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Akron Chapter IMA Newsletter |  |
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Dear Members:
Have a great summer!!! Shirley Calvin
Fellow Akron IMA Members:
Summer is flying by so fast... it is hard to believe
September is almost here!
Thank You,
September 16, 2009 Dinner cost for the regular meetings is $25 (or $23 using the Pay Pal option) and $10 per Pre-Tech Session.
Please welcome new members:
There are still several Board positions that need to be filled -- Director - Corporate & Academic Development, Director - Member Attendance & Member Relations, and Co-director - Advertising. If you are interested in any of these Board positions, please contact any current Board member for information.
IMA Akron Chapter The CMA Review course will return again this fall at the University of Akron through the Continuing Education Department. Please contact the University CED at (330) 972-7577 or Steve Law, IMA Akron Chapter Director of CMA Education (330) 666-8395
Part 3 Strategic Management - September 12 &
19 ; October 3 & 10
Please contact Roy Howarter if you have a job available or are looking for an employment opportunity. Roy Howarter - Akron IMA Employment Director, 1- 800-321-5583
For a complete record of CPE earned at Akron chapter pre-tech, tech session and PD Seminar meetings (from September 2000 through May 2009), go to the chapter website, www.akron.imanet.org, and click on "Events", and then on "CPE History" (bottom of page). The link shows date of meeting, name of speaker, title of presentation, CPE categorization, and number of hours of CPE credit earned.
At an accounting meeting the other day, a person said
they just heard about this "codification" thing and
wondered what it was all about and how if would affect
them. Although the topic has been discussed quite a
bit in the financial reporting venue, it has not made it
down to the general understanding/recognition level of
the typical accountant. After years in the making, on
July 1, the FASB launched a comprehensive
Accounting Standards Codification (ASC) that restated
authoritative Generally Accepted Accounting Principles
(GAAP) for nongovernmental entities, in addition to
guidance issued by the SEC. The ASC is intended to
replace GAAP, not change it. All old standards were
frozen as of July 1, 2009. The Codification
reorganized the thousands of U.S. GAAP
pronouncements into roughly 90 accounting topics
displayed using a consistent structure. All other
accounting literature not included in the Codification is
nonauthoritative (exceptions include all rules and
interpretive releases of the SEC, which are sources of
authoritative GAAP for SEC registrants). The last
statement of accounting standards issued was SFAS
No. 168, "The FASB Accounting Standards
Codification and the Hierarchy of Generally Accepted
Accounting Principles". Some are calling the
codification the biggest change to GAAP research in
50 years. It is effective for interim and annual periods
ending after September 15, 2009 and replaces the
system of GAAP rules built up piece by piece over
decades, dating back to the Accounting Principles
Board (APB). These changes will become obvious to
your organization with 2009 financial statements
issued. You will start to see the changes in 3rd
quarter filings - no longer will you be able to refer in
your footnotes to the familiar SFAS 13 on leases,
SFAS 123 on stock options, etc.; you must now refer to
the applicable Codification topic. To lead us into this
new promised land, our September 16 pretech
speaker Danielle Kimmell (senior manager with
Bober Markey Fedorovich) will thoroughly explain
the "FASB Codification".
IMA Members Save $300 Discount on Registration
Fees!
In it's fifth year, the Lean Accounting Summit will come
to Orlando, FL, September 22-23, 2009, helping
practitioners reduce costs and optimize value in their
organizations. As a Silver sponsor, IMAŽ members
can take advance of a $300 discount on registration
fees.
Best Regards,
President -----------------------------Douglas
Rinearson
On August 17, three Akron chapter members (Ken Bechtol, Jeff Falter and Steve Law) attended the "Night at the Races" Professional Development Seminar at Northfield Park, which was co-sponsored with Cleveland East IMA chapter. We received one hour CPE credit by listening to Northfield Controller Jim Scott, who spoke on the topic "Gaming in the State of Ohio and Accounting Issues". We learned that the track was constructed in 1934 (then known as Sportsman's Park, a greyhound track). From 1936 - 1956, the focus changed and the track converted to a midget car racing format (very popular at the time). In 1957, the track changed again to its present harness racing format. Al Capone was an early investor who was pleased that the track straddled both Summit and Cuyahoga counties so that he could always get his way by placing a well- placed bribe. In 1972, the racetrack was purchased by the Milstein real estate family. Northfield Park races 4 nights a week (Monday, Tuesday, Friday and Saturday) on the half-mile oval track (the sully riders do two laps for the one mile course; if you cheer at the end of the first lap, they know that you are a rookie). There are 13 races a night, with 9 horses per race. They race all winter, no matter what the weather (a lot of snow removal equipment is on hand); 217 racing days and 364 simulcast days (the park is open daily for pari-mutuel betting, using satellite feed for action from other tracks around the world). The betting pool averages about $1.01 million per night. The pari-mutuel commission is 20% and the park pays 3.5% daily tax to the State of Ohio. Controller Scott explained that the park has 100 acres, 15 barns, stalls for 600 horses, a water pond for horse rehabilitation, a manure shed (with cover), and living quarters where some of the groomers and other staff live year-round. Northfield employs 12,300 people full-time state-wide (including grain growers), has 250 part-time employees, and 60 full-time employees, with a $5 million annual payroll. He joked that the fastest way to double your money is to fold your money in half. Northfield Park is the #2 harness racing track in the USA, behind only New Jersey's Meadowlands. Controller Scott explained that revenues have been declining about 11 -12 % per year since 2002 for the following reasons: Internet account wagering hurts at- track betting, Internet betting has no overhead and doesn't pay tax, Internet betting can pay a 10% rebate with off-shore wagering, and competition from surrounding states (many have "racinos" with slots). He pointed out that today's racing fan is older, it's a more cerebral activity, and fewer young people are attracted to harness racing. Regarding the video slots that are coming in May 2010 (VLTs), the 7 Ohio tracks (4 harness and 3 thoroughbred tracks) that will get slot licenses (paying five $13 million license payments) must build a separate $80 million facility (paid over 5 years, with at least $20 coming in the first year) to house the slot parlors. The slot program will be run by the Ohio Lottery Commission. Stay tuned for the details later. "Every 19 minutes, the place goes crazy" watching the horses running 35 miles/hour (running 2- minute miles pace). The 6th race was dedicated to the IMA - we had our pictures taken next to the winning horse. We didn't win any money for the evening, but the food was great and a good time was had by all.
This summer, we are updating the Membership Roster section of the Annual Program Book, which will be distributed in September. As a source document for membership information, Ken Bechtol is using a chapter dump dated 7-2-09. Please review your information on the IMA National website by going to www.imanet.org and then follow this path in the "Members Only" block at the lower left-hand side of the screen: Username (your IMA account number, found above your name on the address label of Strategic Finance magazine), Password (usually your last name, unless you changed your password), click "Go", and click "My Profile". When screen displays your information, update any necessary changes to your "Home" and "Business" addresses, phone numbers, and e-mail address, and review your "Demographics" data. Be sure to logout after your website update. If you changed any personal information on your website entry after 7-2-09, please notify Ken Bechtol (Ken.Bechtol@davey.com) because he will be using the 7-2-09 chapter dump information for the membership roster section of the program book, unless you notify him differently. This section will reflect your name, any credential designations (CMA, CFM, CPA, etc.), employer name, work phone and e-mail address. If you would rather display your home phone number and e-mail address (rather than work information), please advise Ken Bechtol accordingly by August 21.
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email:
floyd@sssnet.com
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