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  • 10/02/2019 5:29 PM | Anonymous member (Administrator)

    Looking to expand your services?  Consider becoming a Peer Reviewer.  Here's a link to a page with qualification requirements and much more information!

    https://www.aicpa.org/interestareas/peerreview/community/how-to-become-a-peer-reviewer.html

  • 07/12/2019 4:19 PM | Anonymous member (Administrator)

    Amanda Gessner, CPA, CFE was one of only 38 CPAs honored by the American Institute of CPAs (AICPA) as a member of the Leadership Academy’s 11th graduating class. Amanda was selected based on her exceptional leadership skills and professional experience for the four-day Leadership Academy program, which will be held from October 6-10 in Durham, N.C. 

    Amanda is an Audit Manager with Schmitz-Holmstrom, LLP.  She graduated from the University of Minnesota-Crookston.  She also graduated from the Women’s Leadership Program from the Center for Technology & Business, a six-month program dedicated to expanding personal, professional, community, and health leadership skills for women.  She has previously served on the Board and Finance Committee for the BisMan Community Food Co-Op.  She is also a member of the Bismarck-Mandan Young Professionals.

    The AICPA Leadership Academy was designed to strengthen and expand the leadership skills of promising young professionals while they network with a peer group of talented and motivated CPAs. The Leadership Academy features career-development workshops and sessions with some of the accounting profession’s most prominent influencers, including William (Bill) Reeb CPA, CITP, CGMA, chair of the American Institute of CPAs, Barry Melancon, CPA, CGMA, American Institute of CPAs president and CEO, Association of Certified Professional Accountants CEO, and Mark Koziel, CPA, CGMA, Executive Vice President – Firm Services, Association of Certified Professional Accountants.

    Participants were selected from public accounting firms of all sizes, business and industry, academia and consulting firms.

    The 2019 Leadership Academy attendees were recommended by their employers, state CPA societies or both. Candidates submitted resumes and a statement explaining how participating in the Leadership Academy would impact them personally and professionally. They also wrote an essay on the topic “The future will bring significant changes to the accounting profession. What do leaders have to get right in order to successfully lead? 

    To date, 351 CPAs have participated in the AICPA Leadership Academy, many of whom have gone on to take on leadership positions in their firms, businesses and volunteer organizations.

    More information about the AICPA Leadership Academy is available online

  • 06/24/2019 10:51 AM | Anonymous member (Administrator)

    To renew your license, go the the North Dakota State Board of Accountancy website located at http://www.nd.gov/ndsba/


  • 06/19/2019 11:13 AM | Anonymous member (Administrator)

    Recently it has come our attention many of your clients have been receiving IRS notices concerning the 199a deductions.  If your clients have received these there is help. 

    Contact
    Office of Senator John Hoeven
    338 Russell Senate Office Bldg.
    Washington, D.C. 20510
    P: 202-224-2551

  • 06/19/2019 11:11 AM | Anonymous member (Administrator)

    The AICPA and NASBA have been working on an initiative that aims to re-imagine initial CPA licensure requirements to build a future-ready profession where CPAs have the skills and knowledge necessary for a technologically driven marketplace. 

    The AICPA and NASBA are requesting that members, state boards of accountancy, state CPA societies and other stakeholders share their feedback on the principles.  Information can be found at EvolutionOfCPA.org

    The CPA Society Board of Directors is interested in representing the views of our membership.  You may comment directly on the evolutionofCPA.org website but we would also ask that you share your opinions with the Society by emailing ssattler@ndcpas.org. This will help to ensure we represent you!

  • 04/17/2019 2:35 PM | Anonymous


    Meet President-elect: Dianna Kindseth

    Schedule for 2019 President's Chapter Tour

    May 7
    Minot: 12 pm
    Brady, Martz & Associates, P.C.
    24 West Central Avenue 

    Williston: 4:30 pm
    Lee Suess LLC
    210 University Ave

    May 8
    Dickinson 7:30 Moutain / 8:30 Central:
    Brady, Martz & Associates, P.C.
    2257 3rd Ave W

    Bismarck 12 pm:
    Bismarck Mandan Chamber EDC, 1640 Burnt Boat

    May 9
    Grand Forks 12 pm
    Culvers
    3451 32nd Ave S

    Fargo 4 pm:
    Brewtus Brickhouse
    635 32nd Ave E, West Fargo

  • 03/18/2019 2:52 PM | Anonymous

    Flip or flop: Construction industry revenue recognition issues

    Many people enjoy watching DIY shows where homes in disrepair are transformed from shabby to chic in less than an hour. If only the real world worked the same as DIY TV. Firms would be able to get clients implementing revenue recognition during advertisement breaks for hardware stores and home decor

    Sadly, that’s not the case. Now that we’re in 2019, the Financial Accounting Standards Board’s (FASB) new revenue standard is no longer an event on the distant horizon for nonpublic entities. It’s now front and center. The new revenue standard is applicable to all industries, however some are expected to be more significantly affected than others. One of these industries is construction.

    While the effect can vary from entity to entity, here are 10 key items to consider if you work in construction or serve construction clients:

    1. The criteria for recognizing revenue is changing. While most in the industry will likely meet the over-time criteria, you can’t assume you will just because you did in the past. If you don’t meet the criteria, then revenue should be recognized at a point in time.
    2. Measuring progress on a contract using an input method such as cost-to-cost may require adjustments for costs that do not represent the transfer of goods or services to a customer (i.e. rework, waste, mobilization costs, uninstalled materials).
    3. Accounting for change orders and modifications look different. Key determinations include whether modifications add distinct goods or services and if they’re priced at their standalone prices.
    4. Performance obligations must be capable of being distinct AND distinct within the context of the contract. This determination requires careful consideration of what the customer is ultimately buying.
    5. Is the contractor a principal or an agent? To answer this, consider whether the individual is being engaged to provide a service (principal) or to arrange for someone else to provide a service (agent).
    6. Variable consideration (e.g., penalties, bonuses) likely will be recognized much earlier than under legacy guidance; however, evaluation of the likelihood of a reversal is required (concept of a constraint).
    7. Noncash consideration (equipment, materials or labor) used in fulfillment of a contract is included in the transaction price if the contractor obtains control over the noncash consideration provided.
    8. Consideration of whether long-term agreements include a significant financing component is also required.
    9. Cancellation terms may have a material impact on when and how much revenue can be recognized.
    10. Guidance for customer-provided materials, uninstalled materials, costs to obtain a contract, set-up and mobilization costs and bid costs has been addressed by the new standard as well.

    To help ensure that implementation of the standard isn’t a flop for our members, the Center for Plain English Accounting developed a suite of resources on revenue recognition. Those resources include individual reports on aspects of the standard, archived webcasts, contract review checklists, onsite training and industry-specific resources such as our two-part report on the construction industry. This report is usually available exclusively to Center for Plain English Accounting members, but we have unlocked part one temporarily so that anyone can access it. You’ll also want to mark your calendars for the AICPA Construction & Real Estate Conference, taking place Dec. 5-6, 2019, in Nashville, TN.

    Practitioners need answers to their difficult A&A questions. The Center for Plain English Accounting is here to help. Make sure your firm has access to top-notch A&A advice by joining the Center for Plain English Accounting.

    Mike Austin, Senior Technical Manager- Center for Plain English Accounting, American Institute of Certified Public Accountants 


    Resources Available From the AICPA

    No matter which credential you pursue, the AICPA supports you every step of the way by providing everything from exam prep materials to exclusive tools and technical resources that will help you, as a credential holder, maintain the highest level of competency in delivering advisory services. When you’re ready to take your career to the next level with an AICPA credential, visit aicpa.org/credentials.


  • 01/18/2019 2:47 PM | Anonymous member (Administrator)

    How a Few Little Letters Can Change Your Career

    When there are hundreds of thousands of financial professionals at work in public accounting, business and industry, government, academia and consulting, how can you stand out in such a crowded profession?

    Many financial professionals do this by leveraging the rapid growth of advisory services. By offering specialized knowledge to your clients or employer, you’re positioned to be more competitive in the marketplace and are able to differentiate yourself from others in the field. And that translates into increased compensation and career advancement opportunities. Firms are finding that offering more services can increase their bottom line.

    When you move beyond compliance work to more future-oriented, value-added work, you can do more for your clients, serving them in new ways. Organizations with credentialed professionals realize increased profit margins through the management of risk, improved controls, process and workflow improvements and faster decision-making through simulations and data analytics.

    The fact is, value-added services are not just a trend, and they are not going away. Of Accounting Today’s Top 100 Niche Services, business valuation consistently has ranked in the top five for the past 15 years. Also, an IBISWorld 2012 report projects that forensic accounting will grow at a rate four times that of the U.S. accounting profession through 2017. Financial planning follows closely at a growth rate that is double that of the accounting profession.

    According to the Robert Half 2016 Salary Guide, the need for financial professionals with technology experience is rising, given the complexities of systems and tools, and emerging technologies.

    Unlock the Possibilities

    The AICPA offers the only credentials built on the foundation of competency, objectivity and integrity. The credentials are: Certified in Financial Forensics (CFF®), Personal Financial Specialist (PFS™), Accredited in Business Valuation (ABV®) and Certified Information Technology Professional (CITP®).

    According to [name], CEO of [state society name], “financial professionals who are looking to move up in their career, add greater value in the workplace and take advantage of the recent growth of advisory services within the accounting profession should pursue a credential.”

    Credentials for All Areas of Interest

    Forensic accounting has become one of the fastest growing specialty-practice areas for U.S. financial professionals who want to demonstrate their knowledge, skills and experience in the forensic accounting area. The CFF credential encompasses fundamental and specialized forensic accounting skills that you can apply in a variety of service areas, including bankruptcy and insolvency; computer forensic analysis; family law; valuations; economic damages calculations; and fraud prevention, detection and response. In addition, the CFF credential sets you apart as an expert witness in the courtroom.

    The PFS credential showcases a financial professional’s expertise in personal financial planning. This credential is an excellent next step for financial professionals seeking to expand or diversify a tax-focused practice. Your comprehensive knowledge in financial planning and tax enable you to bring a holistic approach to your clients’ financial needs, whether advising in retirement, estate, tax, risk management and/or investment planning.

    Two major factors are driving up the demand for financial planners. First, given the complexities of ATRA and the new net investment income tax that will affect every area of financial planning, clients are looking for objective guidance. Secondly, large numbers of boomers are heading into retirement and seeking advisers to help them plan accordingly to avoid outliving their financial resources.

    The ABV credential is ideal for financial professionals who want to enter this in-demand area by positioning themselves as a premier business valuation service provider who goes beyond the core service of reaching a conclusion of value to creating value for clients through the strategic application of this analysis.

    The rise in demand for business valuation experts and firms that offer this service has been fueled by a rapid increase in merger and acquisition activity, gifting and estate transfers, and the Small Business Administration’s requirement for independent business valuations on loan regulations. Other valuation services include valuing a business due to transfer of ownership, divorce settlement, fair value accounting, ESOP valuations, economic damage calculations, and expert witness or litigation support.

    Financial professionals who have considerable expertise in information management and technology assurance should seek the CITP credential. Financial professionals who have earned the CITP credential are recognized for their unique ability to provide technology-related assurance and business insight by leveraging knowledge of information, data relationships and supporting technologies.

    This credential spans a broad base of knowledge from IT assurance, IT risk management and security, and privacy to analytics and emerging technologies. CITP credential holders are helping their clients or organization improve operations, ensure financial data integrity, determine risks associated with financial reporting, and prevent and detect fraud.

    A Closer Look at the Requirements

    In addition to being an AICPA member in good standing and signing a Declaration of Intent to comply with the requirements of credential recertification, each candidate must also meet the following requirements:

     

    Exam Requirement

    Business Experience Requirement

    Education Requirement

    CFF

    Pass the CFF Examination

    1,000 hours of business experience in forensic accounting within the five-year period preceding the date of the CFF application

    75 hours of forensic accounting continuing professional education (CPE) within the five-year period preceding the date of the CFF application

    PFS

    Pass one of three comprehensive exams: Personal Financial Specialist (CPA/PFS), Certified Financial Planner® (CFP) or Chartered Financial Consultant (ChFC)

    3,000 hours of personal financial planning experience within the five-year period preceding the date of the PFS application; up to 1,000 hours of tax compliance experience can count toward the total experience requirement

    75 hours of personal financial planning CPE within the five-year period preceding the date of the PFS application

    ABV

    Pass the ABV Examination (this is waived for Accredited Members and Accredited Senior Appraisers of the American Society of Appraisers)

    Either 6 business valuation engagements or 150 hours of business valuation experience within the five-year period preceding the date of the ABV application

    75 hours of valuation CPE within the five-year period preceding the date of the ABV application

    CITP

    Pass the CITP Examination

     

    1,000 hours of business experience in information management and technology assurance within the five-year period preceding the date of the CITP application

    75 hours of information management and technology assurance CPE within the five-year period preceding the date of the CITP application

     

    Resources Available From the AICPA

    No matter which credential you pursue, the AICPA supports you every step of the way by providing everything from exam prep materials to exclusive tools and technical resources that will help you, as a credential holder, maintain the highest level of competency in delivering advisory services. When you’re ready to take your career to the next level with an AICPA credential, visit aicpa.org/credentials.

     

  • 01/02/2019 2:43 PM | Anonymous member (Administrator)

    Get Involved with Junior Achievement!

    The Grand Forks Area is looking for volunteers.  Training sessions will be held on January 16 and January 23 for new volunteers.  

    For more information, click here to download their handout.

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