Mike Daggett elected NASBA chair

ASCPA life member Mike Daggett, CPA, was elected chair of the National Association of State Boards of Accountancy at NASBA’s annual meeting on October 26, 2010. Pictured at the meeting from left to right is Monica Petersen, Executive Director of the Arizona State Board of Accountancy, Mike Daggett, CPA, Cindie Hubiak, CPA, and Gary Fleming, CPA and Accountancy Board member.

When I introduced Mike at the ASCPA’s annual meeting in May, I noted that his upcoming election as chair of NASBA is a Big Deal. Congratulations, Mike, and thank you for serving in this important volunteer leadership role.

There were a number of impressive speakers at the NASBA annual meeting. Below are a few highlights.

John Brennan, Chair of the Financial Accounting Foundation that oversees FASB and GASB, noted that higher quality accounting will restore trust.

Karen Hawkins, Director, Office of Professional Responsibility, IRS, suggested that CPAs thoughtfully consider when they request their PTIN, as that will be the date when it is renewed each year.

Sir David Tweedie, Chair, International Accounting Standards Board, commented on concerns that the U.S. accounting profession has a significant representation on international boards even though the U.S. hasn’t adopted IFRS.

James Kroeker, CPA, Chief Accountant, SEC, noted that IASB/FASB are getting close to convergence related to leases and revenue recognition.
David Landsittel, CPA and Chair of COSO, spoke about COSO’s recent report on Fraudulent Financial Reporting from 1998-2007 that found revenue recognition and overvaluing assets as the most common fraud techniques.

Daniel Goelzer, Acting PCAOB Chair, shared that the recent Supreme Court decision removed the cloud of uncertainty over the PCAOB.

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