We are recruiting Campus Ambassadors for the 2017-18 school year. Our ambassadors are students passionate about pursuing accounting as a career and becoming CPAs.

Ambassadors display strong leadership and organizational skills, the ability to connect with peers and enthusiasm for CalCPA and the CPA profession.

For questions about becoming a CalCPA campus ambassador, please contact Jackie Quinn-Piper, strategic relations manager, or David Lo, senior strategic relations manager.

Deadline to apply is Friday, June 30.

Coming in July: Estate and Trust Planning Conference

Register today for our Estate and Trust Planning Conference, coming July 17–18. Gain in-depth understanding, effective strategies and connections with expert professionals who specialize in this area—and benefit from content tracks for those more advanced in the field and those with just a few years of experience.

For a sneak peek, take a look at our video featuring conference co-chair Jackie Patterson. 

FASB Proceeds With Final Standard on Hedging

The FASB recently  voted to proceed with a new accounting standard expected to improve and simplify accounting rules around hedge accounting. The final Accounting Standards Update (ASU) is expected to be published in August.

Under the new standard—which will be effective for public companies in 2019 and private companies in 2020, with early adoption permitted—hedge accounting would be refined and expanded for both financial (e.g., interest rate) and commodity risks. The economic results would be presented in a more transparent way, both on the face of the financial statements and in the footnotes, for investors and analysts.

Staffing Concerns Are Dominant Issue for CPA Firms in 2017

Finding and retaining staff are the top issues facing CPA firms this year, and talent pool challenges are expected to have the biggest impact on public accounting practice operations over the next five years, too, according to an AICPA survey.

“Finding qualified staff” was the No. 1 issue in every firm-size segment except sole practitioners, where it ranked No. 3, according to the 2017 CPA Firm Top Issues Survey, sponsored by the AICPA’s firm practice management section. Likewise, “retaining qualified staff” was a top five issue in every grouping except sole practitioners.

Recruitment and retention were leading concerns the last time the survey was conducted in 2015, too, but the challenge appears steeper as the profession continues to gain strength in a growing economy.

Choosing a Retirement Solution for Your Small Business

Starting a retirement savings plan can be easier than most business owners think. What’s more, there are a number of retirement programs that provide tax advantages to both employers and employees.

On June 28, CalCPA, in partnership with the U.S. Department of Labor and the IRS, will be holding a free webinar targeted to the Hispanic Business Community on steps business owners can take in setting up a retirement plan for their employees. This webinar will be broadcast live in Spanish.

CalCPA member Mike Velazquez, CPA and his small-business client will be featured in this webinar to discuss steps they took in setting up a company retirement plan.

Register for the webinar online, and download “Choosing a Retirement Solution” publication that Hispanic small-business owners can use as a resource.

Proposal to Strengthen Requirements for Auditor’s Use of the Work of Specialists

The Public Company Accounting Oversight Board issued for public comment a proposal to strengthen requirements that would apply when auditors use the work of specialists in an audit.

The proposal is intended to further investor protection by strengthening the requirements for evaluating the work of a specialist employed or engaged by the company and applying a risk-based approach to supervising and evaluating the work of a specialist employed or engaged by the auditor.

Many companies employ or engage specialists, such as engineers, to provide information used in the preparation of financial statements. Auditors often use the work of company specialists as audit evidence. Auditors also employ or engage their own specialists to assist in obtaining and evaluating audit evidence.

The PCAOB is proposing to amend two existing standards, Audit Evidence (AS 1105) and Supervision of the Audit Engagement (AS 1201), and replace and retitle one PCAOB standard, Using the Work of a Specialist (AS 1210).

Comments are due Aug. 30.