Wednesday, September 24, 2008

The Economy: What Do We Say When Asked?

Over the last few weeks, the subprime issue has escalated into a wide-reaching credit crisis that will change the economic landscape. Both the MSCPA and AICPA have received some inquiries from the media.

The AICPA and MSCPA suggest that when asked we focus on the following message points:
  • The subprime crisis was caused by complex market economics: a housing bubble, unscrupulous lending, borrowers with bad credit, and excessive leverage and risk-taking by major Wall Street banks that led to a cascading domino effect when subprime defaults created losses. The situation we now see unfolding largely points to a systemic problem on Wall Street. As in the past, we caution against a rush to judgment or the comfort of easy answers.
  • The CPA profession has worked with regulators and issuers to improve the quality of financial reporting in the U.S. broadly under Sarbanes-Oxley.
  • Fair value accounting is an appropriate model for measuring asset values. There is a debate over its application and the SEC and FASB are weighing whether additional guidelines are necessary. The American Bankers Association has proposed changes and the accounting profession is participating appropriately and constructively in that dialogue. We will continue to work to protect investors and provide the markets with timely, important and transparent information on these difficult financial instruments. We will also welcome any additional guidance from regulators on assessing inactive markets.
  • In October 2007, the Center for Audit Quality issued a series of white papers to “articulate certain existing accounting practices and requirements of GAAP literature related to the specific issues addressed, with the intention of helping auditors understand the application of existing GAAP in the context of illiquid market conditions.”

Thursday, September 18, 2008

Latest Analysis On Financial & Investment Markets

Everyone is watching the economic affect of all the latest changes in the financial & investments markets. The latest bailout of AIG is one of a number of situations of which the effects are unknown.

MSCPA's Business Intelligence Briefs give you day-to-day updates on the economy and the latest news--as well as indepth analysis from the authors--Dr. Chris Kuehl and Keith Prather, both managing directors for the Armada Corporate Intelligence.

You may have seen – or heard – Dr. Kuehl on Kansas City radio or television. He’s a frequent commentator and analyst for both KMBZ radio and Channel 41. He was a professor of international finance and economics for 15 years, teaching in Estonia, Russia, Singapore, Taiwan, Hungary, and the United States.

Keith Prather has served as an active part of senior level strategic planning teams for Fortune 250 clients and has been actively involved in mergers and acquisitions, including pre- and post-merger strategic planning processes. He has extensive global experience and has coordinated an executive level education program in Taiwan.

Armada Corporate Intelligence conducts detailed analysis and assessment of the business environment and competitive landscape in order to provide strategic and tactical guidance. The aim is to provide actionable intelligence that can drive overall corporate profit maximization, return on investment, market expansion and penetration, niche defenses, and so on.

Click here to see today's issue of the MSCPA Business Intelligence Brief:

To read more about the Business Intelligence Brief, go to:

Tuesday, September 9, 2008

Missouri Foreclosure Rates

The company that reports on real estate trends, RealtyTrac, reports Missouri is 18th on the list of states with the most foreclosed properties, but one expert said residents shouldn't really be concerned.

Kansas City and St. Louis are 45 and 46 respectively on RealtyTrac's top 100 cities with foreclosed properties.

Wednesday, September 3, 2008

MSCPA is almost 100 years old!

The Missouri Society of CPAs celebrates its centennial during the 2009 calendar year.

To commemorate this significant occasion, CPAs throughout Missouri will gather together for celebratory events and reflect on our profession and association’s history.

An enhanced Annual Members Convention in June 2009, along with a once-only Membership Retreat in Key West, Florida in November 2009 serve as the major events!

The July 2009 issue of the ASSET will be completely dedicated to the MSCPA Centennial celebration. Content will include reflections on the past, lessons learned from leaders, and ways the profession has evolved over the years.

Members will have the opportunity to pen a short congratulatory note to be designed and published by MSCPA to appear in the ASSET in the commemorative issue or provide an ad that is either congratulatory in nature or about the advertiser’s own company history.

Firms/companies will also be given the opportunity to sponsor events and have their company stand out from the crowd among their fellow CPAs during the highest profile, most important MSCPA events of the century!

Already, MSCPA has received $10,000 in centennial sponsorships thanks to Rick Mills and Mayer Hoffman McCann/CBIZ.

The official MSCPA centennial website has already been launched--check it out at