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State Board Report

December 2016

This is the time of the year when the kids are gathered around singing, “Grandma Got Run Over By A Reindeer,” but do they wonder what would happen to her client files if Grandma was a CPA sole practitioner? Hopefully they would not end up on the curbside waiting for the weekly trash pickup with the used holiday giftwrap. Reindeer attacks do not happen frequently, but with many baby boomer CPAs, Boards need to be concerned about practice continuation planning for their licensees. The AICPA and NASBA have created a pamphlet entitled: Practice Continuation Agreement: A Practice Survival Kit.

This document was originally distributed to the Board Chairs and Executive Directors shortly before the Annual Meeting. At the Annual Meeting, several Boards told their Regional Directors that they were going to place this topic on their meeting agendas and distribute the pamphlet material to their licensees. Questions were raised at some of the Annual Meeting’s breakout sessions about what the Board’s responsibility is for stepping in and taking charge of such records.

The Accountancy Board of Ohio included the entire Practice Continuation Agreement pamphlet in their newsletter to licensees. The pamphlet can be found on the publications page of www.nasba.org. NASBA Vice President of State Board Relations Dan Dustin encourages Boards to give the information wide distribution.

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