iowa cpa - july/august 2014
DESCRIPTION
Newsletter for members of the Iowa Society of CPAsTRANSCRIPT
Iowa Society of CPAs... Advancing the professional success of our members
Exploring the future of CPA learning
In the past year, ISCPA CEO Cindy Adams has actively engaged with leaders in the profession as a member of the AICPA’s Future of Learning Task Force, a broad group
of public accounting firm leaders, industry CPAs, leaders from the CIMA, regulators, association leaders and educators.
A changing business landscape, the rise of specialization within the profession, the shifting dynamics of the workplace, and the differing expectations that millennial CPAs bring to their careers are sparking the conversation around lifelong learning in the profession. Task force members spent the past year discussing major trends in education, reviewing promising innova-tions, and determining which changes might best apply to CPA professional development.
Global learning website launchedThe task force released a report on the state of continuing education in the CPA profession (delivered in May to the
AICPA governing council) and launched a new website earlier this month to continue the conversation around learning in the age of technology and measuring competency. They also plan to organize idea exchange groups and other collabora-tions around this topic in the weeks ahead.
Education conversation The AICPA is taking the lead on this initiative, but ISCPA is part of this unified mission for the future of the profession. Share your thoughts with us on ISCPA’s LinkedIn group http://goo.gl/DDX0AY or email us at [email protected]. Change won’t happen overnight, but this issue will continue to be a
society objective as the profession continues to evolve.
For more information about the Future of Learning, visit http://goo.gl/S3ZINW. Visit the Future of Learning website at http://futureoflearning.aicpa.org.
July/August 2014
Newsletter from the Iowa Society of CPAs, your primary source for profession-related information
When it comes to our members’ learning needs, one size doesn’t fit all. We need to
examine how we can use technology and offer a variety of approaches to deliver a learning
model that makes sense for Iowa CPAs.- Cindy Adams, ISCPA CEO
“”
In memoriam: Mike ScheuermannMike Scheuermann, secretary of the ISCPA Board of Directors, passed away Friday, July 18. He was a partner with Henkel & Associ-ates PC in Boone, and also worked in Madrid and Webster City.
Mike was an ISCPA member for 30 years, and worked countless hours to uphold and
advance the profession he cared so much about. He volun-teered tirelessly on behalf of the society, contributing to ini-tiatives such as the recent launch of the Iowa CPA Education Foundation, career awareness advice for college accounting
students, teaching children about saving money through our financial literacy program, and serving on the task force for ISCPA’s 100th anniversary celebration in 2015.
“Mike had a boundless passion for helping others. No words can express our gratitude for the hours he dedicated to our organization,” said ISCPA CEO Cindy Adams. “He will be greatly missed.”
His greatest love was for his wife, Renee, and his family and friends. Our hearts go out to them, and to all who were touched by his extraordinary gifts.
2 | Iowa CPA | July/August 2014 www.iacpa.org
Do you know an outstanding CPA?
Do you work with or know some-one who demonstrates a commitment to the profession
and has made a positive difference? Nominate them for one of the following ISCPA awards:
The Public Service Award recognizes an Iowa CPA who has exhibited a distin-guished record in their work for non-
profit charitable or civic organizations. Nominees will be evaluated by their voluntary participation in one or more organizations over periods of time in their local community, the state of Iowa, or the nation.
The Outstanding CPA in Business and Industry honors the achievements of an Iowa CPA in business and industry and promotes the CPA certificate as the preferred credential for business. Can-didates are evaluated for having made a significant contribution to the growth and success of their employer or to a notable entrepreneurial achievement.
The Rising Star program recognizes the accomplishments of members who are emerging as leaders. Candidates must be 40 or younger and a volunteer for ISCPA, with a civic or charitable orga-nization, or with another professional association.
Nomination deadline is Oct. 10. More information and nomination forms can be found in the Resources section of www.iacpa.org.
Issue No. 2014-07/08
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: Hills of RAGBRAI, western Iowa.Photo by: JIM HEEMSTRA
ISCPA leadership races for the future
On Tuesday, June 17, ISCPA Board of Directors, committee chairs and staff held their annual strat-
egy picnic. President Jim Smith from McGowen Hurst Clark & Smith in Win-terset reviewed the ISCPA’s core values and strategic objectives (www.iacpa.org/AboutISCPA). The top five are:
• Encourage highly qualified individu-als to become CPAs.
• Facilitate member alliances to en-courage networking and learning.
• Assist members in the continuing development of professional exper-tise and competence.
• Advocate the membership’s inter-ests with government, regulatory
bodies and other organizations.• Provide high quality, effective
programs and services.
A interactive “race for the future” session was next, with discussion topics focused on membership, career awareness, and the future of CPA learning. Participants were decked out in race bibs, and re-ceived medals of achievement once the strategy session was completed.
The results of the session have been compiled and will be used to help identify, clarify and conceptualize the future of ISCPA. We’re off to the race!
Membership renewal coming in September
Most organizations have a mission, defined by a simple statement. Our mission is to
advance your professional success. What drives our mission? The passion we have for our members. You are the heart of ISCPA, and have a distinctive point of view when it comes to what you need to succeed in your profes-sion. No matter where you are in your career, ISCPA is the best place for you to connect, collaborate, and learn from CPAs and other business profession-als. Plus, you’ll have access to a wealth of information about the profession, education, the members-only online directory, and member sections of our website. Be sure to visit ISCPA at www.iacpa.org for the latest information you may have missed.
Don’t forget! Renew your membership and invest in your professional success.
www.iacpa.org Iowa CPA | July/August 2014 | 3
CPAs score perfect day at golf classic
The Iowa CPA Golf Classic was in full swing June 10 at Copper Creek Golf Club in Pleasant Hill.
Thank you to the members, guests and vendors who attended this year’s event. We had beautiful 74 degree weather to enjoy a day filled with fun and network-ing. Mark your calendar for Thursday, May 7, for the 2015 Iowa CPA Golf Classic, held in conjunction with our two-day 100th anniversary celebration.
Sponsor - Farmers National Company John Van Zee, Joel Ambrose, and Rod
Good
Sponsor– Palmer Group
Greg Thomas and Cheryl Finch
1st place team
l to r: Deloitte & Touche LLP team Mike Beals, Thad Erickson, John Keyes and
Scott Gillespie
2nd place team
l to r: Eric Muller, Federal Home Loan Bank of Des Moines; Kelly Rasmuson,
Federal Home Loan Bank of Des Moines; Dean Vandersee, Wells Fargo; Larry Conklin, Principal Financial Group
3rd place team
l to r: Jeff Lewis, Ingenix; Ben Pettitt, Varsity Group; Tony Clark, Pinnacle Management Consulting PLC; Gerry
Smeader
Sponsor– Wells FargoRyan Swalwell, Principal Financial
Group; Cindy Adams, ISCPA CEO; Marc Salmon, Wells Fargo
ISCPA’s Ricardo Martinez Isais and Kimberly Rubis
ISCPA launched a Twitter page in July for student members, college account-ing students and future Iowa CPAs. Get tips and
resources to prepare for the CPA exam, money-saving tips, resume and job interview advice and more. Follow us @IowaCPAStudents.
4 | Iowa CPA | July/August 2014 www.iacpa.org
New Members
Joshua B. BeanTransamericaCedar Rapids
Brittany N. BellowsMcGladrey LLP
DavenportAlexander S. BonanderUS District Court for the District of South Dakota
Rapid City, SDJason L. CannonMcGladrey LLP
Des MoinesTyson G. DirksMcGladrey LLP
Des MoinesBeth A. Eiler
Beth Eiler, CPANew Hampton
Ryan J. EischeidAnkeny
Laura A. GarciaWest Des MoinesSarah L. Gerhard
Erpelding Voigt & Co LLPOkoboji
Jaime L. GrandstaffMidAmerican Energy
CompanyDes Moines
Tristan M. HabibiFederal Home Loan Bank of
Des MoinesDes Moines
Christopher P. HendricksDeloitte & Touche LLP
DavenportArthur W. Hill
City of Council BluffsCouncil Bluffs
Michelle A. HutchinsonGrinnell Mutual
Reinsurance CompanyGrinnell
Justin JacobsmaWilliams & Company PC
Le MarsStacy L. Kelly
Olsen Muhlbauer & Co LLPCarroll
Shea A. MearsCliftonLarsonAllen LLP
West Des Moines
Colleen M. PorterMcGladrey LLP
DavenportBlake W. Rasing
Deloitte & Touche LLPChicago, IL
Lorrie D. RobertsMarsh & McLennan
CompaniesUrbandale
Patrick M. SchroederIowa Realty Company Inc
West Des MoinesEric D. WahlstromTarbell & Co PLC
Des MoinesRyan J. WeberMcGladrey LLP
DavenportJohn D. Welp
Principal Financial GroupDes Moines
Denise YoungersMcGladrey LLP
Des Moines
Professional Affiliates:James Eilders
Hogan-Hansen PCAlgona
Exam-Qualified Affiliates:Nicholas H. AarsenHogan-Hansen PC
WaterlooWilliam B. CorleyHogan-Hansen PC
WaterlooJose Garcia Barrientos
Musser Accounting Firm PCWindsor HeightsJeffrey P. Gude
Gronewold Bell Kyhnn & Co PC
AtlanticSydney Mattoon
Hogan-Hansen PCWaterloo
Kelsey A. SandonRoth & Company PC
Des MoinesDenise H. Woodford
Hogan-Hansen PCWaterloo
Student AffiliatesAIB College of Business
Ryan J. Van KootenDrake University
Rita SaighIowa State University
Caitlin C. ClemensAdam J. Sohl
Kaplan UniversityCorey Ator
Shannon L. ShieldsSimpson CollegeDrew T. Johnston
William Penn UniversityByron Lindeque
The Society offers condolences to the families of:
Glenn D. Atkinson, Marshalltown, CPA certificate No. O250. Glenn was a member since 1952.
Stephen C. Conner, Tiffin, CPA certificate No. O5292. Steve was a member since 1985.
Ben D. Givens, Clearwater, Fla. (for-merly of West Des Moines), certifi-cate No. O420. Ben was a member since 1956.
Marvin Malmin, Windsor Heights, certificate No. O230. Marvin was a member since 1951.
H. Daverne Witt, Cedar, certificate No. O667. Daverne was a member since 1970.
In Remembrance
Morey J. Schaefer has joined Den-man & Company LLP, West Des Moines, as an audit supervisor.
Christopher J. Costa, Knapp Proper-ties Inc, West Des Moines, has been promoted to executive vice president and chief operating officer.
Alison A. VanOtterloo, director of internal audit with Pharmacists Mu-tual Insurance Company, Algona, has been selected to the 2014 AICPA Leadership Academy class.
Members in the News
ISCPA members can save 25 to 37 percent on admission to Adventureland. Visit the Adventureland Discount page under “Members” at www.iacpa.org.
CPE Spotlight
www.iacpa.org Iowa CPA | July/August 2014 | 5
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Visit thesilverlining.com for the name of the one nearest you.
CPE SpotlightNew conference format offers more optionsThe Eastern Iowa Fall Conference (for-merly called Fall Tax & Accounting Con-ference) has a new name to reflect the diversity of CPE topics offered, and fea-tures a new format of two-hour breakout sessions. Participants will have more topics to choose from, and the hottest topics will be repeated. The conference is Sept. 18-19, at the Sheraton Iowa City. A brochure with session descrip-tions and registration information will be mailed in early August. Online registra-tion is now available at www.iacpa.org.
Increase your business finance and management skills Jennifer Elder returns to Iowa this August and September to continue her MBA-series seminars. Participants from the highly-rated 2013 program said, “Jennifer has great energy to keep class fun” and “Jennifer was an interesting speaker and had excellent examples.” The seminars will include key topics covered in traditional MBA programs, as well as concepts you won’t find in MBA curriculums.
Rapid-Fire MBA, Part I Aug. 18 - West Des Moines
Rapid-Fire MBA, Part II Sept. 15 - West Des Moines
ACPEN Monthly Webcast (classroom or individual)Compilation and Review Update
Aug. 27 – Davenport, Des Moines, Waterloo
Accounting & Auditing UpdateSept. 10 - Davenport, Des Moines, Waterloo
For individual registration, use the link on the classroom event description in the online CPE catalog.
2014 AHI Staff Training programs
Aug. 4-6: Beginning In-ChargeSept. 3-5: Semi-SeniorSept. 24-26: Basic
4 ways the ISCPA website is making CPE easier1. Do you like to choose your CPE based on the instructor? Location? Topic?
Date? Simply click “Course Search” in the upper right hand corner of the on-line CPE catalog. A box will appear with the choices listed above, plus additional options like courses that qualify for CLE, ethics, FSP (formerly called SSARS), insurance CE, and Yellow Book credit. You can also use the keyword search to pinpoint exactly what you’re looking for.
2. Is travel an issue when fitting CPE into your schedule? ISCPA offers hundreds of live webcasts, from one to two hour segments to eight hour segments, which you can view right from your own computer or tablet. Select “Webinar Only” in the upper right hand corner of the online CPE catalog to view a complete list of upcoming webinars. And the best part? Stay in your pajamas and get CPE credit!
3. Your license renewal date is approaching and you need to verify your CPE atten-dance. Can’t remember how many hours you have? Don’t fret! ISCPA members have exclusive access to CPE Tracker. Click “My CPE Transcript” from the Professional Education tab on the ISCPA website. This tool allows you to view, print, or email your course records at any time, 24/7. You can also add any non-ISCPA sponsored courses you have attended, so all of your CPE records are in one, easy to access location.
4. Do you have a shelf full of bulky CPE manuals that are collecting dust? Next time, try out ISCPA’s new eManual feature for your CPE course materials. They come in pdf format that you can download to your favorite electronic device. Not only are they easier to store, but you can perform key word searches for faster reference and more convenient note-taking. Plus, they offer discounted registration fees! Click the “eManual” option when you are registering for your courses on the ISCPA website. (Note: not all courses have eManuals available).
6 | Iowa CPA | July/August 2014 www.iacpa.org
100th Anniversary Celebration
May 7-8, 2015 The Meadows, Altoona
Save the Date
…Need-to-know news and advice for leaders emerging in the accounting professionLEAP forwardLEAP program grows
ISCPA’s LEAP (leaders emerging in the accounting profession) task force continues to add more educa-
tion, networking and development programs across the state for mem-bers 40 and under. Visit www.iacpa.org/AboutISCPA/AboutLEAP.aspx for detailed information about these events and register today.
REGISTER NOW! Emerging Leaders Conference – Aug. 6
This conference fea-tures sessions on leadership, creativ-ity, social media and generational differ-ences in the workplace. Learn more at: http://goo.gl/UQbZSM.
Grab a bite and make the most of your lunch break. Lunch with Leaders is a 90 minute session offering life, commu-nity and career advice from profession-
als who are leaders in Iowa’s business community.
July 30 – Sioux CityGarrett (Garry) Smith, CEO, American Pop Corn Co. (Jolly Time), Sioux City
Aug. 13 – Beaverdale (Des Moines)Sandy Hatfield Clubb, athletic director, Drake University, Des Moines
Sept. 30 – Swisher (eastern Iowa)Charlie Funk, president & CEO, MidWe-stOne Bank, Iowa City
Oct. 15 – Des MoinesChris Diebel, managing director of pub-lic affairs, LPCA Public Strategies, Des Moines
Nov. 6 – Des MoinesAdam Steen, owner, 25Connections LLC, Des Moines
Feb. 19, 2015 – Des MoinesChristine Hensley, city council member, Des Moines
Regional Alliance event dates
Join ISCPA at an upcoming Regional Alliance event in your part of the state. You’ll get the latest informa-
tion on current issues in the profession, and have an opportunity for conversa-tion with other CPAs. Visit www.iacpa.org/AboutISCPA/RegionalAlliances.aspx for detailed information about each event, and to find your region. July 31 - SpencerCommon Grounds a.m. coffeeAug. 27 – DecorahCommon Grounds a.m. coffeeAug. 27 – DubuqueCommon Grounds p.m. wine eventAug. 28 – Iowa CityCommon Grounds a.m. coffeeSept. 23 - Des MoinesHosted by the Central Regional AllianceSept. 24 - Storm LakeHosted by the Northwest Regional AllianceSept. 25 - WaterlooHosted by the Northeast Regional AllianceSept. 30 - SwisherHosted by the Southeast Regional AllianceOct. 2 – CarrollHosted by the Southwest Regional Alliance
Meet Ricardo Martinez IsaisIf you would like to learn a few Spanish words, stop by ISCPA, where intern Ricardo Martinez Isais shares Spanish to English translations on the of-fice whiteboard. Ricardo joined the ISCPA in June as a marketing communications intern through the spring of 2015. He will be a senior at Drake Uni-versity, studying public relations and marketing.
Ricardo grew up in Guanajuato, Mexico, and moved to Davenport in 2010 as a foreign ex-change student at West Davenport High School. He was encouraged to apply at colleges in the U.S. by his host family, and decided on Drake after visiting several schools across the country. “I love the Midwest, especially Iowa. The people never cease to amaze me by how kind and friendly they are,” said Ricardo. “Everyone I have met through ISCPA is the same. Working here has been an amazing experience, and I have learned so much.”
Future plans for Ricardo? He hopes to work as a marketing analyst for a multina-tional company based in the U.S., travel, and eventually pursue a master’s degree in marketing research. We are excited to have Ricardo as part of the ISCPA team! He can be reached at [email protected].
www.iacpa.org Iowa CPA | July/August 2014 | 7
Clergy tax-free housing allowance case awaits appeals processBy Lance Dieleman, ISCPA Taxation Committee
Over the past decade, ministers’ housing allowances has become a highly contested issue. Espe-
cially last November when the organiza-tion Freedom from Religion Foundation, Inc. filed a lawsuit in a Wisconsin U.S. District Court questioning the consti-tutionality of the preferential housing allowance treatment for federal income taxes. They argued the preferential treatment violates the separation of church and state.
Ruling on hold On Nov. 22, 2013, U.S. District Judge Barbara Crabb from the Western District of Wisconsin ruled that housing allowances provided to minister mem-bers under Internal Revenue Code (IRC) section 107(2) were unconstitutional. IRC section 107(2) allows ministers to exclude housing allowances from federal taxable income that are paid as part of their compensation package. The exclusion dates back to the 1920s. In the 1950s, it was clarified to allow for ministers who own their own home to be treated consistently with ministers who were provided a parsonage, and able to exclude the fair rental value of the parsonage from gross income. After making the decision, Judge Crabb stayed her ruling, which allows the case to go through the appeals process be-fore the ruling would go into effect.
The final decision in this case could have far-reaching tax consequences for current and retired ministers alike. Many retired ministers receive a pen-sion, with a portion designated as a tax-free housing allowance that could also be at stake in this case. Judge Crabb’s decision does not affect the income exclusion of the fair rental value of a parsonage provided rent-free to minis-ters under IRC section 107(1).
What are the rules?Tax practitioners are encouraged to review the rules with clients who are receiving parsonage and housing allow-ances. Ministers who live rent-free in a church-provided parsonage do not in-clude the fair rental value in their gross income. These same ministers do not pay federal income taxes on parsonage allowances provided to them, as long as the allowance does not exceed the related expenses they pay, such as utili-ties and repairs. Ministers who own their own home and are provided a housing allowance may exclude from gross in-come the lesser of: 1) the housing allow-ance designated by the church, 2) the fair rental value of the home (including furnishings and utilities), or 3) the actual housing related expenses incurred by the minister for their principal residence.
Therefore, churches must be diligent in designating a parsonage or hous-ing allowance. A properly designated allowance includes: 1) an adoption of the allowance by the church’s governing board, 2) having the designation in writ-ing, and 3) designating the allowance in advance of the calendar year. In the event an allowance is not designated in advance of the calendar year, the governing board should take immediate action. Allowances may only be enacted prospectively, meaning the church can-not retroactively designate a housing
allowance to the beginning of the year. The church may only designate a hous-ing allowance for the remainder of the year once the omission is recognized. Churches and ministers should know that an allowance may only be used for housing expenses incurred for the minister’s principal residence in order for the allowance to be excluded from gross income for federal income taxes.
Register for ISCPA’s Church and Minis-ter Taxation class, Dec. 16, and learn more about these unique rules.
Lance Dieleman is an account manager at Schuring Uitermarkt Sims McCleish & Ver Meer PC in Urbandale.
1-800-397-0249The Holmes Group
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.
Selling Your Practice?Start selling right now.
AICPA files suit against IRSOn July 15, the AICPA filed a lawsuit in the U.S. District Court for the District of Columbia asking the court to halt the IRS’s recently introduced “voluntary” program for tax preparers. Learn more at http://goo.gl/8W5X1d. To read the lawsuit, visit www.aicpa.org.
8 | Iowa CPA | July/August 2014 www.iacpa.org
IPE 10311922 INGERSOLL AVENUE DES MOINES, IOWA 50309
515.279.1111 • 888.226.0400FAX 515.279.8788
Manage Exchangeand Professional Riskwith the Midwest’s Premier Exchange
Resource
Classifieds
For ad rates and deadlines, visit: www.iacpa.org/Resources/
ClassifiedAds/ad_rates.aspx.
ACCOUNTANT–Iowa City Firm has an opening for a staff accountant with five or more years’ experience in Individual and Business tax return preparation, review and planning as well as payroll, sales tax, write up and compilations. A bachelor’s degree in accounting and CPA certificate required. Extensive QuickBooks experience and/or con-struction accounting experience ideal. Must have ability to handle projects with simultaneous due dates, working with multiple senior level staff and travel on a limited basis. There are excellent opportunities to advance within the firm. Compensation commensurate with experience and education; competitive fringe benefit package available. Submit resume and references to: [email protected] or Latta, Harris, Hanon & Penningroth, LLP, 2730 Naples Ave. SW #101, Iowa City, IA 52240.
EXPERIENCED CPA–Due to recent growth, our firm is seeking a CPA with a minimum of five years’ experience in auditing, accounting and tax prepara-tion. Immediate opportunity for profes-sional development through direct client responsibility with ownership potential. A competitive salary based upon experi-ence, valuable benefits and an excel-lent opportunity for advancement. For immediate consideration, please send resume in confidence to: David Schmit, King Reinsch Prosser & Co LLP, 522 4th St Ste 200, Sioux City, IA 51101 or email [email protected].
CAREER OPPORTUNITY-EQUITY PART-NER- AMES, IOWA–Our Public Account-ing client seeks a Managing Partner. Majority equity participation available within two years. Growth oriented Firm provides tax, monthly write-up, compila-tion and review, bookkeeping and payroll services. Ideal background includes 7+ years in Public Accounting with emphasis in taxation and CPA license. For confiden-tial inquiry and consideration, contact Miles Morrow, CPC, Iowa Career Connec-tion: 515-282-5823 OR [email protected]. We are retained by our client companies who pay all fees.
CPA/CPA CANDIDATE–Local CPA firm is seeking an experienced, motivated, incentive driven CPA or CPA candidate. Qualified candidates must have the heart of a teacher and enjoy a flexible, after tax-season, work schedule. Agricul-tural, management information system, and trust taxation experience is helpful, but not required. Send cover letter and resume to [email protected].
CAREER OPPORTUNITY–Growing SW Iowa CPA firm in need of a CPA with 2-5 years’ experience in tax preparation with governmental in-charge auditing preferred. Immediate opening for quali-fied individual. Future ownership is pos-sible. Salary based on experience. Send cover letter with reference and resume to: [email protected].
ACCOUNTING POSITIONS–Cremers, Holtzbauer & Nearmyer, P.C. is a growing Des Moines, Iowa based CPA firm provid-ing services in the areas of audit & ac-counting, tax and forensic services. Our client base is diverse, and includes for profit industries, not for profits, special purpose government entities, insurance companies, law firms and individuals. Visit our website (www.chncpa.com) and learn more about us. Limited overnight travel is required for these positions. We offer highly competitive compensation and benefit package to our employees including retirement, health, education and client development incentives. We are seeking qualified individuals for the following positions: Engagement Super-visor/Manager – CPA with 7 or more years of public accounting experience, minimum 2 years’ experience in super-visory capacity. Candidate will possess strong communication and analytical skills, ability to train staff and have excellent client service skills with the ability to develop new business. This in-dividual should have experience working with a wide variety of entity types. Can-didate must have current CPA license and strong leadership and mentoring capabilities. Successful person will have demonstrated ability to manage client relationships and have advanced technical knowledge of audit, account-ing and tax. This is a unique opportunity for the right individual for advancement and potential future ownership possibili-ties. Audit and Tax Staff – individuals with 1 to 4 years’ public accounting experience. Audit experience desired and tax experience a plus. Candidates must have strong verbal and written communication and analytical skills. We desire motivated individuals wanting to advance their careers and looking for a firm to grow with. Current CPA licensure or progress towards CPA certification is required. Provide professional resume and letter of qualifications to [email protected] or mail to Dale Cremers, Cremers, Holtzbauer & Nearmyer, P.C., 6200 Aurora Avenue, Suite 600W, Ur-bandale, IA 50322-2871.
Continued on page 9
www.iacpa.org Iowa CPA | July/August 2014 | 9
IOWA PRACTICES FOR SALE: Quad Cit-ies CPA Practice - gross $533K; Water-loo, IA Area CPA Practice - gross $354K; Northwest Iowa CPA Practice - gross $570K; Central IA (near Des Moines) CPA Practice - gross $170K; Man-chester CPA Practice - gross $550K; 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 listings or others in your area, call 1-800-397-0249. Also, view listing details and register for free email updates at www.AccountingPractic-eSales.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 individu-als 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].
STAFF ACCOUNTANT–We are seek-ing an accountant to join our growing firm. He/she will be self-motivated, have high appreciation for professional standards and be pursuing a career in public accounting. Experience preparing financial statements, tax returns and auditing desirable. Must have a bach-elor degree in accounting and plan to sit for the CPA examination. This individual will have the ability and enthusiasm to serve clients in an independent setting. Competitive salary and benefits. Send resume to: King Reinsch Prosser & Co LLP, 522 4th St Ste 200, Sioux City, IA 51101 or email [email protected].
CAREER OPPORTUNITY-CFO-SOUTH-EASTERN IOWA–Established, profit-able, second generation organization seeks a strategic financial leader! This newly created position will partner with the Board to create internal controls, improve processes, and add increased value through strategic cost control. Re-sponsibilities include G/L, Forecasting/Budgeting, Costing, Cash management, Treasury, IT, and Purchasing. Ideal can-didate will have 15+ years of creating corporate value and driving process im-provement. CPA preferred. For confiden-tial inquiry/consideration, contact Miles Morrow, CPC, Iowa Career Connection: 515-282-5823 or [email protected]. We are retained by our clients who pay all fees.
More classifieds…Continued from page 8
Revenue recognition: Prepare for new standards
On May 28, 2014, the Financial Accounting Standards Board (FASB), responsible for U.S.
Generally Accepted Accounting Prin-ciples (U.S. GAAP), and the International Accounting Standards Board (IASB), responsible for International Financial Reporting Standards (IFRS), issued converged guidance on a new set of revenue recognition standards. These
are meant to standardize the rules that different countries and industries use when accounting for revenue from con-tracts with customers.
Transition groupThe two boards formed a revenue rec-ognition transition resource group (TRG) in June. The objectives of the TRG are
to solicit, analyze, and discuss issues stakeholders encounter in implementing the new revenue standard before the standards take effect in 2017 for public companies and 2018 for private compa-nies. The new standards will likely result in changes for all companies. Even in-dustries that don’t have major changes will need to make more estimates and disclose more to investors.
Classifieds
Upcoming ISCPA revenue recognition educationAug. 8 – Webinar
Surgent’s IFRS and Revenue Recognition (IFRR)Sept. 18-19 – Iowa City
Eastern Iowa Fall Conference (EIFC-IC)Oct. 16 – Coralville
Interpreting the New Revenue Recognition Standards: What All CPAs Need to Know (INRR4-IC)
Oct. 20 – Coralville Accounting & Auditing Update for the Real World (AAURW-IC)
Oct. 27 – South Sioux City, Neb. Revenue Recognition – Where Are We Headed? (RR4-SC)
Oct. 28 – Perry Hot Topics in Accounting and Financial Reporting (HTAA-PER)
Oct. 29 – West Des Moines Revenue Recognition – Where Are We Headed? (RR4)
Nov. 20 – South Sioux City, Neb. Annual Update for Accountants and Auditors (AUAA-SC)
Nov. 21 – West Des Moines Annual Update for Accountants and Auditors (AUAA-DM)
Dec. 5 – Webinar Revenue Recognition: A New Day is Dawning (RERE)
10 | Iowa CPA | July/August 2014 www.iacpa.org
NASBA regional meetings, a view from east to west
Iowa CPA Ted Lodden is a director of the National Association of State Boards of Accountancy (NASBA). Ted recently attended the NASBA Eastern Regional meet-ing in Louisville, Ky., June 4–6, and Western Regional meeting in St. Louis, Mo.,
June 11-13.
Read the full summary of agenda items discussed at both meetings at http://goo.gl/2VxnW3.
The following comments from Ted are intended to keep you informed on specific agenda items from the meetings that are key to the profession.
What Iowa CPAs need to know: Viewpoints from Ted LoddenInternational Qualifications Appraisal Board (IQAB) and Mutual Recognition Agreements (MRAs)
• The IQAB, which I chair, has gone as far as it can in extending MRAs to other countries. New pathways must be considered because we can-not always equate all three E’s: education, examination, experience.
Changes in compilation standards• The changes in compilation statements will be issued in late August or Septem-
ber. If you haven’t reviewed them yet, now would be a good time.• In Iowa, we adopted rules quite a while ago regarding the return of client re-
cords.
The future of practice monitoring• Peer Review in Iowa, although required for licensing, is not available to the
Board of Accountancy for investigation purposes or in-depth reviews.
Update on the Pathways Commission• Curriculum models have been discussed in the past. Perhaps we can get this to
a conclusion this time.• I think it makes sense to attract future talented accountants to our profession
by offering AP classes to high school students. However, I have a concern that colleges and universities may not accept the credits.
New learning methods and CPE standards changes• Ohio just proposed adopting the 10 minute segments. This was included in the
revised standards by the NASBA CPE Committee, which I chaired three years ago. A competency approach was also discussed back then. I believe both of these are necessary changes in today’s environment.
Uniform CPA Examination• An invitation to comment will be issued during the third quarter of 2014, and an
exposure draft will be issued in 2015. Don’t miss the opportunity to comment.
Ted Lodden is the managing shareholder at Brooks Lodden PC in West Des Moines, and is a past president of ISCPA. He received ISCPA’s 2014 Distinguished Service Award at the 2014 Annual Meeting & Leadership Conference.
CPA firm mobility
Have you read the approved changes to the Uniform Accoun-tancy Act (UAA)? While the AIC-
PA and NASBA boards have approved the changes to the UAA, it is nonbinding, and is held up as an example and reference point for best practices in state laws and regulations. The Iowa Code definition of attest was recently revised to include any engagement to be performed in accor-dance with the statements on standards for attestation engagements. The ISCPA Legislation Committee will be evaluating whether small modifications need to be made to the Iowa definition based on this new edition.
The committee will also be working with the ISCPA board and the Iowa Accoun-tancy Examining Board to review the proposed changes in this new addition relating to CPA firm mobility. We ask all Iowa CPAs to review the changes and share opinions with Cindy Adams at [email protected].
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www.iacpa.org Iowa CPA | July/August 2014 | 11
In Balance: work/life well-being seriesBy Brian Newton, ISCPA Family and Workplace Issues Committee
The ISCPA Family and Workplace Issues Committee is proud to present “In Balance”, a wellness
series that offers information and tips on a variety of topics—all with the goal of improving your work/life well-being. We’ve compiled a list of activities and places to visit in Iowa during the sum-mer months, or throughout the year, that can help reduce stress while you soak up some fun with family or friends.
Park it Iowa has over 70 parks offering activi-ties like hiking, camping, fishing, boating and more. My favorite is Ledges State Park near Boone, where you can camp, hike among the sandstone ledges, and explore the shallow creek bed that winds through the canyon. Other worthy visits include George Wyth Memorial Park in Cedar Falls, the Maquoketa Caves near Maquoketa, and Lake Rath-bun near Moravia. Each has a unique set of activities to choose from. Visit www.iowadnr.gov and www.mycountyp-arks.com to find a park near you.
Hit the trailDid you know that Iowa has nearly 2,000 miles of bike trails? We’re home to one of the largest trail bridges in the
world, the High Trestle Trail Bridge near Madrid. Check out www.bikeiowa.com for information on the High Trestle Trail and other trails that wind across Iowa. The new Principal River Walk in Des Moines is the hub of nearly 300 miles of Central Iowa trails, including access to Gray’s Lake and Saylorville Reservoir.
Where’s the beach?Lakes with access to free beaches include Clear Lake, Okoboji, Red Rock and the Coralville Reservoir, to name a few. Before you go, consider check-ing out www.iowadnr.gov for swimming advisories surrounding water quality.
Some free destinations worth a visit are Des Moines Arts Center and the Pappa-john Sculpture Park www.desmoinesart-center.org, Neal Smith National Wildlife Refuge near Prairie City www.fws.gov/refuge/Neal_Smith, and the State His-torical Building in Des Moines.
Places I enjoy (but charge admission) include Reiman Gardens in Ames www.reimangardens.com, Iowa Children’s Museum in Coralville www.theicm.org, Science Center of Iowa in Des Moines www.sciowa.org, Blank Park Zoo in Des Moines www.blankparkzoo.com, National Mississippi River Museum and
Aquarium in Dubuque www.mississip-pirivermuseum.com, and Adventureland Amusement Park in Des Moines www.adventurelandpark.com. Bonus: ISCPA members can purchase tickets to Adventureland at up to 25 percent off! Learn more at: www.iacpa.org/Mem-bers/adventureland.aspx.
As you can see, there are plenty of opportunities for things to do in Iowa. Make it a goal this summer to visit an attraction you haven’t been to before. You just might be surprised with what you discover.
Brian Newton is a partner with McGowen Hurst Clark & Smith PC in West Des Moines.
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PFP standards guide service
The AICPA’s Statement on Stan-dards in Personal Financial Planning Services (SSPFPS No. 1),
took effect July 1, 2014, and provides authoritative guidance and establishes enforceable standards for members practicing in PFP.
The statement has been developed to assist in delivering PFP services with competence and confidence. Experi-enced practitioners and those new to the service area will benefit from having a framework to guide their work with clients in the development of their per-
sonal financial plan. Jan Towne, an Iowa CPA and CFP with Riverview Financial Group PC in Keosauqua, weighed in on SSPFPS No. 1. “While none of us like ex-cessive regulations, it has always been the feeling of the AICPA and ISCPA that we would rather regulate ourselves than have other agencies do it for us,” said Jan. “The financial services industry is changing very rapidly, and it’s nice to know that we’re being proactive with regard to these important issues.”
For more information on SSPFPS No. 1, visit http://goo.gl/wqPeSV.
12 | Iowa CPA | July/August 2014 www.iacpa.org
August4-6 AHI Staff Training: Beginning In-Charge (stp3a) West Des Moines6 Emerging Leaders Conference (elc) Clive6 Fraud and Your Responsibilty Webinar (FREE for ISCPA Members) (fyrweb4) Webinar
18 Rapid-Fire MBA - Part 1 (RMBA1) West Des Moines20 Fraud in the M&A Environment Webinar (FREE for ISCPA Members) (fmaweb1) Webinar21 Excel Financial Reporting and Analysis (efr-sf) Sioux Falls22 Power Up Your PivotTables (pt-sf) Sioux Falls22 Productivity Application Alternatives (pa-sf) Sioux Falls22 Security Tips to Protect Sensitive Data (st-sf) Sioux Falls22 Technology Summit (ts-sf) Sioux Falls22 Technology Update (tu-sf) Sioux Falls25 Ethics and Our Profession: Our Role as Stewards (eop-dav) Davenport25 How Good Companies Become Great: Secrets to Success (gtg-dav) Davenport26 Chief Financial Officer: Executive Level Skills for Financial Managers (cfo-dav) Davenport26 Latest Developments in Government and Nonprofit Accounting and Auditing 2014 (gnaa-sf) Sioux Falls27 GAAS From A to Z (gaas-sf) Sioux Falls
September3-5 AHI Staff Training: Semi-Senior (stp2a) West Des Moines8 Ethical Considerations for CPAs (eth4-sc) South Sioux City8 The Statement of Cash Flows: Preparation Guidance and Presentation Illustrations (flo4-sc) South Sioux City8 Introduction to Business Valuation: An Overview of the Business Valuation Process (ibv) West Des Moines
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