NewsFlash March 23, 2017

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Image:
Nancy Watkins, CPA
Senate Education Committee Confirms FICPA Members

The Senate Education committee voted to confirm FICPA members Shaun Davis and Nancy Watkins to serve as trustees on university boards. The two were appointed to serve as trustees by the university system's Board of Governors in January 2016.

Image:
Shaun Davis, CPA

Davis, managing partner of S. Davis & Associates, PA in Hollywood, was appointed to the Florida Atlantic University Board of Trustees. Watkins, founding partner of Robert Watkins & Company in Tampa, was reappointed to the University of South Florida Board.

The entire Senate will vote at a later date during the 2017 Legislative Session to take final action on the confirmation.

 


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GASB Addresses Range of Accounting Issues

By Ken Tysiac
Journal of Accountancy
journalofaccountancy.com

In a new standard, GASB addressed a range of accounting challenges state and local government financial-statement preparers have encountered while implementing and applying a variety of GASB statements.

GASB Statement No. 85, Omnibus 2017, addresses issues related to blending component units, goodwill, fair value measurement and application, pensions and other post-employment benefits (OPEB).

The standard addresses these topics:

  • Blending a component unit when the primary government is a business-type activity that reports in a single column for financial statement presentation
  • Reporting amounts previously reported as goodwill and “negative” goodwill
  • Classifying real estate held by insurance entities
  • Measuring certain money-market investments and participating interest-earning investment contracts at amortized cost
  • Timing of the measurement of pension or OPEB liabilities and expenditures recognized in financial statements prepared using the current financial resources measurement focus
  • Recognizing on-behalf payments for pensions or OPEB in employer financial statements
  • Presenting payroll-related measures in required supplementary information for purposes of reporting by OPEB plans and employers providing OPEB
  • Classifying employer-paid member contributions for OPEB
  • Simplifying certain aspects of the alternative measurement method for OPEB
  • Accounting and financial reporting for OPEB provided through certain multiple-employer defined benefit OPEB plans

The requirements in the statement take effect for reporting periods beginning after June 15, 2017 and GASB encourages earlier application.

Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is a JofA editorial director.


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Best Practices to Improve Cybersecurity

By Savine Vollmer
CGMA Magazine
cgma.org

Cybersecurity remains a significant concern despite the progress companies worldwide have made in the past two to three years building up corporate shields against breaches, EY research suggests.

A majority (87 percent) of more than 1,700 C-suite, information security and IT executives EY polled worldwide said they lacked confidence in their company’s level of cybersecurity. They are most worried about poor user behavior around mobile devices such as laptops, smartphones and tablets (73 percent); unauthorized access (54 percent); and the inability to identify suspicious traffic over networks connecting an increasing number of devices (49 percent).

Cybersecurity is better incorporated into corporate risk management in the U.S. than in Europe, but executives in Europe also are waking up to the threat of cyberattacks, said Alex Lattner, ACMA, CGMA, head of finance at the Deutsche Cyber Sicherheitsorganisation (DSCO). Four large German multinational companies – Volkswagen, Bayer, Allianz and BASF – founded DCSO in 2015 to work with government agencies and improve cybersecurity in German industry.

To read the full article, click here.


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Should Robots Be Taxed?

S+B Blogs
strategy-business.com

What a strange moment. In the U.S., there were about 5.5 million unfilled jobs in December, according to the Bureau of Labor Statistics. Industries such as construction, nursing, manufacturing and trucking are reporting shortages. At the same time, thinkers, authors, and businesspeople – including some of those who sparked the technological revolution – are raising increasingly dire predictions about the imminent prospects of machines and robots obviating the need for human labor entirely.

The big question, of course, is what to do about it. Reflexively arguing against the rollout of technology marks you as a Luddite, opposed to efficiency and progress. Just imagine what we would have lost as a society in gains to productivity had we pushed back stronger against cars to protect the jobs of buggy manufacturers, or against ATMs to protect the jobs of bank tellers. If you can’t beat technology, history tells us, join it or get out of the way.

To read the full article, click here.


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Get Revenue Recognition Right at Not-For-Profits

By Ken Tysiac

Not-for-profits face many challenges in recognizing their revenue. One of the primary challenges relates to assessing whether certain not-for-profit revenue transactions are contributions or exchange transactions. Furthermore, when evaluating transactions meeting the definition of a contribution, there may be a variety of other considerations, including whether a contribution is conditional, an agency transaction or a promise to give – and if it is a promise to give, whether the promise is legally enforceable. These judgments often drive the decision on whether to record revenue at a point in time or over time.

Confusion about these challenges may be compounded by the fact that not-for-profits are implementing FASB’s new revenue recognition standard, as well as a new FASB standard on not-for-profit financial reporting. Nonetheless, following best practices can help not-for-profit preparers and their auditors avoid common mistakes.

To read the full article, click here.


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Celebrate and Get Your Body Moving

Awards and bragging rights await CPA runners of the 28th Annual 1040K Run. The race returns to Coconut Florida on April 22. Who will be this year’s fastest CPA? Registration is open for the 10K, 5K and Kids runs. Celebrate the end of tax season and get your body moving!

The FICPA Educational Foundation (EDF) gratefully acknowledges 1040K sponsors:

  • Platinum: Dosal Tobacco Corporation; Four D’s Realty, LLC
  • Legacy: Davis Family Foundation, Team Lewis
  • Gold: Berkowitz, Pollack & Brant; Crowe Horwath; FICPA; Morrison, Brown, Argiz & Farra
  • Silver: Dorot & Bensimon PL; iRun; Kaufman Rossin, Orion Fuels; PWC; Robert Half
  • Bronze: BCA Watson Rice; Brigade Bookkeeping; Cuban American CPA Association; Deloitte; National Association of Black Accountants; KPMG; Urbieta Oil
  • FICPA Chapters: Broward County; Miami-Dade; North Dade/South Broward; Palm Beach; Southwest Florida

Register Now

Last Year’s Top Honors

  • 2016 Corporate Cup (most runners registered): Morrison, Brown, Argiz & Farra
  • 2016 College Champion’s Cup (most runners registered): Florida International University
  • 2016 CPA & Community Runner Race Results |    10K    |    5K    |  Photos
  • 2016 Scholarship Recipients: Briana Scott (University of Miami; Paola Alejandra Barrera
    (Nova Southeastern University); and Jesica Deich (Florida International University)

Get Noticed: 1040K Career Fair and Sponsorship Opportunities

The 28th Annual 1040K Run is a tradition that keeps growing. Immediately following this year’s race, South Florida CPA firms and area companies employing accountants are invited to exhibit at the accounting student career fair. Meet, greet and mingle with local and future CPAs under the trees of beautiful Coconut Grove.

Sponsored by Kaufman Rossin, career fair tables still are available. View all of our sponsorship and exhibitor options here. Gain local visibility while helping support the next generation of CPAs through sponsorship.

For more information about the race or career fair, contact EDF Senior Director Jan Dobson at (800) 342-3197, Ext. 380 or dobsonj@ficpa.org.  


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Introducing OneSource: Your New Solution for Classified Ads, Job Postings and More

Have you seen our new classified ad and job board system? OneSource puts everything you need in one place, whether you want to rent an office, find your next staff accountant, apply for your next career opportunity or recruit interns for your busiest seasons. OneSource can help you do all of that – and much more.

Post.

  • Set up, pay for and post your ad with ease in our secure system.
  • Get connected to hot leads looking for ads like yours.
  • Access candidate résumés to find the perfect fit for your organization.
  • Attract a buyer or merger opportunity for your practice.
  • Use marketing tools to boost your message.

Find.

  • Find your next career move and apply for positions at companies throughout Florida.
  • Secure new office space for your growing practice.
  • Discover accounting practice sales and merger opportunities.

Grow.

  • Access the Career Learning Center for helpful webinars and resources.
  • Get professional résumé writing assistance.
  • Apply for internships and jobs for your start in the accounting industry.

Access OneSource

Ask Us: Member Service Center (800) 342-3197 | (850) 224-2727 | msc@ficpa.org


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Florida State University Accounting Conference (17 CPE)
May 11-12, 2017
Tallahassee or Online

 

 

Join us for the FSU Accounting Conference to earn up to 17 CPE credits. You’ll learn about key points of risk throughout the employment cycle; why it’s time to reevaluate your leasing strategies; how to prepare for a paradigm shift with the new revenue recognition standard; and much more, plus the updates you need on the economy, single audit, not-for-profit reporting, tax reform and GASB.

Don’t miss this chance to broaden your knowledge and grow your regional network with fellow FSU alum and local professionals. If you can’t attend in person, we’re offering up to 15 CPE credits from the conference via online Simulcast – no travel required!

Your chance to save with the early-bird price will be gone before you know it – register to attend in person before April 11, 2017, to save $55. With the in-person event and the Simulcast, first-time attendees can also save $100 by using promo code NEWFSU17 during registration,* and young CPAs can save $150 by using promo code YCPAFSU17.**

Register to Attend in Person or Online | Learn More
Ask Us: Member Service Center (800) 342-3197 | (850) 224-2727 | msc@ficpa.org


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Health Care Industry Conference

 

 

There are several expected changes in the area of health care with the change in administration. Sign up now to hear from a panel of subject-matter experts who’ll discuss the strategic focus during the Trump administration and other health care trends. Join us on April 20-21 in Orlando to earn up to 17 hours of CPE credit and learn information that’s critical to your business.

Additionally, FICPA will be offering an A&A track and a track for Young CPAs and CPAs new to the field. There’s something for everyone. With more than 20 breakout sessions, choose the topics that are most important to you.

Don’t miss this opportunity! Not in the Orlando area or want to attend from your home or office? Register for the Simulcast.

Need Ethics Credits?

Join us on Wednesday for Ethics: Protecting the Integrity of Florida CPAs (4 ETH). This course addresses the ethical and professional obligations CPAs have to their clients, employers, colleagues, regulators and the public. We’ll discuss recent trends in business and professional ethics along with the specific rules and requirements applicable to CPAs outlined in Florida Statutes, the Rules of the Florida Board of Accountancy and the AICPA Code of Professional Conduct. The course fulfills the biennial ethics requirement for Florida CPAs and is designed for professionals in public practice and those working in industry or government. Separate registration is required for this course.

Register for the Conference or Simulcast | Register for the Pre-Conference Ethics | Learn More 
Ask Us: Member Service Center (800) 342-3197 | (850) 224-2727 | msc@ficpa.org


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Tech Tip
Juice Jacking: How to Protect Your Devices

www.groovypost.com

If you’re killing time at the mall or airport, you may have noticed those free charging stations. These are the kiosks with open USB ports next to an outlet for you to plug in your charging cable. Or they might even have dangling charging cables ready for your phone’s charging port. For those with a tiny sliver of battery left and a long layover, these can seem like fantastically generous boons from the airport gods.

But think about it for a minute.

This is your smartphone. It has all your photos, contacts, messages, passwords and personal data on it. Do you really want to be sticking any old cable into its data port?

Hackers and infosec experts have proven it’s possible to hijack a public charging station with a malicious device. You’ve heard of credit card skimming at the gas pump, right? This is the mobile tech equivalent. What might seem like a benign, generic USB port or charging cable may be attached to a tiny device that installs malware on your phone, or steals data off of your phone.

There are a few ways to safely charge your phone in public.

To read the full article with images, click here.


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In Memoriam

Nathan Bisk – March 6, 2017
Leonard Kinker – March 11, 2017


Look for the next issue of FICPA NewsFlash April 6, 2017.

Comments or Suggestions?

We are interested in your comments or suggestions. Please email communications@ficpa.org.