Peninsula/Silicon Valley Chapter
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Archive for the ‘President’s Message’ Category
August 28th, 2009
By Michael A. Thompson
Summer is ending, school is starting and we have a lot upcoming this fall. In September, we will celebrate CalCPA’s 100-year anniversary, scholarship applications are due in October and we are now using social networking to reach out to our membership.
Centennial Event: Our chapter is holding its celebration of CalCPA’s 100th year Thursday, Sept. 24 at the Menlo Circus Club in Atherton. At this event we will honor our past chapter presidents and our 40-year members. Our special guest is CalCPA Chair Andrea G. Cope, a partner with Burr Pilger & Mayer LLP (www.bpmllp.com), our Event Sponsor. Keynote speaker is Mary E. Barth, professor of accounting at Stanford Graduate School of Business. Barth is a former member of the International Accounting Standards Board and will talk about the globalization of financial reporting. Download the registration flier now—seating is limited!
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July 22nd, 2009
By Michael A. Thompson, CPA
If you know of a high school or college student who is taking an accounting class, this may be an opportunity to talk to them about a career in accounting. I want to pass on a positive message to them: this may be their initial exposure to accounting and some of the hurdles may seem daunting, but they are achievable. The accounting profession offers many opportunities, including those I’ll describe here.
Bookkeeper: In a small business a good bookkeeper is always highly prized. To become a bookkeeper you need at least a high school diploma and you must be trustworthy. You gain experience and confidence through on-the-job work experience. You may use accounting software such as QuickBooks to record revenue from cash register sales, and you may also write checks to pay for business expenses. Should you wish to become a certified bookkeeper, the American Institute of Professional Bookkeepers sponsors the Certified Bookkeeper designation. For certification, candidates must have at least two years of bookkeeping experience, pass a four-part examination and adhere to a code of ethics.
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June 30th, 2009
By Michael A. Thompson, CPA
Did you pass the CPA Exam a long time ago, but never completed all the steps required to become a full-fledged CPA? Here’s good news: You may already be eligible to become a CPA by utilizing the general accounting experience you gained while working under a direct supervisor who was a CPA. This is likely if you worked for a big public accounting firm, but left for greener pastures. You also may qualify if you worked for a small CPA firm doing tax and accounting work, or if you worked under a CPA in a corporation or small business. Below is a somewhat simplified outline of the major steps to completing your CPA:
CPA Exam: The California Board of Accountancy retains CPA Exam results and college transcripts indefinitely. Therefore, you will need to submit an “Application for Certified Public Accountant License.” It is helpful for you to know your CPA Exam unique identifier and the date you passed the exam. If you passed the CPA Exam in another state, you will need to transfer those grades to the CBA.
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May 19th, 2009
By Michael A. Thompson, CPA
I expect this year as chapter president to be filled with excitement as our profession goes through rapid change. Allow me to look at my crystal ball and make a few predictions: I predict that California will become a substantially equivalent state. I predict that California CPAs will be required to disclose their license status. Finally, I predict that CalCPA’s members will give back to the community through CalCPA’s financial literacy initiative.
Substantial equivalency: I predict that legislation will pass requiring those entering the CPA profession to obtain 150 semester hours of education. When California becomes a substantially equivalent state, California CPAs will be able to perform services for clients with a business presence in other states. CPAs perform audit services, expert consulting and tax services for companies and individuals nationwide. In practice many CPAs already cross state lines simply by making a telephone call, writing an e-mail or sending a letter to anyone in another state. Already 46 other states are substantially equivalent. A natural consequence, however, is that California CPAs will have to abide by the rules and regulations of the other states. Thus, CPAs will have to self-assess whether they are qualified to perform the services for which they are engaged.
License status disclosure: I predict that California CPAs with an inactive CPA certificate will be required to disclose “CPA Inactive” on their business cards and letterhead. Currently, inactive CPAs can refer to themselves on a business card, résumé or letterhead as being a CPA even though they have not taken continuing education. This legislation will primarily impact CPAs working in business and industry. Would CFOs want to refer to themselves as “CPA” or “CPA Inactive”? I believe this proposed legislation will provide transparency to the public.
CalCPA’s financial literacy initiative: I predict that CalCPA will give back to the community through its financial literacy efforts. Community groups and schools regularly request speakers from CalCPA to talk about financial basics. This service is free to the public, and there’s no salesmanship—our programs are purely educational. What a wonderful public service as we ride through these tough economic times. If you are a CPA and would like to participate in this program, let us know, and we will make it happen.
I would like to thank immediate past president, Karen R. Goodfriend, CPA, PFS, for her dedication to our chapter. I also would like to recognize Karen’s appointment to the AICPA PFS executive committee. This AICPA position is quite an honor, and especially so right now, given that Karen has risen to the top during our country’s economic turmoil. Let’s give Karen a round of applause.
— Michael A. Thompson, CPA
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April 15th, 2009
By Karen R. Goodfriend, CPA, PFS
This is the last “President’s Message” I will write, as my term as chapter president is about to end. With the financial events that unfolded, this year wasn’t what I anticipated—and I think it is safe to say it isn’t what anyone expected. However, what has been gratifying to me is becoming convinced more than ever how much our profession has to offer in service to clients, employers and the public through our financial literacy efforts. My hope is that CPAs will identify with this theme and engage all the more with their community through our chapter and CalCPA at large.
The financial crisis has profoundly impacted our economy, profession, clients and us, as individuals. I remain confident, though, that our profession will play an instrumental role in helping our clients and the public navigate through these challenging times. Our profession has earned a high level of trust from clients and the public. Such trust is valued all the more as we see all too many scandals come to light during these difficult times.
As the upcoming year’s chapter leaders assume or continue their roles, I encourage you to get to know these dedicated individuals and communicate your thoughts and questions to them. This is an enthusiastic group—watch for some excellent upcoming programs. Our chapter officers, board and committee chairs are a diverse lot that represent our membership across the age spectrum and include sole proprietors, plus members working in multi-office firms, industry and public practice. For example, our new president, Michael Thompson, has an industry background. From his other leadership roles within CalCPA, including the Education Foundation, Mike will bring great ideas to our chapter. I am confident Mike will lead our chapter well.
Finally I want to thank and acknowledge all who contributed such great ideas and programs during my term, including the committee chairs, directors and officers. And a very special thanks to Jane Dunbar, our Program Associate, who makes it all happen.
I look forward to continuing my involvement with CalCPA and the chapter. Let’s stay in touch!
— Karen R. Goodfriend, CPA, PFS
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February 5th, 2009
By Karen R. Goodfriend, CPA, PFS
Think back a year ago: Would you have ever thought that we would be faced with so much change in just 12 months? We are in the midst of recession, have a new president, are looking at new economic programs and regulatory change proposals, and the list goes on. As CPAs we are impacted on all fronts in both our business and personal lives—professionally, politically and economically.
Recently I was reminded of the importance of exchanging ideas with other CPAs when I attended the annual AICPA Personal Financial Planning Conference. During the event there was much sharing of perspectives of how the CPA community is responding to these turbulent times.
Across the country, CPAs practicing personal financial planning are providing a tremendous service to their clients by helping them navigate through these challenging situations. I have no doubt that CPAs in industry, public practice and consulting are also helping their clients, employers and the community in general navigate in a similar fashion.
There is no textbook instructing us how to deal with these changes, but there is much we can learn from each other. Now is the ideal time to associate with our CPA community. CalCPA offers numerous channels for exchanging ideas: chapter programs, state committees, webcasts, Daily Clips, California CPA and more. An easy way to stay connected, learn what technical programs and social activities are available and read what others are doing and thinking is to regularly check CalCPA’s website. Bookmark it today!
— Karen Goodfriend, CPA/PFS
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January 1st, 2009
By Karen R. Goodfriend, CPA, PFS
As we embark on a new year, it’s time to look to the future. I’ll start by addressing last month’s topic: the emerging generation of CPAs.
Since my last writing, our chapter leaders held a strategic planning meeting and spent more time discussing how to increase the involvement of emerging CPAs than any other topic. For example, we want to encourage this group to take on leadership positions at the chapter and state level. Let us know if you have an interest. In December, a volunteer event was held at the Second Harvest Food Bank. For those who attended, I am interested in hearing about your experience, so please comment!
As we enter 2009 and beyond, let’s prepare ourselves for change. Soon the presidential inauguration will occur and we’ll have newly elected officials and appointees in place. There is much to anticipate: economic programs, regulatory change, tax legislation and more. This will affect our clients, how we provide services as CPAs or our employers, and us as individuals. I am grateful to have access to a community of CPA’s and the resources of CalCPA to help me respond to the changes ahead.
At the state level, there are important legislative initiatives affecting CPA’s regarding mobility. CalCPA has organized a CPA Day at the Capitol Jan. 21. You can learn more online.
Happy New Year!
— Karen R. Goodfriend, CPA, PFS
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December 1st, 2008
By Karen R. Goodfriend, CPA, PFS
I just returned from an inspiring trip to New York. I attended my first meeting as a member of the AICPA Financial Literacy Commission, and I feel privileged to be involved. Much of the discussion was on the financial challenges our country’s generation of 25- to 34-year-olds. It also reminded me of how important this group is to the future of our profession and the need to offer them relevant programs. This month my message will focus on those who are in their 20s and 30s, from the perspective of our chapter, as well as on the financial literacy of our community at large.
First, let me highlight some of the upcoming programs for young and emerging professionals. Our chapter has organized its second annual volunteer event at the Second Harvest Food Bank for Wednesday, Dec. 10. Last year’s event proved to be a gratifying and enjoyable evening for attendees, so it’s back by popular demand. Many thanks to Parisa Nesva Derani and Anthony Rozenvasser for co-chairing our chapter’s YEP group and the programs they have planned. In recent months these two have organized three panel discussions on college campuses. The latest panel discussed CPA career paths and had more than 50 students in attendance. Our chapter’s younger members should check out the YEP networking site and look forward to the May 2009 Young and Emerging Professionals Conference. The YEP age group is represented in our chapter leadership, and we encourage others to get involved and help plan programs. I am pleased to mention that we had a highly successful student and scholarship night in November, with more than 100 people in attendance. The Scholarship Committee, led by Sharon Selleck and including Iris Chan, Wing Lee, Audrey Szutu, Bob Borelli and Ken Lee, did a fabulous job overseeing this event.
I also feel compelled to highlight financial literacy programs after spending three days at the AICPA meeting. The AICPA recently released the results of a study of the financial situations of those ages 25 to 34. The research shows a disturbing trend of increased debt and declining net worth. With the current economic downturn, the trend is all the more concerning. The AICPA has partnered with the Ad Council to create the Feed the Pig program through public service announcements and tools and tips found at the website. The goal of this public outreach is to help this age group develop better financial habits. At the meeting I was also proud to highlight the efforts of CalCPA’s financial literacy program. Whether or not you are part of the emerging generation, I encourage you to volunteer and help educate the local community of all ages. CalCPA has many tools and resources available, and you can learn more online.
As always, you are welcome to contact me and other chapter leaders by e-mail, phone or blog. Happy Holidays!
— Karen Goodfriend, CPA/PFS
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October 31st, 2008
By Karen R. Goodfriend, CPA/PFS
Greetings from St. Louis. This month, I write this message while waiting in the airport for my flight back to the Bay Area. I’m heading home from a meeting of the AICPA Personal Financial Planning Committee, where I spent two days with other CPAs who specialize in this practice area.
Among other topics, we discussed how our profession can serve our clients and the public in this time of financial uncertainty. As I sit in the terminal, I hear CNN report alternately on the election and the financial crisis, and I reflect on how much our profession has to offer our clients and the public at this time. Whether dealing with individuals or businesses, or serving as an employee in industry, a CPA’s objectivity and problem-solving abilities provide leadership in uncertain times. We also can provide a public service by helping to educate consumers and clients in matters of personal and business finance.
In my practice, I have seen clients who want to know how the financial turbulence is affecting them personally. They value objective assessments and guidance from a trusted adviser who understands their specific financial goals and who serves as a voice of reason. Helping clients to carefully plan their cash flow and navigate during the market downturn, refrain from selling investments based on emotion or fear and identify the silver linings where they exist, such as favorable tax legislation, represent a few cases in point.
We can also help each other. In this unprecedented situation for our profession, we benefit by sharing ideas and resources and connecting with colleagues in our areas of specialty.
If you are wondering how to get involved, here are a few examples of CalCPA activities that you can tap into: CalCPA staff and members work with the media to provide expert sources who can shed light on complex financial issues. Can you provide an expert perspective? The Financial Literacy program provides pro bono education to consumers, and volunteers are always needed to visit schools and civic groups. Training is provided. CalCPA and chapter committees serve as resources to help CalCPA members gain perspective and share ideas with colleagues in specific practice and technical areas.
I just received an e-mail from our CalCPA PFP Committee chair, who is in the process of gathering personal financial planning practice resources from committee members throughout the state. Other committees are addressing tax, financial and accounting issues as events unfold in the coming weeks, months and years. Please offer your comments or contact me, CalCPA chapter leaders or CalCPA leaders if you would like to know more.
— Karen Goodfriend, CPA/PFS
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September 29th, 2008
By Karen R. Goodfriend, CPA/PFS
With the presidential election fast approaching, I find it hard to remember another time when my thoughts were focused on so many political issues. And I don’t mean just the election of our next president. At this writing, we are waiting to hear what actions will be taken by our government to address significant challenges to our financial systems and economy. By the time you read this, we are likely to know much more about the direction our government is headed on this issue. These appear to be historic times, financially and politically.
Besides the national scene, there are legislative matters affecting California CPAs. In fact, your chapter leaders are in the process of meeting with legislators to discuss issues facing CPAs. We are discussing the mobility issue with them in particular. More information on mobility can be found online.
Perhaps you want to get involved, too. It’s good timing for CPAs to build awareness with the legislators who live and vote in their districts. As voters, we have their attention now, while they are running for election and re-election. If you want to know more about how to get involved in politics to help your profession, call CalCPA’s government relations department at (916) 441-5351.
Also, we have a great event coming up in October. The chapter is proud to host a new Student Night, celebrating the winners of our annual chapter scholarship awards and introducing students to our local CPA members and firms. All members are welcome and it should be a good chance to socialize with fellow CPAs in our chapter.
Do you have thoughts or questions about the mobility issue or chapter events? Feel free to comment.
— Karen Goodfriend, CPA/PFS
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