ND CPA Society CPE

Management Conference (05/21/2012)

Mon, 21 May 2012 04:00:00 GMT

Take the Wheel The Management Conference gives CPAs and other financial professionals who work in Business and Industry a chance to step away from their daily activities and see what's on the horizon. Our sessions focus on many key areas affecting you today such as management and financial issues, technology, human resources and personal development. The conference is developed by and for our CPAs in business and industry but you will find that the sessions are of interest to the business community in general. Anyone interested is welcome to attend.

For more information go to www.ndscpa.org/mgmt

ANDTCA Business Meeting and Tablet Seminar (05/21/2012)

Mon, 21 May 2012 22:00:00 GMT

Fellow educators, you’re invited to join colleagues for an evening of fellowship and information specifically tailored to the college faculty. The event will be held Monday evening, May 21 (6 to 9 pm) -- during the 2012 Management Conference in Fargo. K2 Enterprises will present a session for educators, focused on ways to use tablets (iPad or Android) to engage students in the classroom. Bring your own tablet to the session for hands-on learning. This is a program of the Association of North Dakota Teachers of College Accounting (ANDTCA). It includes dinner, a short business meeting, and a 2 hour CPE session – all at the Fargo Holiday Inn.

The $40 fee covers dinner and CPE. Please register by May 7^th.

Your current ANDTCA volunteer coordinators are Susann Cuperus, Patti Fedje, and Loann Nelson, Nelson.

Real-World Business Ethics: How Will You React? (RWBE) (05/23/2012)

Wed, 23 May 2012 12:00:00 GMT

Don’t be caught off guard by an ethics investigation. Adopt a proactive, risk avoidant stance by side-stepping common pitfalls and taking alternative courses of action. To learn how, examine case studies based on real-life litigation and administrative proceedings involving CPAs in public practice and industry. Explore ethical issues in the context of actual proceedings that were resolved both in favor of and against accounting and auditing professionals. Achieve a new sense of appreciation for the difficulties faced by every financial professional and a heightened sensitivity for the types of ethical dilemmas you could face in the future.

Objectives:
Upon Completion of the course, participants will be able to:
• Understand what ethical standards and considerations are critical to accounting and auditing professionals
• Recognize the presence of ethical issues
• Apply ethical standards to real-life situations

Highlights

Key issues in civil and regulatory actions
Analysis of ethical requirements and considerations
Fact patterns from actual proceedings
Special ethical issues in select reporting and disclosure areas: off-balance sheet financing, related party transactions, revenue recognition, materiality, loan and lease loss reserves, restructuring charges and independence
Effect of changes in disciplinary procedures and oversight
SEC enforcement proceedings and their implications

Who Will Benefit:

CPAs in industry and practice who manage financial accounting and reporting
CPAs in public practice who audit both private and publicly held companies

Instructor: Ervin Black
Level: Intermediate
CPE Credits: 8
Developer: AICPA
Area of Study: Behavioral Ethics
Prerequisite: Experience in financial reporting

Advanced Employee Benefit Plan Topics (AEMP) (05/24/2012)

Thu, 24 May 2012 12:00:00 GMT

Many auditors encounter similar issues when performing an audit of an employee benefit plan. This course is designed to go beyond the basics of preparing workpapers and financial statements and instead explore the more advanced issues related to auditing employee benefit plans. The material will provide the auditor with the appropriate tools to address some of the most common problems noted during the audit process.

Objectives
Upon completion of this course, participants will be able to:
• Identify and address complex risks noted throughout the audit process
• Implement changes in compliance rules and legislative issues
• Distinguish between over and under auditing practices based on case studies and group discussions
• Identify challenging audit issues such as fair value accounting measurement, participant loans, disclosure requirements, audit opinions and much more

Highlights

Group discussions, case studies, identification of best practices and review of various discussion questions
Review of FASB ASU No. 2010-25 Reporting Loans to Participants by Defined Contribution Pension Plans
FASB ASU 2010-06 Improving Disclosures about Fair Value Measurements
Implementation of new SAS’s 118, 119 and 120 related to supplemental schedules
Service Organization SAS clarification

Who Will Benefit: Practitioners with experience auditing defined contribution and defined benefit plans

Level: Advanced
Instructor: Ervin Black
CPE Credits: 8
Level: Advanced
Instructor: Ervin Black
Developer: AICPA
Area of Study: 4-Accounting, 4-Auditing

Individual Income Tax Return Mistakes and How to Fix Them (INB4) (06/25/2012)

Mon, 25 Jun 2012 12:00:00 GMT

Every practitioner has been confronted with a client who has a different twist on a tax plan or idea. This course focuses on the "law" in order to break down situations in which a taxpayer has attempted to push one of these plans or ideas. The study of the law underlying the tax mistakes made will assist practitioners in satisfying their professional standards of practice.

Major Topics:

Complete coverage of the tax acts of 2011 and any new legislation enacted before presentation
Failure to report income witnessed by 20 million people
Not all forgiven principal residence debt is excludable
Passive income and the self-charged rent rules
Grouping activities as a single unit
AMT: big trouble if you don't know the rules
Updated rules and just how much trouble do you get in for not filing a TD F 90-22.1 Form?
New Form 8938 to report foreign financial assets
Meal allowances for police or fire workers on 24-hour shifts
Can a lottery winner buy a capital gain?
Stock sold at loss and repurchased in IRA
When is a bad debt really bad, and a worthless security really worthless?
Estimated taxes, the big penalties, and planning.
Ignoring the future of Social Security
A self-directed IRA miscue eliminates bankruptcy exemption

Learning Objectives:

Achieve significant insight into the major mistakes that can be made in individual tax and financial planning
Develop strategies that will assist in not only avoiding mistakes but also in providing the best advice to your clients

Designed For: CPAs who wish to get a deeper insight into underlying tax law for some common client transactions that many offices have seen, plus some not so common client transactions
Level: Intermediate
Instructor: Norman Solomon
Prerequisite: Basic knowledge of individual income taxation
Credits: 4
Field of Study: Taxes

Current Issues in Accounting and Auditing: An Annual Update (AAU4) (06/25/2012)

Mon, 25 Jun 2012 12:00:00 GMT

Designed for accounting and auditing practitioners at all levels in both public accounting and business and industry, this course provides an overview of the most recent pronouncements issued by the FASB, ASB, and ARSC. This course will bring you up-to-date on standard setters' activities and provide you with examples and illustrations to help you apply the guidance in practice. You'll learn about the latest standards, exposure drafts and guidance focusing on issues applicable to accountants and auditors in public accounting and private industry. This course also includes a compilation and review update and current audit risk alert summary.

Major Topics:

Recently issued FASB Accounting Standards Updates
Current FASB exposure drafts and agenda projects
AICPA, PCPS and FinREC updates
Overview of the current audit environment
Recently issued Auditing Standards Board SASs
Compilation and review update
Audit risk alert summary
What's in the pipeline for audit and attest, and compilation and review services

Learning Objectives:

Review recently issued FASB, ASB, and ARSC pronouncements
Be aware of standard setters' agendas, technical plans, and project updates
Be familiar with the latest compilation and review activities
Provide an overview of recent economic, industry, technical, regulatory, and professional developments that may affect auditors and the engagements they perform
Identify important current and emerging practice issues affecting all industries

Designed For: Accounting and auditing practitioners at all levels desiring to remain up-to-date on recent pronouncements and other standard setters' activities

Level: Update
Instructor: Michael Morgan
Prerequisite: Experience in accounting and auditing
Credits: 4
Field of Study: Accounting (2), Auditing (2)

Preparing OCBOA Financial Statements: Cash, Modified Cash and Tax Basis Financial Statements (CMT4) (06/25/2012)

Mon, 25 Jun 2012 16:30:00 GMT

For many businesses preparing financial statements, using an "Other Comprehensive Basis of Accounting"(OCBOA, or soon to be "Special Purpose Framework") may provide an alternative to the complexity of U.S. GAAP. This course will provide you with an overview and hands-on application for preparing and reporting on OCBOA financial statements. You will learn the unique measurement and disclosure requirements of various OCBOA options using example financial statements, disclosure checklists, and workpaper illustrations. The course will also guide you through OCBOA engagements highlighting common practice issues.

Major Topics:

SAS No. 62, Special Reports
SSARS No. 19, Compilation and Review Engagement (provisions related to OCBOA)
AICPA Technical Practice Aids Sections 1500 and 9210.10
Cash basis and modified cash basis financial statements
Income tax basis financial statements
OCBOA accounting and presentation issues
OCBOA disclosures
OCBOA reporting requirements

Learning Objectives:

Review the limited authoritative and non-authoritative literature covering other comprehensive bases of accounting
Learn how to prepare and report on OCBOA financial statements using the cash, modified cash, and tax basis of accounting
Be aware of OCBOA accounting and presentation issues
Review the disclosure requirements for OCBOA financial statements
Understand OCBOA reporting requirements

Designed For: Practitioners and staff involved with the preparation of cash and tax basis financial statements
Level of Knowledge: Basic
Instructor: Michael Morgan
Credits: 4
Field of Study: Accounting

Mastering Basis Issues for S Corporations, Partnerships, and LLCs (HMB4) (06/25/2012)

Mon, 25 Jun 2012 16:30:00 GMT

The most difficult concepts to master when dealing with flow-through business entities are the basis and distribution concepts. Major error and malpractice issues occur if the CPA does not fully understand the impact of these rules. This course is designed to focus on the practical applications of these rules.

Major Topics:

Applicable coverage of the tax acts of 2011 and any new legislation enacted before the presentation

S Corporations

Beware of recent final IRS Regulations regarding "open debt" of S corporations
Understand the effect of stock basis and debt basis and IRS's recent focus on ‘at-risk basis' for shareholders
Recognize how AAA applies or does not apply to certain S corporations
Learn to apply the complex ordering rules and special elections that can have a big tax result
Become aware of when you can have a taxable dividend in an S corporation
Understand distributions of cash and property and post-termination transition rules

LLCs and Partnerships:

Learn the detailed rules of §704 for preventing the shifting of tax consequences among partners or members.
Determine how to calculate basis under both §704 and for "at-risk" under §465
Recognize how recourse, nonrecourse, and qualified nonrecourse debt can create significantly different tax results
Review §754 step-up in basis rules

Learning Objectives:

Determine initial basis and organizing tax-free under §351 and §721
Understand what affects basis and how to treat distributions

Designed For: CPAs who prepare both individual and flow-through business entity tax returns and need a thorough grasp of these significant issues. This course is a must for practitioners to help reduce and avoid this exposure to malpractice.
Level: Intermediate
Instructor: Norman Solomon
Prerequisite: Experience in business taxation
Credits: 4
Field of Study: Taxes

Internal Control: Critical Concepts Related to Financial Statement Audits (CDE4) (06/26/2012)

Tue, 26 Jun 2012 12:00:00 GMT

Significant changes in the auditing industry have highlighted the necessity for all entities, regardless of nature, size and complexity, to have a well-designed and effectively operating system of internal controls over reliable financial reporting. This course will provide practical guidance on exactly what a sound system of internal controls "looks like" and the resulting impact on the financial statement audit.

Major Topics:

Key components of internal control per the COSO Integrated Framework, and the important role each plays in the design and operating effectiveness of internal control over reliable financial reporting
Evaluating design and implementation of an entity's design on internal controls, including the potential impact on assessed risk of material misstatement
Important cost-benefit considerations when deciding whether to test controls for operating effectiveness as a control reliance strategy in a financial statement audit
Special considerations related to the use of outside service organizations
Evaluating and communicating identified deficiencies in internal controls

Learning Objectives:

Describe important internal control concepts, including identifying "key controls" in a "top-down" approach to evaluating the design and implementation of internal control over reliable financial reporting
Discuss the difference between evaluating "design and implementation" and "operating effectiveness" when designing the nature, timing and extent of financial statement audit procedures
Explain the difference between a "material weakness" and a "significant deficiency," and the potential impact on the assessed risk of material misstatement when designing the detailed audit plan

Designed For: Accountants, both in public and private practice, responsible for designing, evaluating, and/or monitoring internal controls over financial reporting when a financial statement audit is involved
Level of Knowledge: Intermediate
Prerequisite: Experience with designing, evaluating or monitoring internal controls
Instructor: Michael Morgan
Credits: 4
Field of Study: Auditing

Federal Tax Update (BFT4) (06/26/2012)

Tue, 26 Jun 2012 12:00:00 GMT

Both business and individual clients will be affected by all of the tax changes set to occur in 2013, requiring that the tax advisor practice extensive tax planning in 2012. Acceleration and deferral will be critical tactics in 2012, and this course will also review the major trends and changes in the case and regulatory law.

Major Topics:

How the changes in tax rates affect tax planning for individuals and businesses
Techniques for accelerating income and deferring deductions
Other late-breaking tax law changes
Practice aids, including the 2012 inflation-adjusted amounts, mileage rates, and more

Learning Objectives:

Understand strategies and techniques to use in light of tax rate changes
Understand what pass-throughs can do in light of health care and tax rate changes
Understand current cases and rulings affecting businesses

Designed For: CPAs who need to know the latest tax law changes in all areas of practice
Level of Knowledge: Update
Instructor: Norman Solomon
Prerequisite: Experience with individual and business clients
Credits: 4
Field of Study: Taxes

Protecting You and Your Company from Corruption and Misappropriation Schemes (CMS4) (06/26/2012)

Tue, 26 Jun 2012 16:30:00 GMT

Just when you think you've heard and seen it all, another fraud case tops the headlines. Why do these frauds keep happening, and what can you do to prevent them? Come join us for an interactive session as we review landmark and recent corruption and misappropriation fraud cases that occurred in the real world. We'll discuss how to identify these types of fraud and what you can do to detect and prevent these criminal acts. We'll also show you how to identify the red flags in corruption and misappropriation frauds and review some of the most outrageous schemes. Don't become the next victim of fraud -- come and see how these schemes were conducted and learn how they were discovered.

Major Topics:

Discussion on how corruption and misappropriation frauds occur
Schemes to perpetrate a variety of corruption and misappropriation frauds
Relevant investigative techniques
Preventative and detective controls
Discussion on what controls failed
Ponzi and other schemes
Update on what happened to the perpetrators

Learning Objectives:

Identify some of the early warning signs of fraud and how frauds occur
Detect corruption and misappropriation schemes and understand how to prevent them
Design preventative and detective controls to mitigate future fraud risks
Understand the auditor's responsibility in detecting corruption and misappropriation fraud
Understand management's responsibilities concerning corruption and misappropriation fraud

Designed For: Practicing CPAs and accounting professionals in business and industry that are responsible for the integrity of financial information
Level of Knowledge: Intermediate
Instructor: Michael Morgan
Prerequisite: Experience in accounting and reporting
Credits: 4
Field of Study: Auditing

Key Partnerships and S Corporation Tax Planning Strategies (BTS4) (06/26/2012)

Tue, 26 Jun 2012 16:30:00 GMT

Most of our clients are pass-through entities for which many of the general business strategies are subject to additional limitations. To provide the tax planning strategies for closely-held business clients that will bring more revenue, this course focuses on the special concerns and techniques the practitioner needs to thrive in this market.

Major Topics:

Basis planning: at-risk and passive considerations
Fringe benefit inventory: a checklist for clients; when does the $75 rule apply?
Related party transactions: making them work
Income splitting and shifting with family can create great benefits
Capital investment - what to do in 2012 and beyond

Learning Objectives:

Understand how the strategies and techniques in business-related tax planning are modified for pass-throughs
Understand the special problems when transactions involve the business, its investors, and related businesses and individuals

Designed For: All tax practitioners, both those working in public accounting as well as those in private industry, who are responsible for tax planning for their clients and/or companies
Level of Knowledge: Intermediate
Instructor: Norman Solomon
Prerequisite: Experience with business clients
Credits: 4
Field of Study: Taxes

iPAD – An Effective Business Tool (IPA-4) (06/27/2012)

Wed, 27 Jun 2012 12:00:00 GMT

Moving beyond the hype, Apple’s iPad has all the potential to serve as a serious business tool. Not only can you use the iPad to access traditional resources, such as your corporate network and email, but you can also use it to create, communicate, and collaborate in ways that you may not have considered possible even just six months ago. In this fast-paced, four-hour seminar, you will learn how to put the iPad to work, exploring key business issues such as security, connecting to the Cloud, and how to work with common file formats, including PDF documents, Excel spreadsheets, and Word documents. Whether you already own an iPad or are considering acquiring one, you need this course to ensure that you maximize the return on your investment.

Course Highlights

Describe how to configure an iPad for business use, including securing access and connecting to VPNs and corporate email accounts
List five primary business uses of the iPad and examples of available apps that support each of these uses
Create spreadsheets, word processing documents, presentations, and other common documents using an iPad
Use an iPad in an accounting environment
Connect an iPad to a data projector and use it as a second monitor on another computer
Integrate the iPad with various cloud services, including Apple's new iCloud service

Designed for: iPad users and potential iPad users who desire to put their tablet to its best use in a business environment
Program level: Basic
Developer: K2 Enterprises
Area of Study: Specialized Knowledge and Applications

Cloud Security and Compliance – What’s Your Responsibility? (CSC-4) (06/27/2012)

Wed, 27 Jun 2012 16:30:00 GMT

For centuries, accountants have been responsible for keeping the financial and other business information of their clients confidential. Moving data to the cloud in no way reduces your legal or ethical responsibilities with respect to the need to keep confidential information secure. Regardless of where you store this information, it is your responsibility to manage and maintain it in a secure manner. Attend this seminar to see exactly what your responsibility is and how to fulfill it.

Course Highlights:

Describe legal and ethical requirements regarding data security
List security questions that should be asked when conducting cloud provider due diligence
Identify the pros and cons of various cloud security measures
Describe the security features that should be included in an End User License Agreement (EULA)
Realize identity management is a mission critical component of any Cloud security plan

Designed for: Those who need to know how to achieve security when the data is in the cloud and the product is a service rather than a software purchase
Program level: Intermediate
CPE Credit: Recommended for 4 hours of Specialized Knowledge and Applications
Developer: K2 Enterprises

Excel Tips, Tricks, and Techniques for Accountants (EXL) (06/28/2012)

Thu, 28 Jun 2012 12:00:00 GMT

Excel is the accountant's tool of choice for analyzing and reporting financial data, yet most accountants have never received any formal Excel training. As a result, many accountants use time-consuming and error-prone processes to complete everyday tasks. This highly acclaimed course contains hundreds of tips, tricks, and techniques to improve your productivity and accuracy. Its content is based on over twenty years of experience in delivering Excel training to accountants and on feedback from tens of thousands of accounting and financial professionals just like you. The course has six major areas of topical coverage: productivity tips and tricks, formatting essentials, customizing Excel, formula-building essentials, three-dimensional workbooks, and printing essentials. If you are an Excel user, regardless of your level of experience, and you have never taken a formal Excel training course for accountants, you need this course! Participants will have access to sample data files.
This course includes coverage of features found in Excel 2003, 2007, and 2010.

Course Highlights

Identify tips and tricks in Excel such as Freeze Panes, Split Windows, Selecting Cells with Special Characteristics, Using AutoCorrect, Adding Date and Time Stamps, Working with the Office Clipboard, and Paste Special and describe how to use each to increase productivity with Excel
Describe tools and techniques for formatting in Excel, including Multiline Column Headings, The Accounting Format, Custom Date and Number Formats, The Hidden Format, and Conditional Formatting
Identify opportunities to customize Excel and describe procedures for Customizing the Ribbon, Customizing the Quick Access Toolbar, Adjusting Excel's Options, Using Templates to Increase Productivity, Modifying Excel's Global Templates, and Working with Custom Themes
Describe Excel's formula building tools, including Absolute vs. Relative Cell References, The Formula Bar, The Formula Tab, Performing Calculations on Dates, Splitting and Combining Text Strings, Using the Text to Columns Wizard, Working with Defined Names, Conditional Calculations, VLOOKUPs and HLOOKUPs, and Circular References
Describe how to link data from multiple Excel workbooks, including Creating Links, Updating Links, Managing Links, Handling Broken Links, Combining Single-Sheet Workbooks, Creating Sum-through Formulas and Rolling Reports
Define the process for printing data from Excel, including describing How to Adjust Various Print Settings, Using the Camera Feature to Create Report Forms, Working with Custom Views to Automate Print Settings, and Using Report Manager to Print Reports

Designed for: Accountants who want to learn how to use Excel more efficiently and effectively
Program level: Intermediate
CPE Credit: Recommended for 4 hours Accounting and 4 hours Specialized Knowledge and Applications

Form 990: Moving Beyond the Basics (AF990) (08/06/2012)

Mon, 06 Aug 2012 12:00:00 GMT

Once you have learned the basics of completing the Form 990, learn about more advanced issues relating to the Form, as well as identifying and solving solutions to increasingly complex nonprofit tax issues. Learn how the latest issues and tax law changes will affect your nonprofit clients. Get the latest on avoiding unrelated business income, intermediate sanctions, excess benefit rules, use of for-profit subsidiaries and joint ventures, compliance and lobbying.

Upon completion of this course, participants will be able to:

Deal with more complex reporting issues in completing Form 990
Identify, develop and implement practical solutions to increasingly complex nonprofit tax issues
Advise your nonprofit clients on tax issues facing them
Tackle the new rules on intermediate sanctions, excess benefit transactions and unrelated business income

Highlights

Complex issues involving the reporting by nonprofit organizations on Form 990
New developments in unrelated business income issues
The latest tax law changes affecting nonprofits
Use of multiple structures within nonprofits
Excess benefit transactions
Alternative investments
Private foundations

Who Will Benefit

CPA firm tax managers and partners
Accountants employed by tax-exempt organizations

Level: Advanced
Instructor: Thomas Sheets
Developer: AICPA
CPE Hours: 8 - Qualifies for Yellow Book Credits
Area of Study: Taxes
Prerequisite: Basic knowledge of nonprofit taxation

Oil and Gas Taxation: Fundamentals (OILF) (08/20/2012)

Mon, 20 Aug 2012 12:00:00 GMT

This course will cover the fundamental concepts of income taxation of the oil and gas industry with a primary emphasis on the oil and gas producer. The tax treatment of costs incurred in the exploration, acquisition, development and production of oil and gas will be covered.

The materials for this program include a complete copy of the IRS MSSP on the Oil and Gas Industry. The author’s outlines are cross referenced to the MSSP as well as CCH’s recently published treatise Oil and Gas - Federal Income Taxation (2011 Edition). These reference materials will be used to highlight the IRS’s position on various oil and gas tax questions, cases and revenue rulings. Recently published oil and gas industry Coordinated Issue Papers will also be discussed.

The taxation of the exploration and development of natural resources is very specific to the industry and very different from regular tax accounting rules. Concepts like the “pool of capital” doctrine, that allows certain tax free conveyances of oil and gas property interests, are not applicable to any other industry. Other very specific rules regarding geological and geophysical expenses, the current deduction for IDCs, special depreciation recovery periods and cost and percentage depletion are unique to this industry. If CPAs or their clients are involved in the oil and gas business the knowledge of these special industry tax rules is essential. Any new industry rules promulgated during President Obama’s administration will be covered in detail.

Learning Objectives:
• Objective 1: To gain an understanding of the upstream operations of the oil and gas industry and to understand the nomenclature used to describe oil and gas mineral interests and their economic characteristics.
• Objective 2: To understand the basic conveyancing transactions common in the oil and gas industry and to understand the tax implications arising from those conveyances.
• Objective 3: To identify and determine the proper tax treatment for geological and geophysical expenditures.
• Objective 4: To compute depreciation on lease and well equipment under MACRS rules or the units of production method.
• Objective 5: To identify intangible drilling and development costs (IDCs) and to understand the requirements that must be met in order to take a current deduction for IDCs.

Major Topics:
• Working definitions for oil and gas mineral interests and other industry terminology, including the unit of property and an economic interest
• Geological and geophysical costs
• Proper tax accounting for the leasing transaction, the subleasing transaction, including lease bonus, sublease bonus, and delay rental payments
• Depreciation issues specific to oil and gas exploration and production companies
• Proper tax treatment of IDCs, including what they are, the election to currently expense, and an election to capitalize IDCs under section 59(e)

Who should attend: Tax professionals involved in oil and gas industry's upstream operations and tax professionals whose clients own oil and gas mineral interests. The people who will most benefit from this program are tax staff, tax supervisors and managers moving into the oil and gas industry. This course will also serve as a great review for senior level managers and practitioners that have had prior experience in the industry and are seeking to reenter the field.

Level: Beginner to Update
Instructor: John C. Tripp
Developer: John C. Tripp
CPE Credits: 8

Oil and Gas Taxation: Advanced and Update (OILADV) (08/21/2012)

Tue, 21 Aug 2012 12:00:00 GMT

This program will provide experienced practitioners with in-depth coverage of complex issues encountered in the acquisition, operation and disposition of oil and gas properties. It will also bring practitioners up to date by focusing on current developments relating to the major tax principles applicable to upstream operations.

The materials for this program include a complete copy of the IRS MSSP on the Oil and Gas Industry. The author’s outlines are cross referenced to the MSSP as well as CCH’s recently published treatise Oil and Gas - Federal Income Taxation (2011 Edition). These reference materials are used to highlight the IRS’s position on various oil and gas tax questions, cases and revenue rulings. Recently published oil and gas industry Coordinated Issue Papers will also be discussed.

Learning Objectives:
• Objective 1: To determine the proper cost depletion and percentage depletion for each unit of property: including barrel limitations, taxable income from the property limitations, and the 65% of the taxpayer's taxable income limitation and the use of depletion carryovers.
• Objective 2: To understand the proper tax treatment of sharing arrangements and carried interests
• Objective 3: To determine the proper tax consequences upon the sale or abandonment of an oil and gas mineral interest
• Objective 4: To understand the AMT issues relating to the IDC tax preference item and the election to capitalize IDCs under section 59(e) to help ameliorate the AMT burden
• Objective 5: To properly apply the like kind exchange rules regarding exchanges of oil and gas properties, including the Section 1254 recapture provisions.

Major Topics:
• Complex percentage depletion calculations, limitations, and the use of depletion carryovers
• Sales of oil and gas properties with an emphasis on current deal structures
• Sharing arrangements, carried interests and other “pool of capital” transactions
• AMT issues, including the Section 59(e) election
• Like kind exchanges of oil and gas properties
• Electing out of subchapter K and gas balancing agreements

Who should attend: Tax professionals involved in the oil and gas industry's upstream operations and tax professionals whose clients own oil and gas mineral interests. All the participants that have taken the Oil and Gas Taxation: Fundamentals CPE Course.

Level: Advanced
Instructor: John C. Tripp
Developer: John C. Tripp
CPE Credits: 8

Farm Tax Update (FARM-B) (08/28/2012)

Tue, 28 Aug 2012 12:00:00 GMT

This course focuses on the key tax and legal issues associated with representing agricultural clients.

Topics to be covered Include:
• Cases and rulings of importance to agricultural producers and rural landowners
• Developments in the Congress concerning key legislation
• MF Global
• Selected self-employment tax issues for farmers
• Retirement of a farmer with assets in a C corporation
• IRS focus - repairs vs. capital improvements
• Succession planning issues - Schedule F to Form 4835
• Hedging vs. speculation
• Gifting commodities to family
• Conservation easements
• S corporation reasonable compensation
• Deferring crop insurance, disaster proceeds and livestock
• Vendor financed inputs
• Like-kind exchanges - handling of debt
• Comparison crop share and cash rent tax implications
• Bonus rent payments and income averaging
• Depreciation update
• Deductibility of soil and water conser¬vation expenses
• Planning implications of high asset values
• Oil and gas royalty/lease payments
• Update on Chapter 12 bankruptcy tax issues
• Key foreign tax issues of importance to North Dakota clients
• Update on the federal estate tax

Designed For: Practitioners representing farmers and ranchers
Level: Update
Instructor: Roger McEowen
Developer: Roger McEowen
Area of Study: Tax
CPE Credits: 8

Farm Tax Update (FARM-GF) (08/30/2012)

Thu, 30 Aug 2012 12:00:00 GMT

This course focuses on the key tax and legal issues associated with representing agricultural clients.

Designed For: Practitioners representing farmers and ranchers
Level: Update
Instructor: Roger McEowen
Developer: Roger McEowen
Area of Study: Tax
CPE Credits: 8

Annual Convention (09/23/2012)

Sun, 23 Sep 2012 04:00:00 GMT

For complete details go to www.ndscpa.org/conv

Fair Value Accounting: Guidance for Practitioners and CPAs in Business and Industry (FAI4) (10/02/2012)

Tue, 02 Oct 2012 12:00:00 GMT

Fair value accounting continues to be one of the most complex and controversial areas of accounting today and its impact on the global economy is well documented. The FASB also continues to struggle with just how its guidance should be applied, as evidenced by the issuance thus far of several FASB Staff Positions and Accounting Standards Updates dealing with fair value issues. This course provides a review of fair value accounting in the context of FASB ASC 820, Fair Value Measurement, and other U.S. accounting standards. The course shows you how to measure the fair value of specific assets and liabilities and includes the pros and cons of fair valuing select balance sheet items. The course also includes practical examples of applying fair value measurements and disclosures under the authoritative guidance provided in FASB ASC 820 and other U.S. accounting standards.

Major Topics:
• FASB ASC 820, Fair Value Measurement
• Valuation techniques used to measure fair value
• The market approach
• The income approach
• The cost approach
• The fair value hierarchy
• Fair value disclosures
• The fair value option

Learning Objectives:
• Be up-to-date on recently issued FASB guidance on fair value accounting
• Define “fair value” and other key terminology applicable to fair value accounting
• Identify and apply valuation techniques consistent with the market approach, the income approach, and the cost approach used to measure fair value
• Understand and apply the fair value hierarchy established in FASB ASC 820
• Review the expanded fair value disclosure requirements outlined in FASB ASC 820
• Recognize the key aspects of the fair value option under FASB ASC 825
• Apply the concepts of fair value accounting through practical examples

Designed For: Practicing CPAs and accounting professionals in business and industry that prepare or review financial statements
Level: Intermediate
Instructor: Jeffrey Lieman
Developer: Surgent McCoy
Area of Study: Accounting
CPE Credits: 4
Prerequisite: Basic understanding of accounting principles

IFRS for Nonissuers: What in the World is Happening? (ISB4) (10/02/2012)

Tue, 02 Oct 2012 16:30:00 GMT

There has been a recent major “push” to converge U.S. GAAP with International Financial Reporting Standards (IFRS). The first wave of change will mostly impact issuers regulated by the SEC, who may decide by the end of 2012 whether to begin mandating the use of IFRS. However, as with any changes to professional and regulatory standards related to issuers, the impact on non-issuers will not be far behind. In fact, there is already an increasing demand for a single set of globally accepted simplified accounting standards for non-issuers as well, which resulted in the release of IFRS for Small and Medium-Sized Entities. Perhaps this will evolve into little U.S. GAAP for U.S. non-issuers in the very near future?

Major Topics:
• What is the history behind the need and desire for convergence?
• What should non-issuers expect as a result of the convergence trend?
• What are the highlights of differences between U.S. GAAP and IFRS for Small and Medium-Sized Entities?
• How will convergence most significantly impact financial statements of non-issuers?

Learning Objectives:
• Describe an overview of the anticipated impact of U.S. GAAP convergence with IFRS, with emphasis on non-issuers that tend to have less complex accounting and financial reporting issues
• Communicate from a knowledgeable perspective as this topic gains momentum and private entities and nonprofits start asking, “What does this mean to me?”

Designed For: Anyone interested in the potential impact of the use of IFRS for Small and Medium-Sized Entities
Level: Basic
Instructor: Jeffrey Lieman
Developer: Surgent McCoy
CPE Credits: 4
Area of Study: Accounting

I See It! Bringing into Focus the New Clarified Auditing Standards (GNFR) (10/03/2012)

Wed, 03 Oct 2012 12:00:00 GMT

The AICPA’s Auditing Standards Board Clarity Project is no longer on the distant horizon -- it’s here! Find out what the first comprehensive rewrite of the SASs since 1972 entails and its implications on your auditing practice. Prepare now for the clarified SASs that generally will be effective for audits of financial statements for periods ending on or after December 15, 2012. The course materials utilize a highly illustrative format to increase concept comprehension and retention.

Major Topics:
• Overview of why the Clarity Project was undertaken and how it changed the way standards are written
• The convergence of the AICPA SASs and International Standards on Auditing (ISAs)
• The components of the clarified standards (i.e., introduction; objective; definitions; requirements; and application and other explanatory material)
• The inclusion of special considerations relevant to audits of smaller, less complex entities and audits of governmental entities
• New auditing standards terminology being introduced with the clarified standards (e.g., applicable financial reporting framework, emphasis-of-matter and other-matter paragraphs, and group engagement partner and component auditor)
• Key changes being made to the auditing standards (e.g., changes in report wording, procedures related to detecting illegal acts, and opening balances in initial audits)
• Standards that changed the most and least as a result of the Clarity Project
• Tips for transitioning to the new standards

Learning Objectives:
• Stay current in the complex and ever-changing auditing environment
• Fundamentally understand the who, what, and when of the clarified standards
• Prepare yourself and your firm for implementation of the clarified standards

Designed For: All auditors
Level: Basic
Instructor: Jeffrey Lieman
Developer: Surgent McCoy
CPE Credits: 8 - Qualifies for Yellow Book Credits
Prerequisite: Basic audit knowledge

Latest Developments in Nonprofit Accounting and Auditing 2012 (NPAA) (10/04/2012)

Thu, 04 Oct 2012 12:00:00 GMT

With four active standard setters (GAO, OMB, AICPA, and FASB), there are always important developments occurring in nonprofit accounting and auditing. Time is valuable, and it’s hard to stay current in today’s rapidly changing environment. Let us save you time and effort in staying current through this informative update course. The purpose of this course is to enable you to excel in the constantly changing nonprofit environment. The course materials utilize a highly illustrative format to increase concept comprehension and retention.

Major Topics:
• The 2011 Yellow Book revision
• Recent developments in OMB A-133 Single Audits
• The AICPA ASB Clarity Project
• Key AICPA activities related to nonprofits
• Recent FASB activities related to nonprofits

Learning Objectives:
• Keep up with the latest developments at the GAO, OMB, AICPA, and FASB
• Ensure that your accounting and auditing skills stay up-to-date with current requirements
• Be prepared for major changes on the horizon

Designed For: Auditors and industry professionals working in the nonprofit environment
Level: Update
Instructor: Jeffrey Lieman
Developer: Surgent McCoy
CPE Hours: 8 – Qualifies for Yellow Book Credits
Area of Study: (4, Auditing (Governmental) / 4, Accounting (Governmental))
Prerequisite: Knowledge of nonprofit accounting and auditing

Construction Contractors Advanced Issues (CCAI) (10/05/2012)

Fri, 05 Oct 2012 12:00:00 GMT

Many contractors have fallen victim to the rough construction economy. Along with the contractors, sureties are seeing record claims being filed on projects. Where does the surety get their information to make the risky decisions for contractors? The CPA. In this magnified environment, the CPA should have a thorough understanding of the construction industry and the professional standards that impact construction contractor engagement. Delve beyond the basics on many issues the construction industry brings to the accounting profession. Get hands-on advice on the accounting, audit and tax issues that make the construction industry a high-risk client. Be prepared to address difficult issues such as look-back calculations, measuring progress of construction contracts and overhead allocations. Enhance your skills today to reduce the risk of your next construction engagement.

Objectives
Upon completion of this course, participants will be able to:
• Recognize and apply changes in tax regulations on the construction industry
• Evaluate and rework audit processes to avoid common deficiencies in construction engagements
• Improve how construction contract issues are addressed

Highlights
• Proper election of change-of-accounting methods
• Look-back calculation issues
• Contract issues: combining, segmenting and measuring progress
• Common audit deficiencies – how to avoid them
• Accounting for materials joint ventures and overhead allocations
• Internal controls for contractors: addressing change orders, accounting for equipment, claims and back charges
• Alternative minimum tax adjustments
• Tax-planning strategies

Who Will Benefit
• Experienced financial professionals in the construction industry
• CPA firm audit managers and above

Value Aid
• Audit Risk Alert, Construction Contractors Industry Developments

Level: Advanced
Instructor: Jeffrey Lieman
Developer: AICPA
Area of Study: 3-Auditing, 2-Taxes, 2-Accounting, 1-Finance

Real-World Business Ethics for CPAs in Business & Industry: How Will You React? (CL4BIRWBE) (10/17/2012)

Wed, 17 Oct 2012 12:00:00 GMT

This course provides case studies drawn from real-life situations involving CPAs in business and industry. Take a proactive, risk-avoidant stance by pointing out common pitfalls and presenting alternative courses of action. Explore ethical issues encountered by peers in business and industry from the perspectives of CFO, controller, audit committee chair and counselor to management, in the context of actual regulatory and court proceedings that were resolved both in favor of and against financial managers, officers and CPAs serving on boards of directors. Consider real-world cases that deal with management integrity; financial reporting and disclosure issues; financial fraud; chain-of-command and communication issues; corporate crises; and professional responsibilities in relation to key industry topics. Gain a renewed sense of appreciation for the pitfalls faced by financial professionals in business and industry and a heightened sensitivity for the types of ethical dilemmas that exist.

Objectives
Upon completion of this course, participants will be able to:
• Understand what ethical standards and considerations are critical to CPAs in business and industry
• Recognize the presence of ethical issues
• Apply ethical standards and considerations to real-life industry situations

Highlights
• Analysis of ethical requirements most commonly dealt with by CPAs in business and industry
• Fact patterns from actual situations faced by financial officers and managers in business and industry
• Special ethical issues in select areas: revenue recognition, materiality, related party transactions, financial reporting and disclosure

Who Will Benefit
• CPAs in business and industry employed in financial accounting and reporting functions
• CPAs who are managers, officers, board members and advisers for businesses

Level: Intermediate
Instructor: Ron Rael
Developer: AICPA
Area of Study: Behavioral Ethics
CPE Credits: 4
Prerequisite: Experience in financial reporting

Expand Your Value-Adding Skills: Uncovering the CPAs Worth to the Organization (CL4ERI) (10/17/2012)

Wed, 17 Oct 2012 16:30:00 GMT

The primary duty of a CPA is to protect the assets of their organization. This requires an increasing understanding of the key functions of the business, the overall environment and expanded and improved analytical techniques. When a firm fails, it is usually due to several identified problems. However, these problems often result from a small number of poor practices that infect the entire organization. They can include such items as reliance on inappropriate or inaccurate data/measurements, lack of understanding of long-term costs, the absence of a functioning asset allocation process and/or plan, inaction, an inability to identify and thus manage risk, etc. In numerous instances an organization will repeat a bad practice across the enterprise. Too often, such activities are not detected until significant damage has been done. This course identifies practices, techniques and analytical tools, and relates them specifically to key tasks/functions of CPAs and other financial professionals. These activities include: general analysis, decision making, cost management, selected accounting practices, budgeting, forecasting, measuring and reporting. In addition, the course provides insights on managing through a business cycle and redefines some ideas about risk management. Examples and exercises, using actual companies and/or events, are included.

Objectives
Upon completion of this course, participants will be able to:
• Employ a series of practical steps and tools to improve their analysis of a variety of situations
• Isolate cost drivers and trends
• Assist management in preparing for, and navigating the organization through, the business cycle
• Improve budgeting and other resource management processes
• Better identify and manage risk

Highlights
• Development of practical tools to improve analysis, set priorities and focus on key drivers (causes) of events
• Examination of the actions of companies to learn from their successes and failures
• Describe actions/practices that can increase an organization’s competitiveness
• Review selected traditional accounting practices as to their benefits and potential limitations/problems, and discussions of alternatives
• Provide a framework to uncover and manage hidden risk

Who Will Benefit
• Owners, CFOs, controllers, financial officers, and other financial and non-financial managers in companies or divisions

Level: Intermediate
Instructor: Ron Rael
Developer: AICPA
Area of Study: Finance
CPE Credits: 4
Prerequisite: Management responsibility in finance, accounting or operations

Taking Planning and Budgeting to a Higher Level: Critical Skills to Make the Trip (CL4CSCB) (10/18/2012)

Thu, 18 Oct 2012 12:00:00 GMT

Budgeting is both an art and a science. Learn how to apply leading-edge tools and methods to make your planning process more strategic and your budget process more flexible. Your budget should not lead to “turf” wars over precious and scarce resources. Learn how to build a set of decision-making processes early and how to use them to make smart allocation choices that benefit the entire organization. Have your planning and budget processes work to increase higher earning potential.

Upon completion of this course, participants will be able to:
• Describe their overall planning and budget processes
• Move their current method of budgeting and planning to a higher level
• Measure people’s activities to build a performance-based budget
• Use budgeted action plans and costed initiatives
• Develop a process for calculating the return on investment for expenditures and headcount increases
• Solve many high-level budget problems

Highlights
• Ways to measure the impact a strategy has on firm spending
• How non-financial performance impacts a budget’s success
• Visionary and game-free planning and forecasting
• Ways to rally and strengthen the overall process
• Finding the right balance among people, profits and controls

Who Will Benefit
• Owners, CFOs, controllers, financial officers and budget managers

Level: Intermediate
Instructor: Ron Rael
Developer: AICPA
Area of Study: Finance
CPE Credits: 4
Prerequisite: At least two years experience preparing budgeting and conducting planning

Analyzing Costs, Productivity and Efficiency: Three Ways to Boost Your Bottom Line (CL4PYPL) (10/18/2012)

Thu, 18 Oct 2012 16:30:00 GMT

This hands-on workshop gives you specific ways to immediately impact an organization’s bottom line. These proven techniques for plugging the most overlooked profit leaks come from specific strategies for lowering costs, improving productivity or gaining efficiencies. We will explore the different methods in depth to show how easy they are to implement, yet how huge a bottom-line impact they have. Each tool or strategy is one to pass on to clients and co-workers.

Upon completion of this course, participants will be able to:
• Develop a clear understanding of the organization’s strategy and how it drives costs
• Define what is most important and use that to create leadership leverage
• Identify costs that do not benefit the customer and remove them permanently
• Understand how to create a company-wide awareness of the impact of costs

Highlights
• What a profit leak is and ways to identify one
• Using rewards and recognition to save money and increase productivity
• Ways to analyze the bottom-line impact of major decisions
• Tools to measure the customer-service impact of cost-cutting initiatives
• Process for collecting ideas that increase profits

Who Will Benefit: Any employee who must search for profit leaks or who is involved in improving his or her own work processes
Level: Intermediate
Instructor: Ron Rael
Developer: AICPA
Area of Study: Finance
CPE Credits: 4
Prerequisite: Experience in financial management of a medium or small company