Not since 1978 when the AICPA promulgated the Statements on Standards for Accounting and Review Services (SSARS) has there occurred such a radical change to the way accountants prepare and present financial statements. The reason: SSARS No. 21.
Released October 23, 2014, this new document changes the way both licensed and unlicensed accountants will provide services for their clients. For the first time there is an approved level of service, lesser in scope than a Compilation, that will permit an accountant to issue -- without including an accountant's report -- any or all of the following: balance sheets, income statements, cash flow statements, full disclosures, no disclosures, and more!
As long as the accountant has a properly constructed engagement letter, the accountant can issue just about anything. And, under the new rules, the accountant can do all of this but still not have to go through the AICPA's Peer Review Program!
The 2015 Gear Up accounting course will cover the new engagement letters, totally revised management representation letters, and the dramatically reconstructed versions of the accountant's report. AND that new level of service entitled “The Preparation".
Certain to be of practical value to enrolled agents and accountants of all levels, the course will also focus on the Special Purpose Financial Reporting Framework: the new OCBOA (Other Comprehensive Basis of Accounting) Discussion topics will include:
- When the use of an OCBOA is appropriate
- Selection of an OCBOA
- General disclosures
- Significant accounting policies
- Cash basis (pure/modified)
- Income tax basis
- Reporting and disclosure issues
- Critique of a Financial Statement
- Peer Review Check-list
Sitting through an Accounting CPE course is rarely a pleasant task. But, this year, none of us have a choice. This year, all the rules have changed. This year, all of us must learn about SSARS No. 21.
But, this year, the Washington Association of Accountants has made it possible for you to come away educated, well prepared, and happy that you decided to attend this very special event. Don't miss it!
LEADERSHIP!
May 15-16, 2015, Everett
Here is what President Charles Grass has to say about Leadership:
One of the very best, yet least understood opportunities WAA has to offer their members is its leadership development track. This is one of the finest and most user friendly leadership tracks one could engage in. Many of us accountants (owners of small firms) don’t have the opportunity, or take advantage of the opportunity, to grow in areas where we are actually well equipped to play roles and should play roles. WAA’s leadership track is just that opportunity. Especially for the younger accountant (Generation X / Generation Y), this is an outstanding entry point into making a difference and honing leadership skills; all the way from running a meeting to becoming a leader who can inspire.
WAA has an annual, invitation only, Leadership Conference every spring. This highly acclaimed conference occurs this year on May 15th & 16th. The location this year is the Everett Holiday Inn and immediately follows our Accounting Update Class. Historically, Leadership has covered topics including History of WAA, Chapter Management, Long Range Plan, Education Update, a spirited contest (based on what you have learned), as well as technology updates regarding our website.
Chapter leadership position terms are for one year. The chapter leadership team plans and arranges chapter meetings, meeting speakers, and other chapter events. Being part of this team gives you direct say in speakers and topics for meetings and annual mini seminars.
State Board positions are two year terms. With professional association management in place, the board has the opportunity to spend time developing vision and strategy for WAA. This is important work and is made efficient through technology and solid management (we conduct most board meetings via WebEx – very efficient!) The state board sets policy and direction for the organization and guidance for the management firm.
If you are not tapped on the shoulder, for leadership participation, by someone who thinks you are a strong candidate, don’t wait for that to happen – express your interest to any current leader and they will make sure you are invited to this exceptional career enhancing event!
WAA ANNUAL MEETING & EDUCATION CONFERENCE
June 18, 2015, Everett
Join in the conversation and help shape the future of WAA! And then join us for....
S-CORPORATIONS
June 19th, 2015, Everett
8 CPE CREDITS | TAXATION
S-Corporations: the Good, the Bad, the Ugly
This is a full day, intermediate level instructional tax seminar and discussion about in depth issues of S–Corporations. Including:
* Popularity of S Corps * Introduction & overview
* Advantages & disadvantages of taxation as an S Corp
* Making the election, Form 2553 * Basis, basis, basis * Shareholder loans
* Income items * Business expenses * Shareholder compensation
* Schedule L and M Issues * Taking the K-1 to the 1040
* Final year, sale and liquidation
At the end of this course, you will
• Better understand the complexity and compliance issues of an S- Corporation
• Be able to serve your S-Corporation client more effectively & efficiently
• Know how to appropriately handle different tax items specific to S-Corporations
NSA 70TH ANNUAL CONVENTION & EXPO
August 19-22, 2015 - Vancouver, BC
|
by Cynthia Polley
by Sonia Smith