Business & Industry E-ssentials
Volume 6, No. Six
Thursday, June 11, 2009


Dear Member:

The MSCPA partnered with the Boston Business Journal for their CFO of the Year awards. This year's honorees have been announced and the MSCPA is proud to share that five members are recipients of the award. Congratulations to the following MSCPA members:
 
Lifetime Achievement 
F. Gorham Brigham 
 
Small Private Company Category 
Ken Goldman, CPA, Black Duck Software
 
Large Private Company Category 
Michael Provenzano, CPA, Aspect Software
 
Nonprofit Category 
David Kirshner, CPA, Children's Hospital Boston
Russell Kopp, CPA, Network Health
 
They will be recognized during a July 16 event at the Boston Park Plaza Hotel and will also be profiled in a special supplement in the July 17 edition of the Boston Business Journal. Register for the July 16th event and view a complete list of the winners.

Have a nice weekend!
 
Theodore J. Flynn, CAE
tjflynn@MSCPAonline.org
President/CEO Massachusetts Society of CPAs, Inc.®
MSCPA Industry Services:
MSCPA Members in Business and Industry Networking Group on Linked In
The group has been created to facilitate networking between our members working in all areas of Business and Industry. Post questions, create or participate in discussions and connect with peers in your industry.
Join the group


MSCPA "Members in Transition" Career Seminar Series
To assist our members during the job search process, we've developed a series of career transition seminars designed to equip CPAs with the tools to tackle landing that next great position. The series is a three-part series. The next seminar in the series is: 
Networking: Leveraging Relationships and Technology (6/25)
Eighty five percent of job placements occur via networking. Join senior HR and recruiting professionals, Dave Clarkson, CPA, and John Micalizzi, CPA, of Caturano and Company, as they explore the critical importance of networking and relationship building during a job search. They will share tips and advice as well discuss leveraging the technology available to expand and manage your network. Online professional and social networking tools such as LinkedIn, Facebook, etc. will be explained.

Register online.
Women to Watch Award - Nominate a Colleague
The Women to Watch Awards program highlights the achievements of women in the CPA profession (both public and private accounting) that have made significant contributions to the profession or have demonstrated characteristics that enable them to become leaders in the profession. Awards fall into two categories:
  • Experienced Leaders, who are established members of the profession; and
  • Emerging Leaders, who are professionals that have been in the accounting field 10 years or less.
Please consider nominating a colleague or employee for the Women to Watch Awards. Nominations are due by Tuesday, June 30. Winners will be recognized at an awards reception on September 30 at the Westin, Waltham. This event is co-sponsored by Fidelity Investments.
Nominate a colleague today.
Networking:
MSCPA Young Professional Seminar - Life Insurance (6/17)
The MSCPA is offering this free, informational session to our young professional members. Earn one CPE credit while learning the ins and outs of life insurance. Benjamin A. Harding, CFPR, CLU, of Harding Financial and Insurance in Waltham will answer your questions regarding life insurance and will discuss the following:

  • How much life insurance do you need?
  • Capital Needs Analysis vs. Income Replacement
  • How long should you have life insurance?
  • Group Insurance vs. Individual Term Life Insurance
  • Term Life Insurance vs. Permanent Insurance
  • Universal Life
  • Whole Life
  • Variable Universal Life
  • State of Insurance Industry
  • Questions and Answers
Please note: This seminar is purely informational, it will not be a sales pitch. The seminar will take place at the MSCPA from 5:30 - 7:30pm, including a networking reception.
Register online.

New Volunteer Opportunities
Volunteering for a nonprofit or serving on a local board of directors is a great way to develop leadership skills, expand your professional network and give back to the community. Please consider volunteering for one of the organizations below or visit the volunteer page to learn how you can get involved.
Child Adoption Associates, Inc.
Child Adoption Associates, Inc., a nonprofit child welfare organization helping orphaned and abandoned children to find a new family, is looking for a CPA volunteer to conduct an independent audit.
Urban Edge
Urban Edge's mission is to help develop and sustain stable, healthy and diverse communities in Jamaica Plain, Roxbury, and surrounding neighborhoods. They accomplish this through the development of high quality, affordable rental and owner housing, assistance to small businesses, homeownership, education and lending, and the development of educational, cultural, and recreational facilities for youth and families. They are looking for a CPA to serve as treasurer of the board.
Professional Development:
CPE Credits: Important Change
Course evaluations have been updated to include space for participants to report their own CPE hours. Although the evaluation portion remains optional, you MUST report the total credit hours claimed and sign in the space provided in order to obtain credit. Credits are e-mailed within one week of the course. E-mail Joe Rogers with any questions.

Bloopers and Blunders: Real Estate Investments (6/15)

Real estate has been a hot investment, and as it has attracted more attention by clients, it is likely that a number of mistakes are made throughout the life cycle of the investment. This enjoyable course focuses on the mistakes made by others...so that you are not doomed to repeat them.
Register online.

Time Mastery for CPAs (6/26)
This workshop will enable you to eliminate time stress, get over 100 practical ideas (at least one has to apply to you!), create a balance between your work life and personal life and also work with greater productivity and satisfaction!
Register online.

Headlines:
SBA Launches Loan Program to Help Struggling Businesses
Small businesses suffering financial hardship as a result of the slow economy may be eligible to receive temporary relief to keep their doors open and get their cash flow back on track through to a new loan program announced today by SBA Administrator Karen G. Mills. Beginning on June 15, the SBA will start guaranteeing America's Recovery Capital (ARC) loans.
Read more.
 
CFOs Remain Cautious on Hiring
Employers are expected to remain cautious about adding accounting and finance professionals in the third quarter, according to the Robert Half International Financial Hiring Index.
Read more.
 
IRS Examines Stimulus Plan's Small Business Provisions
The Internal Revenue Service is urging small businesses to act now and take advantage of tax-saving opportunities included in the recovery law.
Read more.
 
FASB Proposes New Rules for Off-Balance-Sheet Loans
The Financial Accounting Standards Board has concluded its deliberations of two proposals that will soon be finalized as standards. One of the proposals relates to the consolidation of variable-interest entities, and one will amend existing guidance for when a company "derecognizes" transfers of financial assets.
Read more.
Articles of Interest
Why Do Great Companies Die? Jim Collins knows From CPA Success
In an exclusive BusinessWeek excerpt, Jim Collins puts forth the question that drove him to write his latest book: "If some of the greatest companies in history can go from iconic to irrelevant, what might we learn by studying their demise?" In answer to that question, Collins has identified what he calls the "five stages of decline."
Read more.
 
Economic Outlook Remains Uncertain From the Journal of Accoutancy
Recessions -- roughly two per decade -- have occurred quite regularly since World War II. Most last less than four quarters, according to International Monetary Fund data. But the depth and breadth of recessions are notoriously difficult to predict.
Read more.
  
Why You Can't Ignore XBRL Any Longer From Rick Telberg
In a national survey of corporate finance executives at public companies, almost two-thirds said they have no plans to start using eXtensible Business Reporting Language (XBRL) despite a new government mandate requiring the new financial data-tagging system as early as next June. "Unfortunately, for those public companies that reported that they have no plans to use XBRL, this is no longer an option," said Sean Denham, a partner in Grant Thornton's Professional Standards Group and a member of the AICPA's XBRL Task Force.
Read more.
The Tax Men Cometh From CFO
Beset by plunging revenues, states step up their pursuit of corporate taxes.
Read more.

In This Issue
MSCPA Industry Services
Networking
Professional Development
Headlines
Articles of Interest




MSCPA Career Center
 Ten new industry jobs have been posted since the last edition of B&I E-ssentials. Find out more about these and other job opportunities in the Career Center or post your organization's job in the Career Center. Members receive a significant discount when posting a job!

This month's featured industry job:
Accounting Manager - Massachusetts State Carpenters Pension Fund

Help a Student Gain Valuable Work Experience
Do you have a project that has been on hold for too long?  Would it be suitable for an intern?  Positions can be paid or unpaid as students who earn academic credit are not compensated for their service.  Posting an internship is quick, easy and FREE!



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