ISFFA: The Next Generation

What’s Inside?

SF Chapter Grand launching:

A look Back

10-33

ISFFA Spotlight 34

Audit Flash 35

For Profit...or Not? 36

Finance Matters 37

Tax Flash 38

Summer 2012 The Official Publication of ISFFA San Francisco Chapter

ISFFA -SF Chapter

PWC Loida Joy Dualan: On ISFFA Spotlight’s “Ask and It Will be Given You”

Liza Gino Clairmont: ISFFA-SF ‘s Recipient of Roger CPA Review Gold scholarship

Ma. Elenita B. Cabrera: One of Philippine’s most notable authors of Ac-counting books.

Featured in this Issue:

Emily Enriquez-Patton

President

Shirley Bayani Vide President for Corporate Affairs and Communications

Ryan Dumbrique

Vice President for Events and Information Technology

Melissa Garcia

Vice President for Membership and Student Relations

Lynmour Naira

Vice President for Media and Public Affairs

Evelyn Torres

Vice President for Finance

Rizza Velarde Vice President for Operations Control and Oversight

Riza Barron Maria Luisa Jarcia

Volunteer Staff

Lynmour Naira Managing Editor


Rizza Velarde

Melissa Garcia

Shirley Bayani

Evelyn Torres Section Editors

Amy Hill (Robert Half International) Contributor

Ryan Dumbrique Art Director

Fulbert Magno Photographer

ISFFAn: The Next Generation

Message from the President 3

Letter from the Editor 3

The Founders 6

Message From The Founders 7

ISFFA’s Mission and Vision 8

Why Join ISFFA? What’s In It For you? 9

Synopsis: A New Chapter Launch 10

Dr. Manuel Valle : Critical Reflection of a Filipino Immigrant Accountant 12

Mr. David Paraiso: Survival Guide in a Tough Economy 13

Mr. Jeffrey Delgado: Maximizing Filipino’s Full Potential 14

From the Consulate General: Philippine Economy, An Update 16

Up Close and personal with Dr. Elenita B. Cabrera 17

ISFFA Programs at a glance... 18

ISFFan Journey: A partnership made in ISFFA 19

Snapshots: Looking back on the SF Chapter launch 20

ISFFA– SF Chapter Officers 22

Star Performance: Conducting a Video Interview with Style 25

ISFFA: Your One –Stop Shop 27

The ISFFAMentor and ISFFALeader 28

Mentors’ Circle: The first batch of ISFFA-SF Mentors 29

The panelists: Mapping your future 30

The panelists: Soft Skills and Business Etiquette in a Digital World 31

ISFFA Message Board 33

Spotted on the ISFFA Spotlight: “Ask and It will be given you” 34

Audit Flash: New Accounting Standards in 2012 35

For Profit...Or Not?: ISFFA is a non-profit. What’s in a non-profit? 36

Finance Matters: A Journey of a thousand miles begins with a first step

37

Tax Flash: The Obamacare Tax Provisions and You 38

TABLE OF CONTENTS

ISFFA San Francisco Chapter

On July 21, 2012 , Filipi-

nos from many walks of the accounting and finance in-dustry brought Bay Area to our launch and committed to enrich our organization with different ideas , pro-grams , curriculums, exper-tise, values & endless possi-bilities and call it, Interna-tional Society of Filipinos in Finance and Accounting or

“ISFFA " San Francisco . From LA to NY, we have car-ried out everything we could to make the Bay Area happen, all for the benefits of the Filipinos. We are fortunate that ISFFA San Francisco had a successful launch from the kind generosity and support of our community but it is worth noting that you are also fortunate that you have a great organization that will serve the Bay Area community with a wonderful mis-sion and vision – for ISFFA empowers the Filipinos by elevating the stature of its Accounting and Finance professionals, not just in the US but in the global workforce. With your presence and support during this grand launch, we celebrated a momentous event of ISFFA's success today and in the future. Your at-tendance and continuous participation in our endeav-ours, make us feel better against all the hard work we put in to pull it through , all the challenges we encoun-tered , all the doors slammed on our faces , phones hanged up on us or the thousand flyers we sent out , as we walk day by day to create an ISFFA awareness . As I start my term as president of the San Francisco chapter, I reflect ,steadfastly, on the wonderful mis-sion and vision of the organization- to assist, educate, train and mentor emerging Filipino Finance and Ac-counting professionals . Therefore, at ISFFA, we aim that you find resources, get trained, maximize your full potential, stay connected and enroll yourselves to positive and life-changing programs on a regular ba-sis, to enhance your leadership and career and achieve your personal and professional goals. I , together with the officers of San Francisco have found the initiative and courage to follow our heart and intuition, and we , together with you, will not rest on our laurels but will continue to strive towards even better goals for ISFFA, to get our presence and purpose across. This is a com-munity service. Community service is an attitude and the reward is to have done it not for ourselves but for our future Filipino leaders. This is when I call you, Filipinos in Finance and Accounting, let us empower our career, our organization and our culture because the task of Filipino saving is in our hands. Emily Mai Enriquez-Patton ISFFA-SF Chapter President

Dear Readers,

Welcome to the first edition of ISFFAn- The Next Generation presented to you by the Inter-national Society of Filipinos in Finance and Accounting (ISFFA) - San Francisco Chap-ter. Our first issue is especially ded-icated to all those who, in one way or another, have helped and inspired us in bringing ISFFA’s third and newest Chapter to reality. Thus, you will find most of the pages filled with memories of what has transpired during the SF chapter’s launch and officers’ in-stallation on July 21, 2012 . Moving forward, ISFFAn– The Next Generation (I-TNG) is a newsletter created to be a vehicle for promoting commu-nication , research, information, activities and literacy among all of us-- the members, as well as those who sup-port ISFFA’s goal of “Empowering tomorrow’s leaders to-day!” We hope to keep you abreast of new ideas and regu-lations that affect your day-to-day work activities, teach you new curriculum and literacy on technical and even non technical aspects , to provide you with sources and re-sources , to keep you informed of past and oncoming events organized by the organization which you are highly encouraged to join, and to introduce to you remarkable and inspiring people whom we meet during the course of our journey. As the newsletter’s managing editor, I wish to see I-TNG develop into a journal filled not only of pictures and bulle-tin of activities and messages but also a venue for more research, communication and informed learning. There-fore, I am encouraging you to submit your research notes, as well as opinions, technical reports, and short communi-cations that would interest the general crowd of Finance and Accounting enthusiasts. Please email [email protected] and attention to the Newsletter com-mittee. Together, let’s Get involved, Get inspired, and Get empow-ered! Lynmour Naira Managing Editor

MESSAGE FROM THE PRESIDENT LETTER FROM THE EDITOR

www. Isffa.org http://www.facebook.com/groups/isffasanfrancisco/ http://www.linkedin.com/groups/ISFFA-San-Francisco-Chapter/

Email: [email protected]

mailto:[email protected]

http://www.facebook.com/groups/isffasanfrancisco/

THE FOUNDERS

President BENEL SE-LIBAN

Principal, VASQUEZ & COMPANY LLP

Executive Vice President CASPER CALISIN

Senior Manager, ERNST & YOUNG LLP

Vice President, Sponsorships BONG BATINGANA Manager, KPMG LLP

Vice President, Membership

HOPE CUE Assistant Controller, WESTERN EMULSIONS, INC

Vice President, Website

MINEL DIAZ Audit Manager, ELECTRIC POWER RESEARCH IN-

STITUTE

Vice President, Student Relations KATHY LAI

Manager, KPMG LLP

Vice President, Community Service ALBERT OCAMPO

Manager, Financial Reporting - PIONEER ELEC-TRONICS, INC.

Vice President, Newsletter

AIREEN SUGUITAN Partner, BBLC, LLP

Vice President, Conventions and Events

NELLA ZIPAGANG Financial Accounting Supervisor, CITY OF CERRITOS

Vice President, CPE ALEX GAHUMAN

Manager, MCGLADREY & PULLIN LLP

Secretary TONETTE SANTILLAN

Audit Manager - National Credit Union Practice, MCGLADREY & PULLEN, LLP

Treasurer

ELMER PASCUAL Manager, VASQUEZ & COMPANY LLP

Associate Treasurer

JEN BANGIT Director, Assistant Corporate Controller, HERBALIFE

INTERNATIONAL

Auditor LYN SALVADOR

Senior Associate, BDO SEIDMAN LLP

Public Relations Officer GRACE REYES

Senior Associate, PRICEWATERHOUSECOOPERS LLP

Founding Advisors

CARMELITA O’NEIL ADVISOR EMERITUS

SUSAN LEGASPI

EO ACCOUNTANCY GROUP

MESSAGE FROM THE FOUNDERS

C ongratulations on the successful launch of ISFFA - San Francisco! As one of its founding advisers, I feel very proud to have witnessed the birth of another chapter in the rela-tively young life of ISFFA. At the event, I had the opportunity to meet many Filipino professionals who are determined to pursue the mission and vision of ISFFA - that is to assist, educate, train and mentor emerging professionals in ac-counting and finance. Along with the Los Angeles and New York chapters, the existence of ISFFA-SF will triple the power of ISFFA to accomplish its mission. As I gazed at the smiling faces of the young professionals who were enthusiastically listening to the wits and wisdom of the invited speakers who were very articulate and gen-erous in imparting their knowledge and experience to the crowd, this quote from Leo Tolstoy came to mind: "The key to success in life is using the good thoughts of wise people". Your effort in connecting these seasoned profes-sionals with your young members was a priceless experi-ence for everybody. The biggest difference in meeting face-to-face versus reading self-help books is the privilege of asking questions and hearing the answers. Hopefully some of the young people will try to establish some kind of pro-fessional relationship with these successful people that can help them in shaping their career. In observing the exchange of ideas between the speakers and the audience I cannot help but compare that these emerging professionals are far luckier than I was at the start of my accounting career here in the United States some 39 years ago. There was no organization like ISFFA that helped and connected newly arrived immigrants like me with experienced and successful people to guide and assist me as I started my professional life in this country. My road to success was paved with a lot of challenges along the way.. So when I was invited to be involved in the formation of an organization that will provide moral and professional supports to new and emerging finance profes-sionals, I agreed wholeheartedly, because I think such an organization can help to make it easier for this generation of young finance and accounting professionals to reach the top of the corporate ladder and realize their dreams much faster than how I did it. - hence the International Society of Filipinos in Finance and Accounting (ISFFA) was born! In closing, I would like to tell all the original founders of ISFFA - SF that you did not just form a chapter, but you also forged a lasting bond of friendship that will last a life-time! Please continue the passion and the enthusiasm! More power to all of you!

Mabuhay!

Carmelita S. O'Neil ISFFA - Founding Adviser

Congratulations to a very successful

launch of ISFFA in San Francisco and its newly elected officers. You have just em-powered yourselves as our “Leaders of

Tomorrow!” On behalf of the Founding Board of Directors and National Board of Directors, I would like to extend a big welcome to all of you in our ISFFA family. We are honored and proud that you have chosen to join us in our journey to “Empower To-morrow’s Leaders Today”. We are here to give you our full support. As the Founding President of ISFFA, I am truly grateful to ISFFA for teaching me how to be a leader of substance. I want to share with you the following life principles that I live by which I have learned throughout my journey with ISSFA. First, being a leader can be challenging but as long as you are focused on your mission to make a difference, you are confi-dent with your capabilities, you are humble and honest, then, you will always be a winner. Second, try to understand your respective roles/expectations and develop proper communica-tion so you will have an effective action plan in accomplishing the mission and programs of ISFFA without conflicts and mis-understanding. Third, “Service above Self” is your priority in everything you do and set aside your personal agenda. It is more rewarding to care for others. Finally, ISFFA is now your new family. It is a venue where you can share your talents, exchange ideas and improve yourself. Let ISFFA be the cata-lyst to inspire and be inspired, to teach and be taught, to men-tor and be mentored and to empower and be empowered! The impressive launch of your chapter was just a beginning. May you continue to spread your wings and shine like stars. May you continue to share the good work of ISFFA; and con-sequently, elevate the stature of Filipino professionals in fi-nance and accounting through education, mentorship and promoting our Filipino heritage and ideals. We look forward to see the wonderful plans of your chapter.

Enjoy your exciting journey with ISFFA!

Maria Benel Se-Liban

ISFFA– Founding President

Mission Statement

The International Society of Filipinos in Finance and Accounting (ISFFA) is a

California nonprofit public benefit corporation whose primary goal is to assist,

educate, train and mentor emerging professionals, both domestically as well

as globally.

Core Values At ISFFA, we live by a set of shared values and adhere to the highest ideals of professionalism and ethical behavior in the spirit of:

Integrity: We advocate the TRUTH and conduct ourselves at all times with utmost HONESTY.

Discipline: We strictly follow the code of Professional Responsibility and Conduct.

Commitment to Social Responsibility: We pledge to help and to strive to become vital members of society.

Solidarity: Together as ‘one body’, we will promote unity, harmony and teamwork.

Statements of fact and opinion are made by

the authors alone and do not imply an opin-

ion on the part of the officers and members

of ISFFA. Articles in this publication con-

tain information in summary form and are

intended for general guidance only. They

are not intended to be a substitute for de-

tailed research nor the exercise of profes-

sional judgment. Neither ISFFA nor

ISFFAn: The Next Generation can accept

any responsibility for loss brought to any

person acting or refraining from action as a

result of any material in this publication.

On any specific matter, reference should be

made to an appropriate advisor.● Publica-

tion of an advertisement in the ISFFAn:

The Next Generation does not constitute an

endorsement of the product or service by

ISFFA or ISFFAn: The Next Generation. ●

Our apologies for any errors or omissions

that may have occurred during the prepara-

tion of this publication. Please be assured

that they are by no means intentional or

personal.

****

“Don’t wish something

was easier, wish you

were better.

Don’t wish for less

problems, wish for

more skills.

Don’t wish for less

challenges, wish for

more wisdom.”

W ho came here today expecting to re-ceive little in return for their effort? I asked the audience. I am Susan Legaspi, one of ISFFA’s two founding advisors and the former Chairman to the National Executive Board. I suspect that you are divided in two camps, half truly are expecting little or don’t know what to expect and the other half came with an ex-pectation of making or reuniting with friends or associates and pure curiosi-ty as to how ISFFA can benefit them. I assured everyone that it was natural and totally acceptable to engage in the time-honored American tradition of “quid pro quo” or “something for something.” ISFFA is founded on the principle of being your personal guide to success. But the definition of success varies depending on who you ask. It could mean the attainment of wealth, favor or eminence (by Webster Dictionary) or the accomplishment of day-to-day goals like reaching your weight loss goal or simply making a positive and healthy lifestyle change. Success does come in all shapes and sizes and we would be remiss to not embrace them all. Most often, success requires a con-scious awareness to act upon a goal, with a feasible plan utilizing a sus-tainable strategy - although, good fortune often lends a subtle hand. The following are three of ISFFA’S positive and life-changing programs:.

PROGRAMS THAT RECONNECT

US TO OUR FILIPINO HERITAGE.

As Filipinos, we are unique and apart

from other Asian Americans. Certain traits distinguish us from other Asian Americans such as, predominantly being Christian, being fluent in Eng-lish, with strong Spanish and Ameri-can influence. The 2010 census estimated that by 2011, the Filipino American (Fil-Am) population in the U.S. would be about 4 million. Of the ten largest groups of immigrants in the U.S., Filipino Americans have the highest rate of assimilation, meaning, we have been described as the most “Americanized” of the Asian American ethnicities. However, despite being the second largest ethnicity among Asian Ameri-cans and rank #1 in assimilation, Fil-Ams have been described as the “invisible minority.” Fil-Ams em-brace western ideals so completely and so positively that it often results in low cultural identification. Additionally, statistics indi-cate Fil-Ams have one the highest educational attainment rates in the U.S. where about 48% of Fil-Ams over 25 years old possess a Bachelor's degree. The 2004 census shows Fil-Ams as having over 90% high school graduation rate. As an ethnic group, we demonstrate high educational achievement rates.

But for many different reasons, pro-fessionally, we have yet to have a sub-

stantial impact in the executive board rooms. As Filipinos continue to migrate to this country, they will experience any number of cultural blocks or shocks. ISFFA is designed to provide immi-grant members with a psychological advantage through a strong support group allowing them to keep our her-itage alive while still rising in the Boardrooms of America.

PROFESSIONALLY BY IMPROVING MANAGEMENT,

LEADERSHIP AND MENTORSHIP SKILLS;

As leaders and mentors we must first believe in ourselves – believe that we have the power within ourselves to handle any kind of change because “people who have no faith in them-selves have little faith in others.” Our philosophy is embedded in the “3 don’ts:”

(1) “Don't wish something was easier, wish you were better.” (2) “Don't wish for less problems, wish for more skills.” (3) “Don't wish for less challenges, wish for more wisdom.”

COMMUNITY SERVICE: TO STIR OUR AWARENESS OUTSIDE OURSELVES.

One of life's greatest offerings is the ability to give without strings at-tached. Giving whether through con-tributions of goods or providing ser-vices is a means to feed our spirit. When we do something for someone who is struggling, we create goodwill and meaning in our own life as well as theirs. There is one string however, that will always remain attached. It's the thread that binds all mankind to one another – the string of love and care.

By Susan Legazpi

Continued on page 19

ISFFA: AN INTRODUCTION

A fter months of scouring for Filipino profes-sionals and students in the finance and accounting indus-tries in the Bay Area, the International Society of Filipinos in Finance and Accounting (ISFFA) San Francisco Chapter has made a debut with a launch on July 21, 2012 at the Wedgewood Banquet Center in Burlingame. It was another milestone for ISFFA as the new chapter hosted a power-house and action-packed event showcasing the abundance of accounting and finance talents in the Bay Area. As registration and network-ing opened the day, the aisle to the banquet was turned into a gallery of ISFFA’s sponsors including CalCPA, AICPA, Philippine News, Ernst and Young, KPMG, Becker, Robert Half, Roger CPA Review, DeVry Univer-sity, Asian Journal, Power ng Pinoy, Xoom, Moss Ad-ams LLP, PwC, Seasons Market Place, ADP, Efoto-box, Chase, and Bank of America who extended their generosity in supporting the organization and sharing their resources. The pro-gram proper commenced with a solemn prayer led by ISFFA SF Chapter VP-Finance, Evy Torres, then a homage to the Philippine and American national anthems, followed by a video montage of messages from ISFFA founding ad-visors and ISFFA’s foundation and accomplishments through the years. ISFFA Founding President, Benel Se-Liban welcomed and congratulated everyone for attending the historical ISFFA launch in San Francisco. She said, “ Your attendance here today showed that you care…you care not only about your-self but for others… and you care in elevating the stature of Filipino professionals in finance and accounting. I commend our newly recruited officers for their amazing talents and leaderships in bringing ISFFA to you. ISFFA is here, for you to be inspired, to inspire and to “ Empower Tomorrow’s Leaders Today.” Susan Legaspi, EO Account-ancy Group and one of ISFFA’s founding advisors, fol-lowed suit and recapitulated ISFFA’s core values and pro-grams into three categories – reconnecting to our Filipino heritage; improving management, leadership and mentor-ship skills; and extending community service. Two other speakers, Dr. Manuel Valle and David Paraiso,

filled up the rest of the morning with their presentations about Developing Leadership Skills and the 2012 Job Mar-ket, respectively. Dr. Manuel Valle from the academe, shared his dissertation on the critical reflections of ac-counting professionals in the Bay Area while David Parai-so, Mentorship Director of the UCLA-PA Alumni, laid down a career development roadmap after the 2008 global financial meltdown, wrapping up the morning part of the program.

As guests were enjoying the buffet style lunch, they were entertained with the lovely voice of Cherelei Ramirez who was part of the cast of the Broadway musical, Ms. Saigon. The presence of Ms. Elenita Balatbat Cabrera, one of the Philippine’s most notable authors of accounting books, likewise stirred the crowd. One of the highlights of the event took place thereafter - the oath taking of the found-ing officers of the San Francisco chapter - who relentlessly

Continued on next page

Newly-inducted ISFFA San Francisco officers (from left: Emily

Enriquez, Shirley Bayani, Lynmour Naira, Ryan Dumbrique,

Rizza Velarde, Melissa Garcia, Evelyn Torres) Vendor’s Exhibit

Key Note Speakers (from left: Manuel Valle, Jeffrey Delgado,

David Paraiso). Excerpts on pages 12 to 14

SYNOPSIS: A NEW CHAPTER’S LAUNCH

By Shirley Bayani

dedicated their time, talent and resources in putting to-gether all the necessary elements to make the event possi-ble. The oath taking was administered by Deputy Consul Alfonso Ver, Milpitas Mayor Jose Estevez and Dr. Jennifer Ong who wasted no time in giving their compelling talks on the importance of strong leadership qualities and their optimistic outlook on the political and economic landscape of Filipinos in the local, national and global arena. There was never was a dull moment especially when a world-class speaker, Jeffrey Delgado (HGI Advisor), stepped on the stage and pumped up everyone’s spirit with his highly energetic speech on how to positively impact the lives of others through empowerment and creating ex-traordinary lives to maximize life’s fullest potential. The excitement escalated even further as the Mapping the Future panelists; Daniel Raval (Liberty Tax) , Don Pintor (PwC), Rianne Suico (MossAdams, LLP), Cynthia Sanchez (Stanford U.) , James Diangson (BofA) and Timothy Lan-igan (Devry) conquered the stage and navigated the audi-ence through their roadmaps to becoming successful in their respective life and career. Then the Building Soft Skills and Business Etiquette in a digital age panelists;

Bennie Lou Quevedo-Burris (Whittier Trust), Rick Gutierrez (WuHoover & Co.), Ty Kaprelian (Becker), Ame Ponce (Ernst & Young) and Arnold Pedrigal (Power ng Pinoy) shared some tools in developing leadership and communication to achieve success in the digital age. The event concluded with closing remarks from the LA Chapter President, Rey Puentenegra and the newly induct-ed San Francisco Chapter President, Emily “Mai” Enriquez who shared their inspiring journeys as leaders of each chapter. Emily Enriquez captivated the audience with her fervent sharing of the challenges and rewards in leading the formation of a new chapter; and her appeal for support to take the organization to greater heights. The event was hosted by Michi Valeriano and co-hosted by Susan Legaspi and Soc Padua, ISFFA Executive Directors. ISFFA is thankful to all those who participated including the volunteers who shared their time and to contributors who shared their resources to make such a wonderful event. ISFFA SF officers shared one voice that the path to greatness is rough but through everyone’s continuous commitment and support, this road of endless possibilities leads to ISFFA as it occupies the Bay Area.

*****

Continued from previous page

Mapping the Future Panelists (from left: Daniel Raval, Don

Pintor, Rianne Suico, Cynthia Sanchez, James Diangson,

David Paraiso, and Tim Lanigan)

Building Soft Skills and Business Etiquette Panelists (from left:

Arnold Pedrigal, Bennie Lou Quevedo-Burris, Ame Ponce,

Rick Gutierrez, and Ty Kaprelian)

“Congratulations to the officers of the International Society of Filipinos in Finance and Accounting (ISFFA) for what has already begun as a very successful outreach to your colleagues and the communities you continue to serve. Your dedication to serving the community by providing the services that will help others achieve financial literacy and stability personally and professionally is a very basic not readily addressed by our soci-ety. Professional organizations such as ISFFA also inspire our next generation to look to their vocation as a means of receiving benefits through their livelihood while providing a means of giving back to the community. Each of us has opportunities we did not

achieve solely on our own and the ISFFA leadership clearly shows they have not forgotten their roots. Having this appreciation of achievements received through the help of others and outwardly giving back to those in need of opportunities, ISFFA exemplifies the model of true stewardship for the betterment of the lives of others. Continued success to ISFFA- Salamat!” - Dr. Jennifer Ong

SYNOPSIS: A NEW CHAPTER’S LAUNCH

[Excerpts from the July 21, 2012

speech, at the ISFFA SF Chapter

Grand Opening, of Professor Manuel

B. Valle about his dissertation enti-

tled, “The Critical Reflections of Fili-

pino Immigrant Accountants in the

San Francisco Bay Area.” (A copy-

righted 2005 dissertation required

and completed for his doctoral de-

gree from the University of San

Francisco)]

“What are some of the critical reflections of Filipino immigrant ac-countants on their work experiences in the United States compared to those in the Philippines?” This ques-tion was one of several questions ad-dressed in a participatory research study where Dr. Manuel Valle was the principal researcher. His group lis-tened and analyzed the experiences and challenges encountered by eight Filipino Accountants (four females, and four males) who, from 1965 on-wards, immigrated to the United States, specifically in the San Francis-co bay area. The participatory research benefited from the reflections of the partici-pants led them to offer the following specific recommendations to Filipino Accountants immigrating to the Unit-ed States. Since all companies here in the Unit-ed States are using computerized ac-counting systems, try to master the most commonly used computerized system. Learn the new technology in the workplace, communicate effec-tively, and be a good observer. Do not be shy to seek advice from friends and relatives about the work environment and style in the U.S. The Filipino American community is supportive and readily accessible to new immigrants from the homeland. Make use of its resources. Seek professional recognition. It is true that accounting training in the Philippines is based on U.S. textbooks and therefore the same. The problem is getting recognition in the U.S. as professional accountants. Breaking the culture of silence. Filipi-no professional accountants maybe hesitant to speak up because of their accent or lack of communication skills. The fact that their supervisors often are non-accountants gives them a chance to voice their opinion and do the right things according to GAAP or Gov’t GAAP or GAAS.

Competing in a diverse environment. His or her ability to speak English should put him or her in an advanta-geous position. However, talking to other Filipino immigrant accountants in the vernacular (Tagalog or other Filipino dialect – Ed.) may be exclud-ing those around who can hear. Train-ing in communication skills, team-work and leadership are important attributes to acquire. Climbing the career ladder. Going back to “square-one” may be a neces-sary evil (when you just arrived in the US-Ed.) , just to get a job that might

“Thank you so much for giving me the

privilege to help our ISFFA organization, our fellow Filipinos, and our society as a

whole. I had utmost gratification when I found that in

ISFFA we have fellow Filipinos whose hearts and minds are proactively helping fellow Filipinos, just like my fellow Filipi-no group in the San Francisco Bay Area. I hope and pray that our ISFFA group,

continue to grow by proactively helping and showing our younger Filipinos these best practices that we have so that we go

forth and multiply and help sustain a strong Philippine society not only in the

USA but globally, which could only be achieved by the principles of in-

clusion (as opposed to exclusion) and pos-

itiveness (as opposed to negativeness).”

DR. MANUEL B. VALLE, Ed.D., , is a

professor of MPA finance and ac-

counting at the California State Uni-

versity, East Bay (CSUEB) in Hay-

ward, California. He has a doctorate

in International and Cultural Educa-

tion with special concentration in ac-

counting from the University of San

Francisco and a Master’s degree in

Public Administration from California

State University East Bay, wherein he

was awarded the “Pi Alpha Alpha Na-

tional Honor Society Award” for grad-

uating with top honors. He earned his

Bachelor’s degree in Commerce with a

major in Accounting from the Far

Eastern University in Manila and a

minor in Mathematics from the Uni-

versity of California in Berkeley. He

worked for Coopers and Lybrand, In-

ternational CPAs, one of the Big Six

CPA firms in the USA, where he au-

dited global companies such as Bank

of America, Delta Air, among others.

He also worked as Principal Account-

ant of City & County of San Francisco

Fire Department for eight (8) years

until he was promoted as Head Ac-

countant of Parks, Port, and Treasur-

er/Tax Collector departments where

he worked for fourteen (14) years. Dr.

Valle is married to Lilian M. Tamayo,

a nurse, and they have two sons, Jose-

lito and Joseph.


Dr. Manuel Valle talks about his

dissertation during ISFFA SF Launch

A s of July 2012, the US Bureau of Labor Statistics reports that National unemployment rate is 8.3%. Califor-nia unemployment rate is a little higher at 10.7% or about 1.9 million unemployed. Although there has been an evident improvement in the num-bers, a decrease of 1.2% or about 227,000 compared from July 2011, a great number of people are still un-employed and finding it difficult to look for a job, and worse some of them have been unemployed for 6 months or longer. Mr. David Paraiso cited some of the challenges being faced by today’s Fil-Am students and graduates seeking careers or jobs, based on the context of having a life equivalent or better than our parents or people from pre-vious generations: 1. Affordability and quality of educa-tion- Higher education is directly cor-

related with better chances at landing a better job; 2. Stricter credit rating- personal stability; 3. Affordability of homes- some em-ployers would look for signs of family stability and/or some sort of normal-cy; 4. Health Issues - ailments prevents us from exerting our best, or deliver-ing our utmost in any given job; 5. Bubble jobs- these jobs are those that either will not be there, or there will be so few of them by the time the student graduates; or jobs that might be there but not economically viable and sustainable to support a family. Example of these kinds of jobs is mostly temporary jobs such as typing, or other clerical jobs. 6. Less jobs to go around- several million jobs were lost in the 2008 global financial meltdown. A lot of those jobs will not come back. It is still true that there will be less jobs even after or during the economic recovery; 7. Compromised governance at na-tional and local levels 8. Others- Family and community cultures have a direct impact in land-ing and keeping a stable job. In the 60’s and 70’s, capturing 1st tier posi-tions in 1st tier companies are the norm for a good number of Fil-Ams. With very few exceptions, starting in the 80’s, this started declining for both U.S. –trained and Philippine-trained Fil-Ams. Although there are still Filipino families that still pro-duce globally competitive profession-als, there are also families who don’t achieve that level. Our culture itself have challenges because, in reality even though the next generation speaks English well, as a community we are very insular compared to other Asian cultures like the South Korean, Chinese, and Vietnamese who have move forward and have left us be-hind. In his book “Job Market: Survival Guide in 2012 & Beyond”, he listed a collection of the best practices and lessons learned in planning, and im-plementing various strategies of pre-

paring for, as well as keeping and transitioning from jobs to other jobs in several industries.

Conduct due diligence- before you enroll in a program, make sure there will be jobs for you by the time you graduate;

Cradle to Grave- a strategy whereby you emphasized core values, and you don’t take “short-cuts”. Take courses that may be expensive today but it is some-thing whereby you would surely doing later on, as well as profita-ble at the same time. Like for in-stance, some courses in Liberal Arts are easy courses to take and pass but there are not a lot of jobs thereafter, as oppose to courses in Engineering or Healthcare where you spend a lot of time solving Physics and Math problems but they improve your chances land-

SURVIVAL GUIDE IN A TOUGH ECONOMY

“It was a privilege and honor to

be provided with the opportunity in

sharing perspectives and thoughts during the ISFFA Con-

ference in Burlingame, CA, last 7/21/2012.

Many thanks to the ISFFA Leadership!”

DAVID PARAISO has been in men-torship, consulting and project man-agement roles for 25 years. He is cur-rently Director of Mentorship - UCLA-PA Alumni, directly spear-heading initiatives that will address the gaps outlined in this write-up; Group Lead - MCUMC Learning Pro-grams, and active member of several mentorship programs. He was an Adjunct Professor specializing in HIPAA/Healthcare, Electronic Com-merce, CALS, EDI, XML, and Busi-ness Process Engineering programs at various institutions, such as UCLA, UC-Irvine, UC-Berkeley, XML Institute/UC-Santa Cruz, U.S. President Council on Integrity and Efficiency on Information Technolo-gy, U.S. Federal Audit Executive Council (Office of Inspectors Gen-eral), Data Interchange Standards Association (DISA), EC Institute and the Electronic Commerce Resource Centers, and others. He conducts Continuing Medical Education (CME) courses for physicians, nurs-es, lawyers and other healthcare practitioners.

Mr David Paraiso tackles job market

during ISFFA SF Launch


MAXIMIZING FILIPINOS FULL POTENTIAL...

[The following is an excerpt from Jeffrey Delgado’s speech on maximizing life’s full potential, delivered at the ISFFA-SF launching on July 21, 2012.– Ed.] The world is a little bit different than it was ten years ago. We are experiencing high problem about things that the young generations are seeing such as foreclosures and financial issues. We have to make an impact to change that, and there is no better time to start than today, to show our “tomorrow’s lead-ers” that the world is a better place to live in. In do-ing so, it is inevitable to go through some adversi-ties. What process do we have to go through to ena-ble us to empower and maximize Filipino’s full po-tential? First, maximize your full potential. To empower oth-ers, you need to be empowered yourself. Inherent to being a Filipino is being a leader. As leaders, most of us think deep down inside us that we have the capacity to help others. We think that there’s more to us than what others can see. How-ever, the action that we take about helping the next genera-tion is more critical than merely thinking or dreaming about it. We have to take initiative to make major moves to-wards helping the next generation. Then, help others maximize their full potential. Peo-ple who recognizes you as their leader or mentor will follow what you say or do, sometimes, even without thinking. They might be skeptic but because you, as their mentor or leader, say or do it, they would follow you believing you are leading them in the right direction. Therefore it is important that as leaders, we have to be very careful that we lead people in the right way. In making a major impact on the next generation of people, there are 3 major pillars to create extraordinary results: 1. Clarity. We are in a world of too many choices which makes it difficult for people to know what they really want. Apart from not being sure of what they want, sometimes they don’t know what the next level is going to be. We must help others to be “crystal clear” of what they want in their life, and identify the path or direction they want to take. 2. Tools & Strategies. Once you have determined what they want, next thing to do is help them identify the neces-sary tools and strategies to get to the next level. These in-clude training one must take, e.g. college education in line with the profession they want; and meeting with the right people to mentor and guide them in every step of the way. 3. Fully Engaged/Immersion. In whatever you do, you must immerse yourself in it. Whether in business, health, personal or spiritual relationship, you must be fully engaged and passionate about that mission. Likewise, in helping oth-er’s attain their goal, you must get them engaged by engag-ing yourself in leading or inspiring them to focus in their mission.

The following are major areas that determine our suc-cess!

Habits-Having the right habits in all areas of your life!

Beliefs - having the faith that you can achieve all you want to achieve!

“No Limits” mentality- If you are going to think any-way, think BIG!

Working Smart & Aggressive-Having a solid plan and implementing that plan!

Feeding your MIND-Leaders are READERS! Be careful what you feed your mind! Garbage in... Gar-bage out!

Balance-Ability to balance your life priorities ~ Liv-ing life out of balance is one of biggest challenges we will encounter!

High Tolerance for FAILURE-Realize that the most successful people failed more than most! It is not how many times you fall... it is how many times you can get up! "I failed over and over again in my life... and that is why, I SUCCEED" ~ Michael Jordan

*****

Top: Jeffrey speaking at the ISFFA-SF launching

Left: With Milpitas Mayor Jose Esteves, whom he cited as “one example of what young Filipinos would want to be in the future“.

Jeffrey Delgado, a 15-year veteran in the financial ser-vices industry, defines success not by monetary value, but by the motto: “Whoever is happiest wins!” He said, “Life is short, however well you do financially or what you believed you achieved in life, the most important aspect of life is how happy you feel about who you are . You can have a lot of money, you can have all the things you want in life, but if you’re unhappy—it doesn’t really matter.”

[During the ISFFA- San Francisco Chapter launching and installation of officers, Deputy Consul General Alfonso A. Ver of the Philippine Consulate General in San Francisco took the opportunity to share some positive economic de-velopments in the Philippines which may be of interest to

the ISFFA community- Ed.]

T he following is a snapshot of the latest economic indi-cators about the Philippines.*

The Philippine economy grew 6.4 percent in the first quar-ter of this year, which is among the highest in the region. That makes it 53 consecutive quarters of positive GDP growth since 1999. Our Gross International Reserves at 76 billion US Dollars are at record levels, and can cover up to 11 months’ worth of the country’s imports, more than dou-ble the level considered healthy by international standards. This puts the Philippines among the top 20 countries in the world in terms of GIR. We are now a creditor nation to the International Monetary Fund. We made $1 billion credit fund available to the IMF to be used in addressing the financial crisis in Europe.

We had the strongest performing stock market in Asia in 2011. Philippine stock barometer breached the 5,000 mark for the first time in history, rising 4.1 percent in 2011. Also, in May 2012, Moody’s revised their outlook on the Philip-pines from ‘stable’ to ‘positive’ under the Ba2 rating, fol-lowing similar ratings upgrades by Fitch and Standard & Poor’s over the past two years.

The latest good news is that the Global Trade Enabling Re-port released last month by the World Economic Forum saw the Philippines improved its ranking by 20 places to No. 72, from No. 92 in 2010. The WEF also raised the Phil-ippines’ Global Competitiveness Index by 10 notches from 85 to 75 in 2011.

HSBC, in its latest “The World in 2050” report this year, notes the striking rise of the Philippines, which is set to become the world’s 16th-largest economy, up 27 places from today. On the other hand, Goldman Sachs predicts the Philippines to be the 18th largest in 2050. Any which way you look at this, our economy will grow in a big way. World Bank already considers the Philippines as the lead-ing services exporter in the world.

International financial services firm Morgan Stanley has selected the peso as its latest “top pick” currency, citing the favorable economic conditions and significant dollar li-quidity of the Philippines. In its latest report on currencies, Morgan Stanley told its yield-seeking clients that the Phil-ippine peso has so far outperformed other emerging mar-ket currencies and was likely to keep appreciating against the dollar over the near term.

The New Straits Times (Malaysia) report dated 5 July 2011 cited the Philippines as the best global Business Process Outsourcing destination; a top global electronics assembly hub; the world's fourth largest shipbuilder; the world's

next mining power; Asia’s trusted lo-gistics support center; abundant man-agerial talents; highly skilled, reliable, English-speaking workforce; liberal-ized investment and incentives poli-cies; and home to many world-class resorts.

Merchandise exports broke records in 2010, growing 34% to $51.4 billion. Service exports hit an all-time high of $11 billion, anchored on the strength of Business Process Outsourcing sector that directly employs 640,000. Remittances from the ranks of 9 million Filipi-nos overseas reached $23 billion in 2011.

Annual inflation rate as of January 2012 is pegged at 3.9 per cent, well within the government target of 3% - 5% for the year.

Foreign investments in 2011 increased by 22.12% to $8.6 billion. Top sectors include manufacturing, electricity, gas, air-conditioning supply; real estate; mining and quarrying; and transportation and storage. Top sources of invest-ments are Japan, Netherlands, South Korea and US.

The Philippines has the 12th largest population in the world and the second biggest in ASEAN, indicating a sus-tained source of talent and also a very attractive ready do-mestic market for investors in the manufacturing services.

The 2012 Global English Corporation Report” ranked the Philippines as the world’s best country in business English proficiency. Results showed that from 76 represented countries worldwide, only the Philippines attained a score above 7.0, "a BEI level within range of a high proficiency that indicates an ability to take an active role in business discussions and perform relatively complex tasks." For the Korean investor, this translates into a shorter training pe-riod for Filipino workers who can immediately take on the job with minor supervision, who can multi-task, and who display a high sense of motivation and a keen sense of re-sponsibility.

Politically, continued positive perception towards the Aquino administration is contributing to a relatively be-nign situation and strengthening investor confidence – both domestic and overseas.

Economically, we continue to grow despite the lingering financial crisis that plagues Europe, and which has affected other countries with economic exposure to that region.

Demographically, we have a large population that offers huge market potential and a pool of talented and highly motivated workforce. We believe that we have the right ingredients for success. We believe that we can get back to where we once were, because we believe in ourselves as a resilient, dynamic and highly talented people.

We are bullish about the investment prospects for the Phil-

PHILIPPINE ECONOMY: AN UPDATEPHILIPPINE ECONOMY: AN UPDATE


UP CLOSE AND PERSONAL WITH...

Dean Cabrera graduated Magna Cum Laude from the University of the East with a degree of Bachelor of Business Administration, major in Accounting and was one of the topnotchers when she passed the CPA Licensure Board Examination. She earned her Master in Business Administration from the University of the Philippines and is a candidate for Doctor of Education at the University of the East. She is a holder of a Certificate in Management Accounting from the Institute of Cer-

tified Management Accountants of Victoria, Australia. Dean Cabrera worked with SGV and Co. as Staff Auditor and taught Financial Accounting, Financial Management, Man-agement Advisory Services, Auditing Theory and Practice in various collegiate and post-graduate schools. She is the author of a number of textbooks in Auditing, Finan-cial Accounting, Financial Management, Management Ac-counting, and Management Consultancy. Dean Cabrera has published and presented a number of technical papers and served as resource speaker in international conferences. She has developed and implemented the training program on IFRSs, ISAs and Effective Teaching Techniques for account-ing teachers and practitioners nationwide. She previously held the position of Dean of the College of Business Admin-istration at the Lyceum of the Philippines and was the recipi-ent of numerous Professorial Chairs. A former Vice Chairman of the Professional Regulatory Board of Accountancy, Dean Cabrera was the BOA representative to the Philippine Financial Reporting Standards Council and the Philippine Interpretations Committee. She was appointed as the Chairman of the PRC CPE Council for Accountancy and Chairman of the CHED Technical Committee for Accountancy Education. She also served as a World Bank Project Consult-ant on the creation of an Accounting Oversight Board in the Philippines. For her dedicated service to the profession, PICPA gave her due recognition as Outstanding CPA in Education in 1990 and Honorary Life Membership in 2006. She was a former PICPA National Director and Chairman of the Metro Manila Region-al Council. Presently, Dean Cabrera is actively involved as speaker, re-source person and discussant in various PICPA, PAMA, CPA Sectoral Organizations such as ACPAPP, ACPACI, ACPAE and GACPA, and PACSB sponsored conventions, seminars, con-ferences, training programs and workshops. A business and academic consultant, she devotes her time in writing more books and enjoying the company of her family particularly her grandchildren.

*****

DEAN MA. ELENITA B. CABRERA BBA, MBA, CPA, CMA

still pay better than what accountants get paid in the Philippines. However, one should not stay in “square-one” too long and there should be some rapid progression after getting the job. The PC environment. In this computer age and PC envi-ronment, competence is all that matters and one should be more careful about pulling the “race” issue. Perception of discrimination may be different from reality. Entrepreneurial Employees. Like the comment from Flo-ry, (one of the respondents in the research-Ed.) , Filipino immigrant accountants should add value to themselves and their employers by reading new accounting textbooks. They should observe other jobs courageously but not arro-gantly or shy. This is to get the big picture and not confine

oneself to the small part of accounting that they are doing. In this way, they can move up the ladder more effectively.

As a Filipino immigrant accountant himself, Dr. Valle em-pathized with the participants. When he immigrated to the United States, he also experienced being pushed back to “square one” by being demoted to Accounting Clerk from his previous job as Chief Accountant of HI Cement Corporation in Manila. He had discovered through the study that other Filipino accountants also experienced the same demotion and emotional impact. He learned from the respondent-Filipino Accountants the importance of GRATEFULNESS, FREEDOM, FAITH and the principles of INCLUSION, EQUALITY and HUMILITY.

*****

Critical Reflection...Continued from page 12

To live up to its primary goal which is to assist, educate, train and mentor emerging professionals and students, ISFFA established positive and life-changing programs that are highly integrated to its mission and vision. Below is the list of ISFFA’s ongoing commitment to its members and supporters. Unlock your leader potential. ISFFALeader high-lights self-awareness tools and activities that will enhance each individual’s leadership capabilities. Training work-shops, presentations and seminars will enable members to develop and mature professionally and allow them to reach their highest potential as leaders of the community. They will learn strategies for continuous development through peer assessment, group discussions, self-reflection, small group activities and personal coaching. The program aims to develop leadership skills based upon each member’s unique personality and cultural back-ground. Build relationships. ISFFAMentor is designed to con-nect an emerging Filipino Accounting and Finance profes-sional with an established volunteer professional in a mentoring relationship. This program allows emerging professional access the mentor’s professional, leadership and business expertise to help them develop, grow in their professional and personal pursuits. Expand your knowledge. ISFFA provides assistance to individuals, students or professional who require funds for further education but do not have enough resources to support their pursuits. Scholarships and discounted re-view programs will be provided to deserving students and members with the assistance of its sponsors and partners. Currently, ISFFA is partnered with American Institute of Certified Public Accountants (AICPA), Roger CPA Review,

Becker Professional Education and DeVry University for this purpose. Set an example. The organization has been a devoted partner with various communities here and abroad. Com-munity Service program is active in helping victims of ca-lamities, participating in medical missions to the under-served communities, as well as partnering with various nonprofits in raising funds for charitable endeavors. Promote your profession. ISFFA hosts a variety of annual Continuing Professional Education seminars or workshops. For the low income, fees are waived for such training. This program reinforces the high ideals of tech-nical competence, ethical conduct and integrity allowing our members to succeed as integral members of manage-ment. Become acquainted and involved. ISFFA’s Orienta-tion program assists newly-arrived Filipinos and other immigrants to assimilate in the community by providing assistance through: language translation, housing, im-proving job skills, employment, as well as assistance with other basic social and cultural needs. The program is de-signed to provide new immigrants with a psychological advantage through the promotion of a socially friendly and responsive environment. THE TIME IS NOW. Join ISFFA.! Be heard, get ahead and become the best version of yourself.

*****

A combination of an effective review course and a per-son’s determination and sheer passion makes a suc-

cessful CPA. The CPA Examination is designed to gauge and ensure the competence of a licensee thus; making it one of the most important exams an accounting professional would ever take. A CPA certificate, on the other hand, is a valuable addition to one’s resume in many fields—when applying for a position, raise or promotion, this credential from any of the states makes one’s resume stand out above others. Therefore, it is essential to choose the best CPA Exam Re-view course that will motivate, prepare and keep an exami-nee focused on this ultimate goal of getting a good score. ISSFA is much honoured as Roger CPA Review graced the San Francisco Chapter launch on July 21, 2o12. Roger CPA Review works with all the bay area campuses and firms and has a pass rate of 86%. Their students’ high rate of success is accredited to their highly-motivating lectures using the “The Roger Method™” of instruction paired with their industry leading materials. And to show their sup-port to ISSFA’s core objectives, Roger CPA Review donat-ed a Gold Scholarship. The Roger CPA Review Gold Schol-arship, valued at $1,000, is good for any three of their course formats: In-Class, Online, or USB. The course in-cludes 100 hours of lecture by Roger Philipp, CPA, along with textbooks, homework books, practice software, and customer support. Liza Gino Clairmont couldn’t help but express her sincere gratitude as she received the said grant. “The Roger CPA Review Gold Scholarship is greatly appreciated. I intend to take the CPA exam and the scholarship will definitely help with my review. I can only pray to be as accomplished like all the other ISFFA officers,” affirmed Liza. Aside from being a proud ISFFAn, Liza is a Portfolio Ac-countant at Carmel Partners, a full-service real estate com-pany. She has more than ten years of professional working experience in the field of Finance and Accounting and spe-cializes in strategic process flow analysis, flowcharting and

document preparation for manage-ment, operations and audit; com-prehensive financial analysis – trend, variance, forecasting, and budgeting; and development and implementation of cross-departmental policies and proce-dures. Her work encompasses a wide variety of industries – bank, government, healthcare, computer and software to name a few. A natural brains and beauty, Liza was once a runner up in Binibining Pilipinas (an annual national beauty pageant in the Philippines). She received her Bachelor’s in Philosophy minor in Business Administration and Economics from University of the Philippines (UP), one of the top notch schools in the Philippines. Because of her passion in Fi-nance and Accounting, she completed Masters in Finance from Kaplan University in 2011 and is now on her way to finishing her Masters degree in Accounting. Her eagerness to expand her knowledge in Finance and Accounting made her a deserving recipient of the scholarship. ISFFA is very excited for Liza and hoping that this oppor-

tunity will help her in obtaining her CPA license in the

near future. All the best for Liza and Roger CPA Review!

By Ryan Dumbrique

ISFFA SF Officers awards the scholarship to a deserving ISFFAn (From left: Rizza Velarde, Liza Clairmont, Melissa Garcia, Ryan Dumbrique)

ISFFA invites you to share in a world that welcomes and supports everyone. One moment is all it takes to change your life forever. One presentation, One conversation, One idea. One step, One decision. ISFFA’S core values of high integrity, strong values and ideals, professionalism, and brotherhood encourages and motivates all of us to be the best we can be… It is im-portant to understand that ISFFA is NOT merely a profes-

sional association, it can be: YOUR family, YOUR charity, YOUR support group, YOUR employment agency, YOUR training organization, YOUR social networking group. I invite you to make ISFFA a part of your LIFE. I ask for your commitment. ISFFA has a sustainable plan and a strategy. I invite you to be our partner in moving for-ward. As Anthony Robbins said, “It's in your moments of deci-sion that your destiny is shaped.”

*****

Why Join?...Continued from page 9

ISFFAn JOURNEY

SNAPSHOTS: LOOKING BACK AT THE SF CHAPTER LAUNCH

R izza Velarde is a Senior Manager at Ernst & Young’s Core Assurance practice specializing in Life Sciences and Em-ployee Benefit Plans . She has more than 10 years of expe-rience in financial statement audits of both public and non-

public companies and domestic and global operations , including, biotech companies, venture capital funds, manufacturing and tele-communication companies. She has broad experience in addressing various complex technical accounting issues, which includes but not limited to valuations, SEC and SOX compliance, business combina-tions, revenue recognition and financial instruments. She received her Bachelor of Science in Accountancy degree with honors from Philippine School of Business Administration and is a Certified Public Accountant in the State of California and in the Philippines. Rizza is gifted with an arcadian persona that matches her global skill-set and experience needed to handle Operations and Oversight.

R yan is an Accountant at Pall ForteBio Corporation, a Division of Pall Life Sciences. He specializes in financial statement close , general

ledger and account reconciliation and analysis,. His work includes a wide variety of industries namely biotechnology, manufacturing, pharmaceuticals and business process outsourcing. He received his degree in Bachelor of Sci-ence in Accountancy from University of Santo Tomas, Philippines . He is a candidate member of American Institute of Certified Bookkeepers and Cali-fornia Society of Certified Public Accountants. Ryan has the creativity and resourcefulness that ISFFA needs to develop the activities, design the graphics and fidget with the technical stuff.

A fter graduating from De La Salle University in the Philippines with BS

in Accountancy, she ob-tained her Philippine’s

Certified Public Accountant and worked for top multina-tional companies such as PwC Philippines and Procter & Gamble . After graduating as a Summa Cum Laude and delivering her inspiring graduation Keynote Speech at Kel-ler Graduate School of DeVry University, which empow-ered the graduates to find the courage , follow their heart and move forward , she found the paradigm shift and de-cided to become an entrepreneur , set up her own CPA consulting firm out of her business plan, which helps mi-nority business owners that are facing financial challeng-es . After years of exposures in Brand , Controlling Profita-bility, and Technical Accounting , Auditing, SOX, Internal Control , Tax , Non –Profit , Operations and other Consult-ing services , she wants to take the successful route in tax accounting and entrepreneurship and is currently explor-ing potential business advancements that specialize in busi-ness planning, project management , investments and business development. She is currently pursuing post-graduate studies in Finance at University of Berkeley, as she is driven to learn more. Mai decided to be the proactive mod-ern hero and not a passive victim in her story that lead her to this role.

L yn is currently the Chief Accounting Officer of Asia Pacif-ic Viadeo Operations (dba APVO Corporation). She has

been primarily involved in setting up and managing Accounting Information Systems, Internal Controls, Treasury and Human Resources. Her industry experience includes banking, micro-finance, advertising, digital and newspaper publishing, construc-tion, retail merchandising, business process outsourcing, Tax, Legal and Management advisory services. Lyn earned her Bache-lor of Science degree in Accountancy from Saint Louis University and CPA license in the Philippines. Lyn joins ISFFA with a load of free-spirited, fervent ideas, radiating intensity and wide me-dia influence and exposure appropriate for her position .

2012-2014 ISFFA—SF OFFICERS

E vy currently works as a Senior Accountant at De Guzman and Associates. She has extensive knowledge in audit, ac-

counting and tax services in the manufacturing, retail and service industries. In the Philippines, started her career as an Auditor at SGV and Co and worked as an Accountant at Zilog Electronics, thereafter. She received her Bachelor of Science in Commerce , Major in Accounting, With Honors from Far Eastern University, Philippines. Evy is a brilliant, number-crunching, accounting and auditing person in non-profit organizations that makes her appropriate for the role as a Vice President of Finance.

M elissa is currently the SOX and Financial Governance Manager at Kaiser Foundation Health Plan, Inc and Hospitals and has

more than ten years of professional working experience in the field of ac-counting. She specializes in financial audit, Sarbanes-Oxley Compliance, business process improvement reviews, consulting engagements, compli-ance and due diligence reviews for public , private , domestic and multina-tional companies of various sizes . She received her degree in Bachelor of Science in Accountancy from the Polytechnic University of the Philippines and is a Certified Public Accountant in the State of California and in the Philippines. Aside from her sagacious mind, Melissa has a magnetic warmth and friendly personality that can attract potential members.

S hirley has been involved with some start- up compa-nies in Silicon Valley, particularly in corporate finance

matters and business formation. She is currently involved in the business management of a Silicon Valley based company servicing children with special needs, property management, real estate development projects. Shirley started her career as a financial auditor in the Philippines before she moved to a securities company where she handled cash account and treas-ury management positions. She passed the CPA board exam in the Philippines and in California. She has a degree in Bach-elor of Science in Accountancy and has completed Personal Financial Planning Program at the UCSC . Shirley adds up her meticulous pencil-sharp writing skills with her lengthy corporate campaigns necessary to jumpstart this role. A

fter graduating from De La Salle University in the Philippines with BS

in Accountancy, she ob-tained her Philippine’s

Certified Public Accountant and worked for top multina-tional companies such as PwC Philippines and Procter & Gamble . After graduating as a Summa Cum Laude and delivering her inspiring graduation Keynote Speech at Kel-ler Graduate School of DeVry University, which empow-ered the graduates to find the courage , follow their heart and move forward , she found the paradigm shift and de-cided to become an entrepreneur , set up her own CPA consulting firm out of her business plan, which helps mi-nority business owners that are facing financial challeng-es . After years of exposures in Brand , Controlling Profita-bility, and Technical Accounting , Auditing, SOX, Internal Control , Tax , Non –Profit , Operations and other Consult-ing services , she wants to take the successful route in tax accounting and entrepreneurship and is currently explor-ing potential business advancements that specialize in busi-ness planning, project management , investments and business development. She is currently pursuing post-graduate studies in Finance at University of Berkeley, as she is driven to learn more. Mai decided to be the proactive mod-ern hero and not a passive victim in her story that lead her to this role.

2012-2014 ISFFA– SF OFFICERS

CAREER PATH

ing a job;

Aggressively build and enhance your core-values and support infrastructure. This is the essence of “cradle to grave” strategy.

Organize, participate, and collaborate with organiza-tions that add and enhance value based on the “cradle to grave” strategy.

Be an informed and savvy citizen; actively monitor and participate in the governance of your community.

Participate in the election process; support the best candidates and policy makers, noble causes and con-ditions that promote good governance.

Participate in mentoring pilots.

*****

G iven the expense of flying in remotely located can-didates for in-person interviews, more companies

are conducting video interviews using Skype and similar technology. Internet-based videoconferencing tools allow employers to reach out to candidates virtually anywhere in the world easily and cost-effectively. While use of the tech-nology is becoming increasingly commonplace in busi-ness, for many hiring managers, this is still unfamiliar territory. Setting the stage for a positive video interview experience for both you and the candidate requires some planning and practice. Here are some tips for delivering a star per-formance: Don’t let go of best “offline” practices. Videoconfer-encing services like Skype allow you to schedule a meeting from almost anywhere — your home computer, your cubi-cle, even from a smartphone or tablet computer. However, no matter where you conduct an interview, don’t let your surroundings interfere with maintaining a professional atmosphere. For instance, if you’re working from home, dress as you would if you were conducting a formal, face-to-face interview with a candidate — after all, that’s what you’re doing, albeit virtually. Also, if you’re doing the video interview from your em-ployer’s office, remember that your webcam is the candi-date’s window into the company. Take care to select a lo-cation that is tidy, quiet and free of distractions. To ensure privacy, you may want to consider reserving a conference room. Let your colleagues know you’ll be interviewing a potential hire and must not be disturbed — just as you would if you were meeting the candidate in person. Treat your small screen like the big screen. When preparing to conduct a video interview, approach the pro-cess like a film or TV director and think about how to

make the experience more “natural.” For example, ensure there is ample natural light at your location and that it’s directed onto your face, rather than from behind you, re-ducing shadows and glare. Also, avoid leaning into the webcam because it can create visual distortion for your audience. However, look directly into the webcam, and not at the screen, when speaking to the candidate. In a face-to-face interview, maintaining eye contact is essential to making a positive connection with a potential hire — and it’s no different in a video interview. Account for technical difficulties and time delays. Videoconferencing is a convenient but imperfect technolo-gy. Its effectiveness depends on the speed of your broad-band or DSL connections and how much network traffic is being carried on both your company’s and candidate’s systems at the time. Even under the best of conditions, delays and “choppiness” in video and voice are common; work around these issues by speaking slowly and trying not to move around too much. Allow for a second or two of “dead air” to pass after a candidate finishes speaking before you deliver your next question or comment (think of TV news anchors conducting interviews via satellite). This will help to avoid awkward and confusing overlaps in the conversa-tion. If you’ve never conducted an interview via videoconfer-ence, don’t risk making a poor impression by jumping into the process cold turkey. Practicing with a colleague can help you to build confidence and polish your skills before your debut. And always be prepared to rise above tech-nical problems: Keep the candidate’s contact information handy just in case you have to grab an old-school tool, the phone, to complete your conversation. This article is provided courtesy of Robert Half Interna-tional, parent company of Accountemps, Robert Half Fi-nance & Accounting and Robert Half Management Re-sources. Robert Half is the world’s first and largest spe-cialized staffing firm placing accounting and finance professionals on a temporary, full-time and project basis. Follow Robert Half on Twitter at twitter.com/roberthalf.

*****

Survival Guide...Continued from page 13

By Amy Hill of Robert Half International

http://twitter.com/roberthalf





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This offer is available to ISFFA members only. If you need more information about the discount offering, please contact [email protected]. Become a mem-ber and take advantage of this great offer..

BACK-TO-BACK DISCOUNT


Membership in ISFFA is far

more than participating to a pro-fessional organization. ISFFA is your one-stop source of profes-sional, personal and career devel-

opment that will give you access to the tools, information and network you need to drive your full potential as a pro-fessional. Some of membership perks and benefits include the following:

Opportunities

Scholarship, Mentorship, and Internship Opportuni-ties

Access to Assistance Programs for Higher Education

Participate in fund-raising events

Career Advancement Opportunities

Local Chapter Networking Events, Receptions and Programs

Access to Job Opportunities

Professional and Student Career Fair & Expo

Continuing Professional Education Courses

Professional Student Leadership Programs Personal Development

Assistance in transitioning from Philippine lifestyle to the U.S.

Leadership Skills

Presentations and Public Speaking

Mentoring

Team Building

Community Service Professional Development

Management Skills

Continuing Professional Education

Diversity Awareness and Training

Business Development

Business Mixers

Marketing Channel

Resource Portal

By Melissa Garcia

We are bullish about the investment prospects for the Philippines. We hope you would share the same optimism and take the decision to locate your business in the Philip-pines. We say, invest in your future, invest in the Philip-pines now.

(From the Remarks by H.E. LUIS CRUZ, Philippine Am-bassador to Seoul, Korea, during the Federation of Kore-an Industries Business Dinner with ASEAN Ambassa-dors, Lotte Hotel, 16 July 2011)

*****

Philippine Economy...Continued from page 16

MEMBER’S CORNER

UPCOMING MEMBERS’ ORIENTATION

After its successful launch in San Francisco, ISFFA SF will hold its first Membership Orientation Meeting on September 22, 2012 for new, existing and prospective members. As promised during the launch, ISFFA is ded-icated to providing the greatest value and service to ex-isting and potential members and is committed to un-derstand what members are looking for in the Organiza-tion and help them get a sense of the ISFFA community. This orientation will offer an overview of the Organiza-tion’s programs , events and initiatives , give members an opportunity to connect with the San Francisco offic-ers and other members of the organization , discover the mission and vision of the group, hand over the identifi-cation card of the members and explore their benefits and help them understand how the organization and the committees function. ISFFA will also provide a forum where members will get a chance to contribute ideas , develop activities and assert their needs that will add value to the organization on its primary goal of assisting, educating, training and mentoring emerging accounting students and professionals (both domestically as well as globally). There is no fee to attend but please RSVP by sending email to [email protected] or calling Melissa 415-312-2920 or Ryan 408-823-6570. SEE YOU THERE!!


T he development of emerging

professionals is the corner-

stone of ISFFA’s mission. ISFFA

Leader and ISFFA Mentors will defi-

nitely help ISFFA achieve this mis-

sion.

ISFFA Leader is designed to provide

customized training to our members

to enable them to develop and mature

professionally and to allow them to

achieve their greatest potential.

ISFFA Leader will provide requisite

leadership trainings, workshops,

presentations and seminars that are

customized to the membership needs.

Our customized programs will teach

strategies for continuous develop-

ment through Peer Assessment,

Group Discussions, Self-Reflection,

Small Group Activities and Personal

Coaching. And because of our focus

on development planning, which ties

program experiences to the context of

your workplace, every program will be

unique to each of the program partici-

pants. ISFFA Leader is for the newly

graduate professional and to mid- to

senior-level professionals.

The training will develop a sense of

self-awareness that will lead to

change in their organizations. Set

clear achieva-

ble goals,

build and

maintain pro-

ductive rela-

t i o n s h i p s ,

leverage dif-

ferences in

other people,

resolve con-

flicts, and

consistently

take positive actions.

ISFFA Mentor, on the other hand,

will complement the ISFFA Leader

Program by providing emerging pro-

fessionals in the Finance and Ac-

counting access to more experienced

individuals who can give them per-

sonal guidance and direction on is-

sues affecting their professional ca-

reer.

ISFFA Mentor connects emerging

professionals with distinguished men-

tors whom we hand-

picked from various

fields and industries.

These mentors will pro-

vide coaching and

counseling to emerging

professionals through

regular interactions.

ISFFA aims to develop

in its members, clear

sense of self awareness,

promote self-confidence and exude

professional presence in the early

stage of their career - qualities we be-

lieve in ISFFA will complement their

technical competence and accelerate

the achievement of their goals.

ISFFA Leader and Mentor will

create a new breed of successful

leaders and most specially, it

will bring out the best in you. Be

part of this wonderful program

and together, we will inspire

and empower. This is for us!

What our Mentors and Mentees say about ISFFA Leader and ISFFA Mentor...

“Having personally experienced the

value of having several mentors

throughout my professional career. I

strongly believe that this program will

provide tangible benefits to our mem-

bers. To mentors, this is a great way to

give back and to share the wealth of our

professional experience. To the

mentees, having someone to guide you

through your professional journey is

absolutely valuable. ”

Cecile Galvez, Mentor

“I think it is important for students like

us to receive feedback from profession-

als with the work experience in the field

we are interested in. ISFFA leadership

and mentorship program will definitely

help us in achieving that goal.”

Heriel Alvarez, Mentee

“ISFFAMentor Program will not only

get students like me a chance to net-

work with other professionals but it

opens the door for opportunities such

as gaining knowledge on how to com-

municate effectively and eventually

build successful working relationships.

“

Irene Albia, Mentee

“I believe that it is very important to

have an inspiration in this very chal-

lenging and dynamic profession. On top

of the high demands of the job in terms

of technical knowledge and experience,

we also have to surpass challenges re-

lated to cultural differences, diverse

work styles or even language barriers

sometimes. I feel that I would have nev-

er gone this far without the help and

guidance of my very own mentors at

work or even within my Filipino com-

munity. As my own way of imparting to

my fellow Filipinos what I have learned,

I am very excited to participate in this

mentoring program.”

Rasel Manlapaz, Mentor

*****

THE ISFFAMentor AND THE ISFFALeader

Experience Real Empowerment through ISFFAMentor and ISFFALeader Programs

ISFFA needs people like YOU!

BAY AREA’s FIRST BATCH OF MENTORS

JULIE ADAMS Agent New York Life Insurance Company

MENTORS CIRCLE

RIANNE SUICO Senior Manager Health Care Services Group Moss Adams LLP

RICK GUTIERREZ Partner WuHoover Resources

AME PONCE Recruiting Leader US Assurance,West Sub Area Ernst & Young LLP

MARIA TERESA PALMA Chief Financial Officer AyalaFil Co.

GILBERT CABRERA VP, Finance Corporate Risk Management Safeway, Inc.

EDCELYN PUJOL Financial Advisor Northwestern Mutual Finan-cial

GRACE ANDRADE Project Financial Con-sultant, AVP Wells Fargo Bank

DANIEL RAVAL Franchisee Liberty Tax Service Professor Devry & USC Sta Cruz

CYNTHIA SANCHEZ Associate Director Geballe Laboratory for Advance Materials Stanford University

TIMOTHY LANIGAN Admissions Supervisor DeVry University

BENNIE LOU BURRIS AVP/Trust Admin Officer Whittier Trust Company

THE PANELISTS: MAPPING YOUR FUTURE

“Small businesses are the driving force of the economy, moving in the right direction.”

“Banks are pushing lending to small businesses.”

James Diangson

“Conduct your due diligence; aggressively build and enhance your core values and support infra-

structure.”

David Paraiso

“It doesn’t matter where you came from. Map your future…

I have gone a long way from the Southern Mindanao mountains...”

Don Pintor

“To understand success, understand failure;

Adapt, overcome, and improvise.”

Tim Lanigan

“Ask not what the company can do for you but what you can do for the company. Maintain in-tegrity, be customer- oriented and maintain bal-ance in life.”

Danny Raval

“Be positive…take ownership and be accountable for everything you do.”

“Have passion, love what you do.”

Cynthia Sanchez

“Have grace under pressure and be accountable for what you do.’ “Look at life and what you got ahead of you.”

Rianne Suico

The “Mapping Your Future” panelists who shared success stories and insights on how higher

education , mentorship, continuing education, and culture have contributed in mapping the

future and optimizing career opportunities.

THE PANELISTS: SOFT SKILLS AND BUSINESS ETIQUETTE

ARNOLD PEDRIGAL Arnold is a recipient of the 2007 Telly Awards for Video Excellence for his work on a promotional video for non-profit organization in

San Francisco produced in 2006. Arnold is also one of the co-founders of Fremont Film Forum founded in 2008.

BENNIE-LOU QUEVEDO-BURRIS Bennie is a donor, volunteer, and served as Executive Board Member

for various non-profit humanitarian organizations that serve local and international causes. 100 Most Influential Filipina/American in

the USA 2011 - Awardee”

TY KAPRELIAN

Ty helps educate students and uncertified staff about the CPA Exam and Becker’s CPA Test Preparation

Course. Ty has developed a variety of skills in the area of marketing communication, program development and event and employee

management.

AME PONCE

Ame Ponce has been with Ernst & Young for 9 years and is currently the US Assurance Leader for Experienced Recruiting. She also has dual responsibilities as she is the West Sub Area Recruiting Leader

across all service lines for Ernst & Young.

RICK GUTIERREZ Rick actively participates in various Accounting/Finance Alliances,

nonprofit organizations and various Asian networking groups as speaker/mentor/advisor. He is a Board of Director for Asian Busi-ness League of San Francisco, Advisor to NA@AP, Board and Con-

ference Co- Chair for Ascend Northern California, and an Advisor to UC Berkeley and SFSU Ascend student Organization.

Great leadership and communication skills , and maintaining good business etiquette in a digital world, are

the tools the following panelists have shared. It's undeniable that they have served as backbone of the indus-

tries not only as successful professionals but also as advocates in promoting these qualities.

ISFFA MESSAGE BOARD

The Event was very well organized - I

could just imagine the details done and the

number of hours committed in scheduling

that Event. Great speakers with relevant

topics, talented hosts and

ice location, good Filipino food, impressive

sponsors and surprising guests.

- Jonabel Perez

TO ALL OFFICERS: CONGRATU-LATIONS FOR A JOB WELL DONE! This successful event made me inspired to continue my profes-sional accounting journey. -Malou Jarcia

I'm glad to hear that the event was a success and regret I could not

attend. I wish you con-tinued success in help-

ing the Filipino commu-nity of finance profes-sionals. -Loida Dualan

Thanks again for a fun day.

Congratulations on your

launch and more power to

your organization!

-Michi Valeriano

Thank you for including

me in this event, I real-

ly enjoyed myself. I’d

be glad to join as a men-

tor.

-James Diangson

Congratulations again!

Thanks to you and your team

for inviting me and honoring

me with the certificates of

appreciation! More power to

you and SF ISFFA!! -Bennie

Lou Burris

Thank you for having me at the

ISFFA. I must congratulate you

and your team for having such a

well-organized event. The food

was great and everyone was

very nice. Lastly, I would like to

meet with the President of

ISSFA in the Bay Area and

maybe identify areas where I

can further support and help.

-Julie Adams

Very nice event on Saturday. Let's hope you get the participation you need. i wanted to say more, but the time element was small. This could be a very good tool for most of anyone in-terested. -Tim Lanigan

I’m so proud of the or-

ganization that you are

part of. I would love to

be part of the mentoring

program.

-Grace Andrade

Hope all is well! Great

meeting Benel , Emily and

the ISFFA officers in SF.

As discussed, you can

count on my support in

helping the organization

succeed in the Bay Area

and nationally.

-Don Pintor

It was nice meet-

ing you today and

thank you for the

wonderful ISFFA

event

-Fernel Andong

Congratulations on your induction as officers

into ISFFA! ADP is very excited that we were

able to be a part of Saturday's launching of

the San Francisco Chapter and I want to ex-

tend our thanks for inviting us to participate.

We can discuss about how we partner with the

local accountant community. -Nicolay Jordan

It is my pleasure to witness and share your

grand and very success-

ful launch. More power

to your chapter -Soc Padua

Happy

Launching!!!

-Prosy Dela Cruz

CONGRATULATIONS!!!

ISFFA SF.....for a Suc-

cessful Grand Launch-

ing... Kudos to all the

Officers and people be-

hind. Job Well Done...

Bravo!!!!! -Riza Ba

rron

On behalf of Prowave Media, the producer of Power ng Pinoy TV, I would like to thank ISFFA for making us part of your Grand Launch Event last Saturday. Con-gratulations to the SF Chapter officers and to the entire ISFFA. More power to you all - Arnold Pedrigal

It was a great turnout. Successful Indeed!!!

-Rey Puentenegra

Sounds likeit was a great success and I’m glad we were

able to be a part of it even though we couldn’t physically

be there. Looking forward to working with ISFFA on

future projects -Ali Roberts

Happy birthday

ISFFA SF! :) All the

best! -Erwin Bonilla

Loida Joy Dualan

Partner, PricewaterhouseCoopers LLP

Internal Control Specialist at Arco

Products Company

California State Polytechnic University

USC – Marshall School of Business

Keep searching and you will find .

Keep knocking on all the corporate blocks and the door will be opened for you. Loida Joy Dualan, one of the few Filipino PWC partners, put in long hours and hard work to earn her Master’s Degree at Cal Poly Pomona. She focused on IT because she want-ed to continue to leverage her finance knowledge and experience to better understand the IT systems enabling the financial processes and controls. At ARCO, as with many companies, communication between the IT de-partment and the Finance and Ac-counting department was strained and ineffective. There was a need for people who understood and could speak both IT jargon and Finance/Accounting terminology with both teams. She made it her goal to be the intermediary between the two organi-zations and from then on, her career was set for PARTNERDOM. Knock and the door will be opened. Then, at PWC, she continued to take the road less travelled. When most of her colleagues were excited by the internet and technology companies, she chose the path less travelled and focused in the Energy and Utilities Industry. Hence, she knocked this door out , wisdom came out , experi-ence built up, mastery flourished which prepared her career to one of

the shortest pathways towards part-nership. Ask and it shall be given you. “ Just ask . Two results , either you do get it or you don’t “ Joy believes that if you need something from the Corporate world, you need to ask for it and you might just get what you ask for.

However, you have to demonstrate your capabilities and confidence. Be-fore asking, she gave her best time away for free by acting as a manager when she was just a first year associ-ate. Stop tweeting and start talking . “Asians /Filipinos are still getting over the hurdles in self -advertising “. No one is going to be the greatest

cheerleader for your product than you are , no matter how good your products are . You need to make peo-ple aware of you and your abilities. She calls it “self- advertising with re-spect” . Told her “With your soft voice, I could never imagine that you would actually bang your hand in the corporate jungle’s battlefield – the boardroom” . She said , “oh it hap-pens .With a lot of men in the room that love to talk about themselves, you have to be assertive but also dip-lomatic to do everything you need to be in a very strong position or be in equal footing” ” Conclusively, she added “you have to

reach and build a rapport by connect-ing with the people you meet. Don’t just dive into the business talk too soon” With this, we are developing a voice and content and more im-portantly building relationships. “Just the best version of ourselves”, I quipped.

*****

By Emily “Mai” Enriquez-Patton

… you have to reach and

build a rapport by

connecting with the people

you meet.

ISFFA SF President “Emily Enriquez-Patton” with ISFFA pioneer supporter

“Loida Joy Dualan”

SPOTTED… ON THE ISFFA SPOTLIGHT

A ccounting standards are re-vised from time to time in keep-ing with the changes taking place in the business field. Standard setting body has been busy up-

dating and improving these accounting standards to cope with these changes. With that in mind we created this Au-dit flash to share with you the news from these standard-setters to help keep you up to date with all the changes that m i g h t affect your company or your client. Below is a list of some newly ef fect ive pronouncements in 2012 that could affect your Company or your clients. This is not a comprehensive list, but it highlights the updates on each of the standards. Accounting Standards Update (ASU) 2011-05 and ASU 2011-12-Comprehensive Income(Accounting Standards Codification (ASC) 220), Deferral of the Effective Date for Amendments to the Presenta-tion of Reclassifications of Items Out of Accumu-lated Other Comprehensive Income •Effective date: Public company effective date: Fiscal years, and interim periods within those years, beginning after 15 December 2011. Nonpublic company: Fiscal years ending after 15 December 2012, and interim and annual periods thereafter. • For annual periods, companies are required to present the components of net income and other comprehensive income, and a total for comprehensive income, either in a single continuous statement or in two consecutive state-ments. For interim periods, companies are required to report a total for comprehensive income in a single continuous statement or in two consecutive state-ments. ASU 2011-04 - Fair value measurements (ASC 820), Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements •Effective date: Public company: Interim and annual peri-ods beginning after 15 December 2011 . Nonpublic company: Annual periods beginning after 15 December 2011. • The guidance is applied prospectively with any resulting m e a s u r e m e n t c h a n g e s r e f l e c t e d a s a change in accounting estimate. Key clarifications and changes to ASC 820 include: a) The use of a blockage factor is not permitted for any fair value measurement. Blockage factors were previously prohibited only for Level 1 measurements. b) The concepts of “highest and best use” and “valuation premise” are relevant only for nonfinancial assets . F inancial instruments may be measured based on the company’s net exposure to

a p a r t i c u l a r r i s k i f c e r t a i n c r i t e r i a are met. c) Several new disclosures are required, many of w h i c h f o c u s o n p r o v i d i n g a d d i t i o n a l information about the Company’s Level 3 measurements, i n c l u d i n g ( 1 ) q u a n t i t a t i v e i n f o r m a t i o n about the significant unobservable inputs used in the measurement, (2) a qualitative discussion about the sensitivity of recurring measurements to chang-e s i n t h e u n o b s e r v a b l e i n p u t s disclosed and (3) a description of the valuation processes used by the company. ASU 2011-08 - Goodwill and Other (ASC 350), T e s t i n g G o o d w i l l f o r I m p a i r m e n t • Effective date: Annual and interim goodwill impairment t e s t s p e r f o r m e d f o r f i s c a l y e a r s b e g i n n i n g a f t e r 1 5 D e c e m b e r 2 0 1 1 . • The standard gives entities the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, t h e C o m p a n y d e t e r m i n e s t h a t i t i s more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company must proceed to the two-step impairment test. O t h e r w i s e , t h e C o m p a n y m a y e l e c t not to perform the current-year quantitative analysis. ASU 2010-28 - Intangibles — Goodwill and Other (ASC 350), When to Perform Step 2 of the Goodwill Impairment Test for Reporting Units with Zero or Negative Carrying Amounts • Effective date: Public entities: effective for fiscal years, a n d i n t e r i m p e r i o d s w i t h i n t h o s e years, beginning after 15 December 2010. Nonpublic enti-t i e s : e f f e c t i v e f o r f i s c a l y e a r s , a n d interim periods within those years, beginning after 15 D e c e m b e r 2 0 1 1 . • The amendments in this ASU 2010-28 modify Step 1 of t h e g o o d w i l l i m p a i r m e n t t e s t f o r reporting units with zero or negative carrying amounts. For those reporting units, an entity is required to perform Step 2 of the goodwill impairment test if it is more likely than not that a goodwill impairment exists. In determining whether it is more l ikely than not that a goodwill impairment exists, an etity should consider whether there a r e a n y a d v e r s e q u a l i t a t i v e factors indicating that an impairment may exist. The qu a l i t a t i v e fa c t o r s a r e c o n s is t e nt w i t h the existing guidance and examples in paragraph ASC 3 5 0 - 2 0 - 3 5 - 3 0 , w h i c h r e q u i r e s t h a t goodwill of a reporting unit be tested for impairment be-

By Rizza Velarde

AUDIT FLASH


FOR PROFIT….OR NOT?

E ver wonder what the phrase “tax-exempt under Internal Revenue Code

section 501( c )(3) is all about? To qualify for tax-exempt status, the organization must be organized and operated exclusively for an “exempt” purpose. This means that the organization must satisfy the organizational test and op-erational test to be granted tax exemption. The organiza-tional test is met if the articles of incorporation limits its purpose to one or more of the “exempt” purposes. Ex-empt purposes are religious, charitable, scientific, testing for public safety, literary, education, fostering national and international sports competition, or the prevention of cruelty to children or animals. The operational test re-quires the organization to be engaged primarily in activi-ties which accomplish one or more of the exempt purpos-es. Most nonprofit organizations were formed to do “public service” or to provide assistance to segments of the com-munity that are outside of the general scope of the gov-ernment. The most common legal form for these organi-zations is the public benefit corporation.

Because of its tax-exempt status, it is important for a non-profit organization to maintain an efficient and accurate fiscal management. The goal in establishing internal con-trols over fiscal management of the nonprofit organiza-tion is to prevent error, fraud, theft or mismanagement. The organization’s directors and officers play a key role in establishing internal controls of the organization through their approval of the policies and procedures that deter-mine the fiscal management system. In addition to keeping financial records, the organization is required to file reports to various government agencies, namely: Federal information return to IRS (Form 990), California return for tax-exempt organization to the Fran-chise Tax Board (Form 199), Registration/Renewal Fee report to the Attorney General’s Registry of Charitable Trusts (RRF-1). The directors and officers of a nonprofit public benefit corporation are responsible for conducting the organiza-tion’s affairs and for exercising the powers of the corpora-tion. Most directors and officers of nonprofit organiza-tions serve on a volunteer basis, and do not receive com-pensation, other than reimbursements for actual expens-es. In general, directors and officers are not personally liable for debts or obligations of the corporation. Howev-er, the director may be held personally liable to repay damages to the corporation itself where he has breached his duty of care or loyalty to the corporation. More information about nonprofit organizations can be obtained from the offices of California Attorney General Registry of Charitable Trusts and BBB Wise Giving Alli-ance.

*****

By Evelyn Torres

ISFFA is a Non-

Profit. What’s in a

NONPROFIT?

tween annual tests if an event occurs or circumstances change that would more likely than not red u c e t he fa i r va l u e o f a r e po r t in g u n i t b e l o w i t s c a r r y i n g a m o u n t . ASU 2010-26, Financial Services — Insurance (ASC 944), Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts • Effective date: Effective for fiscal years and interim peri-o d s w i t h i n t h o s e f i s c a l y e a r s b e g i n n i n g a f t e r 1 5 D e c e m b e r 2 0 1 1 . • The guidance specifies that certain costs incurred in the s u c c e s s f u l a c q u i s i t i o n o f n e w a n d renewal contracts should be capitalized. Those costs in-c l u d e i n c r e m e n t a l d i r e c t c o s t s o f contract acquisition that result directly from and are es-s e n t i a l t o t h e c o n t r a c t t r a n s a c t i o n ( s ) and would not have been incurred by the insurance entity h a d t h e c o n t r a c t t r a n s a c t i o n ( s ) n o t

occurred. All other acquisition-related costs should be c h a r g e d t o e x p e n s e a s i n c u r r e d . This section is intended to keep readers informed of recent d e v e l o p m e n t s i n a c c o u n t i n g , b u t is not intended to be all inclusive. Readers should refer to t h e o r i g i n a l p u b l i c a t i o n s i n q u e s t i o n before making decisions on the basis of the updates/developments summarized above. Refer to www.fasb.org for more information.

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Audit Flash...Continued from page 35

FINANCE MATTERS

As officers of the organization, we

share ideas on how being one of the officers of a new organization can ac-tually empower us. Focusing on the mission and vision of ISFFA, “Empowering Tomorrows’ Leaders Today”, we assess where we are and where we would like to be. One of the best benefits of joining the organization is having direct access to people who can be instrumental to the success of the members and the organization.These people, having come forward to unselfishly share their technical skills and wisdom, help us establish a strong footing. We can learn new things not only in a formal learning environment but more importantly, by being open to new ideas in the real world, especially in Silicon Valley, a place rich in ideas, talents and resources. We would like to share these lessons as a reminder to us of the mission and vision of the organization from the directions our coaches have shared, thus far. We understand that not eve-rything is handed to us on a silver platter; we have to do our homework to have an in-depth understanding towards effective application. This article provides a general overview of these lessons, which serve as guide and reminders to the members and leaders of the organization. Practice Inclusion Inclusion is the word that is hard to ignore as several of our mentors and guests have stressed its value. Here is an excerpt on a report on inclusion: “The 1998 Richard and Alice Netter Labor-Management-Public Interest Seminar, sponsored by Cornell Uni-versity ILR and the National Confer-ence for Community and Justice brought together organizational leaders, workplace practitioners and trainer/educators from public, pri-vate and non-profit organizations as well as academia to explore the

question: What will an inclusive or-ganization look like when it's achieved? Diversity and inclusion are terms frequently used together. For the purpose of the Netter Seminar, diver-sity describes the spectrum of human similarities and differences. Inclu-sion, on the other hand, describes the way an organization configures op-portunity, interaction, communica-tion, information and decision-making to utilize the potential of di-versity. Achieving inclusion means creating the structures, policies and practices in organizational life that recognize more than one view and signal the importance of learning from differences. Inclusion refers to the systemic nature of an organiza-tion. Inclusion is not necessarily lim-ited to the way an organization deals with employees; it may refer to inter-actions with customers and clients, partners, vendors, suppliers, and subcontractors as well. The participants identified the fol-lowing attributes or qualities neces-sary for an organization to be inclu-sive: · Demonstrated Commitment to Di-versity · Holistic View of the Members and the Organization · Access to Opportunity · Accommodation for Diverse Physi-cal & Developmental Abilities · Equitable Systems for Recognition, Acknowledgement & Reward · Shared Accountability and Respon-sibility · 360° Communication and Infor-mation Sharing · Demonstrated Commitment to Con-tinuous Learning · Participatory Work Organization and Work Process · Recognition of Organizational Cul-ture and Process · Collaborative Conflict Resolution Processes · Demonstrated Commitment to

Commu nity Relationship” At ISFFA, we have taken and we will take further steps to utilize practices that reflect inclusion. Empowerment through major participation in the industry known as the Silicon Valley Participation and benefiting from emergence of various high technology enterprises, universities and other non-profit organizations in the Sili-con Valley industry is one way to have a major participation.

A good example of a group of fi-nance and business professionals empowering not only its mem-bers but also the rest of the work-ing professionals are those ven-ture capital firms. As a finance and accounting organization, we at ISSFA can motivate groups of finance, accounting and business people in a way that goes beyond employment as a method of em-powerment. Entrepreneurship does empower! This is part of the engine that runs Silicon Valley.

Another good example is Hewlett Packard Foundation that continu-ally gets and gives. A fund should be managed and invested suc-cessfully to ensure the longevity of the organization. Most im-portantly, if this fund is automat-ed in such a way that solicitation becomes automatic, such fund can be designed as an investment fund for an objective yield to fi-nance the activities of the organi-zation.

A good example is Stanford Uni-versity receiving donations from alumni. The success of individu-als supported by the organization and their "payback" shall be to continue to make the organiza-

By Shirley Bayani


TAX FLASH

By Evelyn Torres and


Either as an individual or business owner, you maybe

affected by Obamacare (aka Affordable Care Act or Healthcare Law). Although the purpose of this federal health reform legislation is to assure that all Americans have access to affordable health insurance, what does Obamacare mean for your taxes? IRS has issued pro-posed and/or final guidance that are already in effect or will take effect next year. ISFFA provides you the outline of some of the health insurance reforms and related tax provisions you need to make informed choices about your health entwined with the tax consequences. These are some of the tax provisions that have a direct impact on individual taxpayers. Health Flexible Spending Arrangements. Effective Jan. 1, 2011, the cost of an over-the-counter medicine or drug cannot be reimbursed from Flexible Spending Ar-rangements (FSAs) or health reimbursement arrange-ments unless a prescription is obtained. The change does not affect insulin, even if purchased without a prescrip-tion, or other health care expenses such as medical devic-es, eye glasses, contact lenses, co-pays and deductibles. This standard applies only to purchases made on or after Jan. 1, 2011. A similar rule went into effect on Jan. 1, 2011, for Health Savings Accounts (HSAs), and Archer Medical Savings Accounts (Archer MSAs). In addition, starting in 2013, there are new rules about the amount that can be contributed to an FSA. Health Insurance Premium Tax Credit. Starting in 2014, individuals and families can take a new premium tax credit to help them afford health insurance coverage purchased through an Affordable Insurance Exchange. Exchanges will operate in every state and the District of Columbia. The premium tax credit is refundable so tax-payers who have little or no income tax liability can still benefit. The credit also can be paid in advance to a tax-payer’s insurance company to help cover the cost of pre-miums. Health Coverage for Older Children. Health cover-age for an employee's children under 27 years of age is now generally tax-free to the employee. This expanded health care tax benefit applies to various work place and retiree health plans. These changes immediately allow employers with cafeteria plans –– plans that allow em-ployees to choose from a menu of tax-free benefit options and cash or taxable benefits –– to permit employees to begin making pre-tax contributions to pay for this ex-panded benefit. This also applies to self-employed indi-viduals who qualify for the self-employed health insur-ance deduction on their federal income tax return.

Group Health Plan Requirements. The Affordable Care Act establishes a number of new re-quirements for group health plans. Interim guidance on changes to the nondiscrimination requirements for group health plans can be found in Notice 2011-1, which pro-vides that employers will not be subject to penalties until after additional guidance is issued. Medicare Part D Coverage Gap “donut hole” Re-bate. The Affordable Care Act provides a one-time $250 rebate in 2010 to assist Medicare Part D recipients who have reached their Medicare drug plan’s coverage gap. This payment is not taxable. This payment is not made by the IRS. Furthermore, some tax provisions that affect businesses and organizations may indirectly impact individual tax


http://www.irs.gov/pub/irs-drop/n-11-01.pdf

TYPHOON SOALA AND HABAGAT FLOOD RELIEF DRIVE

" A devastating typhoon “ Saola” and Habagat flood hit Philippines recently, leaving thousands of our kaba-bayans homeless, helpless and killed by this catastrophe. The International Society of Filipinos in Finance and Ac-counting in partnership with Gawad Kalinga and Ancop USA is calling on its members and supporters to respond to the recent tragedy in our country. Let us all help our fellow kababayans and share our blessings. ISFFA is ac-cepting CASH donations, in any amount, for the benefits of the typhoon and flood victims. All contributions are 100% taxd eductible as ISFFA is a tax exempt organization under IRC code 501(c) (3). For more information , call Lyn Naira at 650-228-9440(SF) or Rey Puentenegra at 213-247-8753(LA). Please make your checks payable to ISFFA (Typhoon Saola and Habagat Flood Relief Drive) and send it to the following addresses: Los Angeles Community : ISFFA 801 S Grand Ave., Suite

400 Los Angeles, CA 90017

San Francisco Community: ISFFA PO Box 716 Pacifica, CA 94044

MARAMING SALAMAT PO!

REACHING OUT

JOB RESOURCES FAIR On Tuesday, September 18, 2012, from 11am-3:30pm at Hayward City Hall, 777 B Street, Hayward, The Seventh Step Foundation, Inc., along with other Alameda County nonprofit organizations are hosting a Job Re-sources Fair for single mothers, people with disabilities, at-risk youth, English-language learners, as well as veter-an's and ex-convicts looking to return to the workforce. Attendees will be able to receive on site services including resume updating, financial literacy, web-based applica-tion training, and education on the various resources available to job seekers. Organizers welcome and encour-age all local businesses that are hiring to attend. The event is co-sponsored by the Alameda County Com-mission on the Status of Women, Eden Youth Center, the Community Resources for Independent Living, Abode Services, Community Partners, the Regional Occupational Program among others. The location is at Hayward City Hall, 777 B Street, Hay-ward. For more information, contact Dr. Jennifer Ong at [email protected] or (510)521-0551.

tion prosper. The lack of resources and funds is the natural killer of individuals and or-ganizations and as the support and funds dwindle, the intensity of inter-est flutters. Unless there’s a big uncle and aunt to continue to contribute to the effort, there will always be a need for resources and funds - begging is a closer description. The continuing effort to solicit donors and supporters shall create such a load of various source of funds and information. As a new organization, ISFFA commits to seek long-term partnership with sup-porters and members to be able to support and fund its programs and projects and most importantly, its people. Understand basic financial principles According to SOLAR (Sun Life’s Study of Lifestyle, Attitudes and Rela-

tionships – a research sponsored by Sun Life Financial-Philippines), 86% of Filipinos are concerned with infla-tion but 67% think savings and time deposits are the best way to beat in-flation. 76% are concerned about pay-ing for health treatment yet only 35% rely on health insurance. Out of 100 Filipinos who are at age 65, 45 are dependent on relatives, 30 are de-pendent on charity 23 are still work-ing and only 2 are financially inde-pendent. The ability to understand basic financial principles and manage finances is a fundamental skill that should be taught early but it is never early or too late for anyone to under-stand and apply them. ISFFA com-mits to focus on economics, account-ing and financial management curric-ula and literacy in the organization. Conclusion: The integration of inclusion, empow-erment through major participation

in the industry and consideration of basic financial principles that are rel-evant to the needs of the members and the community in the policy and practice of ISFFA can contribute to the empowerment of the members and the industry. This is where the journey begins and the journey starts now.

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A Journey...Continued from page 37

payers, namely: Small Business Health Care Tax Credit, Proposed Medical Device Excise Tax, CO-OP program for Qualified Nonprofit Health Insurance Issuers, Addi-tional Requirements for Tax-Exempt Hospitals, Annual Fee on Branded Prescription Pharmaceu-tical Manufacturers and Import-ers, Modification of Section 833 Treatment of Certain Health Or-ganizations, Medical Loss Ratio, Limitation on Deduction for Com-pensation Paid by Certain Health Insurance Providers, Employer Shared Responsibility Payment. For additional information, tips, fact sheets, questions and an-swers, see Affordable Care Act Tax Provisions page at www.irs.gov

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Tax Flash...Continued from page 38

Special Thanks to the following:

CONTRIBUTORS

Casper Calisin Janet Tan

Bennie Lou Quevedo-Burris New Your Life Insurance Company

Carmelita O’neal VuQo

VOLUNTEERS Joel Ryan Ang

Roman Macapagal Fulbert Magno

Fernando Enrile Flevie Reynoso

Elvirlee Villanueva Riza Barron

Maria Luisa Jarcia Christina Regala

Nancy Wong Ghia Policarpio Judy De Dios

WuHoover Resources Roger CPA Review Season’s Marketplace Becker Professional Education Efotobox JP Morgan Chase Asian Journal Prowave Media Pricewaterhousecoopers Philippine News

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CALCPA Ernst & Young LLC Bank of America AICPA DeVry University Moss Adams Robert Half International ADP KPMG Xoom

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Our heartfelt gratitude to our sponsors:

http://www.irs.gov

ISFFA IN THE NEWS

ISFFA: The Next Generation

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