Tag Archives: Business Advisory

Padgett, Stratemann & Co. announces new promotions

By North SA Chamber Editor
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Padgett Stratemann & Co.Padgett, Stratemann & Co., L.L.P. (PS&Co.), one of Texas’ premier CPA and business advisory firms, is pleased to announce several new promotions throughout the firm.

Kothmann, Will_Cropped1Will Kothmann, CPA – Will is the newest audit partner at PS&Co.  He has more than ten years of public accounting experience serving energy, retail, construction, manufacturing, and distribution industries.  Will has a bachelor’s degree in accounting from Texas A&M University in College Station and is involved with the American Institute of Certified Public Accountants (AICPA), the Texas Society of Certified Public Accountants (TSCPA), the San Antonio Chapter of TSCPA, and the Petroleum Accountants Society of San Antonio. He was named one of the San Antonio Business Journal’s “40 Under 40” in 2012. Will is a 2010 graduate of the North San Antonio Chamber of Commerce Leadership Lab program, the treasurer of the Phil Hardberger Park Conservancy, and a committee member of S.A.L.E. for Kids for San Antonio Livestock Exposition.

Munoz, Leo_Cropped2Leo Munoz, CPA/CFF, CFE – Leo is a senior manager and has been promoted to partner-in-training.  He has more than 24 years of accounting, finance, and management experience in public accounting, in industry, and as a business owner.  He spent six years in public accounting in the audit department of a national public accounting firm, nine years in various director-level financial positions with a publicly-held company, and three years as a partner in a real estate investment company. He holds a bachelor’s degree in accounting from St. Mary’s University, San Antonio, Texas and is a certified public accountant, a certified fraud examiner and is certified in financial forensics. Leo is a member of the AICPA, TSCPA, and the Association of Certified Fraud Examiners (ACFE) and is a graduate of Leadership San Antonio Class 38.

Foshe, Renee_cropped3Renee Foshee, J.D., LL.M. (Taxation), CPA – Renee has been promoted to manager in the tax department. She is an attorney, a certified public accountant, and a former adjunct professor of accounting. Her practice is concentrated in federal and international tax issues. Renee holds a LL.M. in taxation from the SMU School of Law in Dallas, a juris doctorate from the Texas Tech School of Law, and a master of accountancy from Texas State University in San Marcos. She is active in the Bexar County Women’s Bar Association, the AICPA, serves on the board of directors of the TSCPA and the San Antonio CPA Society, and is the treasurer of the International Law Section of the San Antonio Bar Association.

Hatch, Alissa_cropped4Alissa Hatch, CPA – Alissa has been promoted to tax manager. She specializes in tax compliance and planning within the private client services niche, working with high-wealth individuals and family-owned businesses, and in the financial institutions niche.  Alissa has a BBA and a master’s of accountancy from The University of Iowa in Iowa City, Iowa and is a certified public accountant. She is a member of the AICPA, the TSCPA, the San Antonio Chapter of the TSCPA, and serves as the treasurer for the Alamo City Cancer Council.

Hyde, Michelle_cropped5Michelle Hyde, CPA – Michelle has been promoted to audit manager. She primarily serves the public sector industry and audits various public sector entities, including school districts, not-for-profits, municipalities, local government agencies, and various state agencies.  She has more than 13 years of accounting experience and holds a bachelor’s degree in accounting from The University of Texas at San Antonio, and is a certified public accountant. Michelle is a member of the AICPA, the TSCPA, and the San Antonio Chapter of TSCPA.

Niblett. Linda_cropped6Linda Niblett, CPA – Linda has been promoted to a manager in the audit department. She has more than seven years of public accounting experience, primarily in financial and compliance auditing for state and local governments and not-for-profit organizations.  She also has audit experience in the manufacturing, construction, and insurance industries.Linda has a bachelor’s degree in accounting and finance from St. Edward’s University in Austin and is a member of the AICPA and the TSCPA.

Turner, Matt_cropped7Matt Turner, CPA – Matt has been promoted to manager in the audit department.He has more than seven years of public accounting experience, including services provided to the manufacturing, retail and distribution, construction, and banking industries. Matt has a master’s and bachelor’s degree in accounting from Trinity University in San Antonio, is a certified public accountant, and is a member of the AICPA and the TSCPA.

About PS&Co.
PS&Co. is one of Texas’ largest locally-owned CPA and business advisory firms.  In business since 1945, PS&Co. has offices in San Antonio and Austin.  The firm is dedicated to professional excellence, integrity, and community service. PS&Co. provides a range of sophisticated accounting, audit, tax, and other business advisory services for both publicly-traded and private companies.  Its experienced professionals serve clients in various industries, including banking, construction, communication, entertainment, government-based, non-profit, medical, professional services, manufacturing, retail, distribution, technology, insurance, oil and gas, and real estate.  PS&Co. is a member of the RSM McGladrey Network, the premier affiliation of independent accounting and consulting firms in the nation.  To learn more about our services, visit www.padgett-cpa.com.

 

FASB Issues Accounting Standards Update For Revenue Recognition

By North SA Chamber Editor
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PS&Co_stacked_ColorOn May 27, 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-09, Revenue from Contracts with Customer: Topic 606.  The new standard is the result of a project with the International Accounting Standards Board (“IASB”) to improve the financial reportingFASB of revenue under U.S. GAAP and IFRS.  The new standard provides a comprehensive revenue recognition standard that applies to a wide range of transactions and industries, including those that followed industry specific guidance, such as the construction, software, and real estate industries.  The new standard should improve U.S. GAAP and IFRS by providing a framework to address revenue recognition issues, improving comparability of revenue recognition practices, simplifying the preparation of financial statements, and requiring enhanced disclosures.

Main Provisions The new standard is based on contracts between an entity and its customers to transfer goods and services.   The core principle is an entity should recognize revenue to depict the transfer of goods and services to customers in an amount that reflects the consideration the entity expects to receive in exchange for those goods and services.  To achieve that objective, the entity should (i) identify the contract(s) with a customer, (ii)  identify the performance obligations in the contract,  (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation.

Effective Dates For public entities the amendments will be effective for reporting periods beginning after December 15, 2016, including interim periods within that reporting period.  Early adoption is not permitted.

For non-public entities, the amendments will be effective for annual periods beginning after December 15, 2017 and interim periods within annual periods beginning after December 15, 2018.  Non-public entities may elect to apply this guidance earlier, as of the following:

  • An annual reporting period beginning after December 15, 2016, including interim periods within that reporting period.
  • An annual reporting period after December 15, 2016, and interim periods within annual periods beginning after December 15, 2017.
  • An annual reporting period beginning after December 15, 2017, including interim periods within that reporting period.

Transition Entities should apply the amendments using the following two methods:

  1. Retrospectively to each prior reporting period presented, using practical expedients; or
  2. Retrospectively with the cumulative effect of initially applying this amendment recognized as the date of initial application.

FASB and IASB have established a joint transition resource group designed to inform Boards of interpretive issues likely to occur as implementation efforts begin. We encourage you to continue to watch for updates on the group’s discussions as they are made available.

Padgett Stratemann & Co. is committed to monitoring the situation in order to gain a greater understanding of the impact these changes will have upon the niches we serve.  In the meantime, if you would like to discuss this or other changes affecting your business, please contact a member of our Audit Team in Austin at 512.476.0717, in San Antonio at 210.828.6281, or at www.padgett-cpa.com.  Our team is equipped to provide you Service. More Than Expected. for all your CPA and business advisory needs.

BKD Announces Promotion

By North SA Chamber Editor
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Robbie ConnellJon McDowell, managing partner of BKD, LLP’s San Antonio office, announces the promotion of Robbie Connell, CPA, to senior effective August 1, 2013.

Connell graduated from Texas A&M University – Kingsville with a Master of Professional Accountancy in 2010.  She joined the firm in January 2013 as tax staff and received her CPA license in Texas in February 2012.

About BKD
BKD, LLP is the top-tier U.S. CPA and advisory firm that delivers its experience and service with a deep understanding of your business, your needs and what it takes to improve your business performance.  BKD’s approximately 2,000 personnel, including approximately 250 partners, serve clients in 50 states and more than 40 countries.  To learn more, visit www.bkd.com.

Praxity, AISBL, a global alliance of independent firms, enhances BKD’s ability to serve the dynamic needs of multinational clients.  Praxity™ provides the gateway to tax, assurance and consulting services delivered by alliance firms committed to the highest standards required in international business.