Archives for June 2014

Indiana Becomes First State to Permit Competency-Based Education for CPAs

Indiana is the first and only state to permit competency-based education to qualify for CPA license renewal. The Indiana CPA Society is cooperating with the Indiana Board of Accountancy on a landmark pilot program, and the change was facilitated through work of the CPA Center of Excellence®. Announced last week, the CPA Center of Excellence® has been established as a source for competency assessment, competency enhancement and intelligent collaboration for CPAs.

The competency-based courses permitted for license renewal include gamification and “nano-learning.” The courses are online, interactive modules and can be taken on-demand. Digital badges, a new concept for the CPA profession, will be earned upon completion. Course offerings cover vital skills for CPAs to be successful in the 21st century and are rooted in the core competencies identified by the AICPA in the CPA Horizons 2025 project. The CPA Center of Excellence® plans to expand offerings over the next 12 to 24 months.

“Our profession has long been in need of innovation and enhancements in the area of professional development and educational activities of CPAs,” said Greg Coy, chair of the Indiana Board of Accountancy. “The Competency-Based Learning Pilot Program is an outstanding development in proficiency based learning. I am proud and excited to see Indiana at the forefront of these changes in the profession.”

The pilot program is in effect through Dec. 31, 2015. Any currently-licensed CPA in Indiana is eligible to participate. As part of the program, each CPA may take up to two online course modules and receive a waiver for 16 hours of CPE credit (eight hours each). The courses themselves must be completed within 90 days, and the time to complete each course will vary from participant to participant. Estimates range from five to 12 hours.

“It is fair to say, with the changes we see in the world, our CPE model needs to improve. Time is valuable, everyone learns in different ways, learns at a different pace, and the pilot program that the Indiana CPA Society proposed and was approved by the Indiana Board of Accountancy addresses these issues,” says John Kane, a member of the Indiana Board of Accountancy.

Gallina Acquires Firm in Southern California

Roseville, Calif.-based Gallina LLP (FY13 net revenue of $37.1 million) announced the acquisition of Mellon Johnson Reardon, LLP (MJR) of Ontario, Calif. The people of MJR, and its six partners, will be joining Gallina effective July 1.

“This move furthers Gallina’s vision to be a nationally recognized firm while also creating ever-increasing career opportunities for the talented people of both firms,” says Larry Taylor, MP at Gallina. “It also expands Gallina’s audit, tax, and specialty consulting practices while increasing our firm’s presence in Southern California.”

Steve Spears, MP of MJR added, “we’re looking forward to the opportunities this combination will afford to our people, and our Inland Empire and Southern California based clients. From the moment we began talking I felt there were exceptional synergies in our client base, approach to service, as well as culture.”

Eide Bailly Continues Growth with Addition of Sample & Bailey

Sample & Bailey CPAs P.C., (S&B) of Fort Collins, Colo., will be joining Fargo, N.D.-based Eide Bailly (FY13 net revenue of $171.2 million) on Aug. 4. Eide Bailly’s professional count will rise to 1,449, which includes 211 partners.

“Adding Sample & Bailey to Eide Bailly gives us seven offices in the state of Colorado. Fort Collins complements our other locations and provides us with a gateway into northern Colorado and Wyoming.” says Eide Bailly MP/CEO Dave Stende. “S&B has built strong relationships with their clients and, as one firm, we will be able to help them with more of their business needs through a variety of specialty services like cost segregation studies, repair regulation compliance, international services, buy-sell assistance, technology solutions, SEC assistance and more.”

Denise Juliana, S&B MP, says her firm has a passion for client service, for rolling up their sleeves and helping their clients. “Joining Eide Bailly will give us more time to focus on our clients. It is easy to get bogged down with administrative things; going forward, Eide Bailly’s administrative team will take care of these things for us. We are very excited about the opportunity to give our clients undivided attention, to dig deeper and to help them with more of their needs.”

S&B founding partner Roger Sample says they have had ‘ties’ to Eide Bailly for years. “Eide Bailly did our peer review and we have worked together on a few common clients. This has given us a sense of familiarity, a comfort, with our decision. S&B is 35 years old, successful and well-recognized in Colorado as a leading firm—a strong foundation on which to add the Eide Bailly name. Now we can take our practice to greater heights much quicker.”

Charlotte MP Boyd Falls Has Died

Boyd Falls

Boyd Falls

Boyd Phillip Falls, of Charlotte, N.C., passed away on June 17 at the Levine Dickson Hospice House.

Falls leaves behind a legacy of professional, civic and community service. He worked his way up all his life and tried to help others in turn by encouraging them to see things from a different perspective in order to overcome obstacles and embrace each and every opportunity.

In 1969, Falls joined the American Institute of Public Accountants and formed a partnership which evolved over forty years into the firm of Austin & Falls, Certified Public Accountants. In January of 2014, Austin & Falls, CPA’s merged with Blair, Bohlé & Whitsitt, PLLC.

Falls was one of the founding members and past chairman of the International Affiliation of Independent Accounting Firms, now part of PrimeGlobal. He was a member of the AICPA, the North Carolina Association of CPAs, and the National Association of Accountants. He served as president of S.P.P.A.C.E. and was appointed by the Charlotte City Council and served on the Charlotte Certified Development Corp for five years and served as Treasurer. Mr. Falls held memberships in the National Conference of CPA Practitioners, National Association of the Remodelers Industry (NARI) and the Metrolina World Trade Association.

Surviving are his daughter, Laurel S. Falls of Charlotte; son, Chesley G. Falls; granddaughter, Brianna G. Falls, of Belmont and brother, Hunter Falls, of Wisconsin. He was preceded in death by his spouse of fifty years, Maxine Grant Falls.

JDJ Family Office Services Spins Off From Rothstein Kass to Launch Independent Firm

The founders of JDJ Resources Corporation have left Roseland, N.J.-based Rothstein Kass to launch Boston-based JDJ Family Office Services.

JDJ Family Office Services, which provides administrative multi-family office and personal CFO services to high net worth individuals and families, will retain its entire 21-person staff and continue to deliver the same suite of customized services to its existing and expanding client base.

“We are thrilled to be independent again. This change allows us the ability to provide the levels of service that are expected and required in the family office industry,” says JDJ Family Office Services partner James Kittler. “We believe the family office industry is in a growth stage and this provides us the perfect opportunity to expand on the service model we created at JDJ and enhance the customized service solutions we offer to our clients and their advisors.”

The company was founded in 2001 and merged with Rothstein Kass in 2012. Under the leadership of the current JDJ Family Office Services team, Rothstein Kass increased its Boston office client base by 13% and gross revenue by 33% in 2013.

Ontario’s Accounting Profession Unites Under CPA Designation

The Chartered Professional Accountants of Ontario and the Certified General Accountants of Ontario signed a unification agreement, the second last step to uniting this province’s accounting profession under the CPA designation. The final step will be the passing of a new Chartered Professional Accountants Act.

The signing of this agreement brings to a close a significant amount of collaboration and dedication to building a stronger unified accounting profession, both within this province and across Canada, all of which began in earnest in the spring of 2011.  Ontario’s certified general accountants will now become members of CPA Ontario.

An earlier agreement was signed between CPA Ontario (formerly the Institute of Chartered Accountants of Ontario) and the Certified Management Accountants of Ontario, leading to CMAs becoming members of CPA Ontario in April, 2014.

A united Canadian accounting profession will have a stronger voice at home and around the world, a single Canadian accounting designation, and one rigorous set of standards for qualifications and conduct – all of which will provide strong protection of the public interest.

“Our combined membership of more than 80,000 is now part of a unification movement that represents all of Canada’s more than 185,000 designated accountants,” says Robert Scullion, the chair of CPA Ontario. “This is a significant achievement, one which brings the opportunity for a united accounting profession to speak on behalf of the public interest and its members.”

Citrin Cooperman Continues Expansion with Addition of MGI Repetti

New York-based Citrin Cooperman (FY12 net revenue of $131.6 million) announced that the partners and staff of New York-based MGI Repetti will join the firm effective July 1. Building upon the firm’s expansive growth, Citrin Cooperman welcomes approximately 10 partners and 50 staff. The New York City office of MGI Repetti will move into Citrin Cooperman’s headquarters at 529 Fifth Avenue in New York City. In addition, Citrin Cooperman will open its sixth office by maintaining MGI Repetti’s Plainview, Long Island office.

MGI Repetti offers accounting, tax, assurance, and business and consulting services to family-owned and privately held businesses, as well as not-for-profits and individuals. Its partners and staff bring a depth of knowledge in industries that include manufacturing and distribution, financial services, shipping and freight forwarding, logistics, technology, and real estate. In addition, MGI Repetti was well known for its international expertise, with 40 percent of revenue attributed to inbound work serving individuals, privately held companies, and foreign banks. The MGI Repetti professionals speak more than 25 languages.

“While growth is important to us, every strategic move is made after considering many factors, including the incoming firm’s quality clients, talent, and geography,” says Joel Cooperman, Citrin Cooperman’s MP. “We feel that the clients and staff of MGI Repetti coupled with the industries they serve and their international expertise are a perfect fit for us, and we are proud that they chose to join our firm.”

John Repetti, who was CEO of MGI Repetti, will operate out of Citrin Cooperman’s New York City office and join the firm’s executive committee. His focus areas include taxation and consulting services, turnarounds, and tax strategy for high net worth individuals. “Joining Citrin Cooperman is a terrific opportunity for our clients, partners, and staff,” says Repetti. “We’re excited to be part of a firm that has consistently grown and developed a reputation as one of the best firms in the United States. We share the same holistic approach and commitment to exceptional client service.”

HBE Becker Meyer Love LLP Announces Merger

HBE Becker Meyer Love LLP (FY12 net revenue of $4 million) of Lincoln, Neb., announced the acquisition of Kurt Micek, CPA, according to Effective June 1, Micek and his associate, Tony Jerina, have joined HBE, at their office in Lincoln.

“We are excited to welcome Kurt and Tony and have them as part of the HBE team. The knowledge and experience that they bring will be a tremendous asset to the firm,” says Scott Becker, HBE MP. “For over 35 years, Kurt has grown and managed his practice based on quality service, personalized attention, and integrity. With values that so closely align with our own, it was immediately clear that our practices would fit well together.”

“I have chosen to affiliate with HBE because they have strong local roots and because we share a common commitment to our clients and our profession. HBE also offers expanded resources and expertise which will be important to my clients’ future success,” said Micek. “This merger presented an opportunity for me to be able to offer broader services, while preserving the principles of my practice.”

KPMG Acquires Business and Technology Consulting Firm

New York-based KPMG LLP (FY13 gross revenue of $6.1 billion) has acquired Cincinnati-based Zanett Commercial Solutions, a leading business and technology consulting firm. This transaction broadens the depth of KPMG’s technology-enablement solutions that help clients improve performance, maximize revenue and manage risk as they transform their business.ff3e4feefdb273b93e4f0af1f02c0e42[1]

“Across the marketplace, our clients are looking to enhance their performance with enterprise technology, gain deeper insights from their data and improve engagement with key stakeholders,” says John Veihmeyer, global chairman of KPMG and CEO of KPMG in the U.S. “The acquisition of Zanett furthers our mission to be the market leader in serving as a strategic advisor for clients looking to drive sustainable value across their enterprise.”

Zanett provides innovative technology solutions with a business-first approach that enables clients to achieve their business strategy with existing and emerging technologies. This acquisition enhances KPMG’s enterprise technology skills, often an anchor of business transformation solutions that also include operating model design, digital and mobile strategy, financial impact assessment, organizational design, change management, business intelligence and analytics, tax implications, regulatory readiness, privacy and security and risk management.

Founded in 1992, Zanett Commercial Solutions is headquartered in Cincinnati, with offices in Jacksonville, Fla., and Indianapolis. Vince Vickers, president of Zanett, says his organization shares KPMG’s philosophy of empowering organizations through technology. “We are confident that clients will benefit from our combined strengths when utilizing technology as a catalyst to make impactful change across their enterprise,” says Vickers. “Our clients face increased regulatory pressure and market dynamics that force them to rethink aspects of their business. Joining KPMG will add greater depth and enhanced solutions to our clients in the heavily regulated industries.”

The transaction closed on Friday, June 20.  Financial terms of the agreement will not be disclosed.

Clark Schaefer Hackett Announces Merger

Cincinnati-based Clark Schaefer Hackett (CSH) (FY13 net revenue of $52.2 million) announced merger with J.D. Cloud of Cincinnati, effective July 1. This union will grow CSH’s Cincinnati presence to approximately 150 associates and total firmwide staffing to over 400.

J.D. Cloud was founded in 1913, with MP, John Lind, leading the firm since 2012.

In mid-July the J.D. Cloud associates will move from their current downtown office into the CSH office located at One East Fourth Street., Cincinnati shareholder-in-charge John Moster will continue to lead CSH in this market, managing growth here as he has since 2008.