More than 2,000 CPAs and accounting professionals attended The Ohio Society of CPAs expanded Ohio Accounting Show line-up this year. The Accounting Show schedule was expanded to include shows in Cincinnati and Columbus in addition to the long-standing programs in Dayton and Cleveland. The Ohio Accounting Shows deliver outstanding speakers, great member networking events and business growth-oriented exhibitors. The four show schedule will be on the calendar again in 2009.
The most recent Show, held in Columbus on Oct. 29-30, featured 40 sessions across eight subject area tracks that allowed attendees to explore emerging trends, issues and strategies about the CPA profession’s hottest topics, including the current economic crisis, IFRS, and the fall elections. The event also featured a robust exhibit hall with the latest products and services targeted towards CPAs.
Issues surrounding fair value accounting were top of mind for many conference participants. In a session filled to capacity, E. Ann Gabriel, CPA, Ph.D., an assistant professor at the Ohio University School of Accountancy, told attendees that one of the problems with fair value is timing. "The impact date of FAS 157 came in at a very bad time. It became effective Nov. 15, 2007 – a time when prices were going down."
Franklin County Treasurer Edward Leonard’s session about the tax impact of foreclosures was simulcast on the OSCPA Web site. "Columbus currently ranks 20th in the country for foreclosure rates and it’s only growing," Leonard said. "We don’t expect to see any decline in foreclosures any time soon – at least until 2010.”\"
Another major issue that’s tangled with complexity is International Financial Reporting Standards (IFRS). As a probable conversion to IFRS continues to move forward, most CPAs are just now gaining an awareness of it. "Our principle objective is to build awareness around IFRS in the United States," Marvin Thomas, CPA, a partner with PricewaterhouseCoopers in Cleveland, told the audience. "Of the obstacles that exist to an IFRS implementation, clearly the amount of time required to convert is the most significant obstacle we face in the United States. This is a business change, not an accounting change."
Thomas equated the conversion to IFRS with that of Sarbanes-Oxley and that one major difference is that SOX was new and untested. IFRS has already been adopted. "We have the luxury of learning from the pain points of others and we can look to them as resources as we go through the process."
Each of the Accounting Shows has a unique agenda designed to address current issues facing the profession. Next year’s Ohio Accounting Show line-up includes:
- Dayton Accounting Show: May 20-21
- Cleveland Accounting Show: Sept. 23-24
- Cincinnati Accounting Show: Sept. 30 – Oct. 1
- Columbus Accounting Show: Oct. 28-29