28 8 WEBCAST: Health Care Conference, 8:30 am-4:30 pm WEB85 255 295 0 Webcast SK

Feb 8 2 S WEBCAST: Budgeting Wars Prevention! How to Ensure Accountability In Your Budget Process, 11 am-1 pm


Feb 8 8 WEBCAST: Basic Concepts of Governmental Accounting, Financial Reporting and Auditing, 8:30 am-4:30 pm

WEB86 255 295 0 Webcast GNP

Feb 9 1 S WEBINAR: Introduction to SAP Business Intelligence Reporting/Business Ware-house, 9 am-10 am

WAWNR11 20 35 0 Webinar TEC

Feb 9 2 S

WEBCAST: High Road Leadership Strategies for Eliminating Silos, Bureaucracy, or Turf Wars from Your Culture, 11 am-1 pm


Feb 9 3 S WEBCAST: High Road Corporate Governance from the Inside - Out: The CFO Controller’s Tool Kit, 8-11 am

WEB163 99 129 0 Webcast SK

Feb 9 2 S

WEBCAST: High Road Approach to Difficult Conversations: How to Face and Grow from Them, 2-4 pm


Feb 11 8 WEBCAST: Enterprise Risk Management for Small and Medium-sized Enterprises (SMEs): Big Time Benefits for Non-Public Companies with Limited Resources!, 8:30 am-4:30 pm

WEB87 255 295 0 Webcast A&A

Feb 15 2 S


Feb 15 2 S


Feb 18 8 WEBCAST: Convergence 2011-Reformatted Financial Statements: Times are a Changing!, 8:30 am-4:30 pm

WEB88 255 295 0 Webcast A&A

Feb 23 3 S WEBCAST: Communicating with Your Board, 7-10 am WEB165 99 129 0 Webcast MG

Feb 24 3 S WEBCAST: Accounts Receiveable Management, 8-11 am WEB214 99 129 0 Webcast MG

Feb 24 3 S


Feb 28 4 WEBCAST: Myths of Budgeting and How to Overcome Them, 8 am-12 pm WEB166 129 159 0 Webcast MG

Mar 3 4 WEBCAST: Enterprise Risk Management for SMEs - Small to Medium Enterprises: Risk Plays No Favorites, 7-11 am


Mar 7 8 WEBCAST: Best Practices for Industry - Understanding Your Liability And How to Secure and Protect Corporate Information, 7 am-3 pm


Mar 8 8 WEBCAST: The Accountant’s Responsibility for Fraud, 8:30 am-4:30 pm WEB89 255 295 0 Webcast A&A

Mar 17 2 S

WEBCAST: Change Management: Making Improvement Happen, 9 am-11 am WEB169 79 109 0 Webcast MG

Mar 17 8 WEBCAST: Cash and Credit Management, 8:30 am-4:30 pm WEB90 255 295 0 Webcast A&A

Mar 28 2 S


Mar 28 2 S


Mar 29 2 S WEBCAST: Governance - Enhancing Risk Management: Setting The Right Balance Innovation and Controls, 11 am-1 pm


Mar 29 3 S WEBCAST: Accounts Receiveable Management, 8-11 am WEB215 99 129 0 Webcast MG

Mar 29 3 S


Mar 30 2 S WEBCAST: Budgeting Wars Prevention! How to Ensure Accountability In Your Budget Process, 11 am-1 pm


Mar 30 3 S WEBCAST: High Road Corporate Governance from the Inside - Out: The CFO Controller’s Tool Kit, 11 am-2 pm


Mar 30 2 S

WEBCAST: High Road Leadership Strategies for Eliminating Silos, Bureaucracy, or Turf Wars from Your Culture, 2-4 pm


Mar 30 2 S

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


Apr 7 4 WEBCAST: Myths of Budgeting and How to Overcome Them, 11 am-3 pm WEB175 129 159 0 Webcast MG

Apr 20 4 E WEBCAST: CPE in Ethics: A Requirement in Washington State, 8-11:30 am WEB235 149 179 0 Webcast Ethics

Apr 26 3 S WEBCAST: Accounts Receiveable Management, 8-11 am WEB216 99 129 0 Webcast MG



Fees Date CPE


Member Fee

WSCPA MemberFee


Facility Subject

# Type



Apr 26 3 S


Apr 29 2 S


Apr 29 2 S


May 10 2 S WEBCAST: Budgeting Wars Prevention! How to Ensure Accountability In Your Budget Process, 11 am-1 pm


May 10 2 S WEBCAST: Governance - Enhancing Risk Management: Setting The Right Balance Innovation and Controls, 2-4 pm


May 11 3 S WEBCAST: High Road Corporate Governance from the Inside - Out: The CFO Controller’s Tool Kit - Part 1, 1-4 pm


May 11 2 S

WEBCAST: High Road Leadership Strategies for Eliminating Silos, Bureaucracy, or Turf Wars from Your Culture, 8-10 am


May 11 2 S

WEBCAST: High Road Approach to Difficult Conversations: How to Face and Grow from Them, 11 am-1 pm


May 20 4 WEBCAST: Myths of Budgeting and How to Overcome Them, 8 am-12 pm WEB181 129 159 0 Webcast MG

May 20 2 S


May 20 2 S


May 31 3 S WEBCAST: Accounts Receiveable Management, 8-11 am WEB217 99 129 0 Webcast MG

May 31 3 S


ç Jun 1 2 S WEBCAST: WSCPA Annual Meeting with Professional Issues Update MEMBERS ONLY, 7:30-9:30 am

WAM 15 15 0 Webcast SK

Need help finding a seminar, conference or webcast? Call the WSCPA at (800) 272-8273 or (425) 644-4800. To view the complete schedule of events, go to www.wscpa.org/CPE/catalog.


Register at www.wscpa.org/CPE/catalog REGISTRATION

Code Title Date City Fee1

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

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

Questions? E-mail [email protected] or call (425) 644-4800 or (800) 272-8273 (toll-free in Washington).

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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 [email protected] for more information. All ads must be pre-paid. See these and any new listings in the Newsroom at www.wscpa.org.

POSITIONS AVAILABLEEstablishedBellinghamCPAfirm 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

Established Bellingham CPA firm is seeking experi-enced 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

OFFICE SPACE

Redmond CPA has an office for rent, 190 square feet. Call (425) 881-9476 during morning hours.

Bellevue CPA office has 2 window offices for rent in Beauti-ful Bellefield Office Park. 132 and 156 square feet, stunning views, free parking, easy access to I-90 and I-405, high speed internet, tax resources, many amenities. Email [email protected].

PRODUCTS & SERVICESJMH and Associates, LLC is a bookkeeping service that offers full charge bookkeeping to small businesses in the Seattle and surrounding areas. If you are busy running and growing your business and find you are spending too much time managing your books and would like to outsource your bookkeeping contact us at (206) 940-8996 or e-mail [email protected].

MERGERS & SALESEverett Firm Looking for CPA firm and/or Registered Investment Advisory Company to purchase. We are the second largest CPA firm in downtown Everett, manage $135m and are looking to purchase another firm. Our client base is as broad as the services we offer, as we cater to individuals and small business. Please contact the owner, Brian Evans at 425-252-6909 or email to [email protected]. You can review our websites at www.bauerevans.com and www.bondstreetwealth.com.

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, [email protected].

Considering Selling Your Practice? Consider all your options. We do the work. Confidential. We have buyers actively seeking practices. Call Mark Hause at 877-345-7722 or visit our website at www.accountingpracticesales.com. Accounting Practice Sales. We make dreams happen!

IBA Sells Privately Held Companies. Do you represent a client who is ready to retire or has taken a company as far as they want to or can? IBA is the Pacific Northwest’s oldest business brokerage (M&A) firm. We are professional negotiators with over 4000 completed transactions. Please contact us if we can be of assistance at (800) 218-4422 or www.ibainc.com.

Practices for Sale

Contact Mark Hause at Accounting Practice Sales by e-mail at [email protected] 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. Bellevue CPA Firm for Sale: This CPA located in Bellevue wants to sell a highly profitable practice. The firm revenue mix is heavily concentrated in the area of tax preparation with over 92% of all fees coming from the rendering of tax services. The future of this firm is further enhanced by a significant number of clients having a high net worth with the need for additional services in a variety of areas. The ideal buyer will be one who has the experience of working with high net worth individuals who can take advantage of the solid fees and loyal practice base.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 loca-tion) 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 forego-ing creates an opportunity for any firm or practitioner to acquire a firm that is a proven entity.Everett Franchise Tax Practice For Sale: The Seller(s) are offering the unique opportunity to own a tax preparation franchise with 3 territories and 3 locations. The locations are turn key, firmly established, with existing clients, and are located in areas that provide for excellent growth prospects. The buyer will benefit from a national brand name, national name recognition, brand awareness, and excellent support. The buyer has everything in place to own this tax preparation franchise or for a current practitioner to acquire a second business.Everett Tax Practice for Sale: The seller of this prac-tice has several locations and wishes to sell two locations whether together or singly and focus on the remainder of the practice. The locations have established clients and have lease’s in place insuring the availability of the current location for several years. Each of the locations were previously national franchise tax preparation locations who are no longer affiliated with the organization. What remains are high visibility locations with staffing in place that would be a profitable addition to an existing firm seeking to expand or a great starter practice(s) for an individual that are located within 15 minutes of each other.North Seattle CPA Firm for Sale: This CPA firm located in North Seattle has been in the business of pro-viding 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.Spokane CPA Firm for Sale: The owner of this account-ing practice with an emphasis on tax preparation is ready to retire. The firm revenue mix is 87% tax preparation with the balance being write-up and representation before taxing authorities. The clients of the firm are loyal due to receiving hands on personalized service from the owner. The firm is further enhanced by having a high visibility office location on a heavily traveled thorough fare. All of these qualities add up to create a firm that is an excellent prospect for acquisition whether for an individual who has aspirations of owning a practice or a firm wanting to expand their customer base.Yakima Area CPA Firm For Sale: This CPA firm is a combination of tax and write-up professional services that focuses on providing great service with prompt turn-around of client work which means many happy clients. The professional services provided by the firm are further enhanced by the technical ability of the staff that shares the owner’(s) mission statement of providing excellent client service. The firm’s revenue stream is 65% income tax services and 35% write-up services with good realiza-tion rates for the professional services rendered. This dynamic practice with consistent year over year revenue increases along with the Seller(s) desire to provide excel-lent transition assistance is an excellent addition to any firm or accounting professional looking for professional challenge and opportunity

VOLUNTEER POSITIONS

The following organizations need a CPA to serve on the board of directors or provide other guidance on financial matters. Learn more at www.wscpa.org (enter volunteer positions in the search box).

Arc of King CountyBest Little Rabbit Rodent & Ferret HouseCenter for Transgender Health and Wellness - NewCENTS ProgramCommunity Day School AssociationFriends of Third Place Commons - NewGroundBreakersInstitute of Inspection, Cleaning & Restoration Certification (IICRC)

One Day’s WagesOpen Arms Perinatal Services - NewPacific Harp InstitutePacific Northwest Diabetes Research InstitutePacific Sports Arena - NewPort of SeattlePurrfect Pals - NewRetired Football VeteransSeattle Area Rowing Association - NewSeattle Tilth Theater Puget SoundTisBest PhilanthropyWashington Pilots AssociationWashington Wilderness Coalition – New

SOLD


MEMBER PROFILE

the Force Behind a Growing accounting program at Centralia CollegeJohn Fasler, CPA

Tell us a little bit about yourself. I grew up in the California desert and relocated to the Pacific

Northwest about ten years ago to be closer to family. My wife, Karen, and I love living in Washington State. We love the clean green environment, the fresh air. Since 2001, I have been Associ-ate Professor of accounting at Centralia College.

What led you to study accounting and become a CPA?

I obtained bachelor’s and master’s degrees in business at the University of California, Riverside in the 1970s. I then worked in banking for a few years before deciding accounting was my true area of interest and where my skills would be best utilized. I then attended the University of Arizona where I obtained bachelor’s and master’s degrees in accounting. I began tutoring other stu-dents at the U of A and discovered that I really enjoyed teaching the subject and that I was good at relaying this type of informa-tion. I returned to California and began to teach accounting as an adjunct. At the same time I spent time preparing taxes and returned to school to obtain a law degree.

Why did you decide to become an accounting professor?

I found I truly had a gift for teaching accounting when I taught as an adjunct. I love the connection with the students and seeing them grow and develop their own expertise in the subject matter. I believe they recognize my commitment to preparing them as well as I can to help them be successful in their next step up the educational ladder or as they enter the workforce.

What is the most interesting, challenging or rewarding aspect of your job? Why?

The most rewarding aspect of my job is to see students go on to pursue careers in accounting and to pass the CPA exam. I often have students come back to my office or email me to let me know how they are doing as they move on to complete advanced degrees. One of my former students scored 98% on one section of the CPA exam.

The most challenging aspect of my job is to find ways to make accounting interesting by adding humor to the subject – because this is so important to developing rapport with my students and helping them to learn the material.

I am very proud of having grown the Accounting program at Centralia College from four advisees when I started in 2001 to over 70 now. I developed numerous new programs since I began teaching at the College. These include: Accounting ATA; Account-ing AAST; Finance ATA; Finance AAST; Business Administration ATA; and Certificates of Completion in Payroll Accounting, Governmental Accounting, and Individual Income Taxes.

What are the highlights of your career, so far?I recently received a WSCPA Volunteer of the Year award for

developing a strong accounting program and for inspiring stu-dents to pursue the accounting profession. In 2009, I received the Exceptional Faculty award at Centralia College. For the past three years I have worked with the College Foundation to schedule an Accounting Student Night to bring students together with CPAs to provide networking opportunities (and free pizza!). This year over 60 students attended the event.

What are your hobbies?I enjoy reading a wide variety of books from autobiographies,

to sports, to legal thrillers. I also enjoy taking my dog, the most macho beagle in the world, for long walks.

If you had not studied accounting, what career path would you have chosen?

I probably would have entered the field of law, but am partic-ularly pleased to have pursued accounting because I feel my real expertise and interest is with numbers and accounting. Right now I teach a variety of accounting classes and business law and love it!

Know someone who is making a difference in the accounting profession in Washington? Tell the WSCPA! Nominations are being accepted for 2011 Annual Awards. Learn more on page 12 or go to www.wscpa.org (enter “Awards” in the search box).

Periodicals postage paid at Bellevue WA and additional mailing offices

Your Profession. Your Future. Your Advocate.


Advocacy doesn’t cost. It pays.

Contribute to the CPAPAC today!www.wscpa.org

(click Advocacy)

here.

Decisions that affect your profession are made

During the recent political campaign season, WSCPA members delivered nearly 50 CPAPAC checks to legislative candidates.

Their discussions about key issues increased the profession’s visibility and enhanced legislators’ understanding of the critical role CPAs play in preserving the state’s business climate.

The CPA profession in Washington has a strong political voice and presence in Olympia, thanks to CPAPAC and your contribution!

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