October 2007 | San Francisco Chapter Bulletin

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GOLF EVENT SPONSORS

 

CHAPTER EVENTS

ABC Mixer

Come out for some intensive networking, great food and a glass of bubbly! This year’s event is hosted by a committee of lawyers, CPAs and financial professionals. Promote your firm, make valuable new contacts with attorneys and financial professionals—and maybe come away with an iPod Nano from our business card drawing. Don’t miss this annual social and bring your own personal attorney and banker with you.
 
Date: Thursday, Oct. 18
Time: 5–7 p.m.
Location: Bubble Lounge; 714 Montgomery St.; San Francisco
Cost: $50/members and nonmembers ($65 at the door)
RSVP: Online

Estate & Personal Financial Planning Interest Group

This event, co-sponsored by the San Francisco Foundation, will discuss the use of DIGITs (defective revocable grantor income trusts) to protect assets, reduce estate tax liability, freeze taxable estate growth and transfer assets to successive generations at minimal tax cost.
 
Date: Thursday, Oct. 25
Time: Noon–2 p.m.
Location: San Francisco Foundation; 25 Bush St.; Suite 500; San Francisco
RSVP: Online

BARE Events

Bay Area Regional Education (BARE) provides low-cost CPE that benefits the scholarship funds of the Bay Area chapters. Check out the upcoming events:
 
Topic: GAAS Audits Under the New Risk Assessment Standards: An Overview
Speakers: Daniel Dangel, CPA, chair of the CalCPA San Diego Chapter AP&AS Committee; Daniel D. Morris, CPA, founder, VeraSage Institute
Date: Friday, Oct. 26
Time: 8:30 a.m.–4:30 p.m.
Location: Holiday Inn San Jose; 1740 N. First St.; San Jose
Cost: $140/members; $190/nonmembers
RSVP: Online
 
Topic: California Taxation for Individuals: Hot Topics
Speaker: Kathleen K. Wright, JD, CPA, MBA (Taxation), LLM (Taxation) Professor of Accounting at California State University Fullerton and San Jose State University
Date: Monday, Nov. 5
Time: 8:30 a.m.–4:30 p.m.
Location: Crowne Plaza Foster City; 1221 Chess Drive; Foster City
Cost: $140/members; $190/nonmembers
RSVP: Online

New Member Orientation and Chapter Reception

This event is free for new members, student members and those celebrating their 40th year of membership in 2007! Come find out what the San Francisco Chapter can offer you. Our annual scholarship awards also will be presented at this event.
 
Date: Wednesday, Nov.14
Location: Hotel Nikko; San Francisco
RSVP: Online

Bay Area Excel Users Group Hits the Keyboards

More than 100 CPAs and financial professionals met in Palo Alto Sept. 15 for the first of six Excel training sessions co-sponsored by CalCPA and IMA. Feedback from attendees was excellent.
   If you are interested in attending future meetings, each session is self-contained.
 
Topic: Look Up and Match Index Functions
Date: Saturday, Nov. 17
RSVP: Online

 

COMMITTEE MEETINGS

MAP/HR Administration

Topic: Adding Niches to Your Practice: A Joint Discussion Meeting
Date: Wednesday, Oct. 17
Time: Noon–1:30 p.m.
Location: Morling & Co.; 44 Montgomery St.; #1900; San Francisco
Cost: $15/members and nonmembers
CPE: 1 hour
RSVP: Online or contact chapter program associate Jane Dunbar.

Humboldt Discussion Group: Student Night

Topic: Panel Discussion: Expectation of CPA Firms vs. Expectation of Students
Date: Wednesday, Oct. 17
Time: 5:30 p.m./registration; 6–8 p.m./dinner and program
Location: Sea Grill; 316 E St.; Eureka
Cost: $30/person (payable at the door)
CPE: 1 hour
RSVP: Online or contact Stephen Kiewel

International Tax Committee

Topic: Domestic International Sales Corporations
Speaker: John R. Barber, CPA, Barber & Associates
Date: Thursday, Oct. 18
Time: 8:30–9:30 a.m.
Location: 601 Montgomery St.; Suite 405, San Francisco (Community conference room)
CPE: 1 hour
RSVP: Online or contact chapter program associate Jane Dunbar.

Marin Discussion Group

Topic: Insurance Issues and Risks for CPAs
Speaker: TBA
Date: Tuesday, Oct. 23
Time: Noon–1:30 p.m.
Location: Embassy Suites; 101 McInnis Parkway; San Rafael
CPE: 1 hour
RSVP: Online or contact chapter program associate Jane Dunbar.

Santa Rosa Discussion Group

Date: Second and fourth Tuesdays
Time: 7:30 a.m.
Location: Le Brasserie Restaurant (Vineyard Creek Hotel); Santa Rosa
Cost: Approximately $20 (payable at the door)
Info: Charles Mayfield
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PRESIDENT’S MESSAGE

Border Protection and Impacts on the Import Industry

By Kathy Yu-Liu, CPA

Last month marked the sixth anniversary of the Sept. 11 attacks. Many media outlets have assessed the impact of the attacks on our daily lives. One of the more striking impacts on the business community has been the changing mission of the United States Bureau of Customs and Border Protection (CBP), which has noticeably shifted away from routine import documentation to more stringent security monitoring.
   As the CFO of an import apparel company, my responsibilities include ensuring that the company properly manages the complexities of the U.S. customs laws and regulations. Recognizing the administrative challenges its border protection poses upon businesses, the government has created programs that grant significant benefits to highly compliant importers. One of the main new programs is the Importer Self-Assessment (ISA).
   In this age of heightened security, it would behoove companies to take advantage of such programs that help avoid unnecessary administrative burdens. Benefits of ISA participation include:

• Exemption from regulatory audits by the CBP
• Speedy release of imported cargo
• Entitlement to entry summary trade data
• Less government oversight
• Enhanced prior disclosure rights

Accountants working for companies involved in the import industry should certainly look into this program. There are also significant internal controls aspects of the program, creating opportunities for CPAs to advise clients in obtaining ISA certification.
   The ISA program is a trade facilitation partnership that recruits trade-compliant companies to reduce both CBP and company resources required during entry and post-entry of goods into the U.S. Importers with a strong system of business records must demonstrate the accuracy of CBP transactions and also establish internal control procedures over areas considered at risk to CBP.
   ISA participants are expected to monitor their controls over customs compliance. The premise is that importers with strong internal controls and oversight mechanisms will achieve the greatest compliance with customs regulations and require the least customs intervention.
   The ISA program is developed around two major components. The first is a system of internal controls based on the framework established in Statement on Auditing Standards 78. The second ISA component is a sustainable audit trail from accounting records to customs entry records, enabling an importer to match payments and expenses to merchandise entries.
   An importer can apply to join the program by first completing an ISA questionnaire and memorandum of understanding. Details of the application procedure can be found online.
   CBP will review the ISA application to assess the company’s internal framework and readiness to assume responsibility for self-assessment, and also involves an on-site visit by CBP. CBP will deny the application if it receives insufficient information to evaluate an applicant’s internal controls or if it believes the company is not prepared to self-assess.
   All this export/import discussion reminds me of the following story. Two economists take a trip to an undeveloped country to check out the market for shoes. They return to give their reports to company executives. The first economist says, “There’s absolutely no market for shoes … no one wears any.” The second one reports, “Fabulous market for shoes … no one there owns any!”
   Do you side with the optimistic view, pessimistic view or somewhere in between? Regardless, the global economy grows increasingly more complicated. Global trade continues to expand, as does the government’s increasing focus on border security. Companies poised to succeed amid this growth in international trade are the ones that adapt and take advantage of programs such as the ISA.
—Kathy Yu Liu, CPA
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CHAPTER NEWS

Golf Spectacular!

For the second year running, golfers were blessed with perfect fall afternoon weather when they met to play golf and help raise money for our scholarship fund! Congratulations to everyone who took part, and particular thanks to Karen Pfau-Martinez and Jed Greene, our wonderful golf committee chairs, who have made this annual event a huge success. Check out photos of the tournament.
   We couldn’t have done it without the support of all our sponsors, particularly ADP, our event sponsor, and our dinner sponsor, Bank of America– whose foursome took first prize! Thanks, also, to lunch sponsor Burr, Pilger & Mayer, LLP.

Scholarship Applications Deadline: Oct. 19

Last year, the San Francisco Chapter presented more than $20,000 in awards to several outstanding accounting students at local colleges and we hope to do the same thing again in November. If you know a student (graduate or undergraduate) who might be eligible, let them know about this opportunity. If you would like to join the Accounting Education Committee and help us evaluate applications, contact Kathy Schaum or Charlotte Wall.
   Download application and eligibility requirements.

New Members

On behalf of the San Francisco Chapter’s officers, directors and members, we extend our warmest of welcomes to our new members: Ketan Desai, Eileen Fong, Jennifer Herman... [see all new members]
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CalCPA NEWS

Celebrating Women CPAs

Join us for a day of leadership development, professional growth and recognition as we celebrate California’s women CPAs and their tremendous contributions to the profession.
   Attend Celebrating Women CPAs and leave with:

• A clear vision of the ascent of women within the CPA profession;
• Social and professional connections to last a lifetime;
• Action steps to effect social change;
• Keys to excelling as a mentor; and
• Strategies and tactics for managing and resolving conflict.

   Confirmed notable speakers include California Assemblymember and CPA Fiona Ma and Judy Olian, dean of UCLA’s Anderson School of Management.
   Don’t miss this phenomenal event, Friday, Oct. 19, at the Intercontinental Hotel in Century City.
   Register online today or call (800) 922-5272.

Leaders Wanted: Become a CalCPA Officer or AICPA Council Member

You are the driving force behind one of the world’s largest economies. Isn’t it time you put your leadership skills to use for the betterment of the CPA profession?
   The CalCPA Nominations Committee is accepting nominations until Dec. 1 for 2008–09 CalCPA officers and council members at large. Officer positions include chair, first vice chair, treasurer and two vice chairs. Three council members at-large also will be elected.
   Members can apply for more than one office and will be considered only for the positions to which they apply. Download a nomination form, review job descriptions and ideal leadership characteristics.
   For more information, contact John Angelo or Nominations Committee Chair D. Paul Regan.

Another Way to Serve–AICPA Council

If you’re an AICPA member and interested in representing your peers on AICPA Council, let us know. The Nominations Committee will recommend candidates to AICPA Council, which establishes AICPA policies and procedures, and enacts resolutions that are binding on the board of directors, officers, committees and staff.
   If you’re interested, send a letter of intent and your professional and volunteer history to: Nominations Committee; c/o D. Paul Regan, chair; 330 N. Brand Blvd., Suite 710; Glendale, CA 91203.
   All letters must be received by 5 p.m. Dec. 1. The AICPA makes the final selections.
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RESOURCES:

San Francisco Chapter Leadership