Crow Shields Bailey Team Member News 2019

We would like to congratulate all of our team members and their families who have had much to celebrate in 2019. Pictured below are just some highlights of a great year. Here’s to another great one in 2020!

The year began with a surprise welcome back party for La Nette Caskey after battling cancer for months and getting to ring the bell after completing her treatment.

Andrew and Jenny Bailey welcomed their first child, baby Win, on January 17th,

and Kirsten and Sim Sokom welcomed their first child, baby Nate, on February 20th.

Bradley Russell, son of Gina and Pudgy McKellar, and Elizabeth Casten are engaged and planning a wedding for February 1, 2020.

Caylee and Ryan Summerford were married May 4th and welcomed their first child, Peter, on December 20th.

Brooke and Geoffrey Bunting were married November 2, 2019 at St. Joseph Chapel at Spring Hill College.

Emma Ard graduated from her MBA program at USA,

and Abby Roveda’s husband, David, graduated from medical school and matched at UAB for Radiation Oncology.

Blake LaMont proposed to Mary Claire Shulstad, and they will tie the knot on May 30, 2020.

Markie Cobb’s husband, Kevin, and his art were featured in the July issue of Beachin magazine.

Joey and Connie Bailey’s daughter, Mary Catherine, married Cole Turner on December 14th.

CSB Awarded Best Company To Work For By Business Alabama

July 29, 2019

Deborah FisherFirm Administrator | Published by Crow Shields Bailey PC

At CSB, our team is our most valuable asset and one of our top priorities is to recruit and retain the best and the brightest. We make sure that team members have a clearly defined career path, mentors to help them reach their goals, opportunities for excellent training, and we have some fun along the way as well.

Because of our “team first” mentality, we were thrilled and honored to discover that the sentiment is mutual when we were named one of Business Alabama Magazine’s Best Companies to Work For. This award is based, in part, on surveys that our team members completed about what it’s like to work here and their satisfaction level with features like benefits, compensation, flexibility, working environment, and more.

We believe that communication is the key to reaching this level of employee satisfaction. We haven’t always been in this position. Just like many other “Boomers” in management, we came up with ideas in meetings that we thought were great and many times, to our dismay, we were not even close to hitting the mark. That’s when we realized that maybe, just maybe, we should actually ask team members what would make CSB a great place to work.

We took great pride in having an “open door policy” but sometimes that simply meant listening to suggestions. If you don’t take action, then what’s the point?  We began to really listen to team members’ ideas and started taking action. As a result, for the last eight years or so, our team is responsible for many changes such as our dress code (we now have a Dress for Your Day policy), recruiting (our team plans and executes events), community service (we vote on our main charity each year), compensation (our team is responsible for various changes to our compensation structure), time off policy (we ditched traditional “vacation and sick leave” and replaced with PTO), two extra holidays came from team recommendations, and the list goes on.

In summary, if you are putting forth the effort to hire and retain the best and the brightest – let them show you what they can do. We firmly believe that the change in our mindset to move from just listening to listening AND taking action is one of the reasons that we have been named one of the best companies to work for in Alabama. And for that, we are truly grateful.

 

 

 

Kristi Daughtery Wins Best CPA in 2019 Nappie Awards

CSB is proud to announce that our very own Kristi Daughtery received the 2019 Nappie Award for Best CPA! We can’t think of anyone more deserving and are glad the city of Mobile and those on the Eastern Shore agree. We appreciate the thousands of Lagniappe readers in Mobile and Baldwin Counties who voted for their favorite hometown heroes and recognized a member of the CSB team for the second year in a row. Kristi is the definition of what “reaching beyond the numbers” means and she inspires us all to be the best we can be. Congratulations to Kristi!

CSB’s Guide to Understanding Classification and Accounting for Leases Under ASU 2016-02

July 26, 2018

Kirsten Sokom, CPA | Supervisor | Published by Crow Shields Bailey

In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02 on Topic 842 for leases, introducing a principles-based approach in classification and accounting for lease agreements.

 

The changes under the new standard will require most leases to recognize a lease liability and a related right-of-use asset on the balance sheet, regardless of whether or not it is considered an operating or capital lease. ASU 2016-02 becomes effective for public companies’ fiscal years beginning after December 15, 2018. For all other organizations, the standard is effective for fiscal years beginning the following year, December 15, 2019; however, early adoption is permitted. This article summarizes classification and measurement of leases under the new standard.

 

Lease Classification

ASC 842 revised the lease classification criteria as outlined in ASC 840, and those new standards are as follows:

  • Does the lease transfer ownership to the lessee by the end of the lease term?
  • Does the lease contain a purchase option that the lessee is reasonably certain to exercise?
  • Is the lease term a major part of the remaining economic life of the asset?
  • Is the sum of the present value of the lease payments and any residual value guaranteed by the lessee equal to or greater than substantially all of the fair market value of the assets?
  • Is the underlying asset of a specific nature such that it would have no alternative use to the lessor?

If any of the above lease criteria are met, the lease is classified as a finance lease (formerly known as a capital lease). If none are met, the lease is classified as an operating lease. The classification of lease agreements under ASC 842 is similar to current guidance under ASC 840. One change to note is that the 75 percent and 90 percent bright-line tests are no longer included in lease classification criteria; however, ASC 842 indicates that these bright-line tests are acceptable criteria in determining the definition of “major part” or “substantially all.”

 

Operating Leases and the Short-Term Lease Election

Under current guidance (ASC 840), operating leases are not recorded on the balance sheet. This will change under ASC 842. Operating leases will generally be required to be recorded on the balance sheet unless certain exceptions are met, which will result in the addition of a right-of-use asset and the related liability for each operating lease asset.

One of these exceptions is the short-term lease election. Operating leases qualifying for this treatment are not required to be capitalized. Accounting under the short-term lease election would result in similar treatment for an operating lease under the current standard. However, to choose the short-term lease election, the initial lease term and all renewal options reasonably certain to be exercised must not exceed 12 months.

 

Initial Measurement

Initial measurement for operating and finance leases under ASC 842 are the same. The lease liability is calculated based on the present value of unpaid lease payments. This amount will also serve as the right-of-use asset’s cost basis, assuming there are no initial direct costs, prepaid lease payment, or lease incentives received to be taken into account.

 

Subsequent Measurement

While initial measurement is treated the same under ASC 842, subsequent measurement varies for operating and finance leases. For finance leases, the lease liability is reduced using the effective interest method. The interest portion is shown as interest expense on the income statement. The right-of-use asset will be reduced on the straight-line basis over the shorter of the expected lease term or the useful life of the asset. Amortization expense will also be presented on the income statement. If there are variable lease payments also associated with the finance lease, the payments will be classified as rent expenses.

With regard to operating leases, the lease liability is subsequently measured based on the present value of the unpaid lease payments using the effective rate of interest upon lease commencement. The right-to-use asset will be measured at the carrying amount of the operating lease liability while also considering any reduced initial direct costs, prepaid or accrued lease payments, and lease incentives received. On the income statement, both the amortization expense of the right-to-use asset and the recognized interest expense will be shown together as rent expense.

ASC 842 also requires reassessment and remeasurement of the lease if there have been significant changes to the lease term or other aspects of the lease. If you have questions about whether your lease needs to be reassessed, our CSB team is prepared to assist your specific situation.

Consensus surrounding the new standard suggests that finance leases will be more desirable due to the required calculations and disclosure requirements for operating leases. While the ASU 2016-02 language indicates that each lease agreement must be evaluated individually, the FASB has released transition guidance including several practical expedients that may be utilized upon implementing ASC 842.

 

If you have questions regarding how your current lease agreements will be categorized or measured under ASU 2016-02, give us a call. We are happy to provide guidance regarding changes in reporting requirements and your company’s financial performance under the new standard.

Crow Shields Bailey Shareholder Gina McKellar Awarded Best CPA in Local Nappie Awards

July 18, 2018—Crow Shields Bailey PC (CSB) is proud to announce that Gina McKellar, CPA, CVA, has been awarded The Lagniappe 2018 Nappie Award for Best CPA. This well-deserved accomplishment recognizes top local businesses, professionals, and places voted by Gulf Coast readers. With more than 30 years of experience in public accounting, Gina McKellar is CSB’s tax and human resources shareholder, who specializes in accounting and auditing, tax, business valuations, tax planning, business consulting, and litigation support. We invite you to learn more about Gina’s career path, industry passion, and perspective on how the Gulf Coast’s revitalization continues to impact CSB clients’ personal and business financial goals.

Lifelong Passion for Accounting

Gina was born and raised in Mobile, and has been passionate about math since her earlier school days at McGill-Toolen Catholic High School. This love of numbers is what originally attracted her to the accounting profession, but technology keeps her interested in the shifting ability to impact businesses. “The field of accounting is rapidly changing with the rise of technology, and CSB has made it a priority to integrate new practices as the industry shifts towards digital trends. As this change happens, our accountants look forward to taking on a larger role in consulting for our clients, versus simply preparing tax returns.”

Problem Solving

Although her love for math originally led Gina to an accounting career, her desire to be a problem-solver for her clients’ unique demands is what keeps her motivated on a daily basis.

Gulf Coast Progress

Gina believes that as the Gulf Coast continues to flourish, so will CSB’s clients, employees, and community impact. “This is an exciting time to be part of the development across the Gulf Coast, and help our clients continue to grow as a result of local revitalization and innovation.” Gina is married to Charles McKellar and mother to Brian, Bradley, and Thomas Russell. In her free time, she is an avid runner and gardener, and currently serves as McGill-Toolen Catholic Foundation president.

Our CSB team is proud to work with passionate team members like Gina and congratulates this caring and talented professional on her well-deserved Nappie Award.

Crow Shields Bailey to host 3rd Annual IMAGINE Leadership Conference

Crow Shields Bailey is hosting a two-day leadership conference May 10-11, 2018 to equip students with the tools to identify their core values, generate a vision for the future, and gain confidence to use their voice in various real-life situations. Our goal is to help students IMAGINE the difference they can make in their families, schools, communities, and ultimately their careers by establishing a clear vision for their future.

 

 

 

Crow Shields Bailey 2017 Holiday Message

As Crow Shields Bailey winds down another year, we are increasingly aware of how fortunate we are to live and work in the most wonderful place in the world. My daughter and son-in-law are living in Italy for three years as he repays the Air Force for defraying the cost of becoming a dentist. They have been to over 20 countries since their arrival, and each place has its own beauty and distinctions which make it a travel destination. They are so blessed to be able to travel the world at such a young age. As incredible as many of these places are to see, the greatest country in the world still ranks as the best place to live and work. The United States of America provides us with opportunity to be rewarded for our success and freedom to choose the path to that success. Our team continues to grow and impress me with their creative talents and eagerness to become the trusted advisor for all our clients. We thank our clients for the confidence they place in us. This challenge keeps us motivated to serve you at a higher level. This is the time of year to pause and say thanks. Thank you for being part of our CSB family, and we pray for good health and happiness for you and your family. We wish you a holy and happy Christmas Season and a prosperous New Year!

Kenny Crow

Crow Shields Bailey Membership with RSM US Alliance

rsm-us-alliance-logo-stacked-rgbTo Our Valued Clients and Friends:

We wanted to share some exciting news for Crow Shields Bailey PC.

We have been a member firm of the McGladrey Alliance since fall 2015. This week, McGladrey Alliance announced that it is rebranding to RSM US Alliance, effective September 12, 2016.  This follows a similar rebranding initiative by McGladrey LLP, which changed its name to RSM US LLP in October 2015 to globally align the RSM brand.

Membership in the RSM US Alliance allows us to leverage the infrastructure of the country’s fifth largest provider of audit, tax and consulting services, but maintain our local ownership, autonomy and maintenance of valued client relationships. This membership gives Crow Shields Bailey the shared resources of a national practice, while allowing us to remain your locally-owned accounting firm with offices in Mobile, Daphne and Gulf Shores.

Should you have any questions concerning the affiliation name change, please do not hesitate to reach out to any member of our team to discuss. We appreciate your support and look forward to continuing to serve you.

More details can be found in the press release below.

Regards,

Kenny Crow, Jr.
Managing Partner
Crow Shields Bailey

CONTACT FOR MEDIA ONLY:
Terri Andrews, Director of National Public Relations
[email protected] 980.233.4710

McGladrey Alliance Changes Name to RSM US Alliance
Name change follows fall 2015 rebranding of RSM US LLP, other RSM International member firms

CHICAGO (August 29, 2016) –The McGladrey Alliance announced today that it will be changing its name to the RSM US Alliance, effective September 12, 2016. This change follows the October 26, 2015 launch of the RSM global brand where McGladrey LLP changed its name to RSM US LLP (RSM), uniting with firms from 120 countries around the world under a common brand. This change reflects the relationship RSM has with RSM US Alliance member firms and was designed to align with the RSM global brand.

“The RSM US Alliance is an important part of our vision to be the first-choice advisor to middle market leaders globally,” said RSM US LLP Managing Partner and CEO Joe Adams. “Middle market companies want access to national and international resources while being served by strong teams in their local market. RSM strives to provide the best of both, and the RSM US Alliance helps us do that. Extending the RSM brand to the alliance enables members to further show their connectivity to RSM and our broad range of resources domestically and around the globe.”

The middle market is a critical part of the U.S. economy, accounting for approximately 40 percent of the nation’s Gross Domestic Product (GDP), and providing one-third of its jobs. For more than 28 years, the RSM US Alliance has supported RSM’s vision by extending its brand in cities across the U.S. The RSM US Alliance has more than 75 independent member firms in 38 states, the Cayman Islands and Puerto Rico.

“Membership in the RSM US Alliance provides our members with access to the reach and resources of RSM, the leading audit, tax and consulting firm focused on the serving middle market and the fifth-largest firm in the U.S., while allowing them to maintain their independence and entrepreneurial culture,” said Dean Sengstock, RSM US Alliance national leader. “Our members value the collaboration and networking opportunities with RSM and other alliance members in addition to having access to a broad range of technical tools, expertise and practice management resources. We’re thrilled to now offer this membership under the esteemed RSM brand and look forward to continuing to support this important community of RSM promoters.”

About RSM US Alliance
RSM US Alliance (www.rsmus.com/alliance) is a premier affiliation of independent accounting and consulting firms in the United States, with more than 75 independent member firms in over 38 states, the Cayman Islands and Puerto Rico. RSM US Alliance provides its members with access to resources of RSM US LLP, the leading provider of audit, tax and consulting services focused on the middle market, with more than 9,000 people in 86 offices nationwide. RSM US Alliance member firms are separate and independent businesses and legal entities that are responsible for their own acts and omissions, and each are separate and independent from RSM US LLP. Members of RSM US Alliance have access to RSM International resources through RSM US LLP but are not member firms of RSM International. For more information, call toll free 800.537.7178 or visit rsmus.com/alliance.

RSM US Alliance provides its members with access to resources of RSM US LLP. RSM US Alliance member firms are separate and independent businesses and legal entities that are responsible for their own acts and omissions, and each are separate and independent from RSM US LLP. RSM US LLP is the U.S. member firm of RSM International, a global network of independent audit, tax, and consulting firms. Members of RSM US Alliance have access to RSM International resources through RSM US LLP but are not member firms of RSM International. Visit rsmus.com/about us for more information regarding RSM US LLP and RSM International. The RSM™ logo is used under license by RSM US LLP. RSM US Alliance products and services are proprietary to RSM US LLP.