The document provides a summary of a presentation given by the executive director of the South Carolina Association of CPAs (SCACPA). It covers a wide range of topics including the current economy, major accounting issues, regulatory changes, and initiatives of the SCACPA. Highlights include discussions on fair value accounting, mobility for CPAs, the FASB codification project, XBRL requirements, and international convergence of accounting standards.

1. Erin P. Hardwick, CAE Executive Director SC Association of CPAs Professional Issues Update

2. Message from the SCACPA President Charles M. Redfern, CPA Rock Hill, SC

5. News Headlines

9. First African American president elected on platform of change

21. A Month to Remember U.S. Bails Out Fannie Mae & Freddie Mac Lehman bankrupt; Merrill Lynch sold Dow Jones plunges 504 pts Fed rescues AIG Dow plunges again; gold sees biggest one-day gain in 10 years Goldman and Morgan Stanley become bank holding companies Washington Mutual seized Rescue package fails; Dow takes record plunge Rescue package goes to Congress; Wachovia for sale Fed proposes bailout package 9/7 9/14 9/15 9/16 9/17 9/18 9/21 9/25 9/29 9/30 10/1

22. “ It is increasingly clear that the current downturn is fundamentally different from recessions of recent decades. We are experiencing not merely another turn of the business cycle, but a restructuring of the economic order.” ~Ian Davis, McKinsley Quarterly, March 2009

23. What did we discover when the tide receded?

25. Who is this man? David Friehling, CPA – Partner – Friehling & Horowitz, CPAs

32. Where’s Your $ Going?

35. Should Ma & Pa Kettle Help Explain Financial Mess to Congress?

37. Top Profession Issues

39. Congress wrestles with Mark-to-Market Accounting Standard

45. CPA Practice Mobility

49. WA OR CA NV ID MT ND SD WY UT CO AZ NM AK HI TX OK KS NE MN IA MO AR LA MS AL GA* FL WI IL MI IN KY TN SC NC VA WV OH PA* NY VT ME RI * Legislation Pending - 1 Mobility Enacted Only for Other Mobility States -2 (GA , PA) Mobility Enacted - 43 GU PR 2010 Anticipated Legislative Activity - 2 In process - 6 CPA Mobility Legislative Activity VI MA NH MD DC DE NJ CT

50. The Reliability Project

53. The Codification Project

58. XBRL

61. SEC’s Phase-in Schedule DATE ISSUER DESCRIPTION June 15, 2009 Domestic and Foreign Large Accelerated Filers Using U.S. GAAP with Worldwide Public Common Equity Float above $5 Billion as of the End of the Second Fiscal Quarter of Their Most Recently Completed Fiscal Year June 15, 2010 All Other Domestic and Large Accelerated Filers Using U.S. GAAP June 15, 2011 All Remaining Filers Using U.S. GAAP, including Smaller Reporting Companies June 15, 2011 Foreign Private Issuers with Financial Statements Prepared in Accordance with IFRS as Issued By the IASB

63. Sustainability – the CPA Role

64. International Issues

65. The Road to IFRS in the U.S.

71. New IFRS Certificate of Accomplishment

73. International Mobility

75. Legislative and Regulatory Issues

78. Financial Services Oversight Council

87. Tax Preparer Registration

91. State Legislative Issues Jason Sweatt, Chairman, SCACPA Legislative/Advocacy Committee Todd Dailey, Chairman, SCACPA State & Local Tax Task Force

96. The Image the Profession

97. Attitudes toward CPA Credential More confident in a job done by a CPA than if it were done by an accountant not a CPA. CPA requires more rigorous training and testing than any other financial credential Accountants certified by non-U.S. organizations , such as the Association of Chartered Certified Accountants (ACCA), are just as qualified as CPAs.

100. Perceptions of CPAs Are Largely Consistent Across All Audiences BDMs Large Biz BDMs Sm-Med Biz Investors CPAs YPs 1 Has integrity Competent Competent Has integrity Competent 2 Competent Has integrity Has integrity Competent Has integrity 3 Able to synthesize information from multiple sources Objective Objective Objective Able to synthesize information from multiple sources 4 Objective Able to synthesize information from multiple sources Able to synthesize information from multiple sources Able to synthesize information from multiple sources Able to see the big picture 5 Focused on client needs Focused on client needs Focused on client needs Focused on client needs Objective 6 Able to identify potential problems before they happen Able to identify potential problems before they happen Able to identify potential problems before they happen Able to see the big picture Focused on client needs 7 Technologically adept Technologically adept Technologically adept Demonstrates leadership Able to identify potential problems before they happen 8 Communicates effectively Able to see the big picture Able to see the big picture Able to identify potential problems before they happen Demonstrates leadership 9 Able to see the big picture Communicates effectively Communicates effectively Technologically adept Technologically adept 10 Demonstrates leadership Demonstrates leadership Creative and innovative Communicates effectively Communicates effectively 11 Creative and innovative Creative and innovative Demonstrates leadership Creative and innovative Creative and innovative

102. 10 Things I Have Learned from Being an Accountant!

104. The People Side of Things

111. Private Company Practice Section Tools and Resources Valued Far Beyond the Investment

114. New Site Offers More Interaction for Students

117. What’s New at SCACPA