Current Accounts

a c c o u n t sC u r r e n t

Georgia Society of CPAs • March/April 2009

The US Will Be Just Fine

Also Inside:

Georgia Begins Participation in the AICPA's FSBA Process

2009 Annual Convention

Information Security Continues to be Vital for CPAs

� Current Accounts • March/Apri l �009

President Secretary/COOStewartH.Carlin GaryL.JulianPresident-Elect TreasurerRobertL.Prator ScottyC.Jones

ImmediatePastPresident PaulaY.Mooney

State-wideDirectors(1stoftwo-yearterm)ColinE.BlalockRoyceB.DuncanKayS.ProctorJosephR.Spradlin

State-wideDirectors(2ndoftwo-yearterm)Barbara J. Evans Larry M. Cohen Marlan L. Nichols Terry I. Parker Donald R. Roland

The Accounting Profession Needs More PhDs in the Classroom

GSCPA Officers 2008-2009 GSCPA Directors 2008-2009

president's message

This time of year keeps many of you very busy. For others it is business as usual. For accounting educators, the end of the current school year is right around the corner. In a few months they will graduate our future CPAs. After graduation, most of these new accountants will join companies and firms as they embark on their careers. A few may stay in school to continue towards a PhD in accounting, but not as many as the CPA profession needs.

The GSCPA, in addition to many large firms and other state societies, is joining efforts with the AICPA as we work to increase the number of PhDs that are teaching accounting across the country. The number of students entering school to study accounting continues to increase, but the number of PhDs available to teach vital courses is decreasing. Currently, there are approximately 110 PhDs teaching accounting nationwide, down from 150 PhDs a few years ago.

Are you looking to inspire young minds? One of the strategies of the nation-wide effort is to employ CPAs willing to leave their present jobs and enter the world of academia. A stipend, which could total over $120,000 over a 4 year period, would be paid to the potential PhD candidate. Applications are being accepted now for individuals that have an interest in this program. University of Georgia is a participating PhD program school. For more information on the PhD program, please visit the AICPA web site (www.aicpa.org), if you or someone you know is interested. Doyle Williams, a professor at Kennesaw State University, a GSCPA member, and recipient of numerous awards, is chairing this effort on behalf of the AICPA.

While I have concentrated this letter on giving you some information on the push to increase the number of PhDs teaching in the profession, I would be remiss if I did not mention some of the GSCPA student outreach programs. These initiatives include the High School Residency Program, the annual College2Career Conference, the High School Honors Luncheon, members speaking to middle and high school students and our student membership for college accounting majors.

Although the spring is a very busy time, I encourage you to take a moment and thank an accounting educator. In addition, reach out and make a difference in a student’s life by volunteering for one of the GSCPA’s student outreach programs. If you are interested in getting involved with student and educator programs, please contact Nikelle Hamada or Donna Heavener at the GSCPA office. In addition, nominate an outstanding educator for the GSCPA’s Accounting Educator of the Year Award. Nominations are due by March 27 and more information can be found on the GSCPA web site, www.gscpa.org under the Member Connections tab.

Best regards for a successful tax season or month-end close. Thank you for all you do for this profession. Stewart CarlinPresident 2008-09

� Current Accounts • March/Apri l �009

�One Profess ion. One Voice.

Current Accounts

Current Accounts is a publication of the GSCPA, published six times per year. Member subscriptions are complimentary. Members may submit address changes and corrections to the Member Services Department at 404-231-8676, Opt. 4.

Materials submitted as advertising or publicity are subject to acceptance for publication at the sole discretion of Current Accounts. Advertising deadlines are the first day of the month prior to the publication date (April 1 - May/June issue) and sold on a space availability basis. For advertising rates and availability, contact [email protected].

The editorial staff welcomes submissions of manuscripts on topics relevant to CPAs. Email the submission in the body of the email or as a Word document attachment to [email protected]. Desired length is 1000-1200 words. Please include contact information.

The Georgia Society of CPAs

featuresPresident's Message

Sections Update

Member and Chapter News

Conference Update

Classified Advertising

The United States Will be Just FineBrian Hamilton

Georgia Begins Participation in the AICPA's FSBA Process

Students Enjoy the Honors Luncheon


Professional Ethics - What's the Difference?Rodney Chandler

Information Security Continues to be Vital for CPAs

Commercial Investors Can Go "Green", Save "Green" with 1031 Exchanges William B. Hood

The Georgia Society of CPAsAtlanta Financial Center, North Tower3353 Peachtree Road NE, Suite 400Atlanta, GA 30326-1414

404-231-8676 800-330-8889Fax 404-237-1291 www.gscpa.org

StaffExecutive Director/COO Gary L. JulianAssoc. Executive Director Donna L. HeavenerEditor/Designer Jamie P. EtzbachAssistant Editor Elizabeth D. Kistler

in every issue 4

6

8

9

1�

14

16

�

18

19

�1

��


4 Current Accounts • March/Apri l �009

There is probably something in humans and in every generation that makes us think that the problems we face are uniquely difficult. Much has been written about the economy and, if you accept certain assumptions from what you read, you might think that we are in the midst of a global depression. Yet, it is important to put the current economy in perspective. We might even try reviewing and analyzing some objective data. Last quarter, GDP fell at a rate of 0.5 percent, which means that the total value of goods and services produced in the US fell by a half of one percentage point last quarter over the previous quarter1. For the first two quarters of this year, GDP grew by 0.9 percent and 2.8 percent, indicating that economic growth is relatively flat this year, but that it is not falling off a cliff. This isn’t the first time GDP has fallen, and it won’t be the last. A decrease in GDP after almost six years of increases is not positive, but almost predictable. No economy grows indefinitely and consistently; there are always temporary lapses. In fact, if you consider the media coverage of the economy over the past year and the consequent way people have been scared, it is remarkable that anyone is buying anything. Some would say that we cannot only look at GDP, so let’s look at other factors. Interest rates remain at historically low levels2. This means that if you want to borrow money, you can borrow money inexpensively as a business or as a person. Loan volume in the country, according to the FDIC and contrary to what you read about the credit crisis, actually increased last quarter compared to the same quarter last year3. Someone is getting loans, and they are not paying excessive interest rates for them. How about employment? According to the Bureau of Labor Statistics, unemployment sits at 6.7 percent. At this time last year, unemployment was 4.7 percent. The decrease in employment is not favorable, but historically an unemployment rate of 6.7 percent is not close to devastating. The 50-year historical rate of unemployment is 5.97 percent4. Most economists agree that the natural rate of unemployment, which is the lowest rate due to the fact that people change jobs or are between jobs, is around 4 percent. So, today we sit at 2.7 percent above that rate. Once again, the very recent trend is not good, but it is certainly not horrifying. There have been many recent media references to the Great Depression (the period of time between late 1929 and around 1938 or so, depending upon the definitions used and personal inclinations). It might be illuminating to note that by 1933, during

the united states will be just fine

Brian Hamilton



the height of the Depression, the unemployment rate was 24.9 percent. During that same time period, GDP was falling dramatically, which created a devastating impact on the country. Americans have good hearts and empathize (as they should) with those who are unemployed, yet it would be easy to go too far in our assumptions on how the working population is currently affected in aggregate. If six percent of the people are unemployed, approximately 94 percent of the people are working. We should always shoot for full employment, but why would we view our efforts as poor when we don’t quite make that mark? A good student might try to get straight A’s, but getting an occasional “B” or “C” won’t end the world. Look at personal income today. Personal income is income received by individuals from all sources, including employers and the government. Personal income rose last quarter compared to a year ago according to the Bureau of Economic Analysis. Compared to five years ago, personal income has risen by 32.1 percent5. Even considering that inflation was 18.13 percent over this period, people are generally making more money than they used to. This is another one of those statistics that can easily get bent to fit a story. You often hear things like “personal income fell last month by 23 percent,” but writers tend to leave larger and more important statistics out. In this case, wouldn’t you be more interested in trends over a quarter or a year? Using isolated statistics to fit your view is something that has become accepted and rarely challenged. Next, there is inflation. The inflation rate measures the strength of the dollar you hold today as compared to a year ago. The inflation rate is currently 3.66 percent. Over the past 50 years, the inflation rate has averaged about 4.2 percent6. Inflation remains well within control. Yet, would you be surprised to read a story next month citing an X percent jump in inflation over the last day, month? Ironically, the one thing about the economy that is alarming from a historical standpoint is our national debt, which gets some but not enough media coverage. We now owe $10.6 trillion and have become a debtor nation over the past several decades. We now depend on the goodwill and investments of outside countries, while we continue to spend more than we make. Now, the skeptics reading this will undoudebtly point to other, far lesser, statistics that validate their gloomy view of the economy and the direction of the country. If people are employed, are making good wages, can borrow inexpensively, hold a dollar that is worth largely what it was worth a year or five years ago, and live in a country where the value of goods and services is rising, exactly where is the crisis? There is no doubt that the

economy has slowed, but slowness does not equal death. It is true that the financial markets are a mess (and the depreciation of the value of equities is both scary and bad), but analysts typically go too far in ascribing the fall of the financial markets with the fall of a whole economy. The markets are an important component of the economy, but the markets are not the totality of the economy. No one can say whether conditions will worsen in the future. However, we have learned that the United States economy has been tremendously resilient over the past 200 years and will probably remain so, as long as the structural philosophies that it has been built upon are left intact. Americans are hard-working and innovative people and the country will be just fine.

Brian Hamilton is the co-founder and chief executive officer of Sageworks, where he manages overall strategy and product development. He is an original co-developer of “FIND” (Financial Information into Narrative Data), the company's core artificial intelligence technology which converts financial numbers into plain-language reports. Brian is a noted expert in finance who has been published and quoted in most major national media outlets. He is currently a guest columnist for Forbes.com.

1 “Percent Change From Preceding Period in Real Gross Domestic Product.” Bureau of Economic Analysis, US Department of Commerce. Updated 25 November 2008. www.bea.gov.

2 Monthly Federal Funds Rates. The Federal Reserve. http://www.federalreserve.gov/releases/h15/data/monthly.

3 “Statistics at a Glance” (Third Quarter 2008 & 2007 Statistics). Federal Deposit Insurance Corporation. Updated 30 September 2008. http://www.fdic.gov/bank/statistical/stats/2008sep/industry.html.

4 “Employment status of the civilian noninstitutional population 16 years and over, 1942 to date.” Bureau of Labor Statistics. ftp://ftp.bls.gov/pub/special.requests/lf/aat1.txt.

5 “Relation of Gross Domestic Product, Gross National Product, Net National Product, National Income, and Personal Income” (Table 1.7.5). Bureau of Economic Analysis, US Department of Commerce. Updated 25 November, 2008. http://www.bea.gov/national/nipaweb/TableView.asp?SelectedTable=43&Freq=Qtr&FirstYear=2006&LastYear=2008.

6 "Historical Inflation Data from 1914 to the Present.” InflationData.com, based on the Consumer Price Index (http://www.bls.gov/CPI). http://inflationdata.com/inflation/Inflation_Rate/HistoricalInflation.aspx.



georgia begins participation in the aicpa's fsba process

Since its inception in 1988, the Peer Review program has continued to evolve to keep up with changes in the business and regulatory environments. The AICPA Facilitated State Board Access (FSBA) is the next step in this evolution. After carefully evaluating the various options, stakeholders determined that the best way to address the user demands for greater peer review transparency, while considering member and state CPA society concerns, was to use the existing peer review process to facilitate the voluntary disclosure of peer review results to State Boards of Accountancy (BOAs). The intent of this new process is to create a nationally uniform system through which CPA firms can satisfy state board peer review information submission requirements, increase transparency, and retain control over their peer review results. The AICPA and CPA state societies are working together to allow this process to become the primary means by which all BOAs



obtain peer review results. Over time, this new process will help to make submission of your firm’s peer review information easier. However, until our national goal is reached, this new process WILL NOT replace the current peer review information submission requirements of the Georgia State Board of Accountancy, which licenses firms practicing in Georgia. Therefore, firms will need to follow the current Georgia State Board of Accountancy requirements until notified differently. By participating in the FSBA process, we are helping to ensure a smooth transition to full national implementation which is expected to occur in 2009 in connection with the acceptance of new peer review reports issued under the revised AICPA Standards for Performing and Reporting on Peer Reviews (Standards). Georgia will begin the FSBA process with reviews accepted at the January 2009 report acceptance body (RAB) meeting.

What This Means for Your Firm FSBA uses an opt-out process that allows peer review results to be made available to select BOAs on a voluntary firm basis, using a secure, BOA access-only web site. Firms with their main office located in Georgia will receive an additional notice and instructions along with their next peer review acceptance letter that notifies them of the Administering Entity’s (AE) intent to post their peer review information to the secure BOA access-only web site. For firms whose main office is located in Georgia, their peer review administering entity (AE) is Georgia Society of CPAs. Firms that are not members of the AICPA Employee Benefit Plan Audit Quality Center, Governmental Audit Quality Center or Private Companies Practice Section will be given an opportunity to opt out of the process. Below are the details of how the new process will work.

How the Process Will Work In Georgia, the process will entail:• Making peer review results available to select BOAs on a voluntary firm basis, using a secure, BOA access-only web site that will be available only to authorized state board representatives. The Georgia Society of CPAs will post applicable peer review information related to a firm’s most recently accepted review to this secure BOA web site unless the firm requests that its information be excluded. The firm will be notified by the Georgia Society of CPAs, via a notice included with the firm’s peer review acceptance letter, of its intention to post the firm’s peer review results and the firm will have 30 days to opt out of the process.

• Once the Georgia Society of CPAs posts the information, the firm’s managing partner and peer review contact will receive a confirmation via email (or regular mail if email is not available) informing them that the results have been posted to the site and a reminder that the firm has 30

days from the date of the acceptance letter to opt-out of the process. The email also provides the partner and peer review contact the opportunity to make the firm’s results available to additional select BOAs.

• After 30 days, if the firm does not opt out, the firm’s peer review results will be available to authorized BOA representatives via a secure BOA web site. It is anticipated that this option will be beneficial, over time, to firms with multi-state practices. “Firms can request that their results be made available to more than one BOA,” added Jim Brackens, AICPA vice president – firm quality and practice monitoring. “However, results will only be posted for availability to BOAs that require peer review and are not prohibited from obtaining access to peer review information.” During early adoption, access will be limited only to those BOAs that participated in the pilot program or are participating in early adoption. For more information on expanded access please refer to the Member Q&A which can be accessed at insert url. Firms that are not members of the AICPA Employee Benefit Plan Audit Quality Center, Governmental Audit Quality Center or Private Companies Practice Section will have the opportunity to opt out even after their information has been posted by notifying the Georgia Society of CPAs in writing. Once the notification is received, the Georgia Society of CPAs will remove the posted information. Firms that opt out will have certain information (which is currently publicly available) posted to the secure BOA access-only web site. This information will help us to maintain a complete database of all firms in the peer review program. Please refer to the Member Q&A which can be accessed at insert url for more information.

Peer Review Promotes Firm QualityThe AICPA Peer Review Program is dedicated to enhancing the quality of accounting, auditing and attestation services. Peer review began in the early 1960s, when large firms used it as a way to make certain their different offices maintained consistent standards. The program produced tangible results and was later expanded to firms of all sizes. Since AICPA members adopted peer review as a membership requirement in 1988, the AICPA Peer Review Program has helped thousands of firms monitor and continually improve their accounting and auditing practices.

For more information on peer review transparency or the AICPA’s Peer Review Program and FSBA, go to http://www.aicpa.org/Professional+Resources/Peer+Review/.



students enjoy the honors luncheonThe High School Outreach Task Force of the Georgia Society of CPAs hosted over 140 people from 47 schools at the annual High School Honors Luncheon in January at Turner Field’s 755 Club. An honor student from each high school, his/her parent, and the business/accounting educator who made the selection, were invited to the event. Stewart Carlin, GSCPA president, kicked off the program by welcoming the students. During the luncheon, students learned about getting their CPA license and the importance of having the accreditation. They were also given advice from members of the accounting profession through a panel discussion. All of the students were presented with an honor award certificate and given a private tour of Turner Field. They also participated in a resume writing contest for cash prizes. The Georgia Society of CPAs would like to thank all of the sponsors and speakers who helped make this year’s honors luncheon a success.

Resume Writing ContestThomas Concrete of Georgia

Individual StudentsCarr, Riggs & Ingram, LLCFrazier & Deeter, LLCGrant Thornton LLPHabif, Arogeti & Wynne, LLPGlenda Y. Hicks, CPAHometown Community BankIDI

Don Berecz Georgia Southern University

Shannon Edwards The Facility Group

Audrey GramlingKennesaw State University

THAnk YOu TO OuR SPOnSORS

THAnk YOu TO OuR SPEAkERS

COnGRATulATIOnS TO THE 2009 HIGH SCHOOl HOnORS STuDEnTS

Patrick Hill [emcee] The Coca-Cola Company

Jody lappiCarr, Riggs & Ingram, LLC

kathy WilcoxKennesaw State University

Jones & Kolb, CPAsKPMG LLPMauldin & JenkinsPricewaterhouseCoopers, LLPRoss Lane & Company, LLCSmith & Howard, PCWindham Brannon, PC

Taylor Adamson Union Grove High SchoolLenzie Archer Tri-Cities High SchoolMichelle Lynn Baldwin Phoenix High SchoolDrexcell Beavers South Cobb High SchoolKatie Bostick Norcross High SchoolJasmine Chism Crim Open Campus High SchoolHolly Conner Gainsville High SchoolLemuel Cooper Southwest Atlanta Christian AcademyZachary Cowart Alexander High SchoolKenyona Daniel Frederick Douglass High SchoolMaria Liz Dewendt Alpharetta High SchoolMildreth Diaz Douglas County High SchoolAshley Fannon Cherokee High SchoolMeredith Fendler Dunwoody High SchoolHanna Getaneh Druid Hills High SchoolMichelle Hampto Mary Persons High SchoolKeegan Hughes Roswell High SchoolLuis Jimenez Eagle's Landing High SchoolAllison Johnson Harrison High SchoolJessica Jones North Atlanta High SchoolNaima Karimi Meadowcreek High SchoolIrina Kosheleva Berkmar High SchoolJasmine Lewis Carlton J. Kell High SchoolWhitney McDaniel Bowdon High SchoolTravis McNeill Collins High SchoolWesley Merrell Newton High SchoolAnjelyca Middleton Redan High SchoolBreonta Mitchell Lithonia High SchoolJohn Monsalve Chattachoochee High SchoolVania Myatt East Hall High SchoolCristal Oliver Morrow High SchoolBrittney Parker Miller Grove High SchoolBrittany Powell Northview High SchoolCourtney Santamore Campbell High SchoolNdye Secka Marietta High SchoolSydney Seitz North Forsyth High SchoolSamir Siddiqui Shiloh High SchoolKandace Singleton Baldwin High SchoolBrian Smith Creekside High SchoolTynika Smith Towers High SchoolLaura Tanghal Brookwood High SchoolAyana Thomas Chapel Hill High SchoolJamel Thomas Jonesboro High SchoolJonelle Vernon Henry County High SchoolLi'Anna Whitfield Milton High SchoolJillian Winston North Cobb High SchoolQuinton Wirsing Johnson High SchoolLarry Wright Lakeside High School


9One Profess ion. One Voice.


Catch the Wave

to Success

June 28 - July 1, 2009Ritz-Carlton, Amelia Island, Florida



1:00 - 5:00 p.m. Registration2:00 - 3:40 p.m. The Profession at Risk - understanding & Dealing with Government Oversight (A&A) Chris Rouse, Windham Brannon, PC, Atlanta, Ga.6:00 - 7:00 p.m. Grand Opening Cocktail Reception 7:00 - 9:00 p.m. Dinner

Schedule and CPE Classes11 hours CPE; 7 possible A&A

Sunday, June 28

Monday, June 29

Tuesday, June 30

Wednesday, July 1

8:00 - 9:00 a.m. Breakfast9:00 a.m. - 12:30 p.m. Spouse/Guest Outing - Two hour cruise around Cumberland and Amelia Island9:00 - 9:45 a.m. Annual Business Meeting9:45 - 10:00 a.m. Break10:00 - 10:50 a.m. Avoiding Jail Time and Other Annoying Career Interruptions - Some Measures to Prevent Financial Statement Fraud (A&A) Bob Dow, Arnall Golden & Gregory, Atlanta, Ga.10:50 - 11:00 a.m. Break11:00 - 11:50 a.m. IFRS vs GAAP (A&A) Dusty Stallings and Stacy Bauer, PricewaterhouseCoopers, LLP , Atlanta, Ga.6:30 - 7:00 p.m. Reception 7:00 - 10:00 p.m. President's Banquet and Dinner Dance (Business Attire)

8:00 - 9:00 a.m. Breakfast9:00 - 9:50 a.m. Georgia Incentives and Tax Exemptions Tom Croteau, Georgia Department of Economic Development, Atlanta, Ga.9:50 - 10:15 a.m. Break10:15 a.m. - 12 p.m. kEYnOTE SPEAkER Professional Issues (1 hour A&A) Barry Melancon, president of the AICPA 1:00 p.m. Golf Dinner on your own

7:30 - 8:30 a.m. Breakfast8:30 - 10:10 a.m. Tax update Brad Dickson, Tarpley & Underwood, PC, Atlanta, Ga.10:10 - 10:30 a.m. Break10:30 a.m. - 12:10 p.m. 141 R Business Combinations/Fair Market Value Accounting (A&A) Billy Daniel, Frazier & Deeter LLC, Atlanta, Ga.


Please check here if this is your first GSCPA Annual Convention.

INTERNET - download the PDF registration form at http://www.gscpa.org

4 Ways to Register for GSCPA CPE Programs

Registration and accompanying payment must be received by June 12, 2009 • Hotel reservations must be made by May 11, 2009

MAIl your completed registration form with credit card information or a check made payable to the Georgia Society of CPAs to: GSCPA Annual Convention Atlanta Financial Center, north Tower, Suite 400 3353 Peachtree Road, Atlanta, Ga. 30326-1414

CAll GSCPA Member Services Department at 404-504-2986 to place a credit card order.

FAX a completed registration form with credit card information to the GSCPA at 404-237-1291

Member Name Member #

Preferred Name for Badge Chapter

Firm Name Phone

Firm Address Email

Fu l l RegistrationIncludes 11 CPE credits (7 hours A&A), Grand Opening reception and dinner, breakfasts, coffee breaks and President’s Reception and Banquet.

# @ $549/person (before May 13) = # @ $699/person (after May 13) =

Spouse/Guest Includes Grand Opening reception and dinner, breakfasts and President’s Reception and Banquet.Name:

# @ $225/person (before May 13) = # @ $275/person (after May 13) =

Children (18 and under) Includes Grand Opening reception and dinner and breakfasts.Names: Ages:

# @ $50/person =

Optional Activ ities Children (18 and under) President’s BanquetSpouse/Guest Activity - Cumberland Island Tour (details on back) (children under 3 are free)

# @ $25/person = # @ $22/person (children 12 & under) =# @ $28/person (age 13-64) =# @ $26/person (age 65 and up) =

Golf (includes lunch, greens fees, and cart fees)Name Handicap

Name Handicap

# @ $185/person =

STOP! Payment Information and Cancellation Policy...Turn Form Over

Registration

If you have a specific need, contact Jennifer Poff at least one week prior to the event, or for questions at any time, call 404-231-8676, Ext. 2942; 800-330-8889, Ext. 2939; or [email protected].

Georgia Society of CPAs w 2009 Annual ConventionRitz-Carlton w Amelia Island, Florida

June 28 - July 1, 2009 w Course no. 13500Featuring Keynote Speaker Barry Melancon

Personal Information

Pricing Information


1� Current Accounts • March/Apri l �009

Enclosed is a check made payable to GSCPA in the amount of $

Amount to charge to credit card $

Visa MasterCard AmEx Discover Personal Card OR Company Card

Card Number Exp Date

Name as it appears on card

Signature

Cancellation Policy: Cancellations/transfers made prior to May 11, 2009 will not incur an administration fee. Cancellations/transfers made after June 1, 2009 are subject to a $100 administration fee for members, S150 administration fee for non-members. Cancellations/no shows on the date of the event forfeit the entIre registration fee. No refunds or transfer of fees will be made after the date of the event.

Early Registration Fee: Applicable when registration is received by the GSCPA prior to the early registration deadline.

Ritz-Carlton Amelia Island4750 Amelia Island Parkway, Amelia Island, FL 32034800-241-3333 • www.ritzcarlton.com • GSCPA Group Code: GSCGSCA

Room rates - $199 for a coastal view room

All rates are subject to applicable state and local taxes and fees in effect at time of check-in (currently 7 percent state; 2 percent occupancy).

Payment Information

Payment Method

Hotel reservations must be made by May 11, 2009 to receive the discounted rate.

All spouses, guests, and children are invited to participate in a two-hour cruise around Cumberland and Amelia Island on Monday, June 29 from 10:30 a.m. - 12:30 p.m. Participants have the opportunity to see wild horses and the ruins of Dungeness while learning about the history of the islands and its wildlife inhabitants. Fees: Children under 3 are free; ages 3-12: $22 per person; ages 13 – 64: $28 per person; and ages 65 and over: $26 per person. Transportation to the dock will be the individual’s responsibility; plan to leave the hotel at 9:30 a.m.

Resort casual to all events, except the President’s Banquet on Monday evening, which is business attire.

Hotel Accommodations

Annual Convention Attire Guidelines

Spouse/Guest Activity - Cumberland Island Boat Tour

TOTAl AMOunT DuE:$

Total registrations and optional events:$50 discount for first time attendees:

1� Current Accounts • March/Apri l �009

1�One Profess ion. One Voice.

professional ethics - what's the difference?Rodney Chandler

Are CPAs who are members of the Georgia Society different from non-member CPAs? There are over 16,000 licensed CPAs in Georgia, and approximately 9,100 fellow members of the GSCPA. Is there some difference between the Society-member-CPAs and the non-member CPAs, other than lower cost CPE and access to group health insurance benefits? Is there something that makes membership in the Society a distinguishing feature? Members and non-members perform the same jobs in public accounting or in private industry, and both carry the same license from the same State Board of Accountancy. Members and non-members also have a monopoly on the audit function. So it is clear the work that members and non-members do is the same – it is not a point of distinction. So since our work is the same, is there anything that sets us apart? Is there some difference that makes a member of the Georgia Society of CPAs a cut above the rest of the non-member CPAs? There is, or a least there should be, a difference between members and non-members. Membership in the Georgia Society of CPAs brings with it a higher responsibility – a higher calling – to professional ethics. That higher commitment, if our members will uphold it, will not only return to the profession some of the honor that has been lost over the last decade of scandals, but it

will serve to distinguish us from those who are less committed to a higher standard. The Society’s commitment to professional ethics sets us apart. It has at its foundation stated principles of professional ethics that are strong, sound and worthy of aspiration. These principles, found in the first section of the AICPA Code of Professional Conduct, are what set GSCPA members apart from ‘regular’ CPAs. These statements of principle are not found in the Georgia accountancy laws, or state board policies. They are unique to Society members. Commitment to these principles can set us apart. However, there is a lack of commitment among our members to the principles of professional ethics. In my several years of service on the GSCPA Professional Ethics Committee, I have developed the sense that our principles of ethics are being de-valued. In its place, there is a value being placed on the ‘letter’ of the Code of Conduct, and not enough value on the ‘spirit’ of the Code. An important part of the mission of the Georgia Society of CPAs is to “Foster high standards of integrity and objectivity.” The Professional Ethics Committee is created in the Society’s

Ethics, continued on page 23


information security continues to be vital for cpas

Consider the following: an employee within your organization receives an email from a co-worker and, since the sender is on the employee’s “trusted list,” she clicks on a link within the email. She assumes the link is secure, but instead, she accidently releases a virus into the organization’s server and compromises confidential data for the entire firm. This example of the limits of anti-virus software and the unknowns of human behavior, demonstrates the importance of information security as it continues to be a top concern for businesses around the world. As technologies in the business world continue to advance, threats from cyber hackers and thieves continue to evolve at an equal or greater rate, jeopardizing a corporation’s ability to safeguard intellectual property and maintain data security. According the AICPA’s annual Top Technology Initiatives Survey, Information Security Management is the most important initiative affecting IT strategy, investment and implementation in business organizations, and has been the top IT initiative for the last 7 years. Additionally, rounding out the top three technology initiatives in the survey are Privacy Management and Secure File Storage Transmission and Exchange, which both are related to strategies that safeguard an organization’s information assets. With the increased pressure on companies to comply with security standards, most businesses try to maintain a competitive edge by keeping certain security initiatives at the forefront of their plans. First and foremost is the ability


to send confidential files within a secure environment. Around the globe, millions of emails are sent every second. Employees may send emails with client or organization proprietary information without thinking twice, which can cause a potential threat to the client or organization. Regardless of the size of the firm, or the types of files being sent through cyberspace, there remains a constant need to place locks, encryption and other security measures on these electronic files. Companies should consider investing in a secure file exchange network using hosted services. This gives the organization and its staff greater protection against data exploitation when files are sent internally and externally. With the high-end awareness of data security in the marketplace, escalations in non-compliance are becoming more frequent. The ability for staff to mobilize, utilizing laptops and handheld devices when working away from the office, also contributes to the heightened need for security. Focusing on security reduces scrutiny on an organization’s internal controls and allows its goodwill to remain in tact. As companies are taking appropriate security measures at an increased rate, the processes become evermore complicated by the human element that the use of mobile devices introduces. While businesses are excited to capitalize on mobility by giving their employees newfound flexibility and freedom, this also poses a serious security threat if any mobile devices are lost. Most people forget to erase files on their electronic devices when they trade them in for a newer version or leave the organization, providing a logical argument for employing data encryption. Whether data resides on laptops, thumb drives, blackberries or any other electronic storage device, the most pressing question facing companies trying to protect their information is how to make the data unreadable if it falls into the wrong hands. A measure some companies have taken is to implement a software product which enables employees to secure and encrypt all of their sensitive data. When encrypted data gets in the hands of a thief, the information becomes scrambled, accessible only by a specific pass code. By utilizing data encryption software and policies surrounding its usage, companies can provide some degree of protection. Fundamentally, a CPA must understand and be knowledgeable about the most pressing security initiatives affecting the profession, be aware of specific solutions to combat these threats and successfully implement best practices for deploying the necessary security measures that protect clients, firms and organizations in general. CPAs can help with the implementation of

these new technologies into a business by consulting with clients to determine critical business decisions such as creating internal controls and meeting industry standard regulations. Additionally, CPAs play a role in designing systems for managing sales, adjusting manufacturing and administrative procedures, and establishing timetables for technology upgrades—all of which play a vital role in protecting a corporation’s financial, fixed and intangible assets. Additionally, when CPAs continue to enhance their education in technology initiatives, they become a more valuable asset to their organization and open the door for career growth and opportunities in today’s world of emerging technology. When it comes to the employee, or the end-user, knowledge is power and security. The need for training and competency in today’s age of technology is matched only by an organization’s responsibility to protect its confidential information. The more knowledgeable employees are about their computers, the better prepared they will be when a threat does come along. “Training is the single best way to capitalize on assets and gain the most value from already existing resources”, said David Cieslak, former chair of the AICPA Information Technology Executive Committee (ITEC), and current principal of Arxis Technology, Inc. Training addresses one of the most vital elements to keeping information secure: the human element. No matter how many security measures are put into place, human errors play a crucial role in deciding how well an organization can protect its assets. Safeguarding intellectual property and maintaining data security requires technological expertise and the ability to adapt to the ever-changing electronic communications of the business world. Utilizing protective measures such as securing confidential files, data encryption, and other basic initiatives such as employee training and even locking equipment with sensitive information, can all play a role in safeguarding an organization’s data. CPAs play an essential role in synergizing business initiatives with the information security needs of an organization. “CPAs have a unique vantage point. They understand the sensitivity of the information and can play a fundamental role in identifying and deploying the appropriate procedures to protect sensitive information,” said Mr. Cieslak. As businesses continue to grow with emerging technologies, and the threats from cyber thieves remain ever vigilant, CPAs will always be on the front lines to protect the assets of organizations everywhere. For more information about the AICPA’s annual Top Technology Initiatives Survey and the other technologies on the list, visit http://www.aicpa.org/toptech.



commercial investors can go "green," save "green," with 1031 exchanges

William B. Hood, CPA

The "“Green” Movement" has quickly gone from fad to trend to global initiative. In the United States, corporations as well as commercial owners are being challenged to find ways to embrace "“Green” Initiatives" in response to demands for greater sustainability, and beyond social accountability to more profitability. Guided by the U.S. “Green” Building Council's Leadership in Energy and Environmental Design (LEED) certification program, energy efficiency, resource conservation and environmental sustainability are increasingly important factors in maximizing asset value. Of course, many of today's commercial buildings are anything but “Green.” Outdated heating, ventilation and air conditioning (HVAC) systems can result in continually increasing operating costs. Antiquated and drafty windows, leaking pipes, old asbestos panels and new patches of mold can create a costly environmental nightmare. For those investors and businesses saddled with “Brownfield” properties, one approach is to undertake expensive renovations, hoping upgrades to building and systems eventually pay off in terms of higher rents and lower operating costs. Many property owners and corporations are now also using a 1031 Tax-Deferred Exchange strategy to quickly divest themselves of environmentally outdated properties, and acquire modern, energy-efficient ones, thus solving “Green" and financial needs.


How Does It Work? Under I.R.S. Code Section 1031, a taxpayer can defer payment of capital gains, depreciation recapture and state taxes on the sale of investment or business property provided the proceeds are used to purchase a replacement property within certain time frames. To qualify for a Safe Harbor Protection tax deferral, proceeds must be held by a Qualified Intermediary (QI) between the sale of the relinquished property and the purchase of the replacement property. For property investors and corporations considering exchanging their investment residential or commercial properties, "going ‘Green’" offers a host of highly tangible benefits: • Lower operating costs; • Ability to attract a higher class of tenants (Federal Government Agencies are striving to lease only properties that are designated “Green”); • Greater leasing value; • A higher cap rate and • Potential to increase asset value. Property owners also enjoy the personal satisfaction, goodwill and potential positive publicity generated by taking action to improve the environment. For corporations that have included sustainability and environmental concern as corporate goals, 1031 Tax-Deferred Exchanges deliver immediate results to that bottom line.

Why use a 1031 approach? Sophisticated property investors have used 1031 Tax-Deferred Exchanges for many years as a highly effective strategy to preserve their wealth and grow assets by reinvesting part or all of the equity plus tax savings from sale of the first building into the replacement property. Under a typical 1031 Exchange, the owner relinquishes an income-producing property, then identifies and purchases a replacement property of equal or greater value in accordance with strict rules. In a typical 1031 Exchange, the owner can defer paying 25 percent recapture on the depreciation, a 15 percent federal tax on any remaining capital gains, and state income taxes. A property owner who plans to go “Green" with the new property may also be eligible for a growing number of federal, state and local incentives as well. As an added benefit, 1031 Exchanges also provide flexibility in terms of a real estate investment strategy. An owner can consolidate several holdings and purchase better-performing properties while deferring the tax consequences indefinitely. In addition, 1031 Exchanges can be used with virtually any type of business or investment property, including hotels, apartment buildings, motels, shopping centers, warehouses, oil and gas, and even residential homes and land held for investment.

Cases in Point In 2007, an investment property owner renting three single-family homes with septic tanks in a major metro suburb learned those homes needed a costly connection to municipal water and sewer services. The farsighted owner used a 1031 Exchange to relinquish the three properties and rolled all of the profits, including the deferred taxes, into the purchase of a new strip shopping center. Recently, an investor who effected a 1031 Exchange purchased a decaying hotel in a rural Western setting as his replacement property. In this case, the investor used the equity and tax savings gained in the exchange to turn a "brownfield" property into a "Green" property. He renovated the facility into a modern executive conference lodge and cleaned up a muddy stream running through the property. Today, the property is a popular destination retreat with a much higher valuation. Retreat guests now can walk down to the stream and catch large brown trout - a true example of the “Greening” of America. Creative Exchange Strategies Due to the fact that the “Green” building movement is still in its infancy in the United States, many property investors seeking to capitalize on these benefits may be faced with construction and renovation issues. Fortunately, there are several variations on a traditional 1031 strategy that can allow an owner to develop or build a modern energy-efficient property and still enjoy potential tax advantages. One 1031 Exchange strategy is a reverse construction exchange. In this case, the taxpayer first closes on the purchase of the replacement property and then sells the currently owned property within 180 days. A property investor could also purchase a new property while it is still under construction and enjoy the 1031 tax advantages, provided the current value of the new property is equal to or greater than the prior holding at the time of transfer to the taxpayer of the replacement property. There are a variety of ways for corporations and real estate investors to use 1031 Exchanges to upgrade their holdings and reap the social, sustainability and financial benefits of going "Green.” For the 1031 investor or corporation utilizing a 1031 Exchange strategy, going "Green" offers a win-win proposition: a win for the investor and a win for the community where the property is located. William B. Hood, CPA is a division manager with Asset Preservation, Inc. Bill is a graduate of Seton Hall University with a B.S. degree in public accounting. Bill is a member of the American Institute of Certified Public Accountants, Georgia Society of Certified Public Accountants, the Atlanta Commercial Board of Realtors and CREW. Bill has resided in Atlanta since 1984. Copyright © 2008 by William B. Hood, Roswell, Ga. All rights Reserved



http://sections.gscpa.org

gscpa sections offer webcasts,

internships and roundtables

CCH InCORPORATED PROVIDES InFORMATIOn SERVICES SPECIFICAllY FOR GSCPA MEMBERS

CCH Incorporated is the leading provider of information services, software and workflow tools for tax, accounting, legal and business professionals. GSCPA section members get access to the latest news, information and tax research findings that make CCH so valuable. Be sure to take advantage of this great member benefit.

ASSuRAnCE SERVICES SECTIOn HOSTS WEBCAST

Preparing Small Firms for the New and Revised Quality Control and Peer Review StandardsThe Assurance Services Section hosted a two-hour Webcast on January 8, 2009. The agenda covered new quality control and peer review standards for firms that do compilations, reviews and audits, which went into effect January 1, 2009. This webcast, presented by Jennifer Birtz, CPA, CFE, CIA; Gregory Kordecki, CPA, MPA, MDS and Christopher Rouse, CPA, provided attendees the resources and practice aids to deal with these changes, plus gave key pointers on what peer reviewers will be looking for in your compilation, review and audit practice.

THE 2009 REAl ESTATE SECTIOn SuMMER InTERnSHIP PROGRAM

The Real Estate Section Summer Internship Program is part of the Georgia Society of CPA’s on-going efforts to promote and encourage entry into the CPA profession. The program is designed to provide students with training, hands on accounting and real estate experience as well as an introduction to potential job opportunities upon completion of their education. The program is open to rising college seniors or graduate accounting students with an interest in real estate. The nine-week program is set to kick-off on Wednesday, May 27, 2009. For more information on the GSCPA Real Estate Section Summer Internship Program, please contact Jeff Wells, GSCPA sections manager, at [email protected].

REAl ESTATE SECTIOn ROunDTABlES

The Real Estate Section offers monthly roundtables at the GSCPA Training Center on the fourth Tuesday of every month. The series offers one-hour CPE sessions that cover a wide variety of topics and discussion. The Real Estate Section offered it's first Roundtable as a webcast in January 2008. Section members are able to access an archived version on the Real Estate Section web page to view after the event. The archived versions are approximately 60 minutes in length. Please visit the GSCPA Real Estate Section web page for more details.



The Georgia Society of CPAs mourns the loss of John Ethridge who passed away on December 13, 2008. He was a leader in the GSCPA, having served as its president from 1966- 67.

A graduate of Hartwell High School, John attended North Georgia College prior to entering the U.S. Navy and serving as a submariner for three years during World

War II. He graduated from the University of Georgia business school and received a law degree from Emory University. After working in Atlanta with the IRS for seven years, John established an accounting practice in Elberton, Ga. and later opened a branch office in Hartwell. In addition to his accounting practice, he and his wife were partners in a legal practice. In 1988, John was recognized by the UGA chapter of Beta Gamma Sigma for his interest and support of students aspiring to become CPAs. He was involved in a variety of legal associations in addition to the GSCPA. The Georgia Society of CPAs, and its staff, extends its deepest sympathy to his family, friends and all who had the privilege of working with him.

In MemoriamWe sincerely regret the loss of the following member

and extend deepest sympathy to his family and friends.

Brown Hodges Americus, Ga.

member and chapter newsJohn C. Ethridge 1925 - 2008

Bennett Thrasher PC announces the addition of Matthew R. Grosvenor, CPA as a senior manager in their financial reporting and assurance practice.

The James M. Hull College Business at Augusta State university recently dedicated the Knox School of Accountancy and announced Peter Knox, III as distinguished chair of accounting. This

has become possible because of generous contributions to the school by the Knox family and Mr. Hull.

Mike Costello of Joseph Decosimo and Company, PllC (Decosimo), was recently awarded the Certified in Financial Forensics (CFF) Credential by the AICPA.

Moore Colson admits the following members as partners: Chris Arnone, partner, business assurance practice; Robert kiser, managing partner; and Andy Starnes, partner, tax services

practice. The firm also announces the promotion of Jonathan levens to manager, tax services and Brad Fowler to senior associate, business assurance practice. Jordan Shane has joined the firm as business assurance senior associate.

Mcnair, Mclemore, Middlebrooks & Co., llP, a CPA firm with offices in Macon and Perry is pleased to announce the admission of kathy W. Fletcher to the partnership.

Rushton & Company has announced the promotion of nick Bruner to audit senior and Tiffany Whitmire to senior associate.

The Greenway Group announces the addition of Dave Zimmerman as a consulting principal.

Tarpley & underwood is pleased to announce the following employees being named to serve as a Board of Director for nonprofit organizations within the Atlanta community: Glenn Aldridge will serve as a board of director for Operation HOPE and Chris O’neal will serve as a board of

director for Mercy Tree Ministries.

Gary l. Britt, a lawyer and CPA, has opened an office for the practice of law in Sandy Springs/Dunwoody. Services include tax planning, litigation and business transactions.

AGH is pleased to announce the promotion of Cindy Buie, CPA, MAcc to partner of real

estate and partnership taxation.

Habif, Arogeti & Wynne, llP, has named kerry Defler and Robert Melnick as partners.

Grosvenor

WhitmireBruner

Costello

Zimmerman

Buie

Defler Melnick

Britt

The 2008 AICPA CPA/SEA leadership Conference was held in Dallas, TX in the fall. The conference is held annually as leadership training for all state society presidents-elect. Pictured (l-r): Barry Melancon, AICPA president; Robert Prator, GSCPA president-elect; Gary Julian, GSCPA executive director/COO and Bob Harris, AICPA vice chair.


�0 Current Accounts • March/Apri l �009

�1One Profess ion. One Voice.

Register for these conferences at www.gscpa.org.

Spring Into Action

A Grand Design

April 21-22, 2009Cobb Galleria Centre

CPE Credit: 16 hours general (including a possible 7 hours A&A)

Course No. 13005

General Sessions to include:• Success in Action• Creativity in Tough Times• Leadership Strategies• Economic Update• Stimulus Act

Breakout sessions to include: • IFRS(A&A)• Negotiating - Tactics & Tips• Increasing the Bottom Line• Internal Control Reporting and COSO's New Guidance on Monitoring (A&A)• Finance & Accounting Best Practices in the Worst of Times (A&A)

May 15, 2009Columbus Georgia

Convention and Trade CenterCPE Credit: 8 hours A&A

Course No. 13015

Spring Decision Makers Conference

upcoming gscpa conferences

�1One Profess ion. One Voice.

Spring Government Workshop

This workshop will focus on three main components that directly impact state and local governmental accounting and financial reporting. • CAFR reporting requirements with a focus on the Government Finance Officers Association’s (GFOA) Certificate of Achievement for Excellence in Financial Reporting.• Common governmental accounting and financial reporting problems, both from the Certificate Program’s perspective, as well as the governmental environment in general.• A Government GAAP Update, which includes an overview of recent and pending Governmental Accounting Standards Board (GASB) pronouncements and proposals that will significantly impact state and local governmental reporting requirements.

Workshop Topic: Governmental Accounting and

Financial Reporting updateby Gregory Allison

�� Current Accounts • March/Apri l �009

��One Profess ion. One Voice.

business services mergers/office spaceIRS and State Representation. Attorney & CPA available to consult with your firm or your clients on IRS and state matters. Audit, appeal, collection or criminal matters including offers in compromise, bankruptcy discharge of tax and non-filers. Practicing in Atlanta since 1982. Call Jeffrey S. Gartzman, The Gartzman Law Firm, PC; 770-939-7710; [email protected].

Business Valuations - Estate and gift matters, SFAS141/142, ESPOs, FLPs, divorces, stockholder disputes. Substantial IRS and court testimony experience. Valuations affirmed by NC Court of Appeals. Mitchell Kaye, CFA, ASA – 770-998-4642. Past president, American Society of Appraisers– Atlanta chapter. Charters Financial Analyst. Serving appraisal clients since 1981.

Attorney/CPA Opens Law Office: 20 years experience. Offices in Dunwoody/Sandy Springs, Duluth, and Tifton. Filing and defending lawsuits of all types; business organization, governance, and transactions of all types; asset protection; wills, trusts, and estate planning. www.AttorneyBritt.com. Email: [email protected]. 404-567-6445.

Firm-on-firm reviews: Fowler, Holley, Rambo and Stalvey, PC is interested in performing your firm’s peer review. Personnel have 28 years review experience. Contact Richard Stalvey for qualifications, references, and a proposal. PO Box 1887 Valdosta, Ga. 31603; 229-244-1559.

Income Tax Savings By The Square Foot! We specialize in Cost Segregation Studies– that’s all we do. Over three thousand studies completed. Nationwide service. Complimentary Cash flow forecasts or FREE access to our BIQ+ On-Demand Forecasting system. www.cost-segregation-studies.com or 770-476-9694.Cost Segregation Studies, LLC.

Business Valuations: Formal valuations, consulting services for CPAs/clients. Areas: Estate & Gift Taxes, Family Limited Partnerships, S Corp conversions: built-in tax gains, Shareholder Disputes, Purchase/Sale of Business. Contact Marvin T. Brown, CPA/ABV, CVA, Brown Valuation Group, for qualifications, references, and a proposal. 706-613-5313 or 770-447-1300.

Leggett & Leggett, Inc. Real Estate Appraisals & Consulting, Brokerage & Investments. Serving greater Metro Atlanta and Northeast Ga. All property types: Commercial, Land, Industrial, and Residential. M.L. (Mell) Leggett, III, GRI. Certified General Appraiser and Broker. Cell: 706-490-1356.

Peer reviews for sole practitioners and small firms. I have the client base, technical skills, plus the understanding, to help your firm. Fifteen years of peer review experience with 150 firms ensures efficient work on report, engagement, and system reviews. Contact Joe W. Kilpatrick, Crescent Center, Tucker. 770-455-8706 or [email protected]. www.kilpatrickcpa.com.

Ideal location in South Forsyth County, located between Alpharetta and Cumming. Up to 3000 sq ft are available at $9+ per sq ft. We also have a newly furnished office available that is ideal for a sole practitioner. Please call 770-667-1177.

Large Buckhead CPA firm seeks to acquire practices from practitioners in the metro Atlanta area. Please respond to GSCPA File Box 470.

East Cobb firm with unique practice model has available a practice opportunity for a small or start-up sole practitioner who desires to grow their practice while minimizing costs. Opportunity includes shared costs, office space, and association with larger firm for marketing and growth potential. Additionally, there is a longer term buyout potential of other retiring partners and practices. Please respond to GSCPA File Box 505.

Professional Group seeks accounting, bookkeeping or legal team to lease 1000-2200 sq ft 2nd floor furnished space in Dunwoody, close to I-285. Attractive surroundings, private entrance. Space can include reception, 5 offices, conf room, kitchen, bath and own security. Call Duffy 770 451-2446 or Kal 770 457-8795 or email [email protected].

classified advertising

situations wantedCPA with 15 years experience in public and corporate accounting, tax and auditing available for per diem work in the Atlanta metro area. Experience with PCs and business software packages. Call Bob at 770-498-8889.

positions availableAttorney/CPA for tax season or hourly work: 20 years experience prior Big 4 public accounting. Substantial transactional experience involving all types of business transactions, tax research and advice, and tax return preparation. www.AttorneyBritt.com. Email: [email protected]. 404-567-6445.

North Atlanta/DeKalb County CPA firm seeks a highly motivated individual experienced in tax and audit to begin a track which will lead to purchase of the practice within three to five years. Individual should have a practice to merge with the existing firm, and have at least five years experience as a public practitioner. Please respond to GSCPA File Box 485.

Mail File Box responses to:GSCPA File Box _____3353 Peachtree Road, Suite 400, Atlanta, GA 30326

bylaws to help facilitate that mission. The Committee exists to educate members, to investigate complaints, and to advise the Society on ethical matters affecting the profession. It is made up of dedicated volunteer members who spend a great deal of their own time each month to foster, uphold and restore the high standards of our profession. As this year’s chairman of the ethics committee, I would like our members to return to a strong commitment to the principles of our Code of Conduct. I hope to use a series of articles in this publication to begin to remind us of what these principles are, to remind us of the important functions that CPAs have in financial society, and to remind us that our profession’s principles and standards are so important that they eclipse even our own personal gain. To begin this process, please allow me show you the preamble to the Code of Professional Conduct. The preamble sets the stage, the framework, for the rest of the document. The following quote is from section 51.02.

“These Principles of the Code of Professional Conduct of the American Institute of Certified Public Accountants express the profession's recognition of its responsibilities to the public, to clients, and to colleagues. They guide members in the performance of their professional responsibilities and express the basic tenets of ethical and professional conduct. The Principles call for an unswerving commitment to honorable behavior, even at the sacrifice of personal advantage.” When we became members of the GSCPA, we agreed to abide by rules of the AICPA Code of Professional Conduct. The principles found in the Code lay the framework for those rules. These principles are meaningful. These principles provide a vital point of distinction of membership in the Society. I look forward to the opportunity to examine all six statements of ethics principles in articles to come. Together, let’s raise the bar. Let’s work to restore the honor in our noble profession.

Ethics, continued from page 13

��One Profess ion. One Voice.

PRE-SORTEDSTANDARD

U.S. POSTAGE PAID

ATLANTA, GA.PERMIT No. 6495

Atlanta Financial CenterNorth Tower, Suite 4003353 Peachtree Road NEAtlanta, GA 30326-1414

Would you like to provide better service to your clients while increasing your efficiencies?

Why not have your clients host their

Quickbooks or Peachtree with us?

With one single login you can

access all your customers’ data.

Join the many CPAs that are

adopting this solution.

• No Hardware to Buy

• No Setup Fees

• 24X7 Support

• No Backups to Worry About

We are one of three providers

licensed by Intuit to host Quickbooks.

Revenue sharing opportunities available.

GeorGiA cpAs

770-569-5889 • www.software-link.com

Current Accounts

Documents

phds teaching accounting

study accounting

accounting educators

high school students

number of phds teaching

current school year

high school residency

number of phds available