Ethics course debuts, Ohio Accounting Show a success.

Over 500 members took advantage of the spring Ohio Accounting Show in Dayton. Most noteworthy of all was the premier of the "Ethics and Professional Standards for CPAs," a new session designed to meet the new ABO requirement for three hours of continuing ethics education for those reporting in 2004.

Packed with exhibits and a wide variety of sessions, Accounting Show attendees could customize their experience to their specific needs. The Show also provided the perfect venue for members to network with their peers and take advantage of quality continuing professional education.

The Accounting Show is held annually during the spring in Dayton and the fall in Cleveland. The Cleveland show, held at the I-X Center, will be on Sept. 17-18, 2003.

The next page has a glimpse of just some of the sessions available at this year's show. For more information about The Ohio Accounting Show, visit the Society's Web site at www.ohioscpa.com or contact CPAnswers, the member service center, at [e-mail] or 888.959.1212.

Sarbanes-Oxley Update

The initial reaction from many CPAs was that Sarbanes-Oxley does not affect them. However the cascade effect is happening across the country, across all types of companies and impacting all CPAs. Sandra K. Pierce, CPA, CFP, vice president, wealth management of Parker, Carlson & Johnson and past chair of The Ohio Society's Executive Board, shared how all CPAs are affected and how the impact has gone beyond scope of service and new rules for public companies. She discussed how the profession is governing itself, standard setting, audit standard setting and what's happening in Ohio.

"There are more questions than answers at this time," Pierce said. "What we'd like to do today is bring all of these issues to your attention."

In discussing the cascade effect, Pierce highlighted the amount of reform that is happening at the state level.

* Six states proposing scope of services restrictions.

* Six states addressing workpaper retention.

* Three states adjusting state board composition.

* Eight states reforming corporate governance.

* Nine states increasing penalties for accounting and corporate fraud.

Professional Ethics I, II, III

Introduced to the 2003 Ohio Accounting Show was the Ethics and Professional Standards for CPAs. This new session is one of the first to meet the new Accountancy Board of Ohio requirement for three hours of continuing ethics education and three of the most attended sessions at this year's show.

Laura A. Hay, CPA, vice president, finance and technical services of The Ohio Society of CPAs, discussed how CPAs usually make a significant investment in maintaining proficiency in professional standards, but may not frequently revisit updates in the accountancy laws and rules in Ohio upon which this course is based.

"This course emphasizes not only the letter of the law, but also the aspirational goals to which CPAs should strive for in delivering high quality professional services to the public, clients and each other," Hay said.

Individual Tax Update

David A. Krebs, CPA, chief visionary officer with CPA Advisory Group Inc. and professional speaker with Gear Up Tax Seminars, gave a relevant, high energy presentation on what has changed in the world of individual tax allowing attendees to transform knowledge into profit.

"I honed down the session to the newest and hottest ideas for 2003 so individuals could laugh and learn, and apply and earn," Krebs said.

Ohio Tax Developments

Thomas Zaino, tax commissioner of the Ohio Department of Taxation, presented a full range of topics--from an overview of the changes, to the recently proposed reforms of Ohio's tax law, to highlighting any issues or pending guidance from the Department of Taxation on tax law reforms. The likelihood of further tax reform was also discussed.

"This session was timely due to the recently proposed reforms of Ohio's tax law resulting from the biennial budget bill," Zaino said.

Accounting & Valuation for Goodwill & Intangibles

The recent issuance of SFAS 141 and 142 had wide ranging implications for the profession. The rules can be complex and confusing. Greg Toman, CPA/ABV, managing partner with Kentner Sellers, LLP and Jon Stangel, CPA, supervisor and valuation specialist with Kentner Sellers, LLP, discussed these new standards equipping attendees with the necessary knowledge they need.

"The session broke down the new standards in an understandable manner and provided attendees with the tools to apply 141 and 142," Stangel said.

Auditing in the Post Enron World

In the aftermath of 2002, the CPA profession is learning to cope with a series of new reforms, including a new standard setter (PCAOB) for firms performing audits of public companies. Charles E. Landes, CPA, director of audit and attest standards team for the AICPA, presented and shared his views on where the profession is today. The session also included discussion of the risk assessment project and reporting on the effectiveness of internal control over financial reporting.

"The session focused on what you can do to navigate your accounting and auditing practice in this uncertain time and what else needs to be done to move forward," Landes said.

Corporate Tax Update

Corporate tax issues occur in unlikely contexts and reach sometimes bizarre results. William M. Freedman, Esq. of Dinsmore & Shohl, LLP, discussed how practitioners can no longer rely on intuition to solve many problems that present corporate tax issues.

"Corporate tax issues continue to befuddle practitioners," Freedman said. "This session focused on just those sorts of issues."

SEC Update

The SEC Update session focused on the current and future state of SEC accounting and financial reporting issues.

During this past year, the SEC has been particularly active, according to Tom O'Neil, CPA, Ernst & Young, LLP. "Probably more than in past years, there has been a lot of activity, including the Sarbanes-Oxley Act. We're in the early stages of implementation for the Sarbanes-Oxley Act, and there will be more from the SEC coming down the road," said O'Neil.