NewsFlash July 27, 2017

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Bitcoin Seeks Recognition from U.S. GAAP

Thomson Reuters

The Financial Accounting Standards Board (FASB) is conducting early stage research about developing an accounting standard for digital currency and the technology that underpins it. With the use of digital currency increasing, proponents say inconsistent accounting practices are becoming a problem.

As the digital currency Bitcoin becomes more of a household name, the FASB is considering whether it needs to develop accounting guidance for digital currencies.

To read the full article, click here.

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How to Manage Risks Related to Multijurisdictional Group Audits

By Sean T. Lager, CPA and A.J. Hurst, CPA
Journal of Accountancy

Globalization isn't a fad. Accounting firms increasingly are serving clients that are transitioning operations to foreign markets. As a result, firms of all sizes increasingly are providing assurance services and, more specifically, performing audits for clients falling in the scope of the group audit standard. That can prove challenging when multiple jurisdictions with differing regulations, professional standards and languages are involved.

To read the full article, click here.

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5 Ways to Reduce Employee Turnover

By Sabine Vollmer
CGMA Magazine

A shortage of skilled workers is making it harder for companies to hire or retain employees, according to global research by staffing firm Robert Half International.

In the U.S. and the U.K., switching jobs is very much on workers’ minds. Up to 49 percent of workers in the U.K. and 42 percent of U.S. workers said they are somewhat or very likely to look for a new job in the next 12 months, according to Robert Half surveys. CFOs in the U.S. were equally concerned about employee turnover (45 percent).

To read the full article, click here.

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How to Encourage Candor in Your Office

Matt was one of the most popular people in his office, but he wasn't getting the job done. His supervisor called him in after work on a Tuesday evening, tried to let him down in the most humane way he could, and then sent an email telling the rest of the staff Matt no longer worked there.

On Wednesday morning, Matt showed up for work as if nothing had happened – because his supervisor had not made it clear to him that anything had. Everyone stared in stunned silence.

To read the full article, click here.

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Which Superheroes Would Make the Best CPAs?

By Cheryl Meyer
CPA Insider

The superheroes populating this summer's blockbuster movies, such as “Wonder Woman” and “Spider-Man: Homecoming,” possess dazzling powers to fight off enemies. They use their intellect, skills and strengths to avert disasters and make things right in the world.

Several CPAs offered their take on which superheroes would make astounding accountants and why. Here are their top picks.

To read the full article, click here.

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Rafael Rodriguez, CPA
Rodriguez to Attend Leadership Academy

FICPA member Rafael Rodriguez was one of only 38 CPAs selected to attend the 2017 AICPA Leadership Academy. Rodriguez was selected based on his exceptional leadership skills and professional experience for the four-day program, which will be held Oct. 1-5 in Durham, N.C. Rodriguez is an audit manager with E. F. Alvarez & Company, PA in Miami.

The Leadership Academy was designed to strengthen and expand the leadership skills of promising young professionals while they network with a peer group of talented and motivated CPAs. The Academy will feature career-development workshops and sessions with some of the accounting profession’s most prominent influencers.

Participants are selected from public accounting firms of all sizes, business and industry, education and government. The 2017 class contains a diverse range of ethnicities and is split evenly between females and males.

For more information about the AICPA Leadership Academy, click here.

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FICPA Congratulates Elijah Watt Sells Award Winners

In addition to the AICPA’s 2016 Elijah Watt Sells Award winners highlighted in the June 29 issue of NewsFlash, the FICPA congratulates University of Central Florida (UCF) graduates Louis Rizutto and Rosemary Mantel.

The award is based on candidates’ top performance on the Uniform CPA Examination. Of the 102,323 candidates tested last year, only 58 met the criteria to receive the award. Winners must receive a cumulative average score of 95.5 or higher on all four sections of the exam and pass all sections on their first attempt.

Rizzuto, who earned his bachelor’s in accounting and finance and a master’s in accounting at UCF, is employed with PwC, LLP in Chicago. Mantel, who earned her bachelor’s in accounting at UCF and a master in accounting at the University of Georgia, is employed with RSM US, LLP in Atlanta.

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Don’t Lose Your Benefits: Renew Your FICPA Membership by Monday

Avoid the administrative fee and continue enjoying all your favorite benefits by renewing your membership before Tuesday, Aug. 1, 2017.

Renew online or call our Member Service Center at (800) 342-3197, Ext 1.

If your membership category has changed or you’ve retired, changed jobs or changed careers, please call us so we may update your record.

If your renewal is on its way, thank you! As always, thank you for your continued membership and support.

Renew Now
Ask Us: Member Service Center (800) 342-3197x1 | (850) 224-2727 |

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Have You Seen Who’s Hiring?

Whether you’re looking for a job or for the perfect candidate for your firm, FICPA OneSource is the place for members like you to connect with opportunities and talent in the accounting profession – plus so much more!

With OneSource, you can:

  • Find and post jobs and internships
  • Digitally promote job openings through video messaging
  • Access career resources and helpful tools
  • Find or list office space for sale or rent
  • Find or list practices for sale or merger

Login with your FICPA member ID today and create your profile to get started.

Access OneSource
Ask Us: Member Service Center (800) 342-3197x1 | (850) 224-2727 |

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State & Local Government Accounting Conference (16 CPE)
Aug. 24-25, 2017
Orlando or Online



Earn up to 16 CPE credit hours with us in Orlando or attend online with the Simulcast. Our agenda has government accounting pros talking!

  • GASB Update (2 AA)
    Lisa R. Parker, CPA | Project Manager | GASB
  • Emerging Accounting & Auditing Issues Facing State and Local Governments (1 AA)
    Lynda M. Dennis, Ph.D., CPA, CGFO | Lecturer | University of Central Florida Dixon School of Accounting
  • Creating an Ethical Culture: How Leaders Affect Organizational Behavior in Positive and Negative Ways (1 BE)
    Michael B. Hood | Director | 21st Century Learning & Consulting
  • How the Internal Audit Function Facilitates Internal Controls (1 AA)
    T. Bert Fletcher III, CPA, CGMA | City Auditor | City of Tallahassee
  • Cybersecurity – Updates and Trends Affecting the Public Sector (1 AA)
    Robert Rudloff, CISSP-ISSMP | Partner | RubinBrown, LLP
  • Plus many more!

Complete your ethics credit requirement the right way with our four-hour, pre-conference seminar tailored to your needs: Protecting the Integrity of Florida CPAs in Government (separate registration required).

Register for the Conference | Register for Ethics
Ask Us: Member Service Center (800) 342-3197 | (850) 224-2727 |

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Accounting & Business Show
Sept. 27-29, 2017
Ft. Lauderdale or Online



Registration is open for the 2017 Accounting & Business Show at the Broward County Convention Center. This show hits the mark with up to 21 hours of CPE offered through more than 70 breakout sessions and 6 hands-on interactive technology workshops.

You don’t want to miss our keynote speakers – AICPA Chair Kimberly Ellison-Taylor and Motivational Speaker Mike Hourigan.

Kimberly will share insight into the profession when she opens the 2017 Accounting & Business Show. She’ll emphasize the importance and preparation, anticipation, accountability and “taking bold steps” to ensure a bright future.

Mike is a nationally recognized, refreshingly unique motivational speaker, change management expert and author who empowers the country’s top companies to navigate constant change with real-world wisdom. He’ll walk you through “Riding the Wave Without Getting Wet: How to Manage Change in the Workplace.”

Have you seen the latest addition to the agenda? Join us for the “PRIMA – Navigating the New Peer Review Integrated Management Application” session as we explore the new AICPA Peer Review Integrated Management Application. This session will provide a tutorial on navigating the system and getting past the complex issues noted during the peer review process. Some of the processes that will be reviewed are enrollment; peer review information; scheduling; engagement summary; responding to matters and findings; and follow-up action.

Register now and save – Member: $499 • Non-Member: $554

Learn More
Ask Us: Member Service Center (800) 342-3197 | (850) 224-2727 |

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Tech Tip:
Prevent Windows 10 from Spying On You

By J. Carlton Colllins, CPA
Journal of Accountancy

Windows 10 is set up to record every keystroke and record your voice. Find out whether Microsoft is tracking your computer activity and how to disable this feature.

To read the full article, click here.

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In Memoriam

Charles E. McClellan – Dec. 25, 2016 
Robert Thompson Jr. – April 19, 2017

Look for the next issue of FICPA NewsFlash Aug. 10, 2017.

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