meeting, the state Board ap-proved the following proposed amendments (underlined) to the current title 288 state Board rules:

001 Permits. Permits to practice public accountancy will be issued for each licensing pe-riod and will expire on June 30 of each period. The issuance to an individual of a certificate or

the nebraska Board of Public accountancy (state Board) has scheduled a Public Hearing on proposed new rules that would amend title 288 – state Board of Public accoun-tancy revised & substituted rules of the Board. the Hear-ings is set for august 28, 2013, beginning at 10 am in room 1507 of the state capitol in Lin-coln.

the proposed rule amend-ments pertain to LB27, legisla-tion that passed the 2013 ne-braska state Legislature and was signed into law by ne-braska governor dave Heine-man. LB27 amended the ne-braska accountancy act of 1957 regarding “cPa experi-ence” requirements.

on June 21, 2013, the “experience Working group” of state Board and nebraska so-ciety members, who helped draft LB27, met to discuss pro-posed new rules and endorsed amendments to the rules that were forwarded to the entire state Board for consideration. at its July 18, 2013, Board

Continued on Page 10 

August 2013

Official Publication of the Nebraska Society of CPAs

GAAC Planners & Speakers . . . Members of the Society’s State and Local Gov-ernmental Accounting and Auditing Committee are pictured during the June Confer-ence with two of the 2013 Governmental Conference’s keynote speakers. In the front row left to right is Committee Chairman Chris Lindner, conference speakers Frank Crawford and Lynford Graham and Committee Vice Chairman Mark Rhine. In the back two rows left to right are committee members George Bayer, Mike Justus, Marcy Luth, Dana Weber, Julie Bauman, Paul Koehler and Kevin Nelson. Check Page 6 for more on the two June Conferences.

STATE BOARD SCHEDULES AUG. 28 PUBLIC HEARING

By Dan Vodvarka Society President

Join us October 30 & 31,

2013

for the

Nebraska Society of CPAs’

Fall CPE Conference & Annual Meeting

Register Online www.nescpa.org/

conferenceregform.php

Location: Embassy Suites

12520 Westport Pkwy LaVista, NE

initial permit to practice public accountancy may be denied by the Board if the individual does not meet the Character and Fit-ness Standards as listed in Chapter 6.002 or other require-ments within the Public Accoun-tancy Act.

001.01. Issuance of Per-

this article is the second in a series on building an effective strategic direction and budget for technology. the first article dis-cussed getting a good picture of where you are – in other words, establishing your current technol-ogy baseline. it’s very difficult to find a solid direction if you don’t figure out what where you are. Feel free to read the first article, available at: (www.boomer.com) before you continue.

Setting a strategic direction for technology

Having a baseline for technol-ogy in the firm should open the eyes of the technology team as well as key stakeholders in the firm. if you took your baseline correctly, there was little assess-ment at the time, just recording. now is the time to decide where to go from here.

FINDING TECHNOLOGY’S DESTINATION POINT For many, this may seem like

a silly step. You have pictures of key technology locations so you can show improvement through the process, you’ve collected the it documentation and know the gaps, and it seems pretty obvious that improving the current state is the end goal.

However, improving on what you currently have in technology is not directional. it doesn’t ques-tion previous decisions, and it also won’t plan for future impacts like office moves or smaller firm acquisitions (or being acquired, for that matter).

Finding a direction to go for technology is hard in a firm that is only concerned about improving the current state. Many firms have a growth goal that defines how much the firm will make. the same logic works here; with-out a direction to get the growth, there will be more talk about why

you’re not growing than how to grow.

this article will covers three strategies for finding a technology direction.

establish a service tag line (mission) – Why are you here?

What standards do you need to take to fulfill your mission?

What can you do now, later and possibly never?

Why are you here? Your firm may have branding

slogan, mission or elevator pitch that defines who your firm is. Why is your company here? use this as a starting point. then, as a team, answer the question – why is technology here at my firm?

Here are some things to con-sider:

Have everyone at the meeting write down an answer to “Why is

Continued on Page 3 

By Eric Benson Boomer Consulting, Inc.

2

3

Nebraska CPA is published ten times annually for members of the Nebraska Society of CPAs. Publication is monthly, with the exception of two combined issues: February/March and December/January. Copy dead-line is the tenth of the month prior to publication.

Nebraska Society of CPAs

635 South 14th Street, Suite 330 Lincoln, Nebraska 68508

(402) 476-8482 or (800) 642-6178 Fax (402) 476-8731

Email society@nescpa.org www.nescpa.org

OFFICERS

Patrick J. Lavelle, Chairman Daniel L. Wells, Chairman-Elect

Michelle R. Thornburg, Treasurer Jamie L. Johnson, Secretary

Julie D. Bauman, Immediate Past Chairman

DIRECTORS Vaughn L. Benson

Patrick G. Kirlin Marcy J. Luth

Thomas J. Meister John W. Sehi

John B. Fruhwirth Elected Member of AICPA Council

Richard D. Gifford West Nebraska Chapter President

STAFF

Dan Vodvarka, President Sheila Hoadley, Vice President

technology used at our firm?” Look at the differences –

what are your common themes? Build a mission from here that

is easy to remember. it should be something you can use as a litmus test for future projects and service goals.

if your firm does not have a mission of its own, the technology mission statement may need to be tweaked as time goes on. Keep in mind that this is a living statement that adapts to change. You may get criticism that you are not in line. consider this ex-cellent feedback, and ask how you can adjust to meet the needs of the firm.

Here’s an example that we can use:

“deliver the right digital tools for employees to perform at maxi-mum productivity.”

What do you need to do to fulfill the mission?

i know the propensity will be “Well, know i know the why. Let’s get on with the list of pro-jects.” again, this falls into the hazard category; don’t fix what you have, make sure you know what to fix, replace and/or re-move.

create a short set of stan-dards based on the mission. these standards are important because they will show what you will do to fulfill your mission, as well as what you will not.

Here are some examples based on the mission statement above.

our standards to deliver the right digital tools for employees to perform at maximum productivity

digital tools first – drive pa-perless initiatives through soft-ware and hardware selection.

Processes are needed for maximum productivity.

tools are not always new programs.

We don’t always need new tools, but we need to pick the right ones to keep.

We are only five staff mem-bers, our time is limited. Make it count.

We need to hand off non-digital tasks to other depart-ments.

a list like this does not have to be published to the entire firm, but it should govern the way you engage going forward.

What can you do now, later and possibly never?

the mission and standards are crucial if you want to drive leadership in technology through the next phase of your technol-ogy planning. now that you have these, you can start to evaluate all of the information you’ve col-lected.

You have a list of the top pri-orities for the firm, as well as what you considered were the top priorities for technology. are these still aligned with your mis-

sion and standards? if so, you can proceed and look at the top projects you’d like to complete to bring your firm closer to your mis-sion. try to find the largest im-pact projects, but don’t remove others from the stack. as you go forward, you’ll need to pick and choose your priorities ahead of the game, and this may be your first attempt.

once you have a list, define the next step of each of these top priorities. this does not have to be detailed at this point, but you do need to be in agreement on the “big buckets” and where you are going.

Where to go from here this list, with some support-

ing evidence on impact and cost, will be a key step of the next phase. if you don’t have your executive committee or managing partner on the team, the next step will be to create a presenta-tion showing your mission, stan-dard and how each project will move the firm forward. We’ll dis-cuss how to do this in a way that does not hide the costs, but looks at both costs and financial gain to the company.

The steps here may only take one meeting to create, but I cannot state how important they are to future success. You now have a baseline, or starting point. You also have a direction to take technology. The next step is planning, and then we’ll cover accountability.

enjoy the process. it may not be easy, but you are on your way to great impact in your firm. 

TECH. DESTINATION POINT . . . From Page 2 

In Memoriam

Charles G. Trutna Hastings, NE 1953-2013

Nebraska Certificate # 3002

Society Certificate #2279

4

solve issues through the practical application of technology. K2 enter-prises offers webinars on a variety of topics, including excel, QuickBooks, PdFs, accounting solutions, and Mi-crosoft office.

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For all courses . . . V i s i t o u r w e b s i t e a t

www.nescpa.org/webcasts.php to view the current courses.

Webinars & Webcasts Available To Members By Sheila Hoadley

Society Vice President the society is proud to offer

online cPe and has partnered with cPe Link, K2 and surgent Mccoy cPe LLc to bring members great topics and speakers all from the con-venience of your own desk.

these online cPe courses (commonly called "webcasts" or "webinars") are broadcast live, com-ply with nasBa cPe standards, fea-ture slides of the presentation to fol-low along, links to download any written materials, a forum to post questions and comments, and many include video of the speaker.

These courses are NOT spon-sored by the Nebraska Society of CPAs and any questions or con-cerns should be directed to the corresponding organization.

CPE Link Webcasts cPe Link offers numerous web-

casts each month (typically two to four hours) covering a range of top-ics of interest to financial profession-

als. cPe Link instructors are ac-counting and tax professionals—all experts in their fields with many years of practical experience to share. some are practicing cPas or attorneys; some are small business owners or consultants. Webinar at-tendance fees are reasonable, plus, members who have three or more participants at the same location viewing the webinar as a group, qualify for the discounted group rate.

K2 Webcasts K2 enterprises is proud to offer a

broad curriculum of technology-focused cPe webinars to society members. now you can have webi-nar access to many of the courses that have made K2 enterprises a leader in providing cPe to profes-sionals throughout north america. When you take a K2 enterprises we-binar, you will have the opportunity to learn from an award-winning team of instructors with literally hundreds of years of experience in helping professionals identify, address, and

self study is available on our website from Bisk education, cPe Link, surgent Mccoy and Vern Ho-ven.

These courses are NOT spon-sored by the Nebraska Society of CPAs and any questions or con-cerns should be directed to the corresponding organization.

Bisk Education CPEasy Self-Study

Bisk education cPeasy offers hundreds of nasBa/Qas-approved multimedia continuing professional education programs in a variety of learning formats, including online, dVd, textbook and webcasts, allow-ing accounting professionals to con-veniently meet mandatory reporting requirements while gaining knowl-edge that will help them excel in their profession. society members receive a 15% dis-count off all cPe course purchases at www.cpeasy.com/home.aspx?ssid=3174.

CPE Link Self-Study cPe Link courses are listed on

our website.

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5

Each year, the Nebraska Society of CPAs accepts the nomination of members for special awards: the Public Service Award, the Distinguished Service to the Profession Award, the Out-standing Accounting Educator Award, and the Outstanding CPA in Business and Industry Award. Provided below are the criteria for each award. The deadline for nominations is October 31, 2013. The four award recipients will be selected by a special ad hoc committee and approved by the Society's Board of Directors. They will be recognized during the Society's Annual Meeting in the Fall. In addition, the Society's Foundation will present a scholarship in the name of each recipient to an accounting student attending a Nebraska college or university of the recipient's choice.

Distinguished Service to the Profession Award The purpose of the Distinguished Service to the Profession Award is to recognize Nebraska CPAs who have demonstrated during their career a commitment to the accounting profession locally, nationally or internationally. To be eligible for this award, the nominee must be a CPA, be a member of the Nebraska Society, and be in good standing with the profession. The selection committee will consider accomplishments in the following areas: Service to the Nebraska Society, such as serving as a Board mem-ber, committee member, legislative key person, or CPE discussion leader; Service to the American Institute of Certified Public Accountants, such as serving as a member of council, committee member, or speaker; Service to the Nebraska State Board of Public Accountancy, such as serving as a Board member or task force member; or Service to other organizations which contribute to the overall strength of the accounting profession.

Outstanding CPA in Business and Industry Award The purpose of the Outstanding CPA in Business and Industry Award is to honor Nebraska CPAs who have made a significant contribution to the growth and success of their employers or who have made a notable entrepreneu-rial achievement. In addition, the award recognizes those CPAs working in busi-ness, industry or government who have distinguished themselves by having made a significant contribution to the enhancement of the accounting profession. To be eligible for the Outstanding CPA in Business and Industry Award, the nomi-nee must be a CPA employed in business, industry or government and a current or former member of the Nebraska Society of CPAs. The selection committee will consider the nominee's involvement in the following areas: Significant contributions to the growth and success of his or her employer notable entrepreneurial achievement; or Service to organizations at the local, state and national level which contribute to the overall strength of the accounting profession.

Nebraska Society of Certified Public Accountants

Application for Award Nomination

I nominate the following Nebraska Society member as a candidate for: The Public Service Award The Distinguished Service to the Profession Award The Outstanding Accounting Educator Award The Outstanding CPA in Business and Industry Award Name of Candidate ________________________________________________________________________________________________ Address _________________________________________________________________________________________________________ City State Zip Phone

Nomination Submitted By Phone

DEADLINE FOR NOMINATIONS IS OCTOBER 31, 2013. Mail to: Nebraska Society of CPAs, 635 South 14th Street, Suite 330, Lincoln, NE 68508 Email to: sheila@nescpa.org

Thank you for your nomination. You will be contacted in the near future regarding additional information we may need regarding this nomination.

Society Awards Nomination Form

Public Service Award The purpose of the Public Service Award is to recognize Nebraska CPAs who have performed outstanding public service in their communities. To be eligible for the Public Service Award, the nominee must be a CPA, be a member of the Nebraska Society of CPAs, and be in good standing with the profession. Some examples of public service that the selection committee will consider are the following: Participation in community, charitable, or other civic activities on an ongoing basis; Participation in and responsibility for a public service project which had a significant impact on the community; Service in a notable volunteer capacity in government at the local, state or national level; or Other volunteer service to individuals or organizations.

Outstanding Accounting Educator Award The purpose of the Outstanding Accounting Educator Award is to recognize full-time Nebraska accounting educators for excellence in account-ing education. To be eligible for this award, the nominee must be a CPA, be a member of the Nebraska Society, be a full-time accounting educator at a college or university, and be in good standing with the profession. The selec-tion committee will consider the nominee’s accomplishments in the following areas: Excellence in classroom teaching, including endorsements from students, alumni and/or colleagues; Contributions to accounting education, including professional in-volvement, educational innovations and publications; Service to the Nebraska Society, such as serving as an officer, member of the Board of Directors, committee member, legislative key person, or CPE discussion leader; or Service to other organizations which contribute to the overall strength of the accounting profession.

Each year, the Nebraska Society of CPAs accepts the nomination of members for special awards: the Public Service Award, the Distinguished Service to the Profession Award,the Outstanding Accounting Educator Award, and the Outstanding CPA in Business and Industry Award.

Provided below are the criteria for each award. The deadline for nominations is October 31, 2012.

The four award recipients will be selected by a special ad hoc committee and approved by the Society's Board of Directors. They will be recognized during the Society's Annual Meeting in the Fall. In addition, the Society's Foundation will present a scholarship in the name of each re-cipient to an accounting student attending a Nebraska college or university of the recipient's choice.

Distinguished Service to the Profession Award The purpose of the Distinguished Service to the Profession Award is to recognize Nebraska CPAs who have demonstrated during their career a com-mitment to the accounting profession locally, nationally or internationally. To be eligible for this award, the nominee must be a CPA, be a member of the Ne-braska Society, and be in good standing with the profession. The selection committee will consider accomplishments in the following areas: Service to the Nebraska Society, such as serving as a Board member, committee member, legislative key person, or CPE discussion leader; Service to the American Institute of Certified Public Accountants, such as serving as a member of council, committee member, or speaker; Service to the Nebraska State Board of Public Accountancy, such as serving as a Board member or task force member; or Service to other organizations which contribute to the overall strength of the accounting profession.

Outstanding CPA in Business and Industry Award The purpose of the Outstanding CPA in Business and Industry Award is to honor Nebraska CPAs who have made a significant contribution to the growth and success of their employers or who have made a notable entrepreneurial achievement. In addition, the award recognizes those CPAs working in business, industry or government who have distinguished themselves by having made a significant contribution to the enhancement of the accounting profession. To be eligible for the Outstanding CPA in Business and Industry Award, the nominee must be a CPA employed in business, industry or government and a current or former member of the Nebraska Society of CPAs. The selection committee will consider the nominee's involvement in the following areas: Significant contributions to the growth and success of his or her employer notable entrepreneurial achievement; or Service to organizations at the local, state and national level which con-tribute to the overall strength of the accounting profession.

Nebraska Society of Certified Public Accountants

Application for Award Nomination I nominate the following Nebraska Society member as a candidate for:

The Public Service Award The Distinguished Service to the Profession Award The Outstanding Accounting Educator Award The Outstanding CPA in Business and Industry Award

Name of Candidate ________________________________________________________________________________________________ Address _________________________________________________________________________________________________________ City ____________________________________ State _____________ Zip ______________________ Phone _______________________

Nomination Submitted By ______________________________________________________________ Phone _______________________

DEADLINE FOR NOMINATIONS IS OCTOBER 31, 2012 Mail to: Nebraska Society of CPAs, 635 South 14th Street, Suite 330, Lincoln, NE 68508 Email to: sheila@nescpa.org

Thank you for your nomination. You will be contacted in the near future regarding additional information we may need regarding this nomination.

Society Awards Nomination Form

Public Service Award The purpose of the Public Service Award is to recognize Nebraska CPAs who have performed outstanding public service in their communities. To be eligible for the Public Service Award, the nominee must be a CPA, be a member of the Nebraska Society of CPAs, and be in good standing with the profession. Some examples of public service that the selection committee will consider are the following: Participation in community, charitable, or other civic activities on an ongoing basis; Participation in and responsibility for a public service project which had a significant impact on the community; Service in a notable volunteer capacity in government at the local, state or national level; or Other volunteer service to individuals or organizations.

Outstanding Accounting Educator Award The purpose of the Outstanding Accounting Educator Award is to recog-

nize full-time Nebraska accounting educators for excellence in accounting education. To be eligible for this award, the nominee must be a CPA, be a member of the Nebraska Society, be a full-time accounting educator at a college or university, and be in good standing with the profession. The selec-tion committee will consider the nominee’s accomplishments in the following areas: Excellence in classroom teaching, including endorsements from stu-dents, alumni and/or colleagues; Contributions to accounting education, including professional involve-ment, educational innovations and publications; Service to the Nebraska Society, such as serving as an officer, member of the Board of Directors, committee member, legislative key person, or CPE discussion leader; or Service to other organizations which contribute to the overall strength of the accounting profession.

6

OVER 200 ATTEND JUNE CONFERENCES

a total of over 200 mem-bers attended the society’s two June conferences in 2013. Held at the corn-husker in Lincoln on June 11, 12 and 13 were the annual governmental a & a confer-ence and the not-for-Profit organizations’ conference. in the upper picture, govern-mental conference chairman chris Lindner greets general session speaker James Brown of gasB. in the cen-ter picture, members gather for lunch and networking dur-ing a break in the conference schedule. in the lower right not-For-Profit chairman terryl Williams (right) thanks keynote speaker Lee Klumpp of FasB for braving bad weather and delayed flights to make it to Lincoln for his presentation. in the lower left, society member Kevin nelson (left) meets with con-ference speaker stacia davis Le Blanc of Washington dc.

7

THE NEBRASKA SOCIETY OF CPAS’ UPCOMING 2013 CPE COURSES DATE ID COURSE TITLE TYPE DISCUSSION LEADER LOCATION

CPE HRS

ETHICS HOURS

AUGUST

5 ADE ADVANCED EXCEL MA KARL EGNATOFF, K2 ENTERPRISES

MAHONEY STATE PARK, ASHLAND, NE 8 0

6 TAS TOP ACCOUNTING SOLUTIONS MA THE CORNHUSKER, LINCOLN, NE

8 0 7 PDF PDF DOCUMENTS - BEYOND THE BASICS MA 8 0

8 MSTU SURGENT MCCOY'S MULTISTATE TAX UPDATE TX CHARLES OWEN, SURGENT MCCOY

FAIRFIELD INN & SUITES, GRAND ISLAND, NE 8 0

9 IEFP THE BEST INCOME TAX, ESTATE TAX & FINANCIAL PLANNING IDEAS OF 2013 TX THE CORNHUSKER,

LINCOLN, NE 8 0 12 HTOF FROM HIRING TO FIRING & EVERYTHING IN BETWEEN: LEGAL, TAX & HEALTH CARE ISSUES TX SUSAN SMITH,

SURGENT MCCOY EMBASSY SUITES CONF.

CTR., LAVISTA, NE

8 0

13 SSRB SOCIAL SECURITY, MEDICARE & PRESCRIPTION DRUG RETIREMENT BENEFITS: WHAT EVERY BABY BOOMER NEEDS TO KNOW NOW TX 8 0

14 MYTU 2013 MID-YEAR TAX UPDATE TX

BRADLEY BURNETT, J.D., LL.M.

MAHONEY STATE PARK, ASHLAND, NE

4 0

14 HCRR4 HEALTH CARE REFORM REALITY - YOU SAY I HAVE TO DO WHAT? ARE YOU KIDDING? PREPARE IN EARNEST & OTHER FREIGHT TRAIN STORIES TX 4 0

15 TPCP 2013 TAX PLANNING UPDATE FOR CORPORATIONS, PARTNERSHIPS & LLCS TX 4 0 15 ISNR IRS’ SCATHING NEW REPAIR VS. CAPITALIZE REGS TX 4 0

16 ASD AUDITS OF SCHOOL DISTRICTS AA DANA J. WEBER, CPA, &

RUSS INBODY, NDE HOLIDAY INN & CONF. CTR., KEARNEY, NE 8 0

19 OCFR OCCUPATIONAL FRAUD: THE TOP 50 TIPS ON HOW TO PREVENT EXECUTIVES, MANAGERS & EMPLOYEES FROM STEALING & NOT GETTING CAUGHT AA MICHAEL MORGAN,

SURGENT MCCOY EMBASSY SUITES CONF.

CTR., LAVISTA, NE 8 0 20 GNFR I SEE IT! BRINGING INTO FOCUS THE NEW CLARIFIED AUDITING STANDARDS AA 8 0

21 TDAP SURGENT MCCOY'S COMPREHENSIVE GUIDE TO TAX DEPRECIATION, AMORTIZATION & PROPERTY TRANSACTIONS FROM ACQUISITION TO EXCHANGE OR DISPOSITION TX JOHN SHERRICK,

SURGENT MCCOY FAIRFIELD INN & SUITES,

GRAND ISLAND, NE 8 0

22 HMBI SURGENT MCCOY'S HANDBOOK FOR MASTERING BASIS, DISTRIBUTIONS, & LOSS LIMITATION ISSUES FOR S-CORPORATIONS, LLC & PARTNERSHIPS TX 8 0

23 TXCU SHORTCUTS TO TAX CUTS: INDIVIDUAL TAX, SOCIAL SECURITY & RETIREMENT PLANNING TOOLS & STRATEGIES TX

JOHN SHERRICK, SURGENT MCCOY

MAHONEY STATE PARK, ASHLAND, NE 8 0

26 SUEP SUCCESSION & EXIT PLANNING - THE FOURTH QUARTER GAME PLAN TX NICK NIEMANN,

MCGRATH NORTH LAW FIRM FAIRFIELD INN & SUITES,

GRAND ISLAND, NE 8 0

27 FRFSME AICPA'S FINANCIAL REPORTING FRAMEWORK FOR SMALL- TO MEDIUM-SIZED ENTITIES: WHAT YOU NEED TO KNOW RIGHT NOW AA RAY THOMPSON,

A&A CPE FAIRFIELD INN & SUITES,

GRAND ISLAND, NE 4 0 27 EUBI A 2013 ETHICS UPDATE FOR ACCOUNTANTS ET 4 4 28 ACDC ACCOUNTING & AUDITING CURRENT DEVELOPMENTS (2013) AA

RAY THOMPSON, A&A CPE

MAHONEY STATE PARK, ASHLAND, NE

8 0 29 HTCR HOT TOPICS IN COMPILATION & REVIEW AA 4 0 29 HTAA HOT TOPICS IN ACCOUNTING & FINANCIAL REPORTING AA 4 0

SEPTEMBER

5 PLFB CFO/CONTROLLER'S ROADMAP TO ORGANIZATION SUCCESS WITH INTEGRATED PLANNING & FORECASTING & BUDGETING MA ART PULIS, SURGENT

MCCOY CPE, LLC MAHONEY STATE PARK,

ASHLAND, NE 8 0 6 TCFO CURRENT DEVELOPMENTS & BEST PRACTICES FOR TODAY'S CFOS AND CONTROLLERS MA 8 0 9 RCSA APPLYING THE RISK ASSESSMENT STANDARDS AA

FRED CHRISTENSEN, AICPA MAHONEY STATE PARK, ASHLAND, NE

8 0 10 CL4ICDAD UNDERSTANDING COSO INTERNAL CONTROL AA 4 0 10 CL4CRA ADVANCED COMPILATION & REVIEW ISSUES AA 4 0 12 RSAG REVISED YELLOW BOOK / SINGLE AUDIT GUIDE AA PAUL KOEHLER, CPA THE CORNHUSKER,

LINCOLN, NE 8 0

13 ASLG ACCOUNTING & AUDITING OF STATE & LOCAL GOVERNMENTS AA 8 0 16 F2013 FRAUD 2013 ALERT FOR SMALL & MID-SIZE FIRMS MA

GARY ZEUNE, CPA, ZEUNE & ASSOCIATES

THE CORNHUSKER, LINCOLN, NE

8 0 17 IFTA DETECTING & PREVENTING INTERNAL FRAUD, THEFT & ABUSE MA 8 0 18 GZHEAD WHEN CPAS MAKE THE HEADLINES ET 4 4

18 SUTAEI THE NEBRASKA SALES & USE TAX FOR CONTRACTORS & THE NEBRASKA ADVANTAGE ECONOMIC INCENTIVES PROGRAM TX

S. DRZAIC & M. HUGO, NEBR. DEPT. OF REVENUE

THE CORNHUSKER, LINCOLN, NE 4 0

23 DCPP LOSCALZO'S AUDITS OF DEFINED CONTRIBUTION PENSION PLANS (EMPH. 401K PLANS) AA JAMES WOY LOSCALZO ASSOCIATES, LTD.

MAHONEY STATE PARK, ASHLAND, NE

8 0 24 NFPGU LOSCALZO'S NOT-FOR-PROFIT & GOVERNMENTAL UPDATE AA 8 0

26 IRAS IRAS, ROTH IRAS, SIMPLES, SEPS, 401(K)S & ROTH 401(K)S - MAKE THE RIGHT MOVES NOW AND DOWN THE LINE SALT IT AWAY & PEPPER IT TX BRADLEY BURNETT, J.D.,

LL.M.

FAIRFIELD INN & SUITES, GRAND ISLAND, NE 8 0

27 TPC IRS PRACTICE UPDATE / TECHNOLOGY IN PRACTICE UPDATE TX MAHONEY STATE PARK,

ASHLAND, NE 8 0

30 UICF EXPLORING THE UPDATED INTERNAL CONTROLS FRAMEWORK: CRITICAL CONCEPTS IN DESIGN, EVALUATION, IMPLEMENTATION & MONITORING AA

MICHAEL MORGAN SURGENT MCCOY CPE, LLC

MAHONEY STATE PARK, ASHLAND, NE 8 0

OCTOBER

1 FRFS FINANCIAL REPORTING FRAMEWORK FOR SMALL & MEDIUM-SIZED ENTITIES AA MICHAEL MORGAN,

SURGENT MCCOY CPE, LLC MAHONEY STATE PARK,

ASHLAND, NE 8 0

3 CNFP RIGHT THE FIRST TIME AA ROBERT LESLIE, AICPA

FAIRFIELD INN & SUITES, GRAND ISLAND, NE 8 0

4 RNPO NOT-FOR-PROFITS TREATED AS A BUSINESS AA THE CORNHUSKER,

LINCOLN, NE 8 0

7 NMED NEW MEDICINE: KEY ISSUES CPAS NEED TO KNOW ABOUT THE PATIENT PROTECTION & AFFORDABLE CARE ACT TX MAHONEY STATE PARK,

ASHLAND, NE 4 0 7 CPE4 SHOULD CLIENT EXP. BE CAPITALIZED OR EXP.? A GUIDE TO THE NEW IRS REGULATION TX 4 0

8 SATC SURGENT MCCOY'S FEDERAL TAX CAMP TX SUSAN SMITH, SURGENT

MCCOY, CPE LLC MAHONEY STATE PARK,

ASHLAND, NE 8 0 CHECK OUT OUR WEBSITE FOR THE ENTIRE 2013 CPE CALENDAR WWW.NESCPA.ORG

SUSAN SMITH, SURGENT MCCOY, CPE LLC

8

June 10 marks a significant change in the financial reporting landscape for america’s for-profit, owner-managed busi-nesses – the backbone of the nation’s economy.

on that day the american institute of cPas released the Financial reporting Framework for small- and Medium-sized entities, a game-changing new reporting option enabling finan-cial statements that are robust yet relevant for smaller busi-nesses that are not required to use gaaP. the FrF for sMestM accounting framework delivers financial statements that provide meaningful information to own-ers of private companies and the users of their financial state-ments in a reliable and simplified

tices to provide information that is tailored to clients’ or employ-ers’ needs. using the frame-work, cPas can produce finan-cial statements that clearly and concisely report what a business owns, what it owes and its cash flow – exactly the information small business owners and their stakeholders want.

as it’s based on a blend of traditional accounting principles and accrual income tax meth-ods, the FrF for sMestM is intui-tive and understandable. some of the framework’s key features are:

Historical cost as the pri-mary measurement basis; the framework steers away from costly fair value measurements and impairment testing.

Management has an appro-

way so they can make informed business or credit decisions.

the FrF for sMestM frame-work offers small business own-ers an alternative to current non-gaaP reporting options. the other special purpose frame-works, such as income tax or cash bases of accounting, re-main and will continue to play an important role in non-gaaP re-porting. Main street businesses and their stakeholders looking for comprehensive and consis-tent financial statements may want to explore the FrF for sMestM accounting option.

Opportunities for CPAs the FrF for sMestM ac-

counting framework reinforces cPas’ reputation as credible, knowledgeable professionals who apply the most up-to-date accounting methods and prac-

FINANCIAL REPORTING LANDSCAPE CHANGES

Continued on Page 9 

By Bob Durak, CPA, CGMA AICPA—Director of Private

Company Financial Reporting

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9

priate level of choice in selecting accounting policies that best meet the needs of their financial statement users.

Fewer prescriptive, de-tailed rules are included.

disclosure is adequately informative but not excessive.

importantly, the framework avoids topics that are generally not relevant to small busi-nesses, such as comprehensive income and variable interest en-tities. What it does do is focus on the accounting and financial reporting topics typically en-countered by small- and me-dium-sized private companies and in a way that reflects their environment.

Marketplace Acceptance Millions of private compa-

nies now have the FrF for sMestM framework as an addi-tional accounting option in the non-gaaP space. the aicPa has long heard from cPas, business owners and users of financial statements that rele-vance and understandability need to be priorities in financial reporting. the FrF for sMestM reporting option answers those calls in the marketplace.

efforts to educate key audi-ences on the framework are un-der way, explaining the frame-work and highlighting its bene-fits. the aicPa has begun a targeted communications and advertising campaign to small businesses, bankers and others. in addition, many state societies and cPa firms are working to boost awareness and discuss-ing the opportunity the frame-work presents to the small busi-ness community and its stake-holders. Free resources have been created to help small busi-nesses and users of financial statements understand the FrF

for sMestM option, and cPas have access to those resources to support their efforts with cli-ents, employers and others. 

For smaller companies with limited resources and no need for gaaP financial reporting, the FrF for sMestM framework of-fers a stable platform that will not be subject to frequent amendments or updates. cPas can put it to work confident in the knowledge that it is a reli-able choice that will minimize complexity and enhance under-standability. as the framework is not authoritative or required, it may be used immediately. download a FREE copy of the framework to see whether it is the best financial reporting op-tion for your clients or employers who do not need gaaP financial statements.

Related Resources cPas can download the FrF

for sMestM framework and re-lated educational resources for free. use the toolkit, segmented by firm size, to discuss the framework with clients, employ-ers and users of financial state-ments. among the many materi-als you will find in the cPa tool-kit are:

Learning and implementa-tion plan for using the toolkit and framework.

introduction to the frame-work, including chapter-by-chapter summaries and sample cPa reports for compilations, reviews and audits.

illustrative financial state-ments.

Presentation and disclo-sure checklist.

application guidance. comparisons of the frame-

work to u.s. gaaP, tax basis of accounting and iFrs for sMes.

Backgrounder. Flyer for clients and users

of financial statements. sample client cover letters.

FrF for sMes logo for firms’ use and other marketing materials.

PowerPoint slide deck you can brand for your firm and a short summary video for presen-tations and meetings.

FaQs. For more information: Website: www.aicpa.org/

FRF-SMEs Twitter hashtag:

#MainStFinancials Email: FRFforS-

MEs@aicpa.org Bob Durak oversaw develop-

ment of the AICPA’s FRF for SMEsTM framework. Previously, he staffed the Private Company Finan-cial Reporting Committee, a joint effort of the AICPA and the Financial Accounting Standards Board. Durak also recently helped staff the CPA profession’s Blue Ribbon Panel on Standard Setting for Private Compa-nies.

Nebraska Society membership applications have been received from the following indi-viduals. Objections should be filed with the Secretary of the Nebraska Society of CPAs: Jamie L. Johnson, NMPP Energy, 8377 Glynoaks Dr., Lincoln, NE 68516.

Lucas W. Arndt, HBe Becker Meyer Love, LLP; Lin-coln Ronald J. Baxa; topeka, Ks John C. Hundtoft, BKd, LLP; omaha Kimberly C. Kesler, BKd, LLP; omaha Teresa McDonald Lee; Lin-coln Susan E. Lewis, Labenz & associates, Lincoln Matthew A. Maiers, KPMg LLP; omaha Scott J. Scheef, HBe Becker Meyer Love, LLP; Lin-coln Dara J. Spivack, Bellevue university; Bellevue

Membership Applications

FINANCIAL REPORTING . . . From Page 8 

10

Members in the News

Dave Hanus of omaha has been named chief Financial officer of Lueder construction in omaha . . . Tom McLaugh-lin of omaha has been named chief Financial officer of one World community Health cen-ter in omaha . . . Michael J. Smith, II of omaha has been promoted to Manager in the omaha firm of McFarlin & Brokke P.c. . . . Randal Lim-beck of omaha has been rec-ognized in the 2013 edition of the chambers usa: america’s Leading Lawyers for Busi-ness . . . Duane Polodna of omaha has been named one of four 2013 Wayne state col-lege outstanding alumni . . . James Rein of grand island has been admitted as Member in the firm of Kennedy and coe, LLc . . . Barbara Fajen of Bennington has been named Partner in charge of seim Johnson’s tax depart-ment and Michael Hamaker of omaha has been promoted to tax Manager.

STATE BOARD SETS . . . From Page 1 

mit under PAA Section 1-136.02.

001.01A. A certificate holder may apply for issuance of a permit to practice under PAA Section 1-136.02 using forms provided by the Board. The experience form must in-clude a notarized signature of a supervisor who during the time the the experience was gained held anactive permit to practice as a CPA.

001.01B. Experience gained shall relate to the defini-tion of practice to public ac-countancy as defined within Chapter 3.001.18 in determining if the experience is satisfactory to the Board. A broad range of experience is recommended to be gained by the applicant as defined in Chapter 3.001.18.

001.01C. Experience sub-mitted shall have been gained

no more than 10 years prior to the application or the applicant shall file with the Board properly completed affidavits of success-ful completion of 120 hours of approved courses of continuing education, including 4 hours of ethics courses, within the three calendar years preceding appli-cation.

dan sweetwood, state Board executive director, said, “the Public Hearing is open to all nebraskans but the state Board hopes specifically to hear from nebraska cPa certificate and permit holders if they have concerns about the new rules and regulations.

Person can also contact the state Board before the Hearing and inspect the proposed regu-lations at the Board offices or by calling (402) 471-3595 or by c o n t a c t i n g m e a t dan.sweetwood@nebraska.gov.”

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AICPA, NASBA REACH AGREEMENT the national association of

state Boards of accountancy (nasBa) and the american insti-tute of cPas (aicPa) on July 15, 2013, issued the following joint statement: “the aicPa and nasBa have a shared belief that current generally accepted ac-counting Principles (gaaP) may not always meet the needs of small private businesses and the users of their financial statements.

the Private company council (Pcc), which was established as a result of the ‘Blue-ribbon’ Panel on standard setting for Private companies created by nasBa, the aicPa and the Financial ac-counting Foundation, is currently

developing an authoritative gaaP solution for private companies that we strongly support. the Pcc has made excellent progress to date and both nasBa and the aicPa are committed to the Pcc’s even-tual success in developing a gaaP-based financial reporting model for all private companies.

as the Pcc works to fulfill its mission to modify gaaP for private companies, the aicPa has devel-oped the Financial reporting Framework for small- and Medium-sized entities (FrF for sMes) to provide private, owner-managed Main street businesses a non-gaaP accounting framework that is simple to apply and cost benefi-cial. We believe that preparers and users of private company financial statements should responsibly as-sess the accounting approach to meet their current and future needs depending on individual company facts and circumstances.

the aicPa and nasBa are committed to engaging in an effort to ensure that the FrF for sMes, as a non-authoritative framework, is not confused with gaaP and that entities that utilize gaaP or a non-gaaP solution do so in a suit-able and transparent manner. to that end, the aicPa, with nasBa input, will develop a decision-making tool to assist entities with determining whether use of the FrF for sMes is suitable or not. additionally, illustrative financial statements and disclosures will be developed to distinguish FrF for sMes-based financial statements from gaaP-prepared statements.

cPas who report on financial statements prepared in accor-dance with gaaP, or a special purpose framework, such as the FrF for sMes, will be held to the highest standards of professional practice by u.s. Boards of ac-countancy.”

OPPORTUNITIES AVAILABLE - PAGES 11 & 12

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OPPORTUNITIES AVAILABLE

PAGES 11 & 12

Nebraska Society of CPAs 635 south 14th street, suite 330 Lincoln, nebraska 68508

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PerMit no. 1122

PRACTICE ACQUISITIONS SOUGHT. Mcdermott & Miller, P.c., is interested in acquiring or merging in a qualifying cPa firm(s) along the i-80 corridor from omaha to Kearney, nebraska. Par-ticularly we are looking at firms within a 50 mile radius of i-80 that would specially in-clude such cities as omaha, Lincoln, York, grand island, Hastings, and Kearney among others. if your firm is inter-ested in discussing this oppor-tunity please contact norm saale at 308-382-7850 or nsaale@mmcpas.com. seri-ous inquiries only.

ACCOUNTANT / CPA Progressive and growing pub-lic accounting firm with offices in crete and geneva, ne, is seeking CPA WITH 5+ YEARS PUBLIC ACCOUNT-ING EXPERIENCE to join our team. ideal candidate will have significant agribusiness, accounting, tax and consulting background and be willing to relocate to crete, ne. oppor-tunity to manage clients and potential for future ownership interest. also seeking CPA WITH 2+ YEARS TAX EX-PERIENCE for our crete or geneva office. enjoy the chal-lenging career of public ac-counting with the benefits of rural living. send resume and salary requirements to Man-ning & associates Pc, 120 e. 11th, crete, ne 68333.

central nebraska's largest cPa firm, Mcdermott & Miller, Pc is looking for the following position in its Hastings, nebraska office: AUDIT SUPERVISOR/MANAGER - career opportunity of a Lifetime! if you are a cPa and have 5-10 years or more of au-dit experience in public accounting, we are looking for you to serve in an immediate supervisory role. Potential for fast-track to partner and overall leadership of office/firm audit department de-pending on experience. We offer top pay, a full benefits pack-age, and very limited travel requirements (less than 5 nights/year). For more information, or to apply for this position, please contact andrew Janzen at (402) 462-4154, or email a cover letter and resume to ajanzen@ mmcpas.com. www.nescpa.org

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