IowaIn this issue…

February 2013

Iowa Society of CPAs www.iacpa.org

CPA2466777

Thanks!

Member spotlight

New affinity

programs

Take credit!

‘Dead leaders’

2013-14 slate

Dueling standards

Iowa Society of CPAs... Advancing the professional success of our members

A cool line to ‘governmental relations’

The governmental relations section of the Society’s website has been revised, updated,

expanded, and given an all-around “makeover.” If only we could apply similar techniques to

“improving legislators’ relations” in Washington, DC, it would be a really big news story!

The goals of this makeover were to add new items, make the section easy to navigate, and modernize the content. In addition, the contents of the ISCPA Legislative Resource Guide have been incorporated into the governmental

relations section. For many years, this guide was distributed annually in a print format to Key Person Contacts and made available to mem-bers requesting such. More recently, it has been available as a PDF file. Now, anyone can access this legislative information, tips, resources, and examples 24/7. If you are preparing an email to your legislator at 2 am, you can start online in the Resources section. It’s not a hotline. It’s more of a “cool line,” but just as handy. (www.iacpa.org/Resources/GovernmentalRelations.aspx). v

Annual

meeting:

May 10!

What if you didn’t finish your CPE by December 31?By Carol Schuster, chair, Iowa Accountancy Examining Board

Don’t fret! If you didn’t get your CPE done by the end of December, the Iowa Accountancy

Examining Board (IAEB) has a solution. On Decem-ber 19, 2012, IAEB adopted an alternative CPA and LPA CPE renewal cycle. This assists licensees in Iowa who have run out of time to meet the CPE completion period. The new rule is 193A-10.11 and it becomes effective February 13, 2013. Find it in the administrative rules or go to “In the News” on the IAEB website to read the complete rule.

How does this work? Iowa licensees now have two options for completing their CPE. They must adhere to the three-year timeframe for whichever one they select. Here are examples:

• Pam Smith, CPA, has completed at least 120 hours of CPE in the three years between January 1, 2010, and December 31, 2012. She plans to report her CPE the way she always has, i.e., when she renews her certificate this coming June. She will indicate that her CPE was completed by the end of December 2012. That option has been and will continue to be available.

• However, Bill Brown, LPA, has been ill the past two years and was unable to complete all of the CPE he needed by December 31, 2012. According to the newly adopted rule, Bill, LPA, may also renew his LPA certificate in June 2013, thus continuing his ability to practice uninterrupted, as long as he has completed the required 120 hours of CPE within the three-year period between July 1, 2010, and June 30, 2013.

The alternative cycle will be available as of February 13, 2013. Either cycle may be used to renew your certificate in 2013. Please be careful to count back three years from either December 31, 2012, or June 30, 2013, when reporting your 120 hours of CPE.

If you have questions, please contact Toni Bright at (515) 281-7468 or toni.bright@iowa.gov or Jill Simbro at (515) 281-5910 or jill.simbro@iowa.gov. v

Carol Schuster is a CPA and the current chair of the IAEB. Her final three-year term ends April 30, 2013.

2 Iowa CPA | February 2013

Thank You, Committee Volunteers!

Different industries + great volunteers = valuable CPE

This issue of Iowa CPA features three Society committees. Although each

committee represents a different industry, its volunteers strive to achieve the same goal: Produce the best possible annual conference for participants. In the follow-ing, the respective chairs comment on their committees.

Exempt OrganizationsOur committee is

responsible for planning the annual ISCPA Exempt Organizations Conference. We find qualified speakers that add value through their experiences and assist participants in their

roles serving exempt organizations. One of our goals is to increase the participa-tion of the conference for all sectors of the exempt organizations industry, especially members serving on nonprofit boards of directors. Educating board members on their responsibilities and oversight of the organizations they serve tends to be the hardest item to achieve for most boards.

Q: What general trends does the committee see impacting nonprofit organizations? • Executive compensation issues

continue to plague nonprofit organiza-tions. Organizations should continue to ensure that proper oversight of management compensation and other payments are sufficiently evaluated and documented by the board of directors.

• Maintaining and increasing contribu-tions in a down economic environment.

• Continued budget constraints due to

the impact of the health care law and the possibility of reduced government spending on programs.

• Protecting the assets of organizations by establishing a controlled environ-ment that mitigates the chances of fraudulent activity.

Q: What is your story on becoming involved with the committee?

The idea of serving on the Exempt Organizations Committee came when I attended my first annual Exempt Organizations Conference. As speakers presented, I often thought how I could apply the information provided by the speaker to my clients as well as to the exempt organizations industry. I saw committee service as an opportunity to help educate the exempt organizations industry based upon my past experiences.

Governmental Auditing & Accounting

The committee has done an excellent job of continuing to search for and reach out to new speakers and relevant topics that cover both gov-ernmental accounting and governmental auditing is-

sues for our annual conference. They have also worked hard to review governmental CPE course offerings and recommend courses for the Society to offer.

Q: What general trends does the committee see impacting governmental units?

Just like all other areas of accounting, governmental units are undergoing many changes to standards and reporting re-quirements. The need for transparency and accountability in governmental accounting continues to evolve and CPAs that work in this area have to work hard to stay on top of the changes that are taking place.

Q: What is your story on becoming involved with the committee?

When I was new to the profession, I was looking for ways to get involved with the Society and came across the offer to par-ticipate on committees. I was working with

a local government agency at the time and volunteered to serve. As my career has progressed, I have continued to volunteer and enjoy the interactions and networking with the other members of the committee.

As the chair, I wanted to continue the work of the previous chairs in ensuring the annual Governmental Roundtable offered effective and relevant professional devel-opment opportunities. It is a balancing act between topics covering governmental accounting issues and governmental au-diting issues, but the committee has done a very good job of representing both interests and presenting an informative professional development conference.

Insurance IndustryOne of our successes

was the 2012 Insurance Industry Conference, which had a record number of attendees – more than 250 accounting professionals. We currently have the 2013 conference speakers and topics nearly finalized and

are looking forward to another excellent conference. We’re excited about the speak-ers and topics we are able to offer in 2013.

Q: What general trends does the committee see impacting the insurance industry?• Regulating the industry: New account-

ing pronouncements, updated disclo-sures, etc. Each of our firms/companies are partnering with additional regula-tory agencies and balancing how we can comply most efficiently and least expensively, and to effectively deliver what is required.

• Being able to receive the new require-ments as quickly as possible.

• As more client and customer data moves into the cloud, having appropri-ate cyber security and privacy.

• Ethics. It’s what drives our decisions, profession, and industry.

Q: What is your story on becoming involved with the committee?

Joe Desmond

Kent Farver

Rod Van Genderen

Issue No. 2013-02Published eleven times per year by the Iowa Society of Certified Public Accountants (ISCPA). Send address changes, advertising inquiries, and all correspondence to:

Iowa Society of CPAs950 Office Park Rd, Ste 300West Des Moines, IA 50265-2548 Email: iacpa@iacpa.org Website: www.iacpa.org

or, contact the ISCPA office:515-223-8161/800-659-6375 (in Iowa)515-223-7347 (Fax)

Continued on page 3

Iowa CPA | February 2013 3

Thank You, Committee Volunteers!I have been on the Insurance Industry

Committee for several years. One of my goals was to be more involved in our pro-fession and industry outside of the com-pany I work for. Two years ago I was asked if I was interested in becoming the chair. I was honored and humbled to receive the invitation and was happy to accept the opportunity.

As chair, I have been able to strengthen my leadership skills, have had the oppor-tunity for additional public speaking, and have had the good fortune to be part of an outstanding team. I can’t say enough about the talented individuals we have on the committee. Each has a strong network throughout the industry, is knowledgeable on a variety of accounting topics, and is great to work with. It’s an honor to be part of delivering this valuable resource to our members, profession, and industry. v

Thanks, 2012-2013 Exempt Organizations Committee

The Society commends the following members for their service to the committee:

Dennis J. Desmond Jr. (chair)Brooks Lodden PC, West Des MoinesJeffrey F. Strawhacker (board rep.)Timmins Kroll & Jacobsen LLP, UrbandaleMark R. AlbericoNeighborhood Finance Corporation, Des MoinesThomas E. DrygGabelmann & Associates PC, BettendorfAlan F. FletcherAEGON USA Realty Advisors Inc, Cedar Rapids

Thomas J. GoedkenACT Inc, Iowa CityKarla L. Jones-WeberCommunity Foundation of Greater Des Moines, Des MoinesMichelene D. KinningOpen Bible Churches, Des MoinesStefanie E. LovinBrooks Lodden PC, West Des MoinesStephen V. MarlowCare Initiatives Inc, West Des MoinesDelmar R. MohlerFaith Community Founda-tion, Des Moines

Sridip MukhopadhyayaAEGON USA Investment Management LLC, Cedar RapidsJoseph B. RyanTD&T Financial Group PC, OskaloosaHolly J. SheldahlEFCO, Des MoinesJulie L. SpencerEmployee & Family Resources Inc, Des MoinesVirginia M. StriegelMcGladrey LLP, Des MoinesPatricia A. WrightLifespace Communities Inc, Des Moines

Thanks, 2012-2013 Governmental Auditing & Accounting Committee

The Society commends the following members for their service to the committee:

Kent A. Farver (chair)Iowa Department of Educa-tion, Des MoinesMark D. Wackerbarth (board rep.)Denman & Company LLP, West Des MoinesTimothy P. AndersonT P Anderson Company PC, HumboldtSusan D. BattaniOffice of Auditor of State, Des Moines

Sarah A. BohnsackBohnsack & Frommelt LLP, Taylor Ridge, ILRandall G. CookDraper Snodgrass Mik-kelsen & Co PC, CrestonDavid D. EllisDenman & Company LLP, West Des MoinesRussell G. JordanOffice of Auditor of State, Des MoinesCarrie A. KruseCity of Des Moines, Des Moines

Jennifer S. RodenbeckCity of Cedar Falls, Cedar FallsNeil W. SchraederHacker Nelson & Co PC, DecorahElizabeth A. ThyerGardiner Thomsen PC, Charles CityBrian M. UnsenEide Bailly LLP, Dubuque

CPA firm renewal reminderThe state of Iowa requires an annual renewal of CPA and LPA firm licenses. Therefore, all Iowa firms must renew their licenses by June 30, 2013. This

has not changed.

Thanks, 2012-2013 Insurance Industry

CommitteeThe Society commends the following

members for their service to the committee:

Rodney A. Van Genderen (chair)Principal Financial Group, Des MoinesBruce W. Hartley (board rep.)Brooks Lodden PC, West Des MoinesDeanna L. BennigsdorfSimpson College, IndianolaChristopher S. CooperPricewaterhouseCoopers LLP, Chicago, ILJilliane R. ErlbacherAviva USA, West Des MoinesAaron J. FrazierAviva USA, West Des MoinesRenae L. GarnerPrincipal Financial Group, Des MoinesJonathan D. HarrisMcGladrey LLP, Des MoinesDerek JohansenTransamerica, Cedar RapidsRonald J. KoonsPrincipal Financial Group, Des MoinesMichael J. MurkinsING, Des MoinesKyle K. Ten PasKPMG LLP, Des MoinesChristopher N. YuskaErnst & Young LLP, Des Moines

“ ”Great values never go out of style.

~ John T. Cahill

4 Iowa CPA | February 2013

News & Views

Member spotlight: Iowa CPA firm on list of 2012 best firms to work for

McGowen Hurst Clark & Smith PC, West Des Moines, is ranked second

in the midsized category in the 2012 list of Best Accounting Firms to Work For. This is the fifth year Accounting Today and Best Companies Group have collaborated on producing this list.

Each year, accounting firms from across the country choose to participate in a two-part survey process, including an evaluation of their workplace policies and practices, and an anonymous employee survey. This year, 244 firms applied for the honor to be one of 100 firms. Size determines the categories: small firms

(15-49 employees), midsized firms (50-249 employees), and large firms (250 and more employees). The 2012 list recognizes 47 small firms, 45 midsized firms, and eight large firms.

The 2012 list, published in the December issue of Accounting Today, includes a few statistics on each firm. For example, the McGowen CPA firm has 52 on staff; of those, 31% are men and 69% are women. The executive staff is 67% male and 33% female. Bob McGowen is the chief executive. It is the only Iowa firm on the list. Congratulations! v

Transformation of payables to electronic payment solutionsBy Jeff Travis

You should give serious thought to these components of the process around

payables: security, control, and cost. Within many businesses, checks are still the primary form of disbursement, but they are the least secure payment type. Check disbursements are the primary target for fraudsters, because each check has your routing number and account number on it. Checks cross the path of many people and vital information is ex-posed numerous times before it is presented to a bank. At a minimum, typically four differ-ent people handle each check between the time it is issued and deposited. Eighty-five percent of the organizations responding to a recent study reported that their checks had been the target of fraud. (2012 Association for Financial Professionals Payments Fraud and Control Survey, March 2012.)

From a cash positioning standpoint, checks also offer less control over the timing of a payment. That is, payments are either made earlier than necessary or after a deadline, which can cause a business to

miss a vendor discount. Remember that the greatest benefit of efficiency is control: it provides opportunities for discount cap-ture and allows you to make choices when it comes time for payment. (E-Payables 2011, Aberdeen Group, September 2012.)

Considering all factors, checks are the most expensive payment option. There are hard cost considerations: Stamps, check stock, envelopes, ink, and equip-ment maintenance. Conversely, there are soft considerations, such as labor costs for stuffing envelopes and mailing payments, managing escheatment issues, stop payments, reissuance of payments, and reconciliation challenges. The total cost for an organization to issue a check inter-nally ranges from $3.05 to $4.75 per item. (Cashflow Reengineering by James Sanger; IOMA AP Benchmark & Analysis 2007, The Blue Book of Bank Prices by Phoenix-Hecht.)

By contrast, commercial cards are among the payment type least targeted by fraudsters because a physical docu-ment is not being disbursed with critical account information. Card payments also offer total control over payment tim-ing and take out the guess work, which means discounts can be captured reliably. Another benefit to organizations is the

ability to extend their day’s payable. On average, businesses receive 23 days of deferment when using cards for pay-ment. According to a recent study, if U.S. companies simply improved the way they managed their accounts payable, they could free up a potential of $182 billion in cash flow. (Good to the Last Drop, by David Katz, CFO, March 2010.)

Lastly, commercial card payments are electronic and cost less to initiate than checks, because many of the hard costs are reduced or eliminated. Many soft costs are reduced as well. Depending on the commercial card program that your bank offers, you may also receive the benefit of a streamline reconciliation process as well. I encourage you to research what a commercial card payment strategy would mean for you business. v

Jeff Travis is vice president, sales consultant, with Wells Fargo Treasury Management, Des Moines.

Iowa CPA | February 2013 5

Classifieds

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IOWA PRACTICES FOR SALE: Cedar Rapids/Waterloo Area CPA Practice - gross $201K. Well-established practice with a quality client base of individuals and busi-nesses. Revenues comprised of 75% tax and 25% accounting/consulting services for year-round income. For more informa-tion about this great listing or others in your area, call 1-800-397-0249. Also, view listing details and register for free email updates at www.accountingpracticesales.com. Thinking of Selling Your Prac-tice? Accounting Practice Sales is the leading marketer of accounting and tax practices in North America. We have a large pool of buyers, both individuals and firms, looking for practices to purchase. We also have the experience needed to help you find the right fit for your firm, negotiate the best price and terms and get the deal done. To find out more about our risk-free and confidential services, call Trent Holmes at 1-800-397-0249 or email trent@accountingpracticesales.com.

ASSISTANT CONTROLLER–The Assis-tant Controller assists in planning and or-ganizes all financial accounting including: preparation of financial statements and reports that accurately depict the current financial position; helps ensure the timely, accurate and efficient analysis, report-ing of financial data in accordance with GAAP, provides support to the CFO and Controller as needed. Principal Duties and Responsibilities: Direct daily opera-tions of accounting department, including accounts receivable, accounts payable, general ledger, bank reconciliations, fixed assets, sales and use tax, and billing. Assist in the preparation of monthly and annual financial statements, audits, and all monthly reconciliations. Ensure the maintenance of accurate inventory and reconciliations of balance sheet accounts, including supporting documentation as required. Qualifications: Bachelor’s degree in Accounting or related field required. Minimum 3 years of accounting experience. Ability to prioritize and handle multiple assignments concurrently and proven ability to operate successfully in a demanding environment. Detail-oriented, ability to work in a meticulous and thorough manner. To apply, please send resume to kcook@aronaco.net.

ClassifiedsRates: 50-word minimum of $95. Additional words $.95 per word. Additional bold lettering for up to 10 words/$1.00 per word (25% member discount). If exactly the same ad is placed in more than 5 issues of this newslet-ter, the sixth ad will be free.

File numbers: Blind box ads are assigned file numbers by ISCPA and count as 5 words. All replies will be forwarded in a confidential manner. $15 handling fee.

Closing dates: Ad copy must be received in writing by 10th of the month prior to publication.

Content of all ads is subject to approval. ISCPA does not en-dorse any products or services advertised in its newsletter.

Tech that mattered most to small biz in

2012By Rieva Lesonsky

Even though 2012 was a tough year over-all for small businesses – the stubbornly

slow economy didn’t help – technology improvements continued to offer hope of lowering costs, boosting efficiency, increas-ing sales, and opening new markets. To the extent that they could find the cash, investing in technology remained a top priority for savvy smaller companies. These half-dozen technologies are the ones small businesses were most involved with in 2012. Read more at ReadWrite: http://bit.ly/VRHHYC. v

We Go To Work For You.

1-800-397-0249The Holmes Group

www.AccountingPracticeSales.comtrent@accountingpracticesales.com

GoÊwithÊtheÊbiggestÊinÊtheÊindustry.ÊWeÊ areÊ NorthÊ AmericaÕsÊ leaderÊ inÊ marketingÊaccountingÊandÊtaxÊpracticesÊbecauseÊweÊunderstandÊtheÊvalueÊofÊyourÊfirm,ÊknowÊhowÊtoÊmarketÊitÊandÊhaveÊthousandsÊofÊbuyersÊwhoÊwantÊaÊpractice.ÊOurÊbiggestÊ concernÊ isÊ you.Ê OurÊ brokerÕsÊ wealthÊ ofÊexperienceÊ culminatesÊ toÊ makeÊ sureÊ yourÊ comfortÊlevelÊ isÊ met,Ê yourÊ questionsÊ areÊ answeredÊ andÊeverythingÊisÊbeingÊdoneÊtoÊsellÊyourÊfirm.GiveÊusÊaÊcallÊtodayÊsoÊthatÊweÊmayÊgoÊtoÊworkÊforÊyou.ÊÊ

PCAOB member sees hurdles for

mandatory rotationBy Anne Rosivach

Speaking to reporters at a question and answer session at the AICPA Confer-

ence on Current SEC and PCAOB Develop-ments, PCAOB board member Jay Hanson said implementation of mandatory audit firm rotation was unlikely. Given a number of “hurdles,” he said, “I’m skeptical as to whether we’d ever get there.” Read the Accounting Web article: http://bit.ly/Up-XTDO. v

6 Iowa CPA | February 2013

News & Views

Two new affinity programs: Clothing & succession planning tool

Joining the list of Society member af-finity/buying programs (www.iacpa.

org/AboutISCPA/MembershipBenefits.aspx) are the Brooks Brothers’ Corporate Membership Program and CPASucces-sionMatch.com. Try them and let us know what you think!

Brooks BrothersEnroll in the Brooks Brothers’ Corporate

Membership program to save money when shopping for your professional wardrobe needs. As a corporate mem-ber, you will receive an everyday 15% savings on regular priced merchandise. This benefit is valid at all Brooks Brothers U.S. and Canadian stores, by phone, and online at BrooksBrothers.com. Members may access the Society’s ID# and pin code on the Affinity/Member-Buying Programs section of the Society website. To enroll, follow one of the steps below:

• Go to Membership.BrooksBrothers.com (do not type in http:// or www. in front

• of the website address). Enter the ISCPA ID # and your pin code.

OR• Call Corporate Incentive Services toll-

free at 1-866-515-4747, Monday through Friday, 9 am to 5 pm, ET. Have the ISCPA ID # and pin code available.

Please present your non-transferable Brooks Brothers Corporate Membership Card, temporary shopping pass, or email confirmation at the time of purchase. The 15% discount cannot be combined with any other offer, discount, or promotion. In order to receive your discount for online purchases, your billing and shipping ad-dress must match the address provided when enrolling for a corporate member-ship card.

Your corporate discount card will be valid for two years. After that, you may renew the card as long as the Society is participating in the corporate program.

Interactive succession planning tool

If you are researching options for merging with another CPA firm, sell-

ing your own firm, or acquiring one, CPASuccessionMatch.com may be able to help. The Society is partnering with the Connecticut Society of CPAs to offer this “matchmaking” website. CPASuccessionMatch.com offers a no-pressure, move-at-your-own-speed, confidential environment for research and due diligence. To help populate the website’s database with Iowa firms, the Connecticut Society is providing a free trial to our members.

Using CPASuccessionMatch.com is as easy as 1, 2, 3…

1. Search for others looking to sell, merge, or buy.

2. Subscribe to view full user profiles and connect.

3. For the free trial, use the promo code on the website when subscribing.

Please note: At the time of publica-tion, no firms in Iowa were listed on the website. Please consider listing your firm or if you know of a firm that is looking to merge, sell, or buy, contact the appropri-ate person and forward the information on this new member benefit. v

IFA offers mortgage program–‘Take Credit!’ By Beth Mahaffey

As of January 1, 2013, the Iowa Fi-nance Authority (IFA) began issuing

mortgage credit certificates through a program entitled Take Credit! These certifi-cates are for a non-refundable, federal tax credit that the home buyer claims on IRS Form 8329.

To be eligible, the taxpayer must be one of the following:

• A first-time home buyer, or

• An honorably discharged veteran who purchases a home and has not previ-ously used a mortgage revenue bond program, or

• A home buyer purchasing a qualified home in a “targeted area.”

The home buyer must also meet certain income limits established by the county and the purchase price cannot

exceed $250,000 for a non-targeted area or $305,000 for a targeted area home. The credit amount is 50% of the annual mort-gage interest paid for the life of the loan, and is capped at $2,000 per year.

The credit has a carry forward feature of three years, can be re-issued when refinancing the mortgage, and has the potential to be transferred upon the sale of the home. Because this credit is funded with mortgage revenue bonds, it may be subject to recapture tax laws. More infor-mation is available at www.iowafinanceau-thority.gov (under For Lenders & Realtors) or by calling 800-432-7230. v

Beth Mahaffey is business development director with Iowa Finance Authority, Des Moines.

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TheCorn DogCheckoff.

When completing taxes, please remind your clients to check off

$1 (or more!) on the Iowa Tax return.

Look for the State Fairgrounds Renovation Checkoff on line 58b of Iowa tax form 1040

and line 14 of 1040A.

For more information contact:www.blueribbonfoundation.org

1-800-450-3732

We know Iowans LOVE the Iowa State Fair. Help us continue to renovate and preserve the Iowa State

Fairgrounds.

Iowa CPA | February 2013 7

Member Focus

Slate of officers, directors

The 2012-2013 Nominating Committee has announced the slate of officers and direc-tors for 2013-2014. The election will be held at the ISCPA Annual Meeting on May 10,

2013, at the Airport Holiday Inn, Des Moines. The nominees are:

President (1-year term)Donald J. Seibel

FBL Financial Group Inc, West Des Moines

Vice President (1-year term)

S. James SmithMcGowen Hurst Clark &

Smith PC, Winterset

Secretary (1-year term)Michael A. Meinders

Carney Alexander Marold & Co LLP, Waterloo

Treasurer (1-year term)Patricia J. Bell

Principal Financial Group, Des Moines

Directors (3-year terms)Bradley L. Hauge

Cedar Rapids

Luke J. LammerLoras College, Dubuque

Kyle K. Ten PasKPMG LLP, Des Moines

Directors (1-year term)*Heidi E. Kleve

Wells Fargo Bank Iowa NA, Des Moines

Michael A. Scheuermann

Henkel & Associates PC, Boone

Welcome, New Members!Chelsea BernsKPMG LLPDes Moines, IA

Tyler J. LindCliftonLarsonAllen LLPWest Des Moines, IA

Andrew OswaltMcGladrey LLPIowa City, IA

Erica St JohnMcGladrey LLPWaterloo, IA

Professional Affiliate:Khoa T. HoAlicia Shaul CPA PLCWest Des Moines, IA

Exam-Qualified Affiliate:Connie J. RokkeErnst & Young LLPDes Moines, IA

Welcome, Student Affiliates!University of Dubuque

Stephanie L. PayneUniversity of Iowa

Candice C. StevensWestern Illinois University–Quad

CitiesMatthew R. Wendt

Dueling standards?By Steve Marlow, AICPA Council repre-sentative

A discussion around a financial report-ing model for small to medium-sized

entities (SMEs) has been going on between the Financial Accounting Standards Board (FASB) and the American Institute of CPAs (AICPA) for years. Anyone observing the discussions may have easily concluded that AICPA has become ever-so-frustrated with the speed, direction, and inflexibility of the FASB in addressing the needs of the users of financial statements of SMEs. For those that have not followed the interactions, you might not understand how wide the gap is between the AICPA model and the current FASB direction. Those differences were readily apparent at the most recent AICPA fall Council meeting in October 2012. I will try to give you the flavor of what each body believes is the appropriate direction.

Read the entire article by Steve: http://bit.ly/Wwnt8F. v

*One-year terms result from unfinished terms of two new officers.

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515.279.1111 • 888.226.0400FAX 515.279.8788

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Manage Exchangeand Professional Riskwith the Midwest’s Premier Exchange

Resource

May 10 presentation on ‘dead leaders’

What? Before you start thinking aliens have invaded the Society, you need

a few pieces of information. The morning speaker on May 10, annual meeting day, is David Rendall, author of The Four Factors of Effective Leadership and The Freak Factor: Discovering Uniqueness by Flaunting Weak-ness. Mr. Rendall is a professor of leadership education and a stand-up comedian. He also managed nonprofit organizations that employed people with disabilities. The full title of his presentation is: “Dead Leaders: Lessons from the Lives and Violent Deaths of the World’s Most Influential People.”

Mr. Rendall is coming to Iowa at the suggestion of Kathi Koenig, a shareholder with McGowen Hurst Clark & Smith PC, West Des Moines. She said, “When I heard Dave Rendall speak at a conference last June, I was impressed by his insights, humor, and professionalism, and how he kept my full attention throughout his pre-sentation. I immediately thought: This is someone the Society should ask to speak. I contacted Cindy and said so. I am excited that he is coming to our annual meeting and I can’t wait to hear him speak again!”

Is the morning session picture getting clearer? Mark your calendar now for Friday, May 10, come and judge for yourself. v

8 Iowa CPA | February 2013

CPE Spotlight

March, April seminars for

business & industrySioux Falls, South Dakota

Case Studies for the Financial Manager: Real-World Lessons Learned (4 hours)

March 26Essential Skills for the Survival and

Growth of Your Organizations (4 hours) March 26

AICPA’s Annual Update for Controllers March 27

Des Moines AreaEthics in the Real World (4 hours)

April 22

Financial Analysis in a Metrics Driven World (4 hours)

April 22

Chief Financial Officer: Executive Level Skills for Financial Managers

April 23

Cedar RapidsSupercharging Your Forensic

Accounting Skills (Cosponsored with the Institute

of Internal Auditors) March 4

2013 staff trainingAHI Staff Training

Basic: September 4-6

Semi-Senior: November 13-15

Beginning In-Charge: June 3-5

2013 conferencesIowa Governmental

RoundtableMay 21

Technology ConferenceJune 6-7

Insurance Industry Conference

June 24 (Note: Major sporting event in town–book

your overnight accommodations now!)

Fall Tax & Accounting ConferenceSeptember 26-27

Exempt Organizations Conference

November 8

Grain seminarsCourse highlights will include accounting, auditing and review, tax, grain warehouse and dealer regulations. Specific locations

to be determined.

May 30 – Western IowaJune 5 – Eastern Iowa

June 12 – Des Moines area

2013 annual meetingMay 10

Morning session speaker: David Rendall, professor and stand-up

comedian

Dead Leaders: Lessons from the Lives and Violent Deaths of the World’s Most

Influential PeopleHoliday Inn Airport, Des Moines