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FASB
FASB Codification Effective July 1
The Financial Accounting Standards
Board voted on June 3 to approve the FASB Accounting Standards
Codification as the single source of authoritative nongovernmental
U.S. Generally Accepted Accounting Principles to be launched on
July 1. The Codification will be effective for interim and annual
periods ending after Sept. 15, 2009, which means that preparers must
begin to use the Codification for periods that begin on or about July
1. All existing accounting standard documents are superseded. All
other accounting literature not included in the Codification will be
considered non-authoritative.
Although the Codification does not change GAAP, the resources used for
researching questions relating to GAAP will no longer come from FASB
Statements, Interpretations, Staff Positions or other sources in the
GAAP hierarchy this Codification has replaced. Having all GAAP in a
single source, sorted by topic, should make research faster and
easier.
For more information, please see
http://www.tscpa.com/hotwire/fasb060509.htm.
Society News
Have You Renewed Your TSCPA
Membership?
 For your convenience, you can now renew
your TSCPA membership dues securely online. You can pay online with a
MasterCard or Visa or print your dues statement to pay by check.
To access our online dues renewal system, please visit
https://www.tscpa.com/MemberNet/Secure/Choose.aspx and login with
your last name and TSCPA member number. Dues must be paid by June
15 to avoid automatic suspension.
For more information about the online dues
renewal process, please check out our Q&A at
http://www.tscpa.com/hotwire/duesqa.html or contact the society
office.
Sponsor the
2009 Accounting Academy
TSCPA will be hosting the
eighth annual Accounting Academy July 19-22, and we need your help
making it a success! The camp is offered at no cost to attendees, so
sponsorships are essential to making the camp available to as many
qualified students as possible. We already have several firms committed to supporting this year’s Accounting Academy, and
we’d love to add yours to the list!
For information, visit
http://www.tscpa.com/hotwire/acctg_acad_041609.html.
We’re Looking For a Few Good Writers
The Tennessee CPA Journal is looking
for articles on current trends and developments in the accounting
world. With an audience of 8,000 members, the Journal is a great place
to be published and recognized as a leader in your field.
The Journal is published 10 times
annually with combined issues in January/February and August/September.
Each issue includes feature-length articles on topics including audit,
tax, financial planning, information technology and other subjects of
interest to CPAs in Tennessee. We need your help to ensure that the
articles are timely, informative and addressing the latest
developments in the CPA profession.
If you’re interested in submitting an
article for publication consideration, visit the Tennessee CPA
Journal’s manuscript guidelines at
http://www.tscpa.com/publicinfo/ManuscriptGuidelines.aspx.
If you have any questions or would like
more information, please contact Jennifer Batchelor at 1-800/762-0272 or
jbatchelor@tscpa.com.
Tips on Managing an Accounting Practice
Equity -
Allocation and Reallocation, Part 3
In
the continuation of his series on equity allocation, Bill Reeb covers
how he typically approaches the equity reallocation process. This
issue’s article delves into compensation history, partners’ ratings of
one another and more.
To view the full article, visit
http://www.tscpa.com/hotwire/reeb060509.htm.
Social Networking ... What's in it for Me?
Facebook, LinkedIn, Plaxo. Blogs, Podcasts, You Tube. Wikis, RSS and
widgets. Oh my! Social networking technologies, those that create
online communities, aren’t just for tweens and college kids, although
most of us beyond that age would like to think so to avoid having to
learn about them! Many professionals, and even executives of large
corporations, have embraced social networking as a means to
communicate with colleagues, clients and their marketplace, too.
To view the full article, visit
http://www.tscpa.com/hotwire/marketing060509.htm.
Cost-Cutting
Ideas for Now That Won’t Impair Clients Later
Thriftiness is in,
and CPA firms can help clients save. But not just any savings: You
want to bring ideas to your clients that can help them reduce costs
now while preserving value, measures that will not come back to haunt
clients when the recovery begins.
Most notable: These ideas do not begin with
layoffs, which are not only unpleasant and damaging to morale, but often weaken
a company’s competitive position.
To
view the full article, visit
http://www.tscpa.com/hotwire/management060509.htm.
Professional
Development
Trusted Business Advisor Workshop
At the
AICPA's Trusted Business Advisor Workshop, you'll learn
practical tools, techniques and skills for strategic client planning
so you can return to the office with a concrete action plan to enhance
your practice.
Through solution-driven sessions,
you'll learn how to translate the issues clients face into
opportunities for consulting with them — by hearing first-hand why
some clients switch firms and what they're looking for from a CPA.
Who Should Attend:
- Sole practitioners
- CPAs and partners
in small- to mid-sized firms
- Staff looking to
take on more leadership roles
Date: July 10
Location:
TSCPA Meeting Center, Brentwood
CPE Credit:
8 hours
Fees: $299 for AICPA Members, $399 for Nonmembers
Special Note: When registering, reference Product Code
CPATN709
Click here to register for this course!
(note: this link will take you to the AICPA's Web site, not TSCPA's.)
Upcoming Conferences
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Young CPA Conference |
Tennessee Accounting & Business
Expo |
Financial Institutions
Conference |
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T a k e
t h e L e a d
July 23-24
Sheraton Downtown Nashville
Nashville, Tenn.
Click here to register!
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T
e n n e s s e e' s E l i t e
E d u c a t i o n a l E v e n t
August 20-21
Nashville Convention Center
Nashville, Tenn.
Click here to register!
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N
a v i g a t e
September 21
Willis Conference Center
Nashville, Tenn.
Click here to register!
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Summer CPE
Get a jump start on your CPE requirements for the year and check out
some of TSCPA's summer offerings.
For a full listing of TSCPA's CPE opportunities,
please visit
http://www.tscpa.com/cpe.
Member Benefit
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Make everyday
purchases count. |
|
 From
breakfast on the run to a night at the movies, use your
Tennessee Society of Certified Public Accountants Platinum Plus
MasterCard credit card with WorldPoints rewards. You'll earn
points you can redeem for cash, travel, merchandise, even unique
adventures. Rewards for the things you buy anyway. You also have
the chance to show your support for the Tennessee Society of
Certified Public Accountants every time you present your card.
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NO ANNUAL FEE
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SECURITY PROTECTION
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ONLINE ACCOUNT MANAGEMENT
To apply, call toll-free
1.866.438.6262
Mention Priority Code FAC3YQ. You can also visit
www.newcardonline.com and enter Priority Code FAC3YQ.
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