Summer 2012 has been a busy one for us, and it's not over yet! Check out the events we'll be participating in, and if you are too, stop by and say hello! Here's what's on our calendar:

During the last legislative session, House File 2455 was passed initiating changes in governmental audit requirements. Currently, all Iowa cities with a population over 2,000 are required to receive an annual audit. Cities with population from 700 to 2,000 are required to be audited once every four years and cities with a population under 700 are not required to be audited, except by petition of the citizens. The Cities had the option to hire a CPA firm or the Auditor of State to perform the audit through the request for proposal process, and cities paid a filing fee based on budgeted expenditures to the State Auditor’s Office with the submission of their report.

My brother and I created a yearly memorial scholarship on behalf of our dad who passed away this February. Our dad was a 1950 graduate of Waukee High School. This scholarship is awarded to 2 senior graduates from Waukee High School who plan to attend post-secondary school and pursue a degree in accounting. The 2 candidates will each receive a scholarship in the amount of $1,000.

In May, the USDA released a listing of the top 100 agricultural cooperatives, highlighting their near record-breaking successes in 2010. According to the listing, the coops had combined revenue of $118 billion, with 23 of the listed 100 coops reporting revenue of more than $1 billion, and 47 more of the coops boasting over $500 million in revenue! Additionally, the asset base and profit margins increased for all 100 coops on the listing.

This past April, firm partner Mark Gardiner became a Certified Fraud Examiner (CFE). The CFE credential denotes proven expertise in fraud prevention, detection and deterrence. There is a complex and unique skill set involved in the CFE designation; CFE’s are trained to identify the warning signs and red flags that indicate evidence of fraud and fraud risk by combining knowledge of complex financial transactions with an understanding of methods, law and how to resolve allegations of fraud. CFE’s around the world work to help protect the global economy by not only uncovering fraud, by implementing processes that work to prevent fraud from originating.

This past spring, the Financial Accounting Foundation, the parent organization to the Financial Accounting Standards Board (FASB), established the Private Company Council (PCC). The PCC will identify and vote on exceptions and modifications to U.S. GAAP for private companies. Decisions made by the PCC will be endorsed, rather than ratified by FASB. Possible exceptions or modifications to existing GAAP will be determined by the PCC, in consultation with FASB.