iowa cpa - april 2014

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

CPAs focus on financial literacy

April is Financial Literacy Month, and according to an Iowa Col-lege Student Aid Commission report, Iowa college students from the graduation class of 2011 accumulated an average

of $28,753 in student debt—the sixth highest of all states. The U.S. Department of Commerce Bureau of Economic Analysis lists the per-sonal savings rate of Americans at 4.3 percent in January of 2014. This rate represents the ratio of personal savings to disposable per-sonal income and hasn’t seen double digits since 1985. The trends are clear: Savings is declining and debt for young adults is increasing.

Think back to your first financial literacy lesson. Was it after the tooth fairy slipped that much-anticipated coin or bill un-der your pillow? Maybe it was during your birthday celebration when grand-ma and grandpa’s gift of cash turned into a lesson on savings account inter-est. Or perhaps it was over a session of learning how to track what’s in a checking account with mom or dad. Whatever those lessons were, now you can play a part in providing money manage-ment lessons to Iowa’s kids and young adults.

CPAs educating IowansISCPA’s Financial Literacy Committee has connected with teachers and students across the state with a single goal in mind—to help educate younger members of the community on how to make good financial decisions.

April 2014

Newsletter from the Iowa Society of CPAs, your primary source for profession-related information

Members of ISCPA’s Financial Literacy Committee have been leading the CPA profession in developing programs to advance financial literacy in Iowa.

Julie M. Thelen, chairPrincipal Financial Group, Des Moines Michael A. Scheuermann, board liaison Henkel & Associates PC, Boone Jon Jay C. Agard Access Systems, WaukeeJodi D. BakerBooneGregory J. BraunOpportunity Village, Clear LakeChawn F. HonkompBank Iowa, West Des MoinesMarcus L. IwigFoster Group Inc, West Des MoinesRandalle KnappBohr Dahm Greif & Associates PC, Cedar RapidsSean A. LarsonMcGladrey LLP, Des Moines

Casey L. LehmanMcGowen Hurst Clark & Smith PC, West Des MoinesScott F. MeisterBrooks Lodden PC, West Des MoinesPatrick A. MeyerIowa Coalition Against Sexual Assault, Des MoinesJeffrey B. MonsonEMC Insurance Companies, Des MoinesBruce R. SchmiedlinBruce Tax & CPA, GrimesLaura ScottMorgan Stanley Smith Barney, DavenportDawn E. SteenhoekDenman & Company LLP, West Des MoinesMonica L. SullivanDeloitte & Touche LLP, Des MoinesTom R. ThompsonTD&T CPAs and Advisors PC, Fairfield

We live in an age where plastic is money, the line between

wants and needs gets blurred, and spending more than we have is part of the norm. We hope our programs resonate

with young Iowans and they’ll remember our suggested

practices in the future. It’s one more way CPAs can contribute

to the prosperity of our communities and the people

who live there.– Julie Thelen, senior financial

accounting analyst, Principal Financial Group, Des Moines

“

”

Continued on page 7

2 | Iowa CPA | April 2014 www.iacpa.org

Leadership, awards, buddies and tattoos

Education, inspiration, networking and fun await you at the ISCPA Annual Meeting & Leadership

Conference, Friday, May 9, 2014, at The Meadows Events & Conference Center at Prairie Meadows in Altoona.

Networking breakfastJoin us for breakfast, catch up with col-leagues old and new, and help us recog-nize the Iowa CPAs who have served as past presidents of ISCPA.

Meet the new face of leadership Dr. Todd Dewett is a speaker, writer, re-covering management professor, tattoo addict, Harley Davidson nut, and author of the popular leadership guide “The Little Black Book of Leadership.” His unique brand of energetic knowledge has attracted Fortune 500 clients and quotes in the New York Times, Busi-nessweek, CNN, MSNBC and hundreds more. Check out Dr. Dewett here: www.youtube.com/watch?v=UoruU-rndBA.

Sweet awardsAfter lunch and election of officers and board members, ISCPA President Don Seibel will present several awards.

You can celebrate and congratulate this year’s winners over our ice cream bar during the awards reception.

Buddy project What’s it like to attend a professional event and you don’t know a soul? Probably uncomfortable. In comes the Buddy Project, spearheaded by ISCPA’s Membership & Member Benefits Committee. Successful CPA exam candidates have been invited to the conference, and each attendee will be partnered up with a volunteer. The candidates will be wearing colored nametags so please recognize these at-tendees and make them feel welcome.

Attire to InspireBring your gently used profes-sional or busi-ness casual attire and help the LEAP (lead-ers emerging in the accounting profession) Task

Force support AIB College of Business students as they prepare for a future in the workforce. Students from AIB “shop” the Bill Reichardt Clothes Closet, located on the AIB campus, for items they need to look their best.

Member social Head to Jethro’s BBQ in Altoona imme-

diately following the event for a member happy hour and social, hosted by the LEAP Task Force. All members and their guests are welcome to attend. Meet and catch up with other

members, ISCPA staff and profession leaders for some great conversation and fun.

Register now!You are strongly encouraged to attend this once-a-year opportunity to learn, celebrate and collaborate with fel-low members and welcome new CPAs into the fold. More information and registration is available at www.iacpa.org. Please contact Kathy Nicholson at [email protected] with questions.

Issue No. 2014-04

Published 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: [email protected]: www.iacpa.orgor, contact the ISCPA office:515-223-8161/800-659-6375

Front page photo: Iowa State Campanile, AmesPhoto by: JIM HEEMSTRA

2014 Iowa CPA Golf Classic(formerly known as the Central Iowa Chapter Golf Outing)

June 10, 2014Copper Creek Golf Club, Pleasant HillAll ISCPA members invited to attend.Registration available at www.iacpa.org.

Please contact Cindy Adams at [email protected] or 515-223-8161/ 800-659-6375 with questions.

Register now!

SPONSOR OPPORTUNITIES AVAILABLE: Contact Cheryl Miller at [email protected]

www.iacpa.org Iowa CPA | April 2014 | 3

New CPAs honored for top score

ISCPA will present awards to the top Iowa candidates who successfully completed the final part of the Uni-

form CPA Examination in 2013 at the Annual Meeting & Leadership Confer-ence, May 9, 2014. Visit the “Students and Careers” tab at www.iacpa.org for a list of the 208 2013 successful candi-dates. Eight candidates marked with an asterisk (*) in the ad, have scores in the top 3 percent. Five of those will be presented with the ISCPA Certificate of Excellence and three who scored in the top 1 percent will receive the ISCPA Capstone Award. The Capstone recipi-ents will not be announced until the May 9 event. Another asterisk (**) will be added to their names in the ad after the awards presentation.

To be eligible for the Certificate of Excellence and the ISCPA Capstone Award, candidates must have success-

fully completed all four sections of the exam during an 18-month time frame, with the final section of the exam being passed in the calendar year preceding the annual meeting (i.e., 2013 for the May 2014 awards). Top scorers, their employers, and institutions where they received degrees are listed below:

Dalton M. Boettcher, Pricewater-houseCoopers LLP, Minneapolis, MN – University of Northern Iowa

Andrew C. Follmann, Ernst & Young LLP, Des Moines, IA – University of Northern Iowa

Kelsey D. Barnes, Ernst & Young LLP, Des Moines, IA – University of Iowa

Wilson G. Roorda, Pricewaterhouse-Coopers LLP, Minneapolis, MN – University of Iowa

Michael Rubel, McGladrey LLP, Dubuque, IA – Loras College

Amy J. Randeris, LWBJ LLP, West Des Moines, IA – University of Iowa

Grant T. Willard, PricewaterhouseCoo-pers LLP, Dallas, TX – University of Iowa

Timothy P. Williams, Pricewaterhouse-Coopers LLP, Minneapolis, MN – University of Northern Iowa

Award recipients and their respective spouses/guests have been invited to at-tend the May 9 lunch, awards ceremony and reception in their honor. Volun-teers from the Membership & Member Benefits Committee’s Buddy Project will also host these award winners during the day. Come to the May 9 event to congratulate the award recipients and meet Iowa’s newest CPAs.

Marijuana: A growing issue for Iowa CPAs?

As this month’s issue of Iowa CPA went to print, twenty states and the District of Columbia

have enacted laws that allow people to use medical marijuana with a doctor’s recommendation. Two of those states – Colorado and Washington – have legalized it for recreational use. Sixteen other states have pending legislation to legalize medical marijuana.

In February, a bill was introduced in the Iowa Senate to legalize medical marijua-na, but it didn’t advance due to a lack of bipartisan support.

Interim studyOn March 19, a bipartisan group of ten Iowa senators—five Republicans and five Democrats—co-signed Senate Resolution 112, which seeks an interim study on establishing a “medical use of cannabis program” in Iowa. Interim study committees meet after the legis-

lative session ends and typically com-plete their work before the next session, which will convene in January 2015.

Marijuana is still illegal under federal law, but the U.S. Justice Department stated last year that the federal govern-ment will not intervene in the imple-mentation of state medical cannabis programs, as long as the activities are covered under state law.

Poll signals Iowans’ supportWith a significant majority of Iowa adults (59 percent) supporting the drug for medical purposes (according to a recent poll by The Des Moines Register), and the continued cannabis conversa-tion at the Statehouse, its high time for Iowa CPAs to think about implications for the profession if marijuana legisla-tion is passed in Iowa.

White paper provides brief on state marijuana lawsThe AICPA, with input from the Colorado and Washington state CPA societies, de-veloped an issue brief in May 2013 that gives an overview of U.S. recreational and medical laws, and information for CPAs considering providing services to businesses that operate in the mari-juana industry.

ISCPA will continue to monitor this and other legislative and regulatory issues affecting the profession. Stay up-to-date on legislation being monitored by the ISCPA and its lobbyists, posted on the Governmental Relations page under “Resources” at www.iacpa.org. And watch for Take 5, a legislative update emailed to ISCPA members during the legislative session.


Classifieds

For ad rates and deadlines, visit: www.iacpa.org/Resources/

ClassifiedAds/ad_rates.aspx.

CAREER OPPORTUNITY-CONTROLLER-SHIP-MUSCATINE, IOWA. Our client, a respected organization in their industry, is seeking their next Controller due to retirement. This organization, founded in the late 70s, is growing dramatically and seeks a strategic individual to grow with the organization. Responsibilities will in-clude M/E close, Financial Statements, budgeting, forecasting, G/L, internal controls, and the creation of KPI’s for management decision support. CPA, and 4-6+ years of experience required. Prefer Public Accounting background. For confidential consideration, please contact: Miles Morrow, CPC, Iowa Career Connection: 515-282-5823 or [email protected]. We are retained by our clients who pay all fees.

IOWA PRACTICES FOR SALE: North-west Iowa CPA Practice - gross $570K; Central IA (near Des Moines) CPA Practice - gross $170K; Manchester CPA Practice - gross $435K; Fairfield CPA Practice - gross $655K; NE Iowa (Near Waterloo/Cedar Rapids) Tax & Acctng - gross $240K; Muscatine County EA Tax & Acctng Practice - gross $157K. For more information about these great list-ings 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 Practice? 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 [email protected].

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a terrific opportunity for you.This position reports directly to the Chief Accounting Officer. In this posi-tion, strong leadership will be required to direct the work of six professional accountants and the assistant controller. You will establish and maintain control of the financial resources of the company. This position is located at our corporate office in South Sioux City, NE.To be successful in this position you need: Bachelor’s degree in accounting, CPA or MBA preferred; Minimum 10 years of experience with professional level accounting functions, such as public accounting or as a controller, trea-surer or senior accountant; Supervisory or management experience required; Advanced knowledge of GAAP account-ing and experience with Sarbanes Oxley; Desire and potential to advance to a higher level leadership role in the com-pany; Demonstrated leadership skills with ability to develop, coach and provide team recognition.We offer you a challenging career coupled with a competitive compensa-tion and benefits package. To learn more or to apply, please view the career section of our website at www.gwccnet.com. After visiting with us, you will agree that at Great West…The Difference is Service®.

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We are different because we can produce the best results for YOU. Give us a call today so that we can start working to remove your selling headache and to obtain the goal you desire.

Ryan M. McCoy has been hired by Care Initiatives Inc, West Des Moines, as senior financial consul-tant.

The following personnel have been hired by Denman & Company LLP, West Des Moines: Robert Endriss as audit-in-charge and Denise M. Darling as staff accountant.

Kevin B. Anderson, King Reinsch Prosser & Co LLP, Sioux City, has been promoted to partner.

Do you have member news to share? Contact the ISCPA’s Cheryl Miller at

[email protected].

Members in the News

Student AffiliatesLoras CollegeIsaac J. Sturm

Simpson CollegeEric P. Lande

The Society offers condolences to the family of:

James I. Barron, Waterloo, CPA cer-tificate No. 416. Jim was a member since 1956.

In Remembrance


New MembersRyan E. Burbach

Honkamp Krueger & Co PCDubuque

Seth R. GilkesLockard Companies

WaterlooJulie A. Kemp

Honkamp Krueger & Co PCDubuque

Lee M. KubikNichols Rise & Company LLP

Sioux City

Gary D. LongneckerDahl’s FoodsDes Moines

Allen M. PolferBergan Paulsen & Company PC

Cedar RapidsCarol J. Sailer

Lewis Kisch & Associates LtdHastings, MN

Jennifer A. SchutzLewis Kisch & Associates Ltd

Hastings, MN

Members get more for less at

Make some fond family memo-ries or have some laughs with friends at Iowa’s largest

recreational destination, Adventureland Amusement Park in Altoona. ISCPA members will be able to take advantage of a 25 percent discount on admission through our new corporate partner program in 2014.

Save even moreMake a weekend out of it or plan that summer trip. Consecutive 2nd day corporate partner tickets may be pur-chased for $25.00 each—a savings of 37 percent. Also save $10 off season

passes (regularly $120) and $30 off your stay at Adventureland Inn.

Coming in 2014June will bring a brand new thrill ride, the Storm Chaser. This 250-foot-tall tower swing ride will test the bravery of the most daring riders! If you’re less adven-turous, there’s something for everyone’s taste. You can enjoy great water rides and the full array of live music, magic, and song and dance shows.

The park opens April 26, 2014. Look for information on how you can get your discounted tickets later this month at www.iacpa.org.

Corporate Partner Price

Normal Admission Price

Total Savings Per Ticket

Regular (10 yrs. & over) $30.00 tax incl. $40.00 tax incl. $10.00

Children (4-9 years) $30.00 tax incl. $35.00 tax incl. $5.00

ISCPA member pricing

LEAP forward

The LEAP Task Force invites all members 40 and under to take part in emerging leader training,

volunteer projects and fun opportuni-ties to network with your peers in 2014. Contact Katie Shields at [email protected] for more information or visit us at www.iacpa.org.

Here are a few things you won’t want to miss:

May 9 – Attire to Inspire clothing drive at Annual Meeting & Leadership Confer-ence. The Meadows Events Center, Altoona

May 9 – ISCPA member social hosted by the LEAP Task Force (immediately following Annual Meeting & Leadership Conference). Jethro’s BBQ, Altoona

June 20 – LEAP LunchUp Speaker and location TBD

Aug. 6 – Emerging Leaders Conference

More LEAP events coming in 2014!


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Governmental conference scheduled early MayThe 2014 Iowa Governmental Round-table is scheduled for Tuesday, May 13, a change from previous years in order to avoid a date conflict with another national government conference. The 2014 conference offers information on issues for both governmental entity staff and auditors.

• State Auditor Mary Mosiman will update participants on state issues.

• GASB chair Dave Vaudt will report on activities designed to improve accounting and financial reporting for state and local governments.

• Get the latest on pensions for governments, single audit, Depart-ment of Education updates, prop-erty tax reform, tax-advantaged

bonds, group audits, public bidding and an Iowa fraud case.

More information will be distributed this month. Registration is available on the ISCPA website at www.iacpa.org.

Keep current on changing health care reform issuesLearn about the latest guidance on the Affordable Care Act. There are a host of new taxes, tax credits, mandates, pen-alties, reconciliations and requirements that your clients and businesses must implement.

“Key Tax Issues in Implementing the Affordable Care Act” will be presented by Doug Van Der Aa in the following locations in May or June.

May 19–DavenportMay 28–Sioux Falls, SDJune 23–West Des Moines

2014 AHI Staff Training programs

Aug. 4-6: Beginning In-ChargeSept. 3-6: Semi-SeniorSept. 24-26: Basic

Improve the quality of employee benefit plansLoscalzo’s Current Practice Issues and Solutions in Audits of Employee Benefit Plans

May 19–Sioux CityJune 2–Iowa City

Loscalzo’s Audits of Defined Contribu-tion Plans (Emphasizing 401(k) Plans)

May 20–West Des Moines

FREE CPE–ask the expert monthly seriesCPA Crossings, one of ISCPA’s CPE part-ners, offers numerous webinars and live seminars. In appreciation of our patron-age, they are offering a free monthly technology series beginning in April. The one hour webinar will feature a different technology topic each month. Participants will be able to submit their questions in advance of the session or ask it during the webinar. April’s topic is Microsoft Excel How-to, scheduled April 25 at 11 a.m. One hour of CPE credit will be available for those who attend. Register in the webinar section of the ISCPA online catalog.

CPE Spotlight

Skills to Succeed 24/7 series

The ISCPA’s Family and Workplace Issues Committee has designed three mini-seminars for people starting a career, seeking a promotion, thinking about mid-career changes, or looking to develop their soft skills. The seminars start

at 8:30 a.m. and end at 12:30 p.m. Lunch will be included.

• May 22 - Organizational and time management skills, West Des Moines; • Nov. 7 - Organizational and time management skills, Iowa City• Sept. 24 - Listening essentials, West Des Moines• Oct. 1 - Strategies and techniques for successful writing and speaking, West

Des MoinesA brochure with further details and registration form will be distributed this month. There is a discount to attend all three seminars if you contact ISCPA at 515-223-8161 to register by May 1. You may register online anytime for the individual semi-nars at www.iacpa.org.


Iowa educators have assisted ISCPA in developing these financial literacy programs to fit the Iowa Initiative of the 21st Century Learning Skills and Iowa Core Curriculum.

Money Mammals is an engaging and fun presentation for children ages 4-6, featuring a video titled The Money Mammals: Saving Money is Fun*. Kids will delight in the Money Mammals characters - Joe the Monkey, Clara J. Camel, Piggs the Bank and Marmoset – as they exchange funny dialogue, dance and entertain with catchy songs.

Topics covered:• Saving money• Sharing (charitable

giving)• Needs vs. wants• Allowance• Making smart money

choices

*Highlighted by The Wall StreetJournal as one of its “Toys that Teach Savings Savvy.”

Avoiding the Debt Trap is a presentation for students completing high school or beginning col-lege. This presentation was put together using a variety of sources includ-ing an Iowa State Univer-sity documentary about students who

find themselves buried in debt, and presentations from the Iowa Student Aid Commission. Ad-ditionally, the presenta-tion includes a section on budgeting, featuring apps that are helpful in assisting with a modern-day budget for a student their age.

Topics covered:• College expenses• Credit cards• Budgets• Credit scores• Compound interest

The Financial Literacy Committee encourages you to reach out to your firm/com-pany and community businesses to help purchase more piggybanks and materials for these presentations. Personal donations are also accepted. Visit the Financial Literacy page under “Resources” at www.iacpa.org for more information.

As the end of the school year approaches, there are still plenty of classrooms to visit. Contact Toni Roof at [email protected] or 515-223-8161/800-659-6375 to volunteer in your community and make a presentation by the end of this school year or in the fall of 2014.

How are you or your employer improving financial literacy in your community? Join ISCPA’s members-only LinkedIn group at www.linkedin.com/groups/Iowa-Society-CPAs-ISCPA-4544550/about and tell us.

“These are fun AND worthwhile proj-ects. You know it’s worthwhile when parents mention the kindergarten program to you and how their chil-dren use the banks we give out.”

“Economists believe student loans will cause the next housing crisis. CPAs have the power to have a positive affect on our society by reaching students BEFORE they get in over their heads. The future of our economy depends on it.”

– Mike Scheuermann,shareholder,

Henkel & AssociatesPC, Boone

Mike currently serves on the ISCPA board,

Financial Literacy Committee and 100th Anniversary Task Force.

ISCPA sponsors Money Smart Week

To promote Financial LiteracyMonth, organizations across the state have collaborated on

coordinating free financial educational seminars and activities during the week of April 5-12, 2014. Programming is of-fered to Iowans of all ages and income levels, and feature presentations by community groups, financial institu-tions, government agencies, education organizations and financial experts. For the most up-to-date listing of Money Smart Week events, visit www.mon-eysmartweek.org.

CPAs focus on financial literacyContinued from page 1

How to: Connect with ISCPA


Most of us are looking to save money any way we can. Especially on things we can’t even see.

Like insurance. But inferior insurance is just plain useless.

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West Bend. Insurance you buy when you can’t afford anything less.

To find out more, contact an official supplier of the Silver Lining®.

Visit thesilverlining.com for the name of the one nearest you.

ISCPA visits future CPAs at Simpson

On March 6, ISCPA staff walked through the red brick gates of Simpson College in Indianola to

visit Professor Shane Cox’s senior ac-counting capstone class. Subject of the day: trends in the profession, careers as a CPA, taking the CPA exam, the value of ISCPA membership and CPA cookies!

CEO Cindy Adams shared statistics on the “graying of the profession,” with 75% of all CPAs in the U.S. reaching retirement age in five years. According to The Wall Street Journal, there is an upward trend of CFOs holding a CPA designation, growing from 25 percent in 2006 to 38 percent in 2013. Students were excited to hear that CNNMoney put CPAs as No. 9 on their “Best Jobs in America” list.

ISCPA member Lance Dieleman, Schur-ing Uitermarkt Sims McCleish & Ver Meer PC, Urbandale, spoke to the group about his certification in 2011 and gave advice on preparing for and taking the

exam. Students then had the opportu-nity to ask Lance about his job, working with clients and the role he plays in dif-ferent projects at work. “I love to make the complex simple and I really like helping people,” he said. “Being a CPA allows me to do both.”

Next up: University of IowaISCPA and a panel of six Iowa CPAs will travel to Iowa City April 1 to speak to the U of I’s Beta Alpha Psi Chapter. If you are in-terested in volunteer-ing for future college outreach panels or presentations, con-tact Kimberly Rubis at [email protected].

Editor’s note: Iowa’s college accounting professors are a fun-damental partner in connecting ISCPA with students across the state. We caught up with Simpson Professor Shane Cox to talk about his career and passion for the profession.

How did you decide to study account-ing?Goal setting was something I learned in the Navy. My first goal was to go to college. I started at DMACC in computer programming, but the job market was tight back then. A professor suggested business. I explored different areas and accounting attracted me. I liked the fact

that I could get a CPA designation and be recognized as an expert in my field. Then I transferred to Simpson.

What happened in between graduat-ing from Simpson and being a Simp-son professor?I landed a job with KPMG and took all four parts of the exam in three weeks right after graduation. Looking back, I

don’t know if I would recommend that! Then I worked at the Federal Home Loan Bank of Des Moines in derivatives and financial account-ing. At the same time, I started working toward my MBA at Drake. In 2010, I was kicking around the idea of teaching a class or two at night to see what it was like so I contacted Simpson. They hap-pened to have twofull-time positions open. I was finishing my MBA and had all the qualifica-

tions they wanted. It was just the right time.

What advice do you give your students about getting the CPA designation?College is mostly nice and safe and comfortable for these kids. I tell them that once they graduate, it’s a competi-tive society out there. It doesn’t matter if you’re going into public or private. Get the license. You never know where life is going to take you, and there is no time to

A closer look at ISCPA member & Assistant Professor of Accounting Shane Cox

• Grew up on the south side of Des Moines• Lincoln High School graduate• U.S. Navy (active duty) 1996-2000• Gunners Mate, USS Sides FFG-14• BA-Accounting, Simpson College 2005• Certified 2006• MBA, Drake University 2010• Member of ISCPA’s 2014-15 Career Awareness Committee

I want students to be involved in ISCPA now and throughout their career. Without

members contributing to the profession and the organization, our

role in society won’t be recognized as being the

crucial one it plays.–Shane Cox

“

”

News you can use

Continued on page 9


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waste in this day and age. The rules are always changing, but you can count on the CPA designation opening up doors in the future. I tell my students, “We are the saviors of the capital markets.”

Why is it important for you to support the profession?I think it’s my love and respect for it. I want to prepare students for careers in accounting and help further the profession in Iowa. For that reason, I’m a member of the Society and I try to volunteer whenever possible.

What can others do to promote the profession?

If your company has an accounting department, you should support ISCPA and encourage membership and partici-pation. The networking alone is worth the membership. Every time you go to an event or volunteer, you develop a network. If you participate, your com-pany will see the results. For example, when the Affordable Care Act came out you could talk to individuals in the same industry about it at an ISCPA conference or event. What issues are they facing? How are they are dealing with it? Take your insights back to your executives and there’s the value.

Continued from page 8

Regulatory issues require more attention from CFOsBy Ken Tysiac, Journal of Accountancy

A new survey shows that managing regulatory compliance has become a more arduous task in the last 12 months for one-fifth of U.S. CFOs. Learn more: http://goo.gl/qMdDJ3.

Why good managers are so rareBy Randall Beck & James Harter, Harvard Business Review

Research from Gallup reveals that about one in ten people possess all the necessary traits to be a great manager. Find out which innate talents you should possess for the job. Learn more: http://goo.gl/Zwn2N1.

Five key things to look for in emerging leadersBy Robert Denker, PhD, AICPA CPA Insider

Does your organization embrace the im-portance of succession, but struggle to define a template of skills for selecting

those capable of leading in the future? Here are the top five competencies for emerging leaders. Read more: http://goo.gl/vXvPBM.

Millennials in adulthood: networked and non-traditional From Pew Research Center

A new survey reveals how the Millennial generation is forging a distinctive path into adulthood. They are “digital natives” and have constructed personalized net-works of friends, colleagues and affinity groups. There’s more to know about them—and you might be surprised. Learn more: http://goo.gl/vfOtxa.

March madness tax tip: Keep your betting in-bounds with the IRSBy Isaac M. O’Bannon, CPA Practice Advisor

As the clock ticks down to college bas-ketball’s biggest week of the year, hope-fully your upset picks have survived and your bracket is looking pretty good right now. But winning that friendly office pool may impact your taxable income. Read more: http://goo.gl/6nVqVs.

How to ramp up productivity with a good start to the dayBy Ken Tysiac, CGMA Magazine

The biggest mistake 58 percent of CFOs (and probably most workers) make when starting their day is a barrier to productivity. Read how you can ramp up your morning before your coffee gets cold. Read more: http://goo.gl/pj7gpR.

The employee incentive that works like no otherBy Doug Blizzard, AICPA CPA Insider

What’s the one reward most employees crave, but few get? Show me the money, right? Wrong. While it’s logical to put compensation, incentives and bonuses at the top of the list, you might be surprised what really gives employees a rush. Read the article: http://goo.gl/r8JxoU.

News you can use


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services for all types of

Section 1031 exchanges

800-805-1031 • 515-224-5259

4800 Mills Civic Pkwy Suite 205

West Des Moines IA 50265

iowaequityexchange.com

Ken Tharp

INTEGRITY. PRECISION. SECURITY.

2½ x 4¾

Conferences & EventsMay 9 | AltoonaISCPA Annual Meeting & Leadership ConferenceMay 13 | Des MoinesIowa Governmental RoundtableJune 10 | Pleasant HillIowa CPA Golf Classic June 12-13 | Des MoinesTechnology ConferenceJune 20 | tbdLEAP LunchUpJune 26 | Des MoinesInsurance Industry ConferenceAug. 6 | Des MoinesEmerging Leaders ConferenceSept. 18-19 | Iowa CityEastern Iowa Fall ConferenceOct. 31 | AltoonaExempt Organizations Conference

2014

Governor appoints Iowa CPA to state boardGov. Branstad announced that Dale J. Leibfried, a CPA with Honkamp Krueger & Co PC in Dubuque, has been appointed to the Iowa Accountancy Examining Board (IAEB). Leibfried’s term will begin May 1, 2014, and is subject to Senate confirmation.

Did you know? A few facts about IAEB• Created within the professional licensing and regulation bureau of the banking

division of the Department of Commerce.• Consists of eight members.• Five of the eight must be CPAs.• At least three of the CPAs shall be qualified to supervise attest services.• One member must be an LPA.• Two must represent the general public and not be a CPA or LPA.• Member terms are three years.• The board must be gender balanced 50/50.• The chair is Tom R. Thompson, past president of ISCPA.

iowa cpa - april 2014

Documents