Dollars & Sense - Accounting Student News

In order to stay informed, students should check this page often for news relating to their major and their courses.

ExamMatrix Campus Rep

ExamMatrix is looking to recruit a campus rep to promote various professional exam certification review courses. As a campus rep, students will receive financial compensation for spending approximately 5 hours per month distributing their product information and promoting their courses. In addition to fixed monthly compensation, the student rep will be given a free ExamMatrix CPA, CIA, CMA, CISA, or EA Exam Review Course. Lastly, the student will also be paid a commission on courses sold to current students and alumni from your school who order through a special web portal. All interested students should contact Joseph Yoder (800-272-7277) with any questions or to get more information.

"Life at Deloitte"

Deloitte has recently launched a Twitter feed titled "Life at Deloitte" to give students and other recruits a slimpse of what it's like to be a part of Deloitte. Leaders from across Deloitte have been tweeting their observations and activities - both at work and outside the office - and they would like you to take a look. You can find the feed here.

Associate of Certified Fraud Examiners Scholarship

The Association of Certified Fraud Examiners is an international organization of forensic accounts, investigators, law enforcement officers and auditors with over 35,000 members and licensed chapters around the globe.

This year, the Philadelphia Chapter, in support of the Association's mission on education, will award a scholarship through the 2010 Ritchie-Jennings Memorial Scholarship Program. The Philadelphia Chapter is offering a $3,000 scholarship to applicable undergraduate and graduate students in the Philadelphia area. The applicant must be a full-time student with a declared major of Accounting or Criminal Justice (or fraud related major). The award will be based on overall academic achievement, three letters of recommendation and an original 300 to 500 word essay explaining, why you deserve the award and how fraud awareness will affect your professional development.

Additional details on eligibility requirements can be found here. The deadline for filing with the Chapter is February 12, 2010.

Applications should be sent to the following address:

The Philadelphia Area Chapter of the ACFE

c/o NFC Global LLC

300 Welsh Road, Suite 200

Horsham, PA 19044

ATTN: Bill News

2010 Student Writing Competition

 The Student Writing Competition, run by the Pennsylvania CPA Journal Editorial Board, is open to all accounting and business majors attending Pennsylvania colleges and universities, as well as Pennsylvania residents who attend college out of state. This year's topic is "IFRS Adoption by 2014 - Is it Possible?" The cash awards for the top three papers are $2,000, $1,200, and $800 for the students, with $1,000, $600, and $400 being awarded to their respective schools. Also, the first-place winner will be featured in the fall 2010 issue of the Pennsylvania CPA Journal. Students may discuss the possibility of using this opportunity as a way of earning extra credit with their professor.

Defend Your Position and Win Cash Prizes

News of financial information reported under standards set by the International Accounting Standards Board (IASB), called International Financial Reporting Standards (IFRS), is increasingly prominent. Well over 100 countries either allow or require the use of IFRS. The US does not yet permit its use by U.S. corporations for financial statements filed with the SEC, but that is about to change.

In 2007, the SEC allowed foreign corporations to file financial statements without the use of the 20-F reconciliation requirement, thus effectively opening the door for use of IFRS by U.S. companies. The SEC ultimately published a document titled "Roasmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards by U.S. Issuers" in November 2008. This roadmap established a time line for U.S. companies to report financial statement information using stands issued by IASB, beginning in 2014. Questions remain about the deasibility of a conversion under this proposed schedule. From changes in the SEC administration, to the status of many FASB/IASB short-term convergence and longer-term joint projects, to practical implementation constraints and the education of financial statement users and readers, many preliminary steps still need to be take. Can they all be done by 2014?

PICPA will award $4,000 to ambitious, business-savvy students with the conviction to present their case regarding the IFRS time line through the 2010 Student Writing Competition.

Why Should Students Compete?

• Develops valuable writing skills

• Introduces students to Pennsylvania CPAs

• Looks great to future employers

• Highlights real-world issues and debate'

Suggested Subtopics

• The conversion process: Where to begin, how to proceed?

• Joint projects by FASB and IASB: Has enough work been completed yet?

• IFRS: A conversion process or newly created system?

• How much of a challenge is educating present and future professionals?

• Members of the European Union accomplished conversion in the allotted time period. Can the U.S.?

• Will U.S. generally accepted accounting principles cease to exist with implementation of IFRS?

Entry Criteria

• 1,000 - 1,500 word research paper
• 50 - 75 word abstract
• No co-authored papers accepted
• 12-point font required
• Must contain proper citation of sources
• Papers are evaluated for content, method of presentation, and writing style
• Must include an author information sheet, including the student's name, permanent address, and school, plus the student's professor's name, address, phone number, and email. *Student names may not appear on any page other than the cover sheet.

Undergraduate accounting and business majors who attend Pennsylvania colleges and universities or those who maintain a permanent residence in Pennsylvania, but attend an out-of-state college.

How to Enter

Send a copy of your essay to:

Careers in Accounting Team

PICPA

1650 Arch Street, 17th Floor

Philadelphia, PA 19103

Deadline for submissions is April 12, 2010.

Click here for more information.

Nominate Your Outstanding Educator

Do you know an accounting professor who deserves the distinct honor of being awarded PICPA's Outstanding Educator Award? If so, nominate him or her today! Visit the PICPA Web site for more information.

AICPA Scholarships

The AICPA offers a number of academic scholarships for students pursuing a major in accounting. To learn about these opportunities, visit the AICPA 2010-2011 Scholarship & Award Programs page on the AICPA Web site.

Forensic Accountants

PICPA and local forensic specialists are visiting colleges across the state this fall to introduce students to the world of forensic accounting. Look for more details about these programs in the coming weeks on PICPA's website.

Professional Issues Updates - FREE

This fall, Kevin Mitchell, PICPA President, and Bert Trexler, CEO and executive director, will travel across the state to present updates on the latest issues affecting the accounting profession as part of PICPA's 2009 Professional Issues Update. Students are invited to attend for free. Don't miss this great opportunity to network with CPAs and learn more about the profession. Visit www.picpa.org or click here for more details, locations, or to register.

Tutor List

The Accounting Department compiles a list of students who are interested in tutoring for certain Accounting courses. All appointments and compensation (if the student desires to be paid) must be arranged between the tutor and the hiring student; the Accounting Department does not pay tutors we only compile and distribute the tutor list.

• Fall 2009 Tutor List

Office Hours

Faculty, Ph.D., and Teaching Assistant Office Hours

ACCTG 211 Teaching Assistant Office Hours

Important Dates

• Drop/Add: August 24 - September 2
• Late Registration/Drop begins: September 3
• Late Drop Deadline: November 13
• Labor Day - No classes: September 7
• Thanksgiving - No classes: November 23 - 29
• Intent to Graduate: August 17 - September 7
• Withdrawl Deadline: December 11
• Classes End: December 11
• Final Exam Week: December 14 - 18
• Commencement: December 19

Accounting Interviews

Career Services (CSC) arranges interviews for accounting majors seeking permanent positions. Students are required to register to use the On-Campus Interviewing System (OCI), Nittany Lion Career Network for all on-campus interviews. Attendance at an on-campus interviewing orientation session (TBA) is mandatory and held in 103 Bank of America Career Services Center.

PLEASE NOTE: Sessions run approximately 30 minutes. Seating capacity is limited for each of the sessions so please arrive early.  Please bring your student ID card with you. Please attend one of the orientation sessions to pick up the 2009-2010 Career Guide, and obtain more information about how to register to participate in on-campus recruiting. Please note if you cannot attend one of the OCI orientations please visit the OCI website to view the Angel OCI orientation and register for an account with Nittany Lion Recruiting (please be sure to add the OCI option when requesting an account in order to participate in interviews).

CPA Firm Interview Schedule

Application deadlines and interview sign-up dates for interviews will vary based on interview date.  That information will be noted in Nittany Lion Career Network once you have registered for access to on-campus interviewing.

Smeal Internship Program

The Smeal Internship Program has many internship opportunities for Accounting Majors. Students should visit their website to learn more. Seniors must be able to participate in one full semester of classes AFTER the internship and PRIOR to graduation. The Smeal Internship Program is located in 114 Business (814-863-6161 or intern@smeal.psu.edu).

Job Opportunities

The Accounting Department is currently compiling a list of tutors, students who have successfully completed an Accounting course and willing to help others. Tutors for 400-level courses are especially needed. Tutors arrange all appointments and compensation directly with the hiring student. If interested please email Lara Wilks with the following information.

The Accounting Department is also currently looking to hire a student for the Spring 2010 semester as an Office Assistant. Interested students MUST have a Federal Work-study Grant. Please email your resume to Lara Wilks. For more information, please click here.

Publications

The Wall Street Journal (WSJ) is strongly recommended for the preparation for interviews and to keep aware of the current business news. All accounting faculty refer to WSJ articles as part of their course work. Student subscriptions at 70% off are available for 15 weeks ($34.95), 26 weeks ($59.95), or 52 weeks ($119.00). Students are billed directly. Some students may receive The Wall Street Journal as a package with their course textbooks. Students subscriptions include the print edition of The Wall Street Journal, in an easier-to-use format designed for today’s readers’ needs, plus access to the Online Journal at WSJ.com. If students prefer, they can have the paper version sent to someone else (parents, friends, etc.).

The New Accountant Magazine is a professional publication for accounting students and the accounting profession. Each issue includes practical information in feature articles, and columns on careers, educational issues, and management. Emphasis is also placed on personal audit information for the developing professional. Readers gain insight on corporate concerns and trends. In addition,The New Accountant offers students an on-line version of the magazine. Printed versions are provided by the Accounting Department in 354 Business Building.

If you have any questions or suggestions please contact           Lara Wilks.