Surviving today's economy main topic of 2009 Members Summit.(Member BENEFITS)

The impact of today's economy was a common theme in many of the sessions during the 2009 Members Summit on June 30.

Senior economist and managing director with JP Morgan Chase, Jim Glassman, Ph.D. offered attendees his take on what the economic future holds.

"We are on the path to recovery, but it will be a slow process," Glassman said. "This is going to be a challenging time to get through. It will take years to get unemployment back to where we want it. My guess, though, is three months from now you'll be more convinced that there is hope." Glassman projected positive GDP growth beginning in the third quarter of 2009.

Glassman sees opening the credit channels as a key driver in the recovery, supporting the Federal Reserve's move to buy securities. Addressing concerns about inflationary pressure, he argued the move shouldn't increase the money supply. However, he foresees another bump down the road with so much momentum coming from the stimulus act.

"When the stimulus funds run out, what will happen?" Glassman asked the crowd of more than 600 attendees. "By 2011, the effects of the fiscal stimulus will fade and the Fed will have to consider what to do next. This will present a significant challenge to our economy."

Several other sessions addressed economic concerns, including the impact on:

* State, local and individual taxes

* Risk assessments

* Financial planning

* Retirement planning

* Strategic planning

* Leadership strategies

"Art Werner's session on making the best of this business environment really made me look at things differently. He also gave a lot of tools and advice to help make the best out of the situation," said Cheryl Watson, CPA with the City of Cincinnati.

GAME CHANGER: IFRS FOR PRIVATE COMPANIES

A draft of separate International Financial Reporting Standards (IFRS) for private companies is expected to be released this summer, according to both Tom Groskopf, CPA and Bruce Pounder. Groskopf, an OSCPA member, director at Barnes Denig & Company, and Board member of the AICPA/FASB Private Company Financial Reporting Committee, spoke at one of the general sessions.

"IFRS for small and medium enterprises is promising," Groskopf said. "For example, it offers a reliable measurement exception for fair value. Plus, it's only 250 pages." Read a full interview with Groskopf on page 14.

Pounder, a popular presenter on IFRS, led a session on what CPAs need to know about IFRS. "Three things are certain about GAAP: it is changing, it is becoming optional, and it is going away because we won't need it anymore," Pounder said. He predicts private companies will eventually use a new, country-neutral set of standards that is specific to private companies and different from current GAAP and IFRS.

"If you don't know and understand IFRS, you won't know what you need to do for your company, firm or career," Pounder said.

AMT TO BE REPEALED?

That's according to a prediction from presenter Sharon Scott, CPA with Mares Nichols CPE. "That would have a huge impact on my clients," said attendee Tim Krall, CPA, a sole practitioner from Cleveland. "There are a lot of things I need to start doing now."

One of Scott biggest points was to pay attention. "She pointed out that a lot of the people making decisions about taxes don't really know what they are doing," Krall added.

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