Exploring Generational Differences in Disclosures

By now you should have received your September/October issue of Disclosures, packed full of information for students and articles on accounting education.

In the cover article, "Generation Trap," VSCPA member Clare Levison investigates how different generations in the workplace approach issues like advancement, technology and family. She adds a personal touch to the article by including a quick interview with a coworker who has worked at Clare's company for 57 years.

A special shout out to Brian Kush, who's article, "Passing the CPA Exam: More Than Just a Test," was picked up by AccountingWeb. As of today, more than 2,000 online readers had checked it out!

In the hopper: The VSCPA Editorial Task Force met in late August, and the 2010 Editorial Calendar is in development. You can expect lots of new topics covered in the magazine next year, from environmental sustainability to communication skills.

Feedback or thoughts? Give me shout.

CPA Day of Service Unites Hundreds of CPAs Through Volunteering

Today has been an amazing day. Not only was it the final weekday of Virginia CPA Week, but it was also the first-ever CPA Day of Service. More than 500 CPAs all around Virginia took the time to volunteer for organizations in their communities today. And that number represents just those CPAs who signed up to volunteer. I’m sure the number of volunteers, in reality, was much higher.

This afternoon, I worked alongside the Richmond Chapter of the VSCPA at the Central Virginia Food Bank for a bit. While we were there, The Roseline Group was working in the kitchen down the hall and Yount, Hyde & Barbour dropped off an impressive amount of food their firm has been collecting. The VSCPA staff also donated 169 pounds of food and approximately $500 in cash to the Central Virginia Food Bank this afternoon in honor of CPA Day of Service.
Immediately after, I headed to the Ronald McDonald House in Richmond, where volunteers from Clifton Gunderson were painting, doing yard work, organizing food supplies and cleaning.

It was a great feeling knowing that CPAs all across Virginia were giving back today through CPA Day of Service. I’m so proud of Virginia CPAs and the firms and companies that supported this volunteer event.

Check out photos from the Day of Service, and be sure to e-mail us your photos so we can add them to the collection! And check out the list of volunteers (that we’re aware of) and the organizations they served.

Thanks again, everyone! I look forward to next year’s event.

Happy Virginia Certified Public Accountants Week!

Yesterday, I spent time promoting the CPA designation in our nation’s capital. In my opinion, it was the perfect way to kick off Virginia CPA Week.

I addressed U.S. Department of Defense employees regarding the importance of seeking a professional designation or certification — with particular emphasis on finance professionals becoming Certified Public Accountants (CPAs).

My message? That CPAs are state-certified professionals who serve the public by providing sound, reliable financial counsel. That those who achieve the CPA designation are held to high standards of ethics, financial and business acumen, and professionalism. That both companies and the public know they can turn to CPAs for sound financial guidance and accurate information. That the CPA designation is both trusted and respected.

Gov. Timothy Kaine included a similar message in his proclamation (PDF) recognizing this week, September 13–19, 2009, as Virginia CPA Week in conjunction with the VSCPA’s Centennial anniversary.

“It is fitting to recognize CPAs’ contributions to the well-being and success of citizens and commerce in the Commonwealth of Virginia and across the nation,” the proclamation states.

CPAs are so highly regarded by employers, clients, investors and the public at large, and they deserve this recognition. I am proud of Virginia CPAs, and I am proud to represent the CPA profession day-to-day.

Happy Virginia CPA Week!

VSCPA Comments on Proposed Tax Preparer Regulation

The VSCPA has serious concerns regarding potential tax preparer registration. Check out a letter the VSCPA sent the Internal Revenue Service (IRS) on August 31, 2009, regarding Notice 2009-60, Standards of Conduct for the Tax Return Preparer Community and Increased Taxpayer Compliance.

"The VSCPA is extremely concerned about redundant regulation and enforcement on CPAs who prepare tax returns," the letter says, outlining various requirements CPAs must already meet. "Adding an additional level of registration and regulation would only cause confusion and redundancy."

Another concern? The VSCPA believes that creating a registration requirement for all tax preparers could give the public the impression that all tax preparers possess the same level of expertise and knowledge as CPAs, adding to an already existing misconception that all accountants are CPAs.

Instead of adding a separate set of procedures and oversight, the VSCPA suggested that the IRS expand its existing procedures and regulations to include unlicensed preparers.

Sneak Peek: September/October Disclosures

The September/October issue of Disclosures is on its way to VSCPA members' mailboxes. We've got a great lineup in this special themed issue focusing on accounting education!

• VSCPA member Phil Umansky, CPA, a professor at Virginia Union University, takes a close look at the trends in educating students about International Financial Reporting Standards (IFRS), including examples of how a few Virginia colleges and universities are tackling the issue.
• Brian Kush, CPA, a VSCPA member and speaker, provides his perspective on the CPA Exam. He says it's more than just a test; it's a life learning experience. His article provides food-for-thought for associate and student members sitting for the Exam, but also offers an opportunity for seasoned CPAs to look back on their own Exam experiences.
• Student members will get great resources just for them in their own special section detailing VSCPA student member benefits, scholarship info and more. The Student Section runs in the September/October issue every other year.

There's even more for readers, including a look at the issues that separate generations in the workplace and a special good-bye to VSCPA member Howard Anderson, CPA.

So take a look at this packed fall issue, and send me a note or give me a call with your feedback!

Red Flags Raised on Red Flag Rules

In the ongoing debate regarding "Red Flag Rules," which are designed to prevent identity theft, several industries seem to be concerned about the undue burden these rules might inflict — including CPAs.

By the nature of their profession, CPAs adhere to strict privacy requirements regarding client confidentiality. That's just one of the many reasons the VSCPA, AICPA and several state CPA societies around the country have requested that the U.S. Federal Trade Commission (FTC) exempt CPAs and CPA firms from its Final Rule Relating to Identity Theft Red Flags and Address Discrepancies Under the Fair and Accurate Credit Transactions Act of 2003.

On August 5, 2009, the VSCPA sent a letter to Sen. Jonathan D. Leibowitz detailing several reasons CPAs should be exempt from the red flags rules.

CPAs are not the only ones who are concerned.

This past Thursday, the American Bar Association announced it has filed suit against the FTC. In its complaint, the ABA says the Rule "imposes significant burdens upon lawyers, particularly sole practitioners and those practicing in small firms, who comprise the majority of the lawyers in the United States."

Soup Kitchens, Shelters and Schools...Oh My!

What do Antioch Academy Preschool, Fairfax County Library and the Warrenton Food Coalition have in common? They are all getting some CPA love on Friday, September 18, 2009 — CPA Day of Service.

Momentum is growing for this inaugural event, which unites CPAs across the Commonwealth in volunteering for organizations of their choice. As of this afternoon, more than 200 CPAs had signed up to give back, and we know there are several others out there who are participating and haven't told us yet.

Not only are CPAs signing up to give back (both individually and in groups), but they are also sharing some great stories about their connections to these organizations. Whether their children are involved in a nonprofit extracurricular program or they got their favorite four-legged friend from a particular shelter, it seems Day of Service volunteers are giving back to organizations that mean something to them — to specific missions.

Check out the volunteer page to see who's volunteering in your area and for what organizations, and don't forget to let us know if you're participating so we can accurately measure the collective impact the profession will make on CPA Day of Service!