Fall CPA Summit (CN4110)

Thursday, November 16, 2017 - Friday, November 17, 2017 | 8:30 AM - 4:30 PM (Registration at 7:30 AM) EST | Marriott Columbia, Columbia

Description

Get ready to learn, thrive and connect with your community of accounting professionals at the 2017 Fall CPA Summit. Talk with trusted colleagues, knowledgeable instructors and business resources and get ready to take your knowledge to the next level.

Plus, support the next generation of accountants at the Student Recognition Luncheon and welcome new community members at the New CPA Oath Ceremony. Register Today!

Cost

Early Bird Registration: $569 SCACPA Members (by 10/26/2017)
Standard Registration: $594 SCACPA Members, $694 Non-Members
Firm Discount: ($15)
Reciprocal Discount: ($100)
Bundle and Save Discount: ($20)

Sessions

Please select the appropriate session or option below to continue with your online purchase

Thursday, November 16, 2017

8:30am - 10:10am

Insightful Financial Analysis Part 1 & 2 This course helps answer these questions. Why do you need to conduct a financial analysis and how would you use it? Is it more than just analyzing the financial statements?  Do you know what you do best and is it sustainable? What trends should we be concerned about in our business? And much more Part 1: We spend time discussing why it is essential to have a good understanding of the organization's senior management team, it’s business strategy, and the industry it operates in.  Also, we discuss a variety of ratios associated with the following areas: liquidity, leverage, profitability, activity and cash sufficiency. Part 2: We leverage the information from Part 1by introducing tools and techniques to help determine the quality and the timing of the company’s liquidity. We will also discuss methods on how to uncover financial challenges in your business and strategies on reducing these risks.  

Multistate Tax – Part 1 The following topics will be covered in this session: • Sales and use taxes    What is use tax?    Which jurisdiction gets that tax?    What is taxable?          Tangible personal property         Software         Taxable services         Lodging         Exemptions • Franchise taxes • Gross receipts/Margin taxes 

Accountants in public and private sectors frequently encounter ethical issues and must remain alert to potential threats.  Using examples of actual scenarios accountants have faced, this course will provide an opportunity for interactive discussion of ethical dilemmas and provide advice and solutions attendees can apply in practice.

10:20am - 12:00pm

Insightful Financial Analysis Part 1 & 2 This course helps answer these questions. Why do you need to conduct a financial analysis and how would you use it? Is it more than just analyzing the financial statements?  Do you know what you do best and is it sustainable? What trends should we be concerned about in our business? And much more Part 1: We spend time discussing why it is essential to have a good understanding of the organization's senior management team, it’s business strategy, and the industry it operates in.  Also, we discuss a variety of ratios associated with the following areas: liquidity, leverage, profitability, activity and cash sufficiency. Part 2: We leverage the information from Part 1by introducing tools and techniques to help determine the quality and the timing of the company’s liquidity. We will also discuss methods on how to uncover financial challenges in your business and strategies on reducing these risks.  

Multistate Tax – Part 1 The following topics will be covered in this session: • Business income taxes    Allocation    Apportionment          Throwback and throw-out         Assigning service sales         Assigning payroll • Nexus    Sales and use    Income    Franchise

12:55pm - 2:35pm

Will review and discuss relevant accounting and reporting standards in addition to new and emerging assurance matters. This presentation will include review of the: Financial Instrument Standard Credit Reporting Standard GAAP Simplification Standards Revenue Recognition (briefly) Leases Going Concern Auditing Standard Impact of Innovation on the Accounting and Auditing Profession

TOP TEN TAX TRAPS AND HOW TO DEAL WITH THEM                From claims for refund with omitted arguments or failure to timely contest denials, through limitations extensions that lead to larger deficiencies, to missed elections, inadequate disclosures and other dangerous practice problems, we will cover the best ways to deal with the things that keep you awake at night.

Tips and tricks to help your professional profile stand out from the crowd.

2:50pm - 4:30pm

This presentation will review the framework of the new revenue recognition standard (ASU 2014 -9) including the five conceptual stages of recognizing revenue, identifying performance obligations, the type of considerations for recognizing revenue over time or point in time and disclosure implications of the new standard.  We will also discuss methods of recognizing revenue over time including several practical applications of applying this standard.

This discussion will revolve around an update on recent legislation, policy and case law affecting employers in the new Adminstration, along with tips to limit employer liability in the employment arena.  Attendees will leave with a better understanding of the legal challenges they face and how to deal with them effectively.

Rick Kaglic will be talking about the latest economic indicators and what they are telling me about national economic conditions, the outlook, and implications for monetary policy. In addition, he will touch on what the national outlook means for the regional economy.

General Sessions

If you are a new CPA, please register for the New CPA Oath Ceremony.

Friday, November 17, 2017

8:30am - 10:10am

Fraud. We read about it in the news every day. By some estimates over $1 trillion is lost to fraud and theft each year. So why are we surprised when it happens to us? Gary German will share stories from his own experiences in fraud investigation and forensic accounting: Why did it happen? What allowed it to happen? Could it have been prevented? Whether you are in public accounting or industry you are sure to benefit from this discussion as Gary dissects the dark side of accounting and finance.

In this session, Mr. Collins will cover advanced Excel features and techniques to help expand your Excel knowledge. This presentation will include coverage of PowerView, XML data, macros, macro buttons, relative macro creation, data validation, drop down lists, 128 bit password protection, voice recognition, customizing Excel’s ribbons, pivoting, recovering unsaved Workbooks, recover an Excel file you forgot to save the accounting format, fill handle tips, Sparklines, 219 hidden Excel commands, speak cells, suggested default settings, the formula auditing tool, and more.

10:20am - 11:10am

Companies are always searching for growth and there are only two ways to make that happen: organic growth or acquisition. Quite often the determination is made that it is easier, quicker and cheaper to buy than to build. At some point in time most every CPA will be asked to help buy or sell a company. What’s a business really worth? How does the value differ for the Buyer and the Seller? What are the Buyer and the Seller really thinking? Gary German will help you sort through these questions as he explores the process of buying and selling a company from both sides.

Mr. White will provide an overview of the mechanics of a syndicated conservation easement transaction and tax issues associated with structuring these transactions.  Mr. White will also discuss the IRS’s classification of these transactions as “listed transactions” and what this means for tax advisors. Attendees should gain an understanding of the tax issues associated with these transactions and insights as to how to advise their clients who may be considering investing in one of these transactions.

In this session Mr. Collins will demonstrate some of the most useful intermediate and advanced features found in Word, PowerPoint, and Outlook to ensure you are utilizing the full power these tools offer. More than 1 billion people use Word and Outlook, making them the most popular products in the Microsoft Office suite. Accordingly, this session will cover top Outlook features including contact groups, meeting requests, calendar sharing, managing multiple email accounts, port 25 issues and 527 issues, categories, follow up flags, view settings, customizing columns, managing reminders, managing To-Do tasks, managing rules, and printing emails and contacts. Mr. Collins will also cover some of Word’s best features including Quick Parts, WordArt, Word charting, picture tips, online video production, review tools, creating and managing tables, table of contents, Flesch-Kincaid scores, working with envelopes, tracking markups, and comparing documents.

11:15pm - 12:05pm

This session will provide an overview of recently issued accounting standards including revenue recognition, leases, NFP financial reporting, presentation of pension expense, and other recently issued accounting standards.  It also will provide an overview of current projects of the FASB.

In this session, Mr. Collins will cover the new and improved features found in Excel 2016, including six new chart types (Treemap, Sunburst, Waterfall, Histogram, Pareto, and Box and Whisker charts), the Get and Transform Power Query tools, exponential forecasting, one-click forecasting, 3D Maps, PivotTable enhancements, BI tools, new Quick Shape formatting options, Excel’s new Tell Me tool, the new Insights tool, Ink Equations, simpler sharing, improved version history, new themes, data loss protection (DLP), and more.

12:55pm - 2:35pm

H01 is Part 1 of a 2 Part Session concluded with I02. It is recommended that you take both H01 and I01. Critics have claimed that traditional managerial accounting is at best useless and at worst dysfunctional and misleading. Today’s general ledger and budgeted spending systems support departmental and “stovepipe” managerial philosophies. In contrast, activity-based costing (ABC) information supports process-based thinking. ABC is a key component of the increasingly popular enterprise and corporate performance management (EPM/CPM) systems. Cross-functional processes are now recognized as the integrating theme for how work gets done, how outputs are produced, and how customers get served. Only ABC can bring truly accurate fact-based measures and visibility to costs. ABC traces costs using cause-and-effect activity cost drivers. The resulting cost visibility informs manager about what things accurately costs and more importantly why things have costs. ABC goes beyond product costing to also measure channel and customer profitability.  Regarding measuring customer profitability the only value a company will ever create for its shareholders and owners is the value that comes from its customers – current ones and new ones acquired in the future. To remain competitive, companies must determine how to retain customers longer, grow them into bigger customers, make them more profitable, serve them more efficiently, and target acquiring more profitable customers. They need relevant and accurate costs to gain insights to accomplish these actions. There needs to be a shift from being product-centric to being customer centric. Hence, a mind-shift is needed from pursuing increased sales volume at any cost … to profitable sales volume. Cost accounting leveraging business analytics is essential to achieve this result. Companies need to answer these questions: Which types of customers are worth more to retain, grow, acquire, or win-back? And types are not worth pursuing? And how much should you optimally spend on each type of customer micro-segment? Ultimately cost data is simply a means-to-ends where the ends are the decision-making of the organization. Today an emerging focus is to become a “learning organization.” Unlike traditional accounting reports to which managers react by being happy or sad, ABC data makes them smarter! 

Nearly all taxpayers nowadays have at least some foreign aspects, which means that their tax advisors must grasp critical U.S. international rules. Issues of importance in 2017 and beyond include expansion of the Form 8938 foreign asset reporting duty from individuals to domestic entities, status of the ever-changing international voluntary disclosure programs, new duties for children with foreign accounts, new obligation for foreign-owned domestic disregarded entities to file Forms 5472, aggressive pursuit of “accidental Americans” by the IRS, revocation or denial of U.S. passports for some tax debtors, automatic penalties for late international information returns, implementation of multiple FATCA weapons, and new compliance initiatives targeting foreign investors holding U.S. rental property. The IRS has recently expanded its Large Business & International division, created a specialized Criminal International Tax Enforcement Group, issued dozens of International Practice Units, and more. All this adds up to increased focus on international audits, enforcement, and disputes. This presentation explains the most pressing issues, so that tax advisors can avoid problems, both for their clients and themselves.

In this course, you will receive dozens of top technology tips related to cloud computing, cloud-based applications, Windows, browsing, purchasing hardware, printers and printing, security, remote communications, software drivers, data organization, printers, computers, laptops, smartphones, web sites, internet tools, utilities, scanners, optical mice, hand held devices, SD cards, QR codes, electronic business cards, solid state drives, social media, video editing tools, smartphone app recommendations, the Windows Desktop, the Windows calculator, 3-D printing, Bitcoin, the Snipping tool and more.

2:50pm - 4:30pm

This session is a continuation of H01 - It would be beneficial to take the earlier session before attending this session. Organizations need to shift their emphasis from historical reporting to planning with predictive costing such as capacity-sensitive driver-based rolling financial forecasts, what-if analysis, and marginal cost analysis (e.g., pricing). The annual budgeting process is often criticized as obsolete soon after it is published, prone to gamesmanship by politically muscled managers who know how to overstate and “pad” their budget request, cumbersome to consolidate cost center spreadsheets, not being volume sensitive, and disconnected from the executive team’s strategy. The challenge is how to resolve these deficiencies. It can be done through driver-based expense projections which are also useful for decision analysis. To complicate matters, traditional budgets are typically incremented or decremented by a small percent change from each cost center’s prior year’s spending level. This “use it or lose it” behavior by managers in the last few months of the fiscal year unnecessarily pumps up their prior year’s costs and consequently confuses analysis of who really needs how much budget in the coming year.  Ideally, the correct and valid amount of future spending for capacity and consumed expenses should be derived from two broad streams of workload that cause the need for spending – demand driven and project driven. Four components of the enterprise performance management (EPM) framework can be drawn on to resolve the limitations from traditional budgeting. They are a strategy map, a risk management matrix, capital projects, and activity-based costing principles for daily recurring operational expenses. The first three are project-based and the last one for recurring operational expense projections.  Executive teams request frequent updates and revisions to the financial budget. Hence there is a need for rolling financial forecasts revised with frequent time intervals.  Computer automation integrates the methods of the enterprise performance management (EPM) framework, including good predictive analytics. It enables an organization to produce valid capacity-sensitive driver-based rolling financial forecasts.

Lunch Options

Specialty

DETAILS

Course Code:
CN4110

Credits:
16.00 Various

Field of Study:
Accounting, Auditing

Vendor:
South Carolina Association of CPAs

Course Type:
Conferences

Level:
Update

Prerequisite:
None

Advanced Preparation:
None

Location

1200 Hampton St, Columbia, SC, 29201

 

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