€¦ · Kim Lamplough, CPA Partner / MarcumRachlin, a division of Marcum LLP Ft. Lauderdale ....

2009 - 2010 Accounting Shows Committee

Frank P. Ward - Chair Christine Moreno - Vice Chair

Randee M. Abramson Alan D. Campbell Lynn H. Clements Lenice A. DeLuca Wayne T. DeWitt

Richard M. Dotson Gary A. Fracassi

Lucinda L. Gallagher

Paulette M. Holder Stanislav Jansta Sharon S. Lassar

James M. Luffman William L. Maloney

Patricia M. McDougle Rhonda S. Mowry

Mario R. Nowogrodzki

Cecil Patterson, Jr. Martin M. Prague Robert M. Rankin

Diane J. Reich Poornima Srinivasan

Denise M. Stubbs Cheryl L. Whitehead

Donna C. Zeitler

25th Annual Accounting Show September 29 – October 1, 2010

Ft. Lauderdale

1:45 - 3:25pm Going Concern ...............................................................1 William H. Hahn, CPA, DBA Professor of Accounting / Southeastern University Lakeland and Ed Plastow, CPA, PhD Professor of Business / Southeastern University Lakeland 4:05-4:55pm IFRS...................................................................................35 Kim Lamplough, CPA Partner / MarcumRachlin, a division of Marcum LLP Ft. Lauderdale

Going Concern

William H. Hahn, CPA, DBA Ed Plastow, CPA, PhD

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William H. Hahn, CPA, DBA Professor of Accounting

Southeastern University Before going into education, Dr. Bill Hahn gained 20 years of experience in the banking industry as both a CFO and COO for NASDAQ-traded companies. In his banking career, he managed several areas, including accounting, investments, loan and deposit operations, legal, facilities, and human resources. He was also with Ernst & Young, CPAs for four years. Prior to his career at Southeastern, Dr. Hahn taught eight years and served as a Division Chair at the College of St. Joseph in Vermont. Dr. Hahn has contributed numerous academic, refereed, and trade practitioner publications to his field and has written a monthly business trend column for the Rutland Herald newspaper. His academic articles have appeared in Accounting Forum, The Journal of Education for Business, International Journal of Bank Marketing, and Journal of Services Marketing. He believes that the classroom is a place to help students learn bother the theoretical and the applied aspects of their chosen career field. Dr. Hahn teaches Intermediate Accounting, Managerial Accounting, and Strategic Management and has research interests in accounting theory, strategic planning and performance sustainability.

2

Ed Plastow, CPA, PhD Professor of Business Southeastern University

In the mid-1980’s, Dr. Plastow was the CFO for a large corporation in California. He has also been a senior manager for Touche Ross, his responsibilities involving working with professional sports franchises. For about two decades, now, he has been teaching at the university level, first at Dakota Wesleyan University and now at Southeastern University. Dr. Plastow was the chair of the business program for five years as it grew from seven students to 160 students and added multiple academic majors. He was also the early collaborator for instigating the evening business program. Dr. Plastow has been a long-time college basketball coach, and after many years of coaching men, he has spent the past five years coaching the Southeastern Lady Fire, a team which has become a national force. Dr. Plastow and his wife, Shannon, spend their summers doing mission work in the Alaska Bush. Dr. Plastow teaches the following courses at Southeastern: Not-for-Profit Accounting, Advanced Accounting I, Accounting II, Leadership and Ethical Management (MBA program), Intro to Sports Management, and Auditing I and II. He is published in the area of Sports Management.

3

NO. 1650-100 | OCTOBER 9, 2008

FinancialAccounting Series

EXPOSURE DRAFT

Proposed Statement ofFinancial Accounting Standards

Going Concern

This Exposure Draft of a proposed Statement of FinancialAccounting Standards is issued by the Board for public comment.

Written comments should be addressed to:

Technical DirectorFile Reference No. 1650-100

Comment Deadline: December 8, 2008

Financial Accounting Standards Board of the Financial Accounting Foundation

13

In 2009 the three most common reasons given by auditors for their concerns are:

1. Operating losses (1,476 opinions), 2. Inadequacy of working capital or current ratio

(856 opinions)3. Accumulated earnings deficit (625 opinions).

Six percent of the companies which received going concern opinions in 2008 subsequently filed a termination of registration with the SEC.

32

09

19.8%

33

Case Study – Time Permitting

Thank You For Your Attention

Do You Have Questions?

34

IFRS

Kim Lamplough, CPA

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Kim A. Lamplough, CPA Partner – Assurance Services

MarchumRachlin Kim Lamplough is partner-in-charge of MarcumRachlin's Assurance Division. She has more than 20 years of experience providing audit and financial reporting services to both domestic and international companies in the public and private sectors, which includes commercial, SEC and not-for-profit clients. She also leads the firm's Fort Lauderdale office.

Ms. Lamplough is the quality control partner for commercial and SEC engagements. She is also the technical partner for the firm. In this role, she is responsible for the firm's compliance with applicable auditing standards and consulting with clients on various auditing and financial reporting matters.

Ms. Lamplough participates in speaking engagements regarding current SEC issues, as well as various auditing and financial reporting topics and she directs and supervises continuing professional education efforts within the firm.

36

P A S S I O N I N T E G R I T Y E X C E L L E N C EP A S S I O N E X C E L L E N C EA Division of Marcum LLPA Division of Marcum LLP

FLORIDA NEW YORK NEW JERSEY CONNECTICUT PENNSYLVANIA GRAND CAYMANA Division of Marcum LLP

1

InternationalFinancial Reporting Standards

Presented by

Kim Lamplough, CPA


FLORIDA NEW YORK NEW JERSEY CONNECTICUT PENNSYLVANIA GRAND CAYMAN 2

International Financial Reporting Standards

What are IFRS?

What is the IASB?

Where does the SEC stand?

What about private companies?

What about education and licensing?

Full IFRS –

Significant differences from US GAAP

IFRS for SME’s

What’s it all about

37



International Financial Reporting Standards cont’d

What are IFRS?A set of accounting standards developed by the International

Accounting Standards Board




What is the IASB?

An independent accounting standards setting body

14 members from 9 countries

Began operations in 2001

38




How widespread is it used around the world?More than 120 nations permit or require IFRS for domestic listedcompaniesMore than 12,000 companies in 113 nations have adopted IFRS.The European Union requires listed companies as follows:

Australia, New Zealand and Israel have adoptedCanada and India by 2011Mexico 2012Japan has a roadmap for a decision by 2012 with adoption in 2016




Where does the SEC stand?For many years, the SEC has publicly supported a core set of accounting standards that could serve as a framework and has supported the FASB and IASB efforts to develop a common set of global standards.In November 2008, the SEC issued a proposed road map for a staged transition for mandatory adoption of IFRS by U.S. public companies.Although the new SEC chairwoman Mary Shapiro had originally backed away from full support, the SEC in February 2010, issued 2 releases commissioning support of convergence and global accounting standards.

39




Convergence or adoption?

Convergence, already underway, means FASB and IASB workingto develop high quality compatible standards.Adoption means U.S. companies would be required to use IFRS as generally accepted accounting principles from a date specified forward.




What about private companies?The general belief is that it will not be required.Voluntary adoption will be possible:

The AICPA took action in May 2008 to recognize the IASB as the international accounting standard setter.

IFRS for small and medium signed enterprises was released on July 9, 2009.Adoption by non-public entities will likely be market driven.Blue Ribbon Panel on standard setting for Private Companies

40




What about education and licensing?

Major undertaking to incorporate information:

Curriculums

Textbooks

Testing

Certifications

Uniform CPA exam by 2012, maybe soonerAICPA announced IFRS certificate of accomplishment commencing May 2010 requiring 72 hours of content to complete.




Full IFRS-Significant Differences from US GAAP

LIFO

Reversals of Prior Write-downs

Amortization of Goodwill

Uncertain tax positions

41




Accounting Treatments still on Convergence Agenda

Financial Instruments

Revenue Recognition

Leases




IFRS for Small and Medium Sized EntitiesWhat’s it all about?

42




The IFRS for SMEs

Is a self-contained Standard

Incorporating accounting principles that are based on full IFRSs

Have been simplified to suit the entities within its scope




IASB Issued IFRS for SMEs on July 9, 2009IASB intends to update the standard approximately every three years

Is effective immediately

Entities in the United State States that meet the definition of a SME may be able to apply the standard immediately

43




On May 18, 2008, the Governing Council of the AICPA amended the AICPA’s Code of Professional Conduct to designate the IASB as the body to establish professional standards with respect to international financial accounting and reporting policies

Enables AICPA members to report on financial statements preparedin conformity with IFRS as issued by the IASB as an alternative to U.S. GAAP

Both “full” IFRS or IFRS for SMEs covered by actions of the AICPA Council




TimelineIASB first discussed potential project in 2001

Discussion paper for comment June 2004

Public roundtables October 2005

Exposure draft February 2007

Issued July 2009

44




Key Features

Self-contained set of accounting principles

Standard organized by topics

Separate and distinct framework compared to full IFRS




Criteria for Application of SMEs

No public accountability

Issues general purpose financial statements

45




Public Accountability

Debt or equity traded in public markets

Holds assets in fiduciary capacity as primary business




Individual Jurisdictions Decide Who Is Permitted or Required to Use IFRS for SMEs

46




General GuidelinesMust apply standards in full

No mix and match with full IFRS except financial instruments

Includes guidance for development and application of accounting policies in absence of guidance




What are the Overarching Differences?Removes some accounting treatments under full IFRS

Simplifies requirements for recognition and measurement

Eliminates topics and disclosure requirements that are not relevant to SMES

IFRS for SMEs is a self-contained standard

47




Topics Omitted

Earnings per Share

Interim Financial Reporting

Segment Reporting

Insurance

Assets held for sale




Accounting Treatments DisallowedRevaluation model for PP&E and Intangibles

Proportionate consolidation for joint ventures

Investment property measurement is driven by circumstances

Options for accounting for government grants

Capitalizing borrowing costs

Capitalizing development costs

Deferral of actuarial gains and losses – defined benefit plans

48




What Does This Mean for US Accountants and Companies

More choices

More costs … or maybe less

New skill sets

Continuous learning


FLORIDA NEW YORK NEW JERSEY CONNECTICUT PENNSYLVANIA GRAND CAYMANA Division of Marcum LLP

26

Kim Lamplough, CPAMarcumRachlin450 East Las Olas Boulevard, Ninth FloorFort Lauderdale, Florida 33301Phone: (954) 525-1040Fax: (954) 525-2004Email: [email protected]

For Further Information

marcumrachlin.com

49

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Visit www.ficpa.org and take advantage of your membership benefits, or contact the Member Service Center (MSC) at (800) 342-3197 (within Florida only) or (850) 224-2727, or e-mail [email protected].

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Join a SectionSee how others are handling the same challenges you face by just logging on to theInternet. Professional interest Sections provide members the opportunity to askquestions and get advice from colleagues around the state. Each Section has a privatemembers-only Listserv where members share and communicate ideas with each otherany time of the day.

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Safeguard YOUR professionYou worked hard to become a CPA, and we work hard to make sure that designationmeans something. The FICPA represents Florida’s accounting professionals before thestate Legislature to protect the CPA license. When you support the FICPA, you supportyour professional future.

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Contact Adam Hebenthal at (800) 342-3197 (within Florida only) or (850) 224-2727, ext. 305 or e-mail [email protected].

(PLACE ON YOUR COMPANY’SLETTERHEAD)

Attention: Business Editor Contact: (CONTACT NAME)(CONTACT’S TITLE)

(FIRM NAME)For Immediate Release Phone ____________________

E-Mail ____________________ (WEB ADDRESS, IF APPLICABLE)

(MEMBER’S NAME), CPA, Completes courseon (SUBJECT AREA)

(MEMBER’S CITY), (DATE), 2008 -- _______(MEMBER’S FULL NAME)___________,CPA, of _____(FIRM NAME)______ in ________(CITY)______________________, completed a course,

“________(COURSE TITLE)______,” on ____(DATE) ____. This continuing-education course covered

the topic of_____________________(SUBJECT AREA)______________________.

___(MEMBER’S LAST NAME)_________ is a ______(POSITION TITLE)___________ practicing in the

area of (MEMBER’S AREA OF PRACTICE – TAS, AUDIT, ETC.) with the firm.

In addition to (MEMBER’S LAST NAME)’S professional responsibilities, HE/SHE is also active in (LIST

ANY OTHER PROFESSIONAL/CIVIC/ VOLUNTEER/COMMUNITY ACTIVIES – OPTIONAL). HE/SHE is

an active member of the Florida Institute of Certified Public Accountants, the professional association

representing the interests of more then 18,400 CPAs with over 4,400 offices throughout Florida.

(MEMBER NAME) can be reached by telephone at _____(PHONE NUMBER)____, or via e-mail at

_______(E-MAIL ADDRESS)_______.

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€¦ · Kim Lamplough, CPA Partner / MarcumRachlin, a division of Marcum LLP Ft. Lauderdale ....

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