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| THE JOURNAL
Publication of the North Penn Chapter of the Institute of Management Accountants
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FAS 157 AND 159, FAIR VALUE MEASUREMENT AND THE FAIR VALUE OPTION by Brian Gabriel
Brian M. Gabriel, CPA, is a Partner in the Audit Practice of ParenteBeard, LLC, with a specialty in senior living services in the not for profit arena. This month's meeting will provide participants with valuable insights on important accounting and auditing issues organizations should consider before year end. It includes a look at recently issued FASB pronouncements/staff positions and the AICPA professional standards, zeroing in on the recent implementation and effects of FAS 157 Fair Value Measurement and FAS 159 The Fair Value Option. This is an opportunity for interactive discussion on questions regarding financial reporting and accounting, supplying insight into the "hot-button" topics and issues auditors will be addressing with organizations.
ParenteBeard, LLC was created when two of the region's accounting powerhouses - Parente Randolph and Beard Miller Company - joined forces on October 1, 2009. ParenteBeard is the Mid-Atlantic's leading regional certified public accounting and consulting firm with over 1,200 employees serving middle market and small business clients across the region. The 170 partner firm has 26 offices located in Pennsylvania, New Jersey, New York, Maryland, Delaware and Texas. The firm is ranked among the Top 20 firms in the USA and is an independent member of Baker Tilly International.
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In This Issue
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November Speaker
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Calendar of Events
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All 2009-2010 dinner meetings are scheduled for the William Penn Inn
5:30 - 6:30 Cocktail Hour
6:30 - 7:30 Dinner
7:30 - 8:30 Continuing education
Scheduled speakers:
Tuesday, November 17
Brian Gabriel
FAS 157 and 159, Fair Value Measurement and the Fair Value Option
Tuesday, December 8
(Spouses Night)
Mark Gibson
"I Can't...yet"
Tuesday, January 19
Allen Sullivan
Integrating Operational and Strategic Planning
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PRESIDENT'S MESSAGE
It was wonderful to see the number of attendees at this past month's dinner meeting. We, as the IMA Board of Directors, have been greatly encouraged by the attendance at the first two meetings of the fiscal year. I also would continue to encourage everyone to bring along an accounting associate to our meetings to acquaint them with the IMA. I know this past month one of the new members who attended their first meeting in September brought along an associate to the October meeting which was great to see.
The good attendance in October seems to relate to interest in the topic which was "The Power of Excel." Walt Herman gave us a dazzling presentation and reminded me that I am capable of using about 3% of the capabilities of this program. What I want to suggest, however, is to please provide ideas to me or any of our board members as to potential topics for future meetings. We want to be responsive to the interests of our membership and are more than happy to search for speakers that will draw more members to participate in our meetings.
Thanks to Monica DeCaro for creating a chapter group in LinkUP IMA. This is located on the national IMA website and is another opportunity to get connected to IMA and what is going on there. I encourage everyone to join the North Penn Chapter Group.
Hopefully ,everyone has been receiving our employment "flashes". The flashes, which are sent periodically, give notice of current job openings of which we become aware. If you are not getting those notices please let us know. And if you become aware of any job opportunities, I encourage you to let us know so we can get the word out. Obviously, the networking that is available at our monthly dinner meetings continues to be an outstanding opportunity to meet with accounting colleagues who may be alert to potential job opportunities.
As always, please feel free to drop me a note or call me at 215-441-4600 if you have any thoughts, ideas, or concerns as to things we could do differently. Also, if there is anything that we can do to help you as an individual, please let us know. We greatly welcome your feedback. I look forward to seeing you all on November 17!
John
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Dinner Meeting on November 17
See below for information on: 
The Evening's Schedule and Other Information
Schedule:
5:30 p.m. Social Hour
6:30 p.m. Dinner
7:00 p.m. Program
Cost:
$28 Members with reservations
$30 Guests and members wtihout reservations
$15 Students with reservations
Members will be charged for no shows.
Location:
William Penn Inn
Rte. 202 & Sumneytown Pike, Upper Gwynedd, PA
Reservations:
Please make your reservations by noon Monday, November 16, 2009. Please call 215-273-4998 and leave your name and the number of reservations. Or you may now email your reservation to northpennima@yahoo.com (state whether you are a member, student or guest, and if you will need a receipt).
Menu:
Spinach salad with honey mustard dressing
Blackberry barbequed roast loin of pork
Roasted red bliss potatoes
Spaghetti squash
Mocha hazelnut mousse bombe
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The North Penn Chapter of IMA will be collecting canned goods and donations at its November 17th Chapter Meeting for MANNA on MAIN STREET. With the adverse economic conditions the ongoing basic needs of food and shelter for our area's folks are very real. While Manna may not be able to end all the world's suffering, together we change the lives of our neighbors by giving them the basics of food, shelter and a place to turn in a crisis.
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--- LinkUp IMA ---
The North Penn Chapter has created their own group on LinkUp IMA.
To join, go to http://www.imanet.org/linkupima/linkupima.asp. Log in using your IMA username and password.
If you have not already, create your profile. Then click on Groups on the menu bar, Search for a Group, and then Chapters and Councils.
The list of all available chapter and council groups will appear. You can sort them into alphabetical order and browse for the North Penn Chapter OR you can use the search tool and search for 'North Penn.'
Once you have located the North Penn Chapter group, click on it. Then click on the Join this Group button in the upper right hand corner of the screen.
I'll be looking for you online!
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Chapter Board Members
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John Schlechter, President
Ken West, President Elect
Monica DeCaro, Chair Elect
Beth Mueller, Secretary
Bill Lauzus, Treasurer
Kevin Si, VP Administration
Barb Balandis, VP Communications
Phil Rush, VP Membership
Maryanne Rosner, VP Education
George Bancroft, Academic Relations
Phil Roth, CMA Programs
Bill Martin, Community Service
Lenora Perlmutter, Crossed Quills
Monica DeCaro, Employment
Julie Rosner, Manuscripts
Maryanne Rosner, Meetings
Pat Luddy, Member Acquisition
Maxine Romano, Member Attendance
Ted Fitzer, Member Attendance
Michele Kraynak, Member Attendance
Allen Sullivan, Public Relations
Karen Jett, Roster Book
Anne Gabel, Special Events
Bob Kloss, Student Activities
Bill Lauzus, MAC Representative
Karen Jett, MAC Representative
Brandon Weinstock, MAC Representative
Steve Crowell, Webmaster
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NORTH PENN IMA ROSTER BOOKS
North Penn chapter Roster Books will be available on CD for all members at the next several dinner meetings. If you are interested and cannot attend the dinner meetings, please contact a member of the board and we will send you a copy.
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JOB LISTINGS ON WEBSITE
There are current job listings posted on the North Penn IMA website at
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Newsletter Deadline
Submissions for The Journal should be emailed to John Schlechter at jschlechter@kmco.com as follows: December newsletter by November 20
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INFORMATION UPDATE (Please Print)
Dr. ___ Mr. ___ Mrs. ___ Ms. ___ Professional Designation ___________________ Account # ______________
Last Name __________________________________ First Name ___________________________ MI ___________
New/Current Business
Name ___________________________________________________________________________________________________
Address _________________________________________________________________________________________________
City/State/Zip ____________________________________________________________________________________________
Phone __________________________ Fax ________________________
E-mail ______________________________________________________
New Home:
Address _________________________________________________________________________________________________
City/State/Zip ____________________________________________________________________________________________
Phone _________________________ Fax ____________________
E-mail __________________________________________________
I prefer to stay with my present chapter _____. I prefer to affiliate with the ___________________Chapter.
Your signature _________________________________________________Date _____________________________
(National requires your signature for any changes)
Please send all IMA correspondence to my: Business Address _________ Home Address _____________
Please send this form to: Institute of Management Accountants, Inc., 10 Paragon Drive, Montvale, NJ 07645-1718
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