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Other Comprehensive Basis of Accounting Fundamentals | 4152308D

July 1, 2015
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President's Message

Public Accounting Is Hard

September 10, 2017

By Andy Anderson, CPA, CGMA

While it’s old news, I want to again congratulate CalCPA Chair Kathy Johnson—from the Inland Empire, by the way—for being selected to lead us for the 2017-18 year! We are a chapter of leaders!

Public accounting is hard work. I admire those who make their living from public accounting. I was in public accounting, but left some years ago because I liked business and industry/CFO consulting world. I immensely enjoy working with industry leaders to look forward and determine what we can accomplish in their business. But I don’t have to keep up with all the tax law changes. I don’t have to keep up with all the SEC changes or the details of FASB pronouncements. I just need to know about them. I do need to have a basic understanding so I can apply them, but I can rely on my friends who are in public accounting to help me keep everything properly stated according to GAAP. My interaction with those peers is how I know that public accounting is hard work. I have great admiration for those CPAs in public practice.

Another area that makes public accounting hard is that the skill set necessary to succeed in a market that is rapidly changing. Have you thought about how your business model may be obsolete in the next few years unless you adapt and change? For example, does your firm have the capabilities and capacity to attest to a client’s cyber security?

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Chapter News

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Congratulations to Kathy Johnson, 2017-18 CalCPA Chair













2017 Distinguished Service Award Goes to Donald A. Driftmier, CPA

Donald Driftmier has been a CalCPA member since 1971 and involved in various activities and leadership roles at the chapter, state and national level. In 2004, Gov. Arnold Schwarzenegger appointed Driftmier to the California Board of Accountancy, where he served as a CBA president in 2008. He is in his ninth and last year on the board. He chaired the CBA’s Ethics Curriculum Committee, which established the statute for the Ethics Curriculum requirement for licensure in California, as well as on several other committees. Throughout his term of service he gave fully of himself and his ideas and acted always with the public interest and welfare in mind.

Sept. 19: Attorneys Bankers & CPAs Networking Mixer: Riverside

Be a part of the networking opportunity of the year and mingle with attorneys, bankers, CPAs and other financial professionals. See old friends and make new ones while enjoying hors d’oeuvres and a glass of wine or beer, which are included. Don’t miss out on this great annual networking night!

Register or learn more.


Sept. 21: Tax Credits Available to Local Small Business

Join the Coachella Discussion Group as Mike Gorsage from Paychex will give an update on tax credits available to small businesses. Don’t miss out on this valuable information.

Register or learn more.


Business Valuations Sept. 21

What is your business worth? What are your client’s businesses worth? How would you determine the value for sale, estate purposes, divorce or business dissolutions? Join us for a deep dive into the purpose of business valuations.

Register or learn more.


Accounting Principles and Assurance Standards Sept. 25: Changes in the Revenue and Lease Accounting Standards

Learn how to prepare your clients for the upcoming changes to the revenue and lease standards. The discussion leader will walk us through the understanding of the standards and what the impact will look like for our clients, as well as provide guidance, recommendations and disclosures required at the time of implementation.

Register or learn more.


Sept. 28: 2017 Tech Trends and Update

Our annual technology update is enlightening and frightening at the same time. Join us as former CalCPA Technology Committee Chair Bruce Gray, CPA CGMA, shares some interesting tricks, trips and trends. What should we be worried about? What are some of the cool new tools and apps out there? What steps can we take to better protect ourselves in cyberspace? Bruce will discuss all this and more, and you also will have a chance to ask questions.

We meet for breakfast from 7:30 to 9:00 a.m. at the Village Grill (148 Yale Ave., Claremont). Cost is $15 for members and $25 for guests, which includes breakfast and one hour of CPE.

Time: 7:30–9 a.m.
Location: Village Grill; 148 Yale Ave,; Claremont
Cost: $15/members; $25/for guests (includes breakfast)
CPE: 1 hour

Register or learn more.


Member & Guest Social Networking Event Sept. 28

Young and emerging professionals, students, CPAs and all other professionals and their guests are invited to attend this networking event. Meet some of the chapter’s 2017-18 leadership team, while enjoying light food and billiards. This is a networking opportunity you won’t want to miss!

Register or learn more.


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CalCPA News

Sales Tax on Services Legislation Introduced

Tax on services continues to be a topic of discussion in the Legislature. A recently introduced bill, SB 640 (Hertzberg), proposes to enact a sales tax on services—including those provided by CPAs. While the bill does not articulate how such a complex shift in the tax burden would be accomplished, the introduction of this legislation keeps the issue on the radar within the public policy arena—particularly as tax reform conversations heat up.

Similar far-reaching tax on services proposals were introduced in 2015 and 2016 by Sen. Hertzberg, but both bills died in the Legislature when they failed to meet legislative deadlines. These proposal have been characterized as a way to broaden California’s tax base to address a volatile stream of tax revenue. However, the proposal would impose an extremely complex shift in the tax burden to raise billions in new tax revenues.

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Family Law Conference

Behind the License

We know there’s more to your life than the tax forms, deadlines and rules and regulations that you spend time with at the office. And we want to tell your story—or the story of a member you may know.

Our monthly Final Entry feature in California CPA takes a look at the person behind the license. Over the years we’ve featured members who race carsplay in a banddevote time to nonprofit causeshave taken on physical endurance challengessurfDJ and make wine.

So, what’s your story?

If you’d like to participate or want to recommend a colleague, contact managing editor Damien English with details and we’ll set up a short interview.

Join us at a CPE Weeks destination!

Fake Assurances: A Case Study with Okorie Ramsey


Engage in a two-hour case study discussing and reviewing auditor points-of-view from portions of False Assurance—a film by ICEAW. Participants will dive into this case study with Okorie Ramsey, 2017-18 CalCPA Education Foundation Board of Trustees president.

This two-hour session is offered live at CalCPA’s office in Burlingame or via webcast Oct. 11 and Nov. 8.

View the trailer and register »



Diversity and Inclusion: California Dreamin’ or California Reality

By Soco Davenport

Much has been written about the benefits of a diverse workforce. For example, a survey of 300 senior executives of large corporations by Forbes Insight concluded that a “diverse and inclusive workforce is necessary to drive innovation, foster creativity and guide business strategies.” The report further states how a diverse workforce is “crucial for companies who want to attract and retain top talent.”

And accounting firms and other workplaces in California don’t need to look far to see that diversity. Consider these facts from the Census Bureau:

  • California has more whites, Latinos, Asians and American Indians than any other state.
  • The state’s estimated population of 39.2 million in 2016 was comprised of Latinos (38.9 percent); single-race whites (37.7 percent); Asians (14.8 percent); African American (6.5 percent); and American Indian (1.7 percent).
  • Los Angeles County led the nation in the number of Hispanic, Asian, American Indian and Alaska native owned businesses in 2012. The estimates for the same year indicated that 55 percent of businesses in the county were minority owned.

“Diversity is a business reality and necessary to be effective and competitive in this new global economy,” says Kathy Johnson, 2018-19 CalCPA chair. As CalCPA’s first African American chair, Johnson is embracing her unique position to “inspire young minorities to give them an opportunity to see themselves as a CPA and a leader in the largest state society of CPAs.”

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