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Bakersfield Chapter

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President's Message

It’s Coming!

November 18, 2008

By Martin Goni, CPA

3_pres_sm.jpgBusy season. Two words, which given just a single utterance, are guaranteed to get a CPA’s heart pumping a little faster. And yes, my friends, busy season is getting closer, whether we want it to or not. With its approach, many of us will soon be attending our year-end tax update seminars and become engrossed in the throes of year-end planning for our clients. As you begin to get busier, your Bakersfield Chapter begins to wind down. Having just come off of our chapter’s busiest October in recent memory, I can say that our Golf Tournament and Student Night events were definite successes for our chapter.

We know that your schedules tend to fill up quickly this time of year, so I want to remind you about a few events. Our Young and Emerging Professionals (YEP) Committee leader, Lindsay Grudt, is planning a fun-filled evening at a Bakersfield Condors hockey game. More details will be forthcoming once the plans are finalized. Lindsay has done a great job of helping to ensure our YEP members get a chance to network by combining some of the past monthly YEP events with events sponsored by the United Way and the Kern County Junior Bar Association. Lindsay also is organizing our chapter’s attendance at the CalCPA YEP Conference in June. These are exciting events for our young and emerging members, and I would like to thank Lindsay for her involvement. I encourage all YEPs in our chapter to come out and participate in these events.

Another event that I want to inform you about is CalCPA’s Women’s Leadership Forum, scheduled for Wednesday, Dec. 3 in Los Angeles. From tips and strategies for attaining leadership positions within the profession, to ideas on handling difficult situations, mentoring and public speaking, this event designed by women CPA leaders features top speakers dedicated to helping women advance their careers. I know that our chapter’s program associate, Kay Coffin, is heavily involved in this event, so I encourage those of you who are interested to check out the website.

In keeping with the season, I thank everyone who has helped our chapter during this past year and wish all of you and your families a very Happy Thanksgiving!

— Martin Goni, CPA

Chapter News

New Members

On behalf of the Bakersfield Chapter’s officers, directors and members, we extend our warmest of welcomes to our new members

CalCPA News

CalCPA at Your Fingertips

Looking for information on what CalCPA events you’ve registered for or a listing of all CPE you’ve taken from CalCPA or the Education Foundation? Look no further than the Manage My Account function of CalCPA’s website.

Once you log in to the website with your username and password, the Manage My Account function provides you with access to update your personal and professional profile, as well as Education Foundation products and course discounts.

Forget your username and password? No worries. Simply visit the Login Recovery webpage, enter your e-mail address and your username, and your password will be e-mailed to you.

Access Manage My Account today.

CPA Day at the Capitol

California law does not meet the national standard for CPA licensure, and California CPAs are at risk of losing the ability to serve their clients’ interests outside of California. However, the solution is simple: California must adopt the 150-hour educational pathway as its only pathway to licensure. More than two-thirds of new California licensees choose the 150-hour pathway—what’s more, that percentage has grown every year since the option was introduced in 2002.

New legislation will be introduced in January to help move along this effort. We need you as constituents to meet with your legislators Wednesday, Jan. 21 and urge their support.

All existing CPAs and those licensed before 2012 would be grandfathered in.

Help communicate these important facts to your legislators in Sacramento. Register today to join your peers at CPA Day at the Capitol.

Dear Answerline

The financial meltdown of the stock market is wreaking havoc on many of my clients. This has raised several questions with regard to reports I will be issuing on the financial statements of those clients. First, on my June 30 clients, their investments have been marked to market as of that date, but should an additional loss be booked? Second, if the loss is not booked, is any disclosure required? Finally, this could cause some clients to be out of covenant with bank agreements and also raise doubts regarding going-concern. What disclosure would this require?

— Joe, the CPA

Dear Joe,
I hope you’re not sorry that you left the plumbing business to become an accountant due to the economy. As to your first question, this would be a type 2 subsequent event: “Changes in circumstances occurring after the balance sheet date” and would not be reflected as of the balance sheet date. With regard to disclosure, it is your call to determine whether disclosure is sufficient to inform users of the uncertainties mentioned in your last question. If you believe that disclosure is inadequate, you should consider a GAAP departure paragraph in your report. The same holds true for your evaluation of the client’s ability to continue as a going concern.

— CalCPA’s A&A Answerline at (800) 922-5272 ext. 2355

CalCPA Member Discounts on CCH Tax Guidebooks

CalCPA members can order CCH’s 2009 U.S. Master Tax Guide and the Guidebook to California Taxes 2009 at significantly discounted rates:

  • 2009 U.S. Master Tax Guide (Expected ship date, late December): $49.95/members; $69.95/nonmembers.
  • Guidebook to California Taxes 2009 (Expected ship date, late January): $44.95/members; $64.95/nonmembers.

Order today.


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QuickBooks/Intuit 2009 Update
Speaker: Kendall Wheeler, CPA, CITP
Date: Tuesday, Dec. 16
RSVP: Online

 
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(559) 876-3800

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