Archive for the ‘President's Message’ CategoryRing Out the Old and Bring In the NewJanuary 29th, 2010
The Journey ContinuesJanuary 4th, 2010
After much discussion and following the lead of several other chapters, the board has decided to recognize our first chapter Distinguished Service Award. Just as we recently honored our first Young & Emerging Professional of the Year, we will now recognize a more senior member for his or her long and distinguished service to the chapter or for some extraordinary contribution to the profession. I hope this will underline the board’s recognition of our members’ accomplishments and encourage others to pursue similar achievements. The nomination deadline is May 31, and the award will be presented at our chapter lunch in June. Please consider nominating a fellow chapter member now—before our attention turns to tax season! You can download a nomination form online.
On Giving ThanksNovember 24th, 2009
We recently held our annual new member orientation. I participated at one of these meetings several, several years ago when I was a junior accountant. A few decades later, having had the privilege of standing at the lectern as chapter president, I can’t help but think how CalCPA has impacted and enriched my professional experience. I suggest to all my fellow members and peers to continue to encourage your staff to engage in our organization, especially the younger accountants who will be our future standard bearers. Our profession will continue to evolve and change, but it will still depend on the commitment of its members. Please continue your support. Wishing you all the very best of the season.
Reach Out to OutreachNovember 2nd, 2009
In other news, our Oct. 22 annual ABC mixer was well-attended. The new venue at the City Club added greatly to the ambience. On behalf of the chapter, I thank all of our sponsors in making this event such a success. Attorneys, bankers and CPAs have a natural affinity, and these types of events continue to bring together the local financial community on a regular basis. On the legislation front, the governor passed into law the licensing requirement for 150 hours of college education. This brings to an end the bad boy image of California not being a substantially equivalent state. Additionally, beginning in 2010, peer reviews will be mandated for California CPA firms, and details will be announced soon. On both fronts, we have progressed significantly in shifting legislation to stay in line with the needs of the profession, although I am sure that in both instances there is contrary thinking of sorts. Globalization took a front seat at the recent AICPA Council’s meeting. AICPA President and CEO Barry Melancon commented, “The globalization of the world’s economies will mean that the ability of CPAs to operate across borders will no longer refer to just state borders, but to international borders as well.” Also mentioned was the fact that the AICPA is working with NASBA to offer U.S. CPA exams internationally. Melancon added, “We are supporters of what we would call ‘IFRS pure,’ one set of standards applicable everywhere, not country-specific modifications to it.” This seems to be a tall order in my opinion, but it does reflect the prevalent thinking as to the direction of our profession. Lastly, I draw your attention to our chapter meeting scheduled for Wednesday, Nov. 18, which is our new-member event. This meeting is perhaps one of our most important programs of the year and brings to the forefront the value that our chapter provides to our members. I have always found this meeting to be extremely informative, and I hope that you will encourage new CalCPA members on your staff to attend. Have a splendid Thanksgiving with family and friends.
The Pulse and the HeartbeatOctober 1st, 2009
Not surprising also was the observation that 80 percent of the programs now offer courses in IFRS in anticipation of the globalization that I have discussed before. And CPA Letter recently conducted a poll asking what aspects of an accounting career were most interesting to students. Topping the list of responses were job stability, career options and salaries. I think that these positive attributes are a welcome change from the past where they did not seem to influence entrants into the profession. Both the pulse and the heartbeat of the profession are very strong. Closer to home, we had a sold-out golf event Sept. 22. It seems Harding Park is a favorite venue with the players, as this is our fourth year at this location (see photos below). This annual event is a major fund-raiser for our scholarship fund, and I request continued participation in the years to come. Coming up Thursday, Oct. 22 will be our annual ABC Night. Given that we will be past the throes of the second filing season of the year, it would be encouraging to have a healthy turnout in getting these esteemed professionals together for a networking mixer, so please invite your attorney and banker colleagues. We now have a plan for our resurgent tax committee under the leadership of board member Laura Ross who plans to hold the first meeting in early November. I sincerely request that firms consider lending support to this by having some of their staff attend this first meeting, as it will lay the foundation for the future of what I consider a very integral part of any chapter’s committee slate, the tax committee. With the help of the MAP committee, I plan to put together a follow-up meeting to address some of the practical implications to succession planning. Our first meeting in May was well-attended, and this time around we hope to discuss some of the financial issues involved with internal buyouts and external mergers. As older CPAs reach retirement age, it can only help to tap into the successful experiences of others about how to pass the torch.
The Changing TideAugust 28th, 2009
The AICPA’s 2009 Private Companies Practice Section’s CPA Firm Top Issue Survey found that client retention is the top issue for all size firms. This was a dramatic change from 2007, when the top issue was staffing. It doesn’t take much imagination to figure out the reason. In two words: the economy. As to how times have changed, I believe that client retention did not even make an appearance on the 2007 top issue list. This change, of course, does not bode well for our profession. It may alleviate one side of the equation, but it puts in jeopardy our very bread-and-butter. I have heard of several layoffs in the Bay Area, which is disturbing to say the least. But at the same time, recent indicators seem to reflect a glimmer of hope that the economy may be on the mend and that the bottom is becoming part of history. I guess this is perhaps an opportune time for firms to take stock in staffing and client matters so as to position themselves for the future. Interestingly enough, and to no one’s surprise, succession planning, marketing to new clients, technical complexities and human capital all took front row seats in the 2009 survey. Another hot item, believe it or not—and not to be in anyway termed an oxymoron—was partner accountability. But on the other side of the ledger, an encouraging article in cpa2biz.com, is titled SEC Proposed Changes Could Create Demand for CPA Firms from Financial Advisors. The proposed changes to Rule 206 (4)-2 of the 1940 Investment Advisors Act would affect about 9,600 advisers who would be subject to a surprise audit. Advisers who retain custody of client funds are to be impacted. Even though this would provide more work for us, it would not, of course, add to our popularity. And finally, here is an interesting article from the Financial Times: Accountancy: Gone Are the Days of Preparing for a One-Country Career. Imagine that. A profession guided by national mandates and dictates is soon to be put on a trajectory of globalization. It is hard to imagine the concept of goodwill having a universal definition, but the accounting professions in different parts of the world are now going to try this in earnest. As I mentioned last month, our chapter will, for the first time, honor a Young and Emerging Professional member for excellence this year. The award will recognize contributions through voluntary work, inspiration to others, dedication to the profession and other positive attributes. Our young and upcoming members are taking leadership roles now and will continue to do so in the not-too-distant a future. This award is a way for the chapter to provide them with a platform from which to achieve greater heights. Download a form to nominate one of your staff. Our profession lives in interesting times, where change, and change alone, seems to lead the way.
Making StridesJuly 30th, 2009
Back to the BeginningJuly 2nd, 2009
The committee format has always been a combination of acquiring continued education and social networking. Over the past 20 or so years the modes of acquiring continued education have evolved dramatically with the advent of the internet and personal computers. The social aspects of networking, and affinity afforded by peers of course, can never have substitutes.
In the Footsteps of George WeberMay 19th, 2009
This year CalCPA celebrates its centennial, and our chapter, under the auspices of its first president, George Weber, was responsible for setting the stage for what is now a 34,000-plus member organization, the largest state CPA professional association in the nation. For the past 100 years, our profession, CalCPA and our chapter have functioned as an ocean liner rather than a speedboat, having coped thoughtfully with myriad changes that have come down over the years. We continue on a steady course during a time that is critical to the profession, and our job as stewards continues to be of paramount importance. It is essential that we address the issues that will impact the future of our membership and our ability to serve our clients, the public and, of course, each other. We have noted the aging of our profession and the subsequent handover of management from one generation to the next. I think that over the next few years, succession management will be vital to our profession’s continuity and, consequently, CalCPA’s ability to remain as the premier organization that it is. To that end, I will work assiduously to bring greater visibility and further awareness to this issue through the appropriate committees. The MAP Committee recently hosted a forum addressing succession and transition planning and the need to form a focus group to discuss the challenges that lie ahead. Attesting to the importance of this topic, a substantial number of practitioners and other interested parties attended. We hope this will be the first of a series of meetings on this topic. We continue to hear that the world is becoming a smaller stage, and the accounting profession is at the very threshold of internationalization and globalization. Our membership will need to be apprised of new standards and mandates that will be coming our way and to which we will need to adapt. Again, CalCPA will play a vital role by offering members the necessary education to keep up to date on the changes. Finally, we must continue to be outgoing as a profession and expand our awareness by working in tandem with other professional organizations to achieve common goals. I think this approach extends our reach and gives us the ability to add value to your membership. I consider myself very lucky to be associated with a very vibrant and dynamic board that brings a lot of energy each time it comes to the table. Your board members are all seasoned professionals who consider their roles to be of significant importance. They therefore remain dedicated in providing their time and efforts. I look forward to meeting you at our events, committee meetings and other functions. In June CalCPA comes to San Francisco to celebrate its 100th birthday, and we are truly fortunate to showcase our city and our chapter during that time. This is, after all, where it all began.
Rich Continuum of ServiceApril 15th, 2009
When I became your president last year, I said I was part of a continuum, and as I become past president, your incoming president, Jamshed Gandi, will continue the commitment to service that is a hallmark of the San Francisco Chapter Board of Directors. You’ll note I said serve, not govern or administer. In addition to attending board meetings, board members plan and execute all chapter events and liaise with chapter committees, state committees, CalCPA Council and local legislators. Our board of directors reflects the diversity of San Francisco, and I believe that our diversity is one of the reasons why we have been so successful. Because our board is representative of the chapter’s population, we are attuned to the needs of you, our members. However, maintaining diversity means continually developing a diverse pool of talented individuals to serve as committee chairs and directors. But for many members, business and family responsibilities take first priority. I was a single parent and didn’t become active in the chapter until my son graduated from high school. Even then, I was tentative to accept responsibilities. As time went on, I became more confident and assumed more responsibility, realizing the tangible and intangible benefits of being active in CalCPA. By volunteering my time to CalCPA, I have grown as a professional and an individual. My business also has prospered because my participation in CalCPA has created a network of CPA friends throughout the state. As I think about the benefits of belonging to and being active in CalCPA, I am reminded of a line from a play: “Life is a banquet, and most poor fools are starving to death!” My active participation in CalCPA has been and continues to be a banquet. If you have the time and are so inclined, please join us at the banquet. Your chapter needs you, and, perhaps, you need the banquet.
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A new year has dawned, and I sincerely wish our members, board of directors and all at CalCPA a very happy new year. I am sure that the next 12 months will bring a new set of issues, challenges and changes. As the saying goes, “The only constant is change.”
