2009 piu presentation final - erin hardwick
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Erin P. Hardwick, CAEExecutive Director
SC Association of CPAs
ProfessionalProfessional Issues UpdateIssues Update
Message from the Message from the SCACPA PresidentSCACPA President
Charles M. Redfern, CPA
Rock Hill, SC
What We’ll Cover Today
News Headlines News Headlines The Economy The Economy Top Profession IssuesTop Profession Issues
• Fair ValueFair Value• Practice MobilityPractice Mobility• Reliability ProjectReliability Project• FASB CodificationFASB Codification• XBRL XBRL • SustainabilitySustainability
International MattersInternational Matters Legislative and Legislative and
Regulatory IssuesRegulatory Issues The Image of the CPA The Image of the CPA
ProfessionProfession The People Side of The People Side of
ThingsThings SCACPA: A Vision for SCACPA: A Vision for
20102010
4
NewsHeadlines
First African American president elected on platform of change
What’s in the Headlines?Obama vows to Obama vows to reform tax codereform tax code
"We need to simplify a monstrous tax code that "We need to simplify a monstrous tax code that is far too complicated for most Americans to is far too complicated for most Americans to understand, but just complicated enough for understand, but just complicated enough for the insiders who know how to work the the insiders who know how to work the system“system“
Obama crafts legislation to create Obama crafts legislation to create Consumer Financial ProtectionConsumer Financial Protection Agency Agency
National National Health Care ReformHealth Care Reform
Unemployment Statistics -SC
At 11.5% in August 2009At 11.5% in August 2009 June 2008 was 6.5%June 2008 was 6.5% SC is 48SC is 48thth highest in the nation highest in the nation All-time historical high unemploymentAll-time historical high unemployment Historical low: 3.1% in March 1998Historical low: 3.1% in March 1998
US Bureau of Labor Statistics
Ralph Nadar calls CPAs “MIA” ““Where were the giant accounting firms, the CPAs, and the rest
of the accounting profession while the Wall Street towers of fraud, deception and cover-ups were fracturing our economy, looting and draining trillions of dollars of other peoples’ money?”
This is the licensed profession that is paid to exercise independent judgment with independent standards to give investors, pension funds, mutual funds, and the rest of the financial world accurate descriptions of corporate financial realities.
It is now obvious that the accountants collapsed their own skill, integrity and self-respect faster and earlier than the collapse of the collapse of Wall Street and the corporate barons.” Wall Street and the corporate barons.”
Are you ready for the
New Normal
?
A Month to RememberU.S. Bails Out Fannie Mae & Freddie Mac
Lehman bankrupt; Merrill Lynch sold
Dow Jones plunges 504 pts
Fed rescues AIG
Dow plunges again; gold sees biggest one-day gain in 10 years
Goldman and Morgan Stanley become bank holding companies
Washington Mutual seized
Rescue package fails; Dow takes recordplunge
Rescue package goes to Congress; Wachovia for sale
Fed proposes bailout package
9/7 9/14 9/15 9/16 9/17 9/18 9/21 9/25 9/29 9/30 10/1
“It is increasingly clear that the current downturn is fundamentally different from
recessions of recent decades.
We are experiencing not merely another turn of the business cycle, but a restructuring of
the economic order.”
~Ian Davis, McKinsley Quarterly, March 2009
What did we discover when the tide receded?
What the Downturn Exposed
Bernie MadoffBernie Madoff Ponzi SchemePonzi Scheme $50+ billion$50+ billion 150 years of jail time150 years of jail time
Who is this man?
David Friehling, CPA – Partner – Friehling & Horowitz, CPAs
David Friehling, CPA
Audited Bernie Madoff fundsAudited Bernie Madoff funds Currently free on $2.5 million bailCurrently free on $2.5 million bail Accused of filing Accused of filing false reportsfalse reports with the SEC with the SEC Faces a maximum sentence of Faces a maximum sentence of 105 years in prison105 years in prison Since 1994 the firm has annually asserted that it Since 1994 the firm has annually asserted that it
performed no audits & was exempt from peer review!performed no audits & was exempt from peer review! AICPA statement:AICPA statement: The AICPA concluded its ethics The AICPA concluded its ethics
investigation of David Friehling's conduct as an auditor of investigation of David Friehling's conduct as an auditor of a broker-dealer, resulting in expulsion from membership a broker-dealer, resulting in expulsion from membership for failure to cooperate. for failure to cooperate.
Emergency Economic Stabilization Act
Signed into law on Signed into law on October 3, 2008October 3, 2008
Championed by Hank Championed by Hank Paulson, Treasury Paulson, Treasury SecretarySecretary
$750 Billion$750 Billion Called a “bail-out” Called a “bail-out” TARP – Troubled TARP – Troubled
Assets Relief Assets Relief ProgramProgram
Historic Move To Recover The Economic Stabilization Act
$700 billion to allow $700 billion to allow Treasury to purchase troubled Treasury to purchase troubled assetsassets
Restricts executive compensationRestricts executive compensation in companies selling in companies selling troubled assets troubled assets
Requires Treasury to provide details of purchases within Requires Treasury to provide details of purchases within 2 days and to create oversight boards2 days and to create oversight boards
Gives Gives taxpayers ownership stakes in companiestaxpayers ownership stakes in companies whose whose bad assets are purchased. bad assets are purchased.
Will enable Will enable banks to buy government insurancebanks to buy government insurance to cover to cover the principal and interest on certain troubled assetsthe principal and interest on certain troubled assets
American Recovery & Reinvestment Act of 2009
$787 billion total $787 billion total $8 billion to SC$8 billion to SC Lawsuit in SC to force Lawsuit in SC to force
governor to accept governor to accept Federal fundsFederal funds
www.Recovery.gov In SC, comptroller In SC, comptroller
general monitoringgeneral monitoring www.stimulus.sc.gov
Where’s Your $ Going?
American Recovery & Reinvestment Act of 2009
In South Carolina (August 09) – top 5 agencies: $333.3 million — Department of Health and
Human Services (Medicaid) $78.3 million — Employment Security
Commission $42 million — Department of Social Services $23.1 million — Department of Public Safety $17.8 million — Department of Education
Should Ma & Pa Kettle Help Explain
Financial Mess to Congress?
Top Profession
Issues
The Fair Value ControversyFair Value accounting relies on marking asset
valuations to market prices
Intense lobbying of Intense lobbying of Congress, starting Congress, starting last falllast fall
House Financial House Financial Services Services Subcommittee Subcommittee hearing on March 12hearing on March 12
FASB chairman FASB chairman promised fast action promised fast action to further clarify FAS to further clarify FAS 157 on fair value 157 on fair value measurementsmeasurements
FASB acted and FASB acted and issued 3 clarifying issued 3 clarifying standardsstandards
Congress wrestles with Mark-to-Market
Accounting Standard
“We Will Never Legislate Accounting”
Asked about a Asked about a congressional hearing in congressional hearing in March in which FASB March in which FASB board chairman Robert board chairman Robert Herz was told that he Herz was told that he needed to revise mark-to-needed to revise mark-to-market and fair value market and fair value accounting standards in accounting standards in three weeks’ time, Frank three weeks’ time, Frank said the subcommittee said the subcommittee was only was only exerting exerting pressure, but not trying to pressure, but not trying to legislate standards. legislate standards.
The Fair Value Ride
Was the standard-setting process Was the standard-setting process “influenced” by Congress and outside “influenced” by Congress and outside lobbying?lobbying?
Was there a rush to a solution?Was there a rush to a solution?
AICPA statement: AICPA statement: We strongly support an We strongly support an independent FASBindependent FASB
Mark-to-MarketResources from AICPA
www.journalofaccountancy.com/Web/FairValueResources.htm
CPA Practice Mobility
Practice Mobility
The challenge: Seamless movement The challenge: Seamless movement across state borders to provide services to across state borders to provide services to clientsclients
Requirements:Requirements:• No registrationNo registration• No feeNo fee• No escapeNo escape
Practice Mobility
Status in 2006 = 4 statesStatus in 2006 = 4 states
Status in 2008 = 31 statesStatus in 2008 = 31 states
Status in 2009 = 45 statesStatus in 2009 = 45 states
New Tool: Clickable MapNew Tool: Clickable Map
NC Passes Practice Mobility
Effective July 27, 2009Effective July 27, 2009Eliminates the requirements to pay a fee Eliminates the requirements to pay a fee
for a practice privilege for a practice privilege Eliminates the requirements to provide a Eliminates the requirements to provide a
notice for that privilegenotice for that privilegeNotification required for audits, PCAOB Notification required for audits, PCAOB
inspectionsinspectionsNC State Board of CPA Examiners NC State Board of CPA Examiners
(919) 733-4222.(919) 733-4222.
WA
OR
CA
NV
ID
MT ND
SDWY
UT
CO
AZ
NM
AK
HI
TX
OK
KS
NE
MN
IA
MO
AR
LA
MS AL GA*
FL
WI
IL
MI
IN
KY
TNSC
NC
VAWV
OHPA*
NY
VTME
RI
*
Legislation Pending - 1
Mobility Enacted Only for OtherMobility States -2 (GA , PA)
Mobility Enacted - 43
GUPR
2010 Anticipated LegislativeActivity - 2 In process - 6
CPA Mobility Legislative Activity
VI
MA
NH
MD
DC
DE
NJCT
The Reliability Project
AICPA’s Reliability Project
Most significant change to Most significant change to compilation and compilation and reviewsreviews since 1978 since 1978
The proposed standards would allow an The proposed standards would allow an accountant who performs internal control accountant who performs internal control services for a client also to review that client’s services for a client also to review that client’s financial statementsfinancial statements
Exposure draft issued April 28: comments Exposure draft issued April 28: comments were due by July 31were due by July 31
The Codification
Project
FASB Codification Project
FASB Accounting Standards Codification FASB Accounting Standards Codification launched on July 1, 2009launched on July 1, 2009
FASB declares the Codification as the FASB declares the Codification as the official official single sourcesingle source of authoritative non- of authoritative non-governmental U.S. GAAPgovernmental U.S. GAAP
A great resource - A great resource - http://asc.fasb.org/home SCACPA seminarSCACPA seminar
FASB Codification Project
FASB’s effort to FASB’s effort to reorganize thousandsreorganize thousands of GAAP of GAAP pronouncements pronouncements under about 90 under about 90 accounting headingsaccounting headings
A fully A fully online filing online filing cabinetcabinet
Available in “Available in “basic basic view” – freeview” – free to all to all
““Professional” viewProfessional” view that includes cross-that includes cross-referencing, search referencing, search functionality archiving, functionality archiving, etc. Cost etc. Cost $850 $850 annuallyannually..
FASB GAAP CodificationFASB GAAP Codification
7/1/09 – FASB release 7/1/09 – FASB release
Combines FASB, the Combines FASB, the Emerging Issues Task Emerging Issues Task Force and AICPA Force and AICPA pronouncementspronouncements
Dedicated Web site: Dedicated Web site: http://asc.fasb.org
XBRL
What is XBRL?
Extensible Business Reporting LanguageExtensible Business Reporting Language A new reporting model based on A new reporting model based on
“interactive data”“interactive data” Implementation could require a sizable Implementation could require a sizable
financial financial investment of time and money to investment of time and money to implementimplement the data-tagging strategy the data-tagging strategy
CFOs & finance executives must ask “are CFOs & finance executives must ask “are we ready?”we ready?”
Are we ready?
86% of accountants polled in 2008 said 86% of accountants polled in 2008 said their company was their company was not preparednot prepared to to implement XBRLimplement XBRL~ Study by IMA & Ajilon~ Study by IMA & Ajilon
68% said 68% said finding & training stafffinding & training staff to make to make the implementation successful was more the implementation successful was more of an obstacle than the IT componentof an obstacle than the IT component
SEC’s Phase-in Schedule
DATEDATE ISSUER DESCRIPTIONISSUER DESCRIPTION
June 15, 2009June 15, 2009 Domestic and Foreign Large Accelerated Filers Domestic and Foreign Large Accelerated Filers Using U.S. Using U.S. GAAP with Worldwide Public Common Equity Float above GAAP with Worldwide Public Common Equity Float above $5 Billion as of the End of the Second Fiscal Quarter of Their $5 Billion as of the End of the Second Fiscal Quarter of Their Most Recently Completed Fiscal Year Most Recently Completed Fiscal Year
June 15, 2010June 15, 2010 All Other Domestic and Large Accelerated FilersAll Other Domestic and Large Accelerated Filers Using U.S. Using U.S. GAAP GAAP
June 15, 2011June 15, 2011 All Remaining FilersAll Remaining Filers Using U.S. GAAP, including Smaller Using U.S. GAAP, including Smaller Reporting Companies Reporting Companies
June 15, 2011June 15, 2011 Foreign Private IssuersForeign Private Issuers with Financial Statements Prepared with Financial Statements Prepared in Accordance with IFRS as Issued By the IASBin Accordance with IFRS as Issued By the IASB
XBRL Resources
www.XBRL.org
http://www.sec.gov/spotlight/xbrl.shtml
http://thecaq.aicpa.org/Resources/XBRL/
Sustainability – the CPA Role
International International IssuesIssues
The Road to IFRS in the U.S.
IASB/FASB Convergence
Hope to complete convergence by 2011 Outstanding Issues:
• Revenue recognition• Financial statement presentation• Leases• Financial instruments• Liabilities and equity distinctions• Consolidations• De-recognition• Post-employment benefits
Hurry up and Wait? Sir David Tweedie –
“Where is the USA?” CFOs support single
set of global financial reporting standards
They want SEC to provide direction before they commit time and resources to preparedness
New Momentum Underway
Aug. 25 Mary Schapiro named James Kroeker as the SEC’s new chief accountant
Kroeker tells NY CPAs on Sept. 17: “…turning back to the roadmap will be an
important priority for us this fall." It is "resoundingly clear" that people agree there
should be a single set of global high-quality accounting standards, but there were striking differences in how different groups wanted to accomplish that goal.
Convergence ≠ Sameness
US GAAPUS GAAP Rules basedRules based Based on a GAAP Based on a GAAP
hierarchy (level A – D)hierarchy (level A – D) Primary accounting Primary accounting
standard setting body standard setting body is the FASBis the FASB
Accounting guidance Accounting guidance and interpretation is and interpretation is provided by FASB, provided by FASB, SEC, AICPA and EITFSEC, AICPA and EITF
IFRSIFRS Principles basedPrinciples based No hierarchy, consists No hierarchy, consists
of IASs, IFRSs & of IASs, IFRSs & interpretationsinterpretations
Standards and Standards and interpretations interpretations approved by the IASBapproved by the IASB
Interpretations of IFRIC Interpretations of IFRIC and its predecessor the and its predecessor the SICSIC
25,000 pages vs 2,000 pages
IFRS Preparedness in the USA
Best in class articles Best in class articles on what a U.S. CPA on what a U.S. CPA needs to understand needs to understand IFRS right nowIFRS right now
Articles framed with Articles framed with commentary by commentary by accounting professors accounting professors
Exam to testExam to test IFRS in IFRS in 20122012
SCACPA Seminars SCACPA Seminars
New IFRS Certificate of Accomplishment
Positioning of the U.S. CPA in the Global Environment
International marketplace dependencyGlobal speed of business International reciprocityMobility and Mutual Recognition
Agreements International Administration of CPA ExamCompetition IFRS adoptionNext tier firms
International Mobility
Internationalizing the CPA Exam
Expanding locations for U.S. CPA Exam Expanding locations for U.S. CPA Exam outside of U.S.outside of U.S.
Application, security & licensure emphasis Application, security & licensure emphasis will model U.S. requirementswill model U.S. requirements
Next StepsNext Steps• NASBA consensusNASBA consensus• Parallel implementation planningParallel implementation planning• Contract/Plan approval targeted for AugustContract/Plan approval targeted for August• Launch targeted for mid-2010Launch targeted for mid-2010
Legislative and Regulatory Issues
There’s A New Sheriff In Town
Past CEO of the Financial Past CEO of the Financial Industry Regulatory Industry Regulatory Authority, the securities Authority, the securities industry self-regulatory industry self-regulatory organization for broker-organization for broker-dealers dealers
Former SEC Former SEC Commissioner (1988-Commissioner (1988-1994)1994)
Former chairman of the Former chairman of the Commodity Futures Commodity Futures Trading CommissionTrading Commission
Mary Shapiro
Congress Works on Financial Services Reform
Congress is preparing to undertake a sweeping overhaul of financial services regulation
The recession, tight credit, and a growing awareness of regulatory shortcomings will lead to government action
Gaps in the existing regulatory structure and policymakers are evaluating
Financial ServicesOversight Council
Financial Services Reform
H.R. 3126 introduced in summer 2009. House Financial Services Committee holding hearings.
Legislation would create a “Consumer Financial Protection Agency” - CFPA
Authority to issue rules and guidance, initiate enforcement, limit use of arbitration, etc.
As written originally, it would cover CPAs
Financial Services Reform
Until recently H.R. 3126 gave regulatory power to the Consumer Financial Protection Agency (CFPA) to cover the CPA – client relationship including; • tax preparation• tax planning• personal financial planning services • pro bono financial literacy work of CPAs
Latest draft of bill excludes CPAs!
Financial Services Reform
H.R. 3126 adds another layer of regulation on the accounting
profession does not consolidate any CPA regulation
Not asking for CPA exemption when offering consumer financial products, such as loan or investment products. Areas of potential abuse, such as refund anticipation
loans, are covered by other provisions of H.R. 3126.
Tax Strategy Patents
o 1998 court case allowed business method patentso Patent and Trademark Office (PTO) now grants tax
strategy patentso Almost 80 issued and over 120 pendingo Problem is growing and extending into new areas of the
tax codeo Supreme Court is considering the Bilski case which
addresses business patents, but decision unlikely to stop tax strategy patents
o AICPA supports legislative efforts to prohibit tax planning methods from being patented.
House bill to stop tax strategy patents reintroduced in May
Current cosponsors (8): Rick Boucher (D-VA) - leadBob Goodlatte (R-VA) - leadMike Conaway (R-TX) - CPALynn Jenkins (R-KS) - CPAWalter Jones, Jr. (R-NC) Brad Sherman (D-CA) – CPAJohn Spratt, Jr. (D-SC)Don Young (R-AK)
Committed to sign on during
this September session (9):
Rob Bishop (R-UT)
Dave Camp (R-MI)
John Campbell (R-CA)-CPA
Louie Gohmert (R-TX)
Shelley Moore Capito (R-WV)
Vern Ehlers (R-MI)
Mike Pence (R-IN)
Vic Snyder (D-AR)
Charlie Wilson (D-OH)
Red Flag Rules Fair and Accurate Credit Transactions Act of
2003 (FACTA) – FTC to develop guidelines for financial institutions/creditors to combat ID theft
11/9/07 – If covered, rules require written ID theft program- Enforcement delayed until 11/1/09
Most CPAs covered if “extend, renew or continue credit”- Includes monthly billings
Rules allow flexibility depending on risk - High Risk = elaborate program- Low Risk = less complex program
Civil Penalties per single violation $3,500
Red Flag Rules
8/4/09 – AICPA letter to Jonathan Leibowitz, Chairman of FTC Applauding delay and asking for CPA exemption
SCACPA sent similar letters to FTC and SC Congressional delegation
Outlook: Coalition building with impacted parties, i.e. small
business, associations, etc. ABA lawsuit filed on 8/27/09 Possible legal and/or legislative action
Tax Preparer Registration
Regulating Tax Preparers
IRS is holding public forums now Considering registration, exam, CPE and
certificate IRS has the authority to regulate federal tax
return preparers through the current penalty structure, Circular 230
Agree with efforts to ensure preparers are qualified, ethical, and provide quality services
But…Would this “legitimize” the competition?
Federal Tax Code Reform TF
Created by Pres. Barack ObamaCreated by Pres. Barack ObamaLed by former Federal Reserve Chair Paul Led by former Federal Reserve Chair Paul
VolckerVolcker Report due by Dec. 4, 2009Report due by Dec. 4, 2009 Provide recommendation on tax simplification, Provide recommendation on tax simplification,
tax evasion, reducing “corporate welfare,” tax evasion, reducing “corporate welfare,” streamlining tax credits & decreasing the tax gapstreamlining tax credits & decreasing the tax gap
No increase on taxes for families earning less No increase on taxes for families earning less than $250K per yearthan $250K per year
No tax increases in 2009 or 2010No tax increases in 2009 or 2010
State Legislative Issues
Jason Sweatt, Chairman, SCACPA Jason Sweatt, Chairman, SCACPA Legislative/Advocacy CommitteeLegislative/Advocacy Committee
Todd Dailey, Chairman, SCACPA Todd Dailey, Chairman, SCACPA State & Local Tax Task ForceState & Local Tax Task Force
Grassroots/KPCs
CPA PAC ($)
SCACPA lobbyists
Advocacy for the CPA Profession
SC Board of Accountancy
Nine member board (5 CPAs, 2 APs, 2 Nine member board (5 CPAs, 2 APs, 2 public members)public members)
Serves as the regulator of the professionServes as the regulator of the profession Manages licensing and renewalsManages licensing and renewals Housed under the state agency -- Labor, Housed under the state agency -- Labor,
Licensing and Regulation (LLR)Licensing and Regulation (LLR) Concerns about BOA operational structureConcerns about BOA operational structure
SC Board of Accountancy
Bi-annual license renewalBi-annual license renewalEmeritus status for retiring CPAsEmeritus status for retiring CPAsFacilitated State BOA access to peer Facilitated State BOA access to peer
review reports (opt-out option)review reports (opt-out option)New rules being written this fallNew rules being written this fall
The Image the Profession
Attitudes toward CPA Credential
76% 74%
60%
66%
31%
43%Investors
BDMs
More confident in a job done by a CPA than if it were done by an accountant not a CPA.
CPA requires more rigorous training and testing than any other financial credential
Accountants certified by non-U.S. organizations, such as the Association of Chartered Certified Accountants (ACCA), are just as qualified as CPAs.
The Economist magazine calls this the year of the CFO. A year where CFO's are more critical than ever to their organizations.
"As financial skills are valued more highly, CFOs will make it to the corner office in greater numbers than before. Recession, credit crunch and the increasingly complex nature of global companies will all play directly into the bean counter’s hands."
Perceptions of CPAs Are Largely Consistent Across All Audiences
BDMs Large Biz BDMs Sm-Med Biz Investors CPAs YPs
1 Has integrity Competent Competent Has integrity Competent
2 Competent Has integrity Has integrity Competent Has integrity
3Able to synthesize
information from multiple sources
Objective Objective ObjectiveAble to synthesize
information from multiple sources
4 ObjectiveAble to synthesize
information from multiple sources
Able to synthesize information from multiple
sources
Able to synthesize information from multiple
sources
Able to see the big picture
5 Focused on client needs Focused on client needs Focused on client needs Focused on client needs Objective
6Able to identify potential
problems before they happen
Able to identify potential problems before they
happen
Able to identify potential problems before they
happen
Able to see the big picture
Focused on client needs
7 Technologically adept Technologically adept Technologically adept Demonstrates leadershipAble to identify potential
problems before they happen
8Communicates
effectivelyAble to see the big
pictureAble to see the big
picture
Able to identify potential problems before they
happenDemonstrates leadership
9Able to see the big
pictureCommunicates
effectivelyCommunicates
effectivelyTechnologically adept Technologically adept
10 Demonstrates leadership Demonstrates leadership Creative and innovativeCommunicates
effectivelyCommunicates
effectively
11 Creative and innovative Creative and innovative Demonstrates leadership Creative and innovative Creative and innovative
Values Positioning Positioning
CPA Brand = What CPAs Stand ForCPA Brand = What CPAs Stand ForIntegrity:Integrity:
They are scrupulous, objective, unbiased, ethical They are scrupulous, objective, unbiased, ethical seekers of truthseekers of truth
Competence:Competence:They are disciplined, responsible, highly skilled and They are disciplined, responsible, highly skilled and
trained, careful professionalstrained, careful professionals
10 Things I Have Learned from Being an Accountant!
The People Side of Things
Does Money Change Things?
When the economy is good, the top three priorities for leaders are recruiting and retaining talent, pursuing growth opportunities and maintaining a competitive edge.
When the economy is bad, leaders' top challenges are doing more with less, motivating the workforce and pursuing growth opportunities
Source: Ajilon Finance and the Institute of Management Accountants
Raising Staff’s Spirits
Most companies are taking steps to boost Most companies are taking steps to boost employee moraleemployee morale
68% of CFOs surveyed say they’re 68% of CFOs surveyed say they’re implementing strategies to buoy the mood implementing strategies to buoy the mood of their teamsof their teams
26% said they aren’t doing anything to 26% said they aren’t doing anything to improve moraleimprove morale
Motivating Employees Max Messmer, Accountemps Chairman
Professionals crave information about their Professionals crave information about their company’s performancecompany’s performance & their own & their own job job stabilitystability
When there is little communication, When there is little communication, employees are more likely to employees are more likely to fill in the fill in the blanksblanks themselves themselves-- Perhaps jumping to negative conclusions-- Perhaps jumping to negative conclusions
Motivating Employees Max Messmer, Accountemps Chairman
There are many cost-free ways to improve There are many cost-free ways to improve the mood in the office:the mood in the office:• Public praisePublic praise• Flexible work schedulesFlexible work schedules• Soliciting employees for business Soliciting employees for business
development and cost-saving ideasdevelopment and cost-saving ideas
It Goes Beyondthe Bestand the Brightest
Private Company Practice Section
Tools and Resources Valued Far Beyond the Investment
Supply & Demand
In 2007-08:• 66,000+ accounting
degrees • Up 3.5% from 2006-07• 4.7% increase in
enrollments• Record number
Decrease at all Decrease at all degree levelsdegree levels
Hiring strong in fall Hiring strong in fall of 2007 and of 2007 and deteriorated in deteriorated in spring 2008spring 2008
Study looks at public Study looks at public accounting firms - accounting firms - not business, not business, industry and industry and governmentgovernment
New Grads Hired
New Site Offers More Interaction for Students
Investing in the Future
Scholarships for Scholarships for college students college students majoring in majoring in accountingaccounting
$19,000 in 2009$19,000 in 2009
18 scholarships 18 scholarships statewidestatewide
What’s New at SCACPA
A Vision for 2010
1) CPE Innovation
2) Membership Relevancy
3) Advocacy
4) Financial Literacy
5) People
