TSCPA in the 21st Century

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TSCPA in the 21st Century

• James A. Smith, CPA
• Chairman

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The Question
Why are we here?
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TSCPAs Mission
TSCPA exists to support its members in their
professional endeavors and to promote the value
and high standards of Texas CPAs.
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Mission Statement Implications

• Dedication to highest standards of professional
  competence and ethical conduct on daily basis
• Commitment to preserving the designation as a
  clearly defined and legally recognized learned
  profession

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TSCPA Chapters Are Where

• Initial member contact takes place
• Volunteerism begins
• Future leaders develop
• Concerns are first heard and addressed
• TSCPA services are often delivered

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TSCPA is the Place

• Where membership resources are marshaled and
  programs/services are originated
• Where critical interests of state and national
  regulation and professional advocacy are expressed

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My Goals

• Strategic Plan Objective
• Link members to services and resources to help
  them succeed as professionals and to enhance
  their career goals.
• Goal
• Enhance the communication of professional
  standards and rules on a timely basis.

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CCFL/CPE

• Center for Corporate Financial Leadership
  partnership enters Year 2
• Will continue marketing these valuable resources
  to members
• More CCFL CPE courses offered as well
• More Webcasts, too
• Continue offering live programming in small and
  medium chapters

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Online resources

• Now available on www.tscpa.org
• New business valuation community
• Links to accounting and business blogs
• 2008-2009 leadership nominations form

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My Goals

• Strategic Plan Objective
• Increase membership and market share of Texas
  CPAs.
• Goal
• Establish a statewide student internship
  program.

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Young CPA and Emerging Professionals Task Force

• Primarily 30-and-under CPAs and candidate members
• Will explore ways TSCPA can best serve incoming
  generation
• Chaired by Roxie Samaniego from El Paso
• Made up of CPA and candidate representatives from
  15 chapters
• First meeting will take place later this summer

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Students and Educators

• Creating online social network for student
  members
• Also revamping student campus rep program
• Launching faculty rep program

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My Goals

• Strategic Plan Objective
• Promote the profession and image of the CPA as
  a trusted and valued advisor.
• Goal
• Capitalize on the increased public awareness
  of the role of the CPA.

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Reaching Out

• Destination CPA - a new interactive Web site for
  high school and college students to map their
  paths to becoming a Texas CPA.
• Expanded financial literacy efforts
• Two upcoming seminars with metro staff of Dallas
  Morning News
• Continue image ads and chapter reimbursement
  program

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My Goals

• Strategic Plan Objective
• Position TSCPA as the advocate for CPAs
  interest in Texas through its Regulatory and
  Legislative program.
• Goal
• Be a key driver on both the national and state
  stages.

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Your Voice in Texas

• All quiet on legislative front
• Elections to take place November 2008
• Must continue raising money for CPA-PAC to remain
  effective in Austin
• Will work with Comptroller Combs office on
  implementation of HB 3298, margin tax bill
• Also will continue work with TSBPA on mobility
  and other key regulatory issues

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Your Voice Nationally

• Responded to 14 exposure drafts last year.
• Those who responded on the memberships behalf
  included
• Executive Board
• Professional Standards Committee
• Practice Issues Committee
• Business Valuation, Forensic and Litigation
  Services Committee

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My Goals

• New Objective
• Assume a leadership role in providing input in
  the development and promotion of professional
  standards.
• Goal
• Position TSCPA to be a key driver in AICPAs
  standard setting efforts.

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Professional Standards

• Ethics Interpretation 102-7 would create a
  framework for determining independence
• Framework would apply to ALL CPAs
• Peer Review Transparency
• Peer Review Committee currently reviewing AICPA
  exposure draft
• Testing new model in Texas
• Provides limited access to review information
• If adopted, new model will take effect 1/1/09

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Private Company Financial Reporting

• New AICPA-FASB Private Company Financial
  Reporting Committee met for first time in May
• Will recommend whether private companies should
  have different accounting standards
• Committee made up of CPAs and users and preparers
  of financial statements
• Next meeting July 26-27 in Denver

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Strategic Plan Update

• Strategic Planning Committee will review progress
  on plan
• Historically on a three-year review cycle
• Retreat will be held in December to create a new
  strategic plan for next three years

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My Vision for TSCPA

• TSCPA must continue as
• An unwavering advocate for the highest standards
  of professional conduct
• An unabashed voice promoting the value of CPAs in
  the modern world
• An unceasing supporter of members goals and
  status as learned professionals

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• Communicate
• Protect
• Advocate