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May/June 2008 |
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Bill
Reeb, CPA |
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This electronic newsletter is prepared especially for
public practitioners and is sent bimonthly to members of the
Texas Society of CPAs. This e-newsletter features regular
commentary from TSCPA member Bill Reeb, a CPA firm consultant
based in Austin. For questions or comments concerning the
articles featured in this issue or to suggest future topics, please e-mail Reeb.
From
the BILLiverse
This issue’s commentary is based on the 2008 Private Companies Practice Section (PCPS) Succession Survey Research Report. Bill Reeb’s piece looks at the PCPS survey data for firms’ succession planning progress, expected owners’ retirement and current buyouts.
Read Reeb’s Commentary.
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Free Webcast on Succession Planning Available
Want to learn even more about succession planning? Then check out a free Webcast on succession planning and how to develop a practical plan that’s available online for download. The American Institute of CPAs’ Mark Koziel, CPA, and Jim Metzler, CPA, discuss succession planning options and how to plan for a firm’s future. The Webcast is moderated by Liz Gold, associate editor of Accounting Today. It is archived, so register and watch anytime.
Register Online to View Free Webcast.
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MAP Survey Open Now Through July 11
The 2008 National Management of an Accounting Practice (MAP) Survey, sponsored by the American Institute of CPAs Private Companies Practice Section and TSCPA, were distributed to firms last month. The biennial survey covers key practice management issues that will allow your firm to compare its management policies and financial results to other firms. This year’s survey features 40 percent fewer questions, a free summary results report for all participants, and results produced months earlier than in previous years. The survey is open now through July 11. If you didn’t receive the survey link, go to http://map.pcps.org. If you have any questions, contact Dianne Rollin at 800-428-0272, Ext. 219 or drollin@tscpa.net.
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AICPA Council Votes on IFRS, New Web Site Debuts
Last month, AICPA Council voted to designate the International Accounting Standards Board in London as an accounting body for purposes of establishing international financial accounting and reporting principles for public companies. The amendment gives CPAs the option to use International Financial Reporting Standards (IFRS) as an alternative to U.S. generally accepted accounting principles.
Want to learn more about IFRS? Then check out AICPA’s new Web site at ifrs.com. This site, through text and video, provides an overview of IFRS and what it means to the United States. There’s even an AICPA background document on the topic.
Read More. (PDF)
Visit the Web site.
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Sourcing Methods That Will Boost Recruiting Efforts
In this article, ConvergenceCoaching is lending its marketing prowess to help your firm recruit employees by pointing out potential avenues and creative approaches for finding top talent for your firm.
Read the Article.
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New Forensic Credential to Launch This Fall
AICPA Council recently authorized the creation of a new CPA specialty credential in forensic accounting. The credential, Certified in Financial Forensics (CFF), will encompass fundamental and specialized forensic accounting skills that CPA practitioners apply in a variety of service areas, including bankruptcy and insolvency, computer forensics, economic damages, family law, fraud investigations, and more. The CFF designation is set to launch in the fall.
Read More. (.PDF)
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Growth Strategies: Shopping Tips for the Best Firm Mergers
Looking to grow your firm or for a succession plan alternative? If so, a merger may be for you. Learn all about mergers and acquisitions from J.H. Cohn, a New Jersey accounting firm that has grown from a $19 million firm to today’s approximately $215 million in just 13 years by pursuing mergers as a growth strategy. This article provides an eight-step checklist for merger success, including looking at your culture and conducting due diligence.
Read the Article.
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Innovative Tools for Firms Found at Consumer Electronics Show
CPA and technology guru Roman Kepczyk, CPA.CITP, recently attended the 2008 Consumer Electronics Show in Las Vegas and found top office technologies for your firm to watch. With over 140,000 attendees visiting 2,700 vendors in a show space equivalent to 35 football fields, Kepczyk culled some of the most innovative tools for accounting firms. If you couldn’t make the big event, read this article about new and future technologies concerning displays, image capture and more.
Read the Article.
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Buzzwords for a Strong Budget Effort
In her article, Leita Hart-Fanta, CPA, lists the buzzwords for a strong budget effort as accountability, transparency and focus. She offers success tips for those subjected to a budget or tasked with a budget, including holding people accountable, sharing significant information and focusing on what matters.
Read the Article.
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