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Governmental Affairs News Briefs
A roundup of recent FICPA Governmental Affairs news, including the House Business & Consumer Affairs Committee’s HB 769, which makes changes to Chapter 473; the 2012 Legislative Session “watch list;” and information about becoming part of the Key Person Contact (KPC) Program.
Accountancy Bill Passes House Business & Consumer Affairs Committee
On Jan. 11, the House Business & Consumers Affairs Committee unanimously passed HB 769 (the FICPA’s Accountancy Bill) sponsored by Rep. Clay Ford, R-Pensacola. HB 769 makes these changes to Chapter 473:
- Amends 473.308(4), F.S., to allow CPAs to attain the one-year work experience requirement through verification by another CPA, versus direct supervision.
- Removes the requirement of a licensed CPA from another state who passed the CPA exam at least 10 years prior to the date of application in Florida, to obtain licensure without having to submit their education or work experience verification.
- Creates a one-time amnesty to reactivate by completing 120 hours of CPE for licensees who have an inactive license on June 30, 2012.
- Creates a 75-day window to submit a renewal application without having to apply for reactivation, for licensees who had completed the required CPE by Dec. 31, but failed to report.
- Provides for a Board of Accountancy report on the potential privatization of some board functions.
HB 769 has two more committee stops before reaching the full House.
More information: John W. Johnson, FICPA Director of Governmental Affairs
(800) 342-3197, Ext. 203 (in Florida) | (850) 224-2727, Ext. 203 | govaffairs@ficpa.org
2012 Legislative Session Began Jan. 10
The 60-day 2012 Legislative Session began Tuesday with Gov. Rick Scott's State of the State Address (watch the video). Without question, the Budget and Congressional & Legislative Redistricting will be the biggest topics the Legislature considers. Here are several issues that are on the FICPA’s “watch list.”
- Florida Board of Accountancy (BOA)
- The budget is the only annual constitutionally mandated bill the Legislature must approve. With a projected $2 billion shortfall, the FICPA will work hard to ensure the BOA is properly funded.
- Gov. Scott’s appointees to the BOA seek Senate confirmation
- Sweeping trust funds and trust-fund consolidation
- Streamline license requirements
- Services Tax
- The FICPA continues to oppose taxing services
- The FICPA will participate in any legal challenge with the Coalition to Protect Florida’s Economy against proposed constitutional amendments seeking to tax services.
The FICPA will monitor these and other issues outlined in the 2012 Legislative and Regulatory Policies.
More information about legislative or regulatory issues: John W. Johnson, FICPA Director of Governmental Affairs | (800) 342-3197, Ext. 203 (in Florida) | (850) 224-2727, Ext. 203 | govaffairs@ficpa.org
Do You Know a Member of the Florida Cabinet or Legislature?
To develop strong grassroots relationships with members of the Florida House of Representatives, Florida Senate and Florida Cabinet, the FICPA has developed the Key Person Contact (KPC) Program. In this program, the “contacts” are CPAs who have personal relationships with elected officials. These CPAs act as liaisons between the FICPA and state officials, creating a line of communication to relay technical and general information regarding legislative issues affecting the CPA profession.
To become a part of the FICPA’s KPC Program, please complete the online form here.
More information about legislative or regulatory issues: John W. Johnson, FICPA Director of Governmental Affairs | (800) 342-3197, Ext. 203 (in Florida) | (850) 224-2727, Ext. 203 | govaffairs@ficpa.org
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Call for Orlando-area Volunteers
Join YCPAs in Giving Kids in Need the World
Start the New Year off on the right foot – partner with the FICPA, and let’s give back. The FICPA Young CPAs in Central Florida invite you to join them on Saturday, Jan. 28, for an evening of volunteering at Give Kids The World Village. First come, first served! Click here to choose your shift and preferred job. From scooping ice cream to driving a train, there’s a rewarding job waiting for you.
Give Kids the World Village is a 70-acre, nonprofit “storybook” resort where children with life-threatening illnesses and their families are treated to week-long, cost-free fantasy vacations. Together, we will make a difference for these children and their families. Grab your friends and coworkers and sign up today!
Can’t make it on Jan. 28? Please fill out the Volunteer Form and let us know you’d be interested in a future volunteer date!
More Information: Brenda Hubbard, Director of Academic Relations & Student Initiatives | (800) 342-3197, Ext. 419 (in Florida) | (850) 224-2727, Ext. 419 | hubbardb@ficpa.org
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Get Noticed. Join Our Tax Season/CPA Public Awareness Campaign Now
Join @FICPA, @AICPA and other state societies in our tax-season campaign promoting CPAs. Here are dates and messages for you to Tweet and post to Facebook, promoting your firm and the CPA designation. Please share this information with your firm administrator and/or marketing coordinator. Let’s use our collective voices to get the word out!
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Date
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Message
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Friday, Jan. 13
(Make Your Dreams Come True Day)
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Make your dream a reality. Your local CPA can help you start a new business. #CPA360Tax
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Friday, Jan. 20
(National Hugging Day, Jan. 21)
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National Hugging Day is here. When you see the tax and financial guidance your CPA offers, you’ll want to hug a CPA. #CPA360Tax
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Tuesday, Jan. 24
(Belly Laugh Day)
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It’s Belly Laugh Day. Keep your good cheer all year long with expert tax and financial advice from your local CPA. #CPA360Tax
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Friday, Jan. 27
(Chocolate Cake Day)
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Want a treat for Chocolate Cake Day? Your local CPA offers sweet year-round help managing your business. #CPA360Tax
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Wednesday, Feb.8
(Boy Scout Day)
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Planning for the cost of college or retirement? Visit your local CPA and be prepared. #CPA360Tax
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Friday, Feb. 10
(Make a Friend Day, Feb. 11)
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Make a Friend Day is tomorrow. Build a relationship with your local CPA – they’ll be there for you all year long. #CPA360Tax
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Tuesday, Feb. 14
(Valentine’s Day)
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Want something better than roses? Your CPA will give you a thorough tax return and year-round planning advice. #CPA360Tax
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Monday, Feb. 20
(President’s Day)
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The only thing to fear is fear itself – but there’s nothing to fear when a CPA helps you plan for taxes. #CPA360Tax
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Monday, Feb 29
(Leap Day)
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It’s a Leap Year. That means you have an extra day to prepare your taxes. Hop over to your local CPA for all your tax needs. #CPA360Tax
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The FICPA also has several consumer and small business-targeted public service announcements available for your use. Click here to get noticed this tax season.
Click here for additional FICPA Member Marketing Kit Resources
More information: Jan Dobson, FICPA Sr. Director of Marketing & Communications
(800) 342-3197, Ext. 380 (in Florida) | (850) 224-2727, Ext. 380 | communications@ficpa.org
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FICPA Submits Comment Letter Supporting Separate Standards Board
After researching the issue of separate oversight for private companies, the FICPA Board of Governors approved submitting this letter to the Financial Accounting Foundation (FAF) in support of separate oversight. The FICPA submitted the letter in December.
State society members have until Jan. 14 to send FAF a comment letter in response to FAF’s Plan to Establish the Private Company Standards Improvement Council.
Last year, the Blue Ribbon Panel on Standard Setting for Private Companies, sponsored by the AICPA, FAF and the National Association of State Boards of Accountancy, recommended that a new board set exceptions and modifications in U.S. GAAP for private companies. The panel also recommended that the new board would have the authority to act without ratification by the Financial Accounting Standards Board.
FAF’s proposal requires the planned council’s decisions to be subject to the FASB approval process. The one FASB Accounting Standards CodificationTM would remain.
Send a comment letter now – it takes just 30 seconds. Visit aicpa.org/privateGAAP for more information.
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AICPA News Roundup
AICPA
A collection of recent updates from the AICPA, including: anticipated rise in 2012 merger and acquisition activity expected and winner of the 2011 AICPA Accounting Competition.
Merger and Acquisition Activity Expected to Rise
in 2012 -
Good News for Business Valuation
Although merger and acquisition (M&A) activity declined during the last half of 2011 (but rose by 7.6 percent for the year), it is expected to rise again in 2012. This will mean a corresponding increase in demand for business valuation experts and firms that offer this service. According to a Jan. 2 article in the Wall Street Journal, “On Wall Street, Renewed Optimism for Deal-Making,” an Ernst & Young survey anticipates that “36 percent of companies plan to pursue an acquisition this year.” The article also states that, since companies have ready access to cheap financing and large amounts of cash, they’ll need to make acquisitions to drive growth in the face of a tepid economy. Read the full article.
Wolfpack in the Black Takes Accounting Competition
Congratulations to Wolfpack in the Black, the North Carolina State University accounting team that came out on top in the 2011 AICPA Accounting Competition on ThisWayToCPA.com. Students from Iowa State University took second place, and students from the University of Texas at Dallas earned the third-place spot. View Wolfpack in Black and other team videos.
The competition focused on a fictional Texas construction company looking to expand its business internationally. It challenged student teams from around the country to tackle accounting fraud and come up with innovative ways to solve a business problem. It also gave them an opportunity to try some of the exciting work CPAs do. To find out more, read the press release.
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Looking for Flexible CPE to Match Your Busy Schedule?
Try these self-study options available from the FICPA.
The FICPA makes it easier than ever for Florida CPAs to stay current on Compilation & Review and Ethics. These courses are available 24/7 and contain video, audio and links to all the latest standards.
You may take these online courses as you wish...work a few minutes each night, or complete the course in one sitting. When you finish and pass the exam, you’ll immediately receive your certificate of completion.
Compilation & Review: Professional Standards Overview/Review (2 hours of A&A)
Compilation & Review: Something Old and Something New (2 hours of A&A)
Ethics: Protecting the Integrity of Florida CPAs (4 hours of Ethics)
Register Now
Ask Us: Member Service Center (800) 342-3197 (in Florida) | (850) 224-2727 | msc@ficpa.org
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FICPA/The Florida Bar
30th Annual International Tax Conference
Jan. 19-20, 2012
Miami - JW Marriott
Last Chance to Register!
The 30th Annual International Tax Conference offers a unique opportunity to learn what the experts know about current tax developments, how they affect you and what is forecast for the coming year. This conference is your key to global knowledge.
Join the FICPA and The Florida Bar for an exceptional opportunity for CPAs, attorneys, businesses and government practitioners to collaborate and brainstorm about issues affecting the international tax industry.
Register Now | More Information | View Brochure
Ask Us: Member Service Center (800) 342-3197 (in Florida) | (850) 224-2727 | msc@ficpa.org
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Tech Tip: Microsoft Excel – How to Alternate the Color Between Rows
groovypost.com
Sometimes you need to make large spreadsheets easier to read. Alternating colors between rows is a good way to do it. Learn how here.
This Tech Tip is brought to you by the Business and Technology Section ... IT solutions for today's CPAs. For more information and to view an archive of previous Tech Tips, please visit us here.
Are there specific topics you’d like us to cover in Tech Tips? Email your suggestions to communications@ficpa.org.
Look for the next issue of FICPA NewsFlash Jan. 26, 2012.
Comments or Suggestions?
We are interested in your comments or suggestions. Please email communications@ficpa.org.
LAST UPDATED 1/12/2012
