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News from Akron Chapter IMA September 2009
Akron Chapter IMA Newsletter )
The Summit Report September 2009
In this issue
  • President's Message
  • Pre-Technical Session: "FASB Codification"
  • Technical Session: "Lean Accounting and Accounting for the Lean Enterprise"
  • 2009/ 2010 Meeting Schedule
  • Board of Directors News
  • CMA Review Class
  • Message from Employment Director
  • CPE Credit for IMA Meetings
  • Annual Program Books
  • Lean Accounting Summit
  • Board of Directors 2009/2010
  • IMA's 90th Annual Conference and Exposition
  • Opportunity Still Knocks: Hidden Business Opportunities To Take Advantage of Today
  • Dear Members:

    Please join your fellow Akron Chapter Members for the first meeting of the year.
    Bring a Colleague or your Boss along!
    Please forward newsletter items to:
    IMA Newsletter
    Thanks!


    Shirley Calvin

    President's Message
    Doug

    Fellow Akron IMA Members:

    Summer is at an end, and once again, we will be assembling in order to share information. One of the Directives you have given this Board is to provide interesting and current topics for your education sessions. In our pre-tech session, Danielle Kimmell will be reviewing some of the current changes with FASB, and the FASB Codification.

    Currently, in manufacturing, there has been an initiative following the Toyota management philosophy of the "Lean Environment". The Lean Enterprise seeks to drive waste from the total enterprise. In September, we will be covering the topic of the Lean Enterprise; Dustin Hostetler of Rea & Associates will be giving us detailed information on Lean Manufacturing and Lean Accounting in the Lean Enterprise.

    Please join me in September to gain the knowledge of both the current changes with the FASB and the Lean Environment.

    It is an honor, and a privilege,
    Douglas R. Rinearson
    President
    Akron Chapter IMA

    Pre-Technical Session: "FASB Codification"
    Danielle

    Pre-Technical Session
    September 16, 1009
    5:25 P.M. (SHARP)

    Danielle Kimmell
    With more than 10 years of public accounting experience, Danielle Kimmell focuses on serving large, middle-market, privately held companies in a variety of industries, including manufacturing and distribution. She also has significant experience in the area of employee benefit plans, as well as consulting on issues arising in middle-market business settings, including audit, compliance and tax issues.

    Her specializations include employee benefit plans, middle-market business services, and agreed-upon procedures/SAS 70.

    Danielle received a BS in Accounting from the University of Akron.

    Among her many professional and civic memberships and activities are the following: AICPA, Ohio Society of CPAs, Association of Certified Fraud Examiners, American Society of Women Accountants, Leadership Akron Class XXV, Young Professionals of Akron, Chair of Project GRAD Akron 2009-10, Torchbearers, West Hill Neighborhood Organization, Habitat for Humanity, United Way Day of Action, and Keep Akron Beautiful. Danielle was United Way of Summit County Young Philanthropist of the Year for 2009, and won the Greater Akron Chamber's "30 for the Future" 2007 award.

    Technical Session: "Lean Accounting and Accounting for the Lean Enterprise"
    Dustin

    Tangier Restaurant
    September 16, 2009
    BRING A COLLEAGUE OR BOSS NIGHT
    Technical Session

    Dustin Hostetler
    Business Consultant and Lean Six Sigma Master Black Belt
    Lean CPA, LLC, a division of Rea & Associates, Inc.

    Dustin Hostetler is a business consultant and Lean Six Master Black Belt for Lean CPA, LLC, a division of Rea & Associates, Inc., a top 100 accounting and business consulting firm with offices in Ohio. He helps clients implement lean and Six Sigma concepts in their office and service functions.

    Industries where he's applied his talents include manufacturing, retail, food service, and professional services. In addition, he is a pioneer in helping accounting firms apply lean concepts to their unique functions, like tax return and payroll preparation, pension administration, bookkeeping and auditing.

    Dustin holds a bachelor's degree in finance from The Ohio State University, graduating magna cum laude. He also received his Black Belt and Master Black Belt certificates from Kent State University.

    2009/ 2010 Meeting Schedule

    September 16, 2009
    October 21, 2009
    November 18, 2009
    January 20, 2010
    February 17, 2010
    March 17, 2010
    April 21, 2010
    May 19, 2010

    All regularly scheduled Wednesday monthly meetings will be held at Tangiers Restaurant except for February 17, 2010 which will be held at The University of Akron Martin Center.

    Dinner cost for the regular meetings is $25 (or $23 using the Pay Pal option) and $10 per Pre-Tech Session.

    Board of Directors News

    There are still two Board positions that need to be filled -- Director, Corporate & Academic Development and Director, Member Attendance & Member Relations. If you are interested in serving on the Board, please contact any current Board member for information.

    CMA Review Class

    IMA Akron Chapter
    CMA Review Class News
    Look What's Coming

    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
    Part 4 Business Applications (Prerequisite: Pass/Waive Part 1, Passed Parts 2 and 3) October 31; November 7, 14 & 21

    Thanks, hope you are having a nice summer.
    Steve

    Message from Employment Director

    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

    CPE Credit for IMA Meetings

    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.

    Annual Program Books

    Annual Program Books for the 2009-10 IMA year should be delivered via bulk mail to chapter members prior to the September 16 tech session meeting. If there is a snag in the production process, copies of the book will be available at the September meeting with other chapter members receiving their books via bulk mail later in September.

    Lean Accounting Summit

    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.
    Please visit Lean Accounting Summit for details (use promo code: ima).
    Please consider letting others in your chapter know about this offer.

    Best Regards,
    Dwayne Butcher
    Summit Organizer
    PS. You can follow the Lean Accounting movement by subscribing to "Lean Accounting News".

    Board of Directors 2009/2010

    President -----------------------------Douglas Rinearson
    VP Administration ------------------Dean Hull II
    Past President ---------------------Becky Price
    VP Communication ---------------Diane Saulino
    VP Prof. Education ----------------Jeff Falter
    VP Membership --------------------Yelena Kemp
    Treasurer ---------------------------- Dean Hull II
    Secretary -----------------------------Steve Law
    Director, CMA Program -----------Steve Law
    Director, Student Relations ------Lisa Morgan
    Director, Program Book -----------Gary Floyd
    Webmaster ---------------------------Gary Floyd
    Director, Employment, Insurance and Archives --- Roy Howarter
    Director, Newsletter --------------------Shirley Calvin
    Assoc. Director, Speakers ------------Doreen Kuster
    Assoc. Director, Program Book ------Ken Bechtol
    Chair, Nominating Committee -------Becky Price
    Director, Technical and Board Meeting Facilitation & Attendance- -Susan Arnold
    Director, Chapter Awards ---------Doreen Kuster
    Director, December PD Seminar ------ Diane Saulino
    Associate Director, Young Professional Group - Alicia Letchworth
    Associate Director, Member Attendance - Jack Brillhart
    Chair- Audit-------------------------------- Christopher Reed

    IMA's 90th Annual Conference and Exposition

    The 90th Annual Conference & Expo for the IMA was held this year at a beautiful location: the Sheraton Denver Downtown Hotel (June 6 - 10). Over the past four years, I attended three IMA Conferences and can honestly say that this was the best of the lot! My perspective may be a bit different from the norm because I am an accounting professor. What I found, similar to the Annual Student Leadership Conference hosted by the IMA, is that the program is jammed- packed with value-added events, interesting presentations, and wonderful opportunities to network with colleagues from literally all over the world.

    Highlights of this year's meeting included the following:

    • Women's Leadership Forum (Saturday, June 6)
    • Student Case Competition (Sunday, June 7)
    • CMA Recognition Dinner (Sunday, June 7)
    • Annual Meeting of Members (Sunday, June 7)
    • First-Timer Orientation (Sunday, June 7)
    • Academic Poster Session (Sunday, June 7 and Monday, June 8)
    • Brown Bag Discussion Luncheon (Monday, June 8)
    • Networking Reception & Dinner at the Denver Zoo (Monday, June 8)
    • SCMS Reception & Dinner/Dance (Monday, June 8)
    • Awards Recognition Luncheon (Tuesday, June 9)
    • Annual Dinner (Tuesday, June 9)

    The program itself included the following main events:
    *Pre-Conference Workshops (Using Access, Excel, ODBC, etc.; Communicating Effectively; Creating, Implementing, and Managing Using the Balanced Scorecard; Lean Accounting for the Lean Enterprise; IFRS-Are You Ready? etc.)
    *General Sessions (Cowboy Ethics: Winning through Integrity; Leadership, Integrity, and Success; Keeping America Great; Why Do Smart People Do Really Dumb and Unethical Things? etc.)
    *Special Sessions (divided into six different "tracks": Applied Business Research; Business Performance- Management; Finance Governance, Risk, and Compliance; Leadership Strategies and Ethics; Strategic Cost Management; and, Technology Enablement)

    A glance at the program indicates a central theme for this year's Conference: increasing the personal "ROI" of each member. As you can see from the above listing, many of the sessions and presentations focused on "soft skills," although there were able sessions that dealt with technical topics (IFRS, Excel, SOX Section 404, Measuring Risk, etc.) My own sense is that the IMA delivered on its promise to attendees by putting together a program that would "advance your accounting and finance career and (that will) immediately affect your job performance as well as your long-term prospects."
    I participated in this year's Academic Poster Session by presenting a coauthored paper titled "The Role of Management Accountants in the IPO Process." Other poster presentations included: Using the NPV Model on a Standard Company: Impact on the Investment and Financing Decision; Using Non-Traditional Teaching Aids to Enhance Cooperative Learning; Cost Assignments in a Contract-Logging Context; and Predicting Financial Distress of Firms Listed in Tehran Stock Exchange (TSE) Using Bayesian Networks. The latter presentation was made by a professor from the University of Iran. As an academic, I am glad the IMA has created and made a permanent part of the Conference the Academic Poster Session. This is an excellent vehicle for getting greater involvement of accounting faculty, literally from around the world. (In addition to the University of Iran, we had faculty representatives from institutions in Italy, Hungary, South Korea, and China!)

    Also of personal interest to me was the Saturday evening event titled IMA Woman's Leadership Forum, which was organized and delivered by Dr. Sandra Richtermeyer, CMA, CPA, Xavier University (and IMA Chair-Elect). This session addressed an important issue: how to develop the next generation of leaders for the IMA organization. More specifically, the purpose of this event was "to encourage increased engagement of women in IMA programs and initiatives, through networking, leadership- development activities, research, advocacy, education, and more." As a side benefit, by attending this event, I was able to meet several former IMA chairs and other executives within the organization. Kudos to Sandy for organizing this event!

    Also of special interest to me was the finalist competition for the Student Case Competition. For the past two years, I've served as a "Round One" and a "Round Two" judge in the IMA's Student Case Competition. During these two rounds, selected faculty receive and rate a number of case reports, submitted in DVD format. This year, however, I was able to serve as a judge of the finalist competition. This year's finalist teams were from North Carolina State University, University of Southern Indiana, and Wright State University. Awards for the top two cases as well as a number of other education awards were presented at a separate luncheon held the day of the case competition. If you haven't yet attended the finalist round for the student case competition, I would encourage you to attend next year. I think you will agree with me that the presentations are of superior quality, reflecting a significant time commitment by students and their faculty advisors.

    I am excited about participating in the 10th Annual Student Leadership Conference (November 5-7, St. Louis, MO) and in the IMA's 91st Annual Conference & Exposition, June 5-9, 2010 (to be held at the Baltimore Marriott Waterfront Hotel). In fact, I have been invited by President and CEO Jeff Thomson to be a member of the planning committee for the 2010 Conference. For further information, please visit: www.imaconference.org. I hope to see many of you next year in Baltimore!

    David E. Stout
    Andrews Chair in Accounting
    Youngstown State University

    Opportunity Still Knocks: Hidden Business Opportunities To Take Advantage of Today

    Winston Churchill famously observed that, "A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty." Despite the very real challenges presented by the difficult economic climate, positive-minded, creative business leaders are uncovering ways to position their firms for both short- and long-term growth. Based on Robert Half International's recently released guide, 7 Hidden Business Opportunities in Today's Economy, here are several strategies for emerging from the downturn stronger than ever:

    Nourish Grassroots Ideas
    The most revolutionary ideas don't always come from the top. Employees "in the trenches" are particularly motivated to come up with new solutions in tough times because they know their livelihoods are tied to the company's success. Listen to them.
    Emphasize to every member of your accounting team, regardless of their level, that you're interested in hearing their suggestions. Provide handy tools, such as internal blogs, intranet sites or even suggestion boxes, to encourage employees to share their thoughts on improving processes, consolidating functions, boosting morale and saving money.

    Strengthen Your Talent Bench
    Hiring activity is down, but some progressive companies are shrewdly bringing aboard top accounting professionals. Many outstanding performers are now on the employment sidelines through no fault of their own. Even as you closely monitor budgets, it makes long-term sense to selectively hire talented individuals who may be difficult to attract in more robust times. This is especially true if these candidates are proficient in multiple areas or have specialized expertise that can help you both now and when conditions improve.
    And once hired, don't make the mistake of assuming these strong employees are so good they don't need your support. Identify opportunities for them to continue growing.

    Invest in Training
    Now's the time to reinforce training efforts - not cut them. Trimming developmental opportunities may save you money immediately but can cost dearly in the long run. Employees who feel their company is not invested in their careers will be the first to jump ship when an improving economy brings new job opportunities. Continuing to make professional development a priority will help you build a more skilled, versatile and loyal staff.
    You can still stay within budget by using low-cost, high- reward initiatives ranging from launching a formal mentoring program to sponsoring weekly brownbag training classes. You may be able to interest recently retired employees in leading some of the sessions or ask current team members who recently attended an important industry conference or seminar to share what they learned with their colleagues.

    For more ideas about building business in a downturn, see 7 Hidden Business Opportunities in a Challenging Economy, available at www.rhi.com/businessopportunities

    Accountemps is the world's first and largest temporary staffing service specializing in the placement of accounting, finance and bookkeeping professionals. The company has more than 360 offices worldwide and offers online job search services at www.accountemps.com.

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