LIVE: Professional Issues Updates in Columbus

August 31, 2010

Follow along on Twitter: #PIU

Thank you to all of the Professional Issues Updates attendees! We closed up the PIU with a 50/50 raffle to benefit the CPA/PAC. Congratulations to Mary Lee Elliott on being the lucky winner!

We’re off to Cincinnati this afternoon to continue the roadshow! View the full PIU schedule!


11:00

Feel like someone’s watching you? You’re right.

A third of employers monitor employees internet use (American Management Association).

Employers using myrid of ways to monitor employees:

  • Physically going undercover
  • Scrutinizing social media use
  • Monitor e-mail and IMs
  • Tapping office phones
  • Watching personal web postings

10:57

The risk inside your copiers

Nearly every digital copier built since 2002 contains a hard drive:

  • Stores image of every document copied, scanned, or emailed by the machine
  • Digital time‐bomb packed with highly‐personal or sensitive data
  • Identity theft “pot of gold”

10:52

AICPA’s Top 10 Technology Issues

Which top ten technology considerations are driving your business or practice today?

  1. Security of data, code & communications / data security & document retention / security threats
  2. Connectivity / wireless access / high speed Internet connections / voice and data
  3. Backup solutions/ disaster recovery/ business continuity
  4. Secure electronic collaboration with clients – client portals
  5. Paperless workflow/ paperless technology/electronic workpapers
  6. Laptop security / encryption
  7. Small business software / Office 2010 / Windows 7
  8. User mobility / mobile computing / mobile devices
  9. Tax software / electronic transmittals of tax forms / modern e‐file
  10. Server virtualization and consolidation

10:49

Social Media

Forrester Research (June 15, 2010): Information Technology staff who use social media
in servicing their organizations:

  • 72% ‐ positive impact on productivity in the front office
  • 70% ‐ makes IT operations more productive
  • 61% ‐ makes the back office more productive
  • 46% ‐ positive influence on marketing
  • 72% ‐ social media helps them get answers to questions
  • 68% ‐ helps find information they need to be successful
  • 62% ‐ lets people know what kind of help is available.
  • positive impact on brand reputation (86%); innovation (80%); customer service (78%).

10:47

CPAs in an aging society:

E‐mail is making you stupid

  • The cult of multitasking would have us believe that compulsive message‐checking is the behavior of an always‐on, hyper‐productive worker.
  • It’s not a sign of a distracted employee who misguidedly believes he can do multiple tasks at one time. People may be able to chew gum & walk at the same time.

Peripheral tasks triggered twice the number of errors and jacked up levels of annoyance

Interrupted test workers: 3% to 27% more time to complete reading, counting or math problems. The harder the interrupted task, the harder to get back on track.

Microsoft study: It takes a worker 15 minutes to refocus after an interruption; 44% of interruptions employees experience from within the company.


10:29

What’s next? They aren’t even out of grade school. But already, people are trying to name the youngest up‐and‐coming generation, and trying to figure out who they might be and how they might be different from their predecessors.

Many call them Generation Z, and will never know a world without the Internet.

Who are they, really?

Emerging picture of Gen Z (for what it’s worth): they’re young ‐ roughly age 12 or younger. Determining who these youngsters are still is very much a work in progress.

This generation will take characteristics already affiliated with Gen Y to a new level: multitasking or comfort level with different races, ethnicities and cultures.


10:23

What’s the next generation in the workplace going to look like?

The next generation of clients:

Millennials & Gen Xers more comfortable with online tools that enable them to do things themselves.

  • Have access to information at their fingertips like no generation before them, they know where to find information with relative ease.
  • Potential increased regulations & tax law complexities could change things, the fact is younger generations are less likely to utilize a professional accountant.

Firms will need to develop innovative strategies that identify and take advantage of new opportunities with a drastically different client base.

This reality only makes younger generations of workers more integral to the long‐term success of a firm.

  • Understand technologies & values that shape mind set of the demographic. In short, they hold the answers to what it will take to transform & sustain a firm. Learn from them and, at the same time, teach them to build lasting.

10:12

IFRS

Certain OR Uncertain?

  • Uncertain state of U.S. adoption of IFRS: could be helping a number of companies (extra time to make the adjustment.)
  • SEC recently ruled that IFRS won’t be incorporated into: U.S. financial standards until 2015 at the earliest (depending on decision next year on whether to go forward with the transition.)
  • SEC Chairman ‐ Mary Schapiro “confident” that the regulator will decide in 2011

IFRS Readiness – Key Messages

  • Familiarity with IFRS has increased since September 2009: Members also expressed a need for more advanced IFRS knowledge
    • 27% said they need increased knowledge in the next year
    • 37% said they need increased knowledge in the next 2 to 3 years
  • Companies have made some progress in moving toward adoption: Delaying implementation while waiting for SEC action
  • Members: Support adoption of IFRS, although more convergence is desired first; Believe a 2015‐2016 adoption would allow time for implementation (if SEC decides in 2011 to require IFRS)
  • About half were aware of IFRS for SMEs: In addition, 47% said they were unsure if they would consider adopting IFRS for SMEs

10:07

Private Company Financial reporting Task Force

  • 30% of private companies release no financial statements to external users
  • 15% GAAP, but depart: many view GAAP (or certain aspects) as overly complex; few view it as the ultimate solution for private company reporting
  • GAAP departures: potential to confuse financial statement readers and dilute perceived quality of GAAP

Blue Ribbon Panel provides recommendations:

  • future of standard setting ‐ private companies
  • including whether separate, standalone
  • accounting standards for private companies are needed.

10:00

OSCPA Chair Pete Margaritis talking to an OSCPA member at today's Professional Issues Updates.


9:55

CPA/PAC 50/50 Raffle

Get your tickets in for the 50/50 Ohio CPA/PAC raffle! 1/$5.00 or 3/$10.00! Visit our Governmental Affairs team at the table in the back of the room!


9:53

Financial Reporting Issues

  • Accounting Standards Executive Committee (AcSEC)
  • Compilation and Review
  • Simplicity
  • Private Company Financial Reporting
  • IFRS
  • Sustainability

9:39

Ohio Budget Crisis

CPAs routinely advise troubled businesses on how to economize & get through tough times. What are the steps that CPAs would recommend to achieve operational economies, but still keep the doors open & the state in business?

Immediate Action Steps

  • Identify cost & management efficiencies & identify & implement additional cost containment measures
  • Suspend for 1 year any Controlling Board expenditures not necessary to maintain essential state programs & services
  • Require state agencies to use modified zero-based budgeting for 2012‐2013 budget
  • Develop a plan to sunset state agencies (implement a 10‐year evaluation process for all agencies)
  • Require paperless technology

9:19

ABO

Don’t ignore anything that comes to you from the Accountancy Board of Ohio!

  • Deadlines are firm and fines are automatic
  • The last thing you want to do is get a letter from the Accountancy Board summoning you to a public hearing for failure to renew or another violation

9:17

CPA Exam

  • New format will allow development of new kinds of simulations.

Some possible future tasks include:

  • Reviewing footnote disclosures.
  • Creating a flowchart from a description.
  • Repairing a flawed flowchart.
  • Simulating a general ledger where drilldown is done and source documents are reviewed.
  • Simulating a “shoebox” scenario where a CPA has to review several different documents to determine what to do with them (for example, tax return preparation).

9:10

Tax Preparer Registration

Concerns:

  • extension of PTIN requirement to non‐signing employees of CPA firms;
  • appropriate title for persons receiving PTIN
  • IRS imposition of “reasonable user fees,”
  • foreign preparers

What’s Behind the PTIN Issue?

The new PTIN standard marks “the creation of a new profession” by maintaining the term “registered tax return preparers” Karen Hawkins, Director, IRS Office of Professional Responsibility (OPR) In a speech to the National Society of Accountants

Comparing preparer requirements

CPA Requirements

  • College graduate
  • 150 hours college
  • CPA requirements

IRS requirements

  • High school graduate
  • 18 years old education
  • Uniform CPA exam
  • 120 hours CPE over 3‐year period
  • IRS exam – level unknown
  • 15 hours annual tax education

9:06

Red Flag Rules

FTC delayed enforcement of “Red Flags” rule until December 31, 2010.

Financial institutions & creditors subject to the FTC’s jurisdiction, including CPA firms. Businesses that bill customers for sales or services after services have been performed, even in the normal course of a traditional billing process are
considered a “creditor.” AICPA filed a lawsuit on November 10, 2009, with the intent to provide an exemption for members in public practice


9:01

Financial Reform

The CPA profession successfully advocated on a number of issues, including:

  • protections to maintain FASB’s independence
  • inclusion of a provision to ensure permanent funding for GASB: resisted duplicative regulation by new Consumer Financial Protection Bureau for CPAs’ usual and customary activities.

8:50

What’s likely going to happen in Congress in the next year?

  • Health Care Reform
  • Supreme Court
  • Tax Strategy Patents
  • Financial Reform: Financial Planning; Registration of auditors; Private Right of Action
  • Red Flag Rules
  • Comptroller General = CPA – H.R. 4410
  • Tax Issues: PTIN; S Corp

8:46

A unanimous response from the audience at the Columbus PIU thinks that OSCPA should fight a tax on services.


8:42

CPA Mobility Legislation

The ability of a licensee to gain a practice privilege outside of their home state without getting an additional license in another state where they will be serving a client

  • No fee, no notification, no escape

Recent Success:

  • Alaska ‐ 47th state to enact mobility
    June 10, signed by Alaska Governor Sean Parnell
  • New York Senate passed S6307‐B
    June 7, 2010 / 59‐3

8:37

What’s going on that’s affecting the CPA profession?

Around the country: Mobility; Firm Names; Peer Review

In Ohio: General Assembly; Board of Accountancy

In Washington D.C.: The Court; Congress;  The Regulators


8:34

CFOs said strong ethical culture has beneficial effect on business performance in terms of:

  • staff trust, loyalty & motivation
  • more reliable financial reporting
  • improved corporate culture
  • external relationships
  • investors, customers & analysts: perceived a risk to personal & corporate
  • reputations if ethics not a high enough priority

8:31

Fraud summary:

Misconduct at work is down:

  • Fewer employees witnessed misconduct on the job;
  • 56% in 2007 to 49% in 2009

Whistleblowing up:

  • More employees reported misconduct when observed
  • 63% 2009, 58% in 2007

Ethical cultures stronger:

  • Strength of ethical culture in the workplace increased
  • 53% in 2007 to 62% in 2009

Pressure to cut corners lower:

  • Perceived pressure to commit an ethics violation (cut corners, or worse) declined from 10% ‐ 8%

8:28

Is it OK to cheat on your income taxes? A USA Today poll showed the 84% of those surveyed said, “not at all.”

  • 9%: a little
  • 4%: as much as possible
  • 3%: don’t know

8:25

Occupational fraud is a global problem. Most trends in fraud schemes, perpetrator characteristics & anti‐fraud controls are similar regardless of where the fraud occurred.

Fraud reporting mechanisms critical for effective fraud prevention & detection:

  • implement hotlines to receive tips (internal & external)
  • anonymity and confidentiality; report suspicious activity
  • without fear of reprisal.

Organizations tend to over‐rely on audits.

  • External audits ‐ control mechanism most widely used by victims
  • Ranked comparatively poorly in detecting fraud & limiting losses due to fraud

Employee  education is the foundation of preventing and detecting occupational fraud.

  • Staff ‐ top fraud detection method
  • employees must be trained in what constitutes fraud and how to report questionable activity
  • organizations that have anti‐fraud training for employees and managers experience lower fraud losses

Surprise audits are effective, yet underutilized

  • Less than 30% of victim organizations conducted surprise audits; tended to have lower fraud losses & to detect frauds more quickly. Perpetrators only commit fraud if they believe they will not be caught. Threat of surprise audits increases perception that fraud will be detected; strong deterrent

Small businesses ‐ particularly vulnerable to fraud

  • Far fewer controls in place. Should focus control investments on most cost‐effective mechanisms (hotlines & setting an ethical tone) for employees, as well as those most likely to help prevent and detect the specific fraud schemes that pose the greatest risks to their businesses.

Internal controls alone ‐ insufficient to fully prevent occupational fraud

  • Internal controls will not prevent all fraud from occurring, nor will they detect most fraud once it begins.

Fraudsters exhibit behavioral warning signs of their misdeeds.

  • Red flags (living beyond one’s means / exhibiting control issues) – not likely identified by traditional controls.

Given high costs of occupational fraud, effective fraud prevention measures are critical.

  • Organizations should implement a fraud prevention checklist

8:19

The typical organization loses 5% of revenue because of fraud.

About 40% of companies polled …

  • risk for fraud & economic crime had grown in the past year due to the recession.
  • More than two‐thirds: greater risk of fraud due to increased incentives or pressures
  • 18% ‐ more opportunities to commit fraud partially due to reductions in internal finance staff.

Nearly 90% of occupational frauds involve some form of asset misappropriation.

Methods employees use to embezzle organizational assets:

Three categories:

  1. Schemes involving theft of cash receipts
  2. Schemes involving fraudulent disbursements of cash
  3. Other asset misappropriation scheme

8:10

“Most – when confronted with the global forces shaping business assume that their ability to sculpt the future is minimal.” – J. Clarke Price


8:08

Small business and technology trends:

Social, Mobile and Cloud Computing Converge: Individually, these technologies are having a major impact on small business. But the increasing convergence is amplifying their impact; fundamentally changing how business is done.

Location Technology and Services: Near ubiquity of GPS systems in smartphones and cars, consumer & business use of location aware applications will grow dramatically in 2010. Location information on businesses & consumers will become common & merge with online reviews & ratings.

Analytical Tools Lead to Data‐Driven Decisions: Sophisticated yet easy‐touse tools are allowing small businesses to move from “gut level” decision making to evidence‐based management.

Online Training Brings Professional Education to Small Business: Lowcost yet highly professional online training courses & programs provide small business with the ability to improve productivity & employee engagement. Negatively impacted by the recession, small business use of online training will accelerate in 2010.


8:06

Finance Executives Top 10 Risk Hot Spots for 2010
(From the Corporate Executive Board reported in CFO.com)

  1. Strategic change management
  2. Capacity: Risk of both over & understaffing; Timing capital expenditures also a challenge.
  3. Incentive plans: Compensation under extreme scrutiny
  4. Human resources : Layoffs have left many skill gaps & possible holes in compliance structures.
  5. Fraud: Widely thought to pick up in down times, can be easier to commit at companies that are short‐staffed and under pressure
  6. Innovation/R&D: companies that have cut back risk falling behind competitors
  7. Third‐party relationships: care in evaluating third parties
  8. Shared services: exploring new locations for back‐office functions; can affect companies’ control structures and processes
  9. Inflation/Deflation: currency risk ‐ open question for 2010
  10. Tax management: Recession‐scarred states looking to raise funds: new taxes & stricter enforcement of existing tax laws?

8:01

According to a PEW Research Center poll in July 2010, only 30% of those surveyed know who the Chief Justice of the U.S. Supreme Court is, but 85% know what Twitter is.


7:57

What’s new in the CPA profession? The pace of accounting rule changes is beginning to wear on finance staffs.

“At any one time we’re tracking between 100 and 200 potential regulations that might impact us. It is putting a lot of pressure on the accounting and financial resources of the organization.” Terry Lillis CFO ‐ Principal Financial Group

7:44

Do you use social media? When polled at last years’ PIUs, 59% said yes, and 41% said no. “I expect the number of people using social media to trend upward,” said Clarke Price.


7:41

The Fall Professional Issues Updates is kicking off in Columbus! Peter Margaritis, CPA, MAcc, Chair of the OSCPA Board addresses the audience and discusses the importance of the CPA/PAC.


CPA firms working together on the same client? Can it really happen?

August 24, 2010

By Jim Keeslar, Director BCG & Company

The answer to both of these questions is yes. I know since our firm has already done or is currently doing work together with several other CPA firms. We have helped out a sole practitioner whose client needed to go from a compilation to a review and they didn’t perform reviews. We performed the review only and the sole practitioner kept the overall engagement relationship and performed the other services. We have performed ERISA plan audits for clients’ of several firms who perform investment or third party administration services for the plans and, therefore, are not independent regarding the audit. We have performed a pre-issuance review of financial statements for a local firm with a client in a specialized industry that we have experience in.

So it can happen. There just needs to be a high degree of trust between the firms. CPAs in firms are realizing that they just can’t keep up with all of the changes in today’s fast-paced accounting profession. Whether it be tax law or the accounting standards, there is something new that comes out daily. Driven by the global marketplace we now live in, topics like foreign taxes and international accounting standards seem to be very hot right now. Successful firms (or individuals within the firm) specialize in areas such as tax or audit. Most also specialize in industries such as manufacturing or construction. Some even specialize in more specific areas like ERISA audits or IFRS (International Financial Reporting Standards). So decisions must be made. Where do I spend my time? What training do I focus on? What resources do we invest in?

There are only so many hours in a day and only so many resources available to service our clients—so we must choose wisely. Sometimes a firm will lose the entire client relationship because they can’t handle one specific aspect of the relationship. Or perhaps a client begins to feel like they have outgrown their current firm. Maybe the firm doesn’t have enough resources to totally serve the client. This doesn’t have to be the case. If you are a sole practitioner or a smaller local firm, team up with someone at a larger local or regional firm that you trust. If you don’t know someone, ask around and begin developing a relationship. It sounds a bit counterintuitive, but it might just save a client relationship someday.


IFRS still a reality

March 2, 2010

By Pete Margaritis, CPA

The news from the SEC last week wasn’t earth shattering, it was still a commitment by the Shapiro administration to the converging of U.S. GAAP and IFRS that was originally the SEC plan in November 2008, with a slight modification. In the original SEC roadmap, there was a timeline of 2011 to make the IFRS transitioning determination. This date, although not concrete, has not changed. The milestones set out in the original plan are for the most part not changed. What did change is that the mandatory implementation date for large accelerated filers has been pushed back one year from 2014 to 2015. This should not be a surprise because of a couple of reasons. The change in administration, the economic crisis, and the overwhelming comment letters stating that companies will need more time all support the SEC’s decision.

I have always believed that this process is more about converging standards than adopting IFRS. The original goal set out between the FASB and the IASB in the Norwalk Agreement was toward convergence of IFRS and U.S. GAAP, not the adoption of IFRS. The convergence of standards has been put on a fast track because of calls from the G20 and this can be seen on the IASB project page. Many of the joint projects are set for converged standards by 2011.

The SEC established a work plan team that will issue its first report by October 2010. This will be the group to keep an eye on this coming year because they will be the pulse of when a “date certain” is set.

I do believe that we will ultimately have one set of high quality, country-neutral standards that will be used globally, including the U.S., in the next 3 – 5 years. It will just take a little longer than many wish.

However, that doesn’t mean that we should put off the process of IFRS education until the “date certain” has been set. During this time, we as CPAs need to become bilingual because we will be dealing with IFRS sooner than we think. For example, a German company gains “control” of a U.S. company and the U.S. company has to consolidate its financials into the German parent company. The U.S. company will have to adopt the same accounting policies (IFRS) as its parent. This adoption is usually done in a very short time frame and this situation is happening more and more today.

What if this happens to your client and you don’t have the knowledge to assist them in their transition to IFRS? That client will find a firm who has the knowledge and expertise. Or think about the other side of this situation. You could begin to develop a new line of business in IFRS consulting so you can be the firm that new client seeks.

In conclusion, being bilingual today might just be the right business move for you to make while the SEC goes through their due process.


What does the future hold for IFRS?

March 3, 2009

Reading the subtle – and not so subtle – communications from the SEC make it nearly impossible to anticipate the direction the “new” SEC is going to travel with IFRS.

Under former SEC Chair Christopher Cox, the SEC moved toward a new frontier. The commission implemented IDEA – the replacement to the EDGAR database, passed XBRL for financial statements and mutual funds and proposed a landmark roadmap to transition the U.S. to the International Financial Reporting Standards (more commonly referred to as IFRS).

While most decision-makers believed the move to IFRS was inevitable, a loud majority still voiced their opposition saying the roadmap timeline was too aggressive. As Cox finished his term as SEC chairman, the SEC rushed to get the roadmap out for comment.

Then the recession took center stage. The Stimulus Act was passed in October 2008 to help the unstable economy. Job losses were mounting. Fingers began pointing to fair value and financial institutions were demanding the SEC suspend fair value. Congress mandated that the SEC undertake a study of fair value accounting. Understandably, the roadmap was delayed.

Things then went from bad to worse. The alleged Bernie Madoff $50 billion Ponzi scheme broke. And fingers again pointed to the SEC. Investigators failed to investigate many repeated allegations against Madoff over 15+ years. 

Nonetheless, even though mired in the recession and the Madoff scandal, the SEC released its proposed roadmap for IFRS. While the roadmap was significantly delayed, there was only one major change made in the timeline.

Then newly elected President Barack Obama nominated Mary Schapiro as the new chair of the SEC. A former SEC commissioner, Schapiro said from the very beginning, “I will not be bound by the existing roadmap that’s out for public comment.” And she has not. Schapiro has come in and is reinvigorating the SEC as the securities watchdog for the nation – and promises not to take it easy on corporate fraudsters.

Already Schapiro has:

Her actions and her words have made many wonder about the roadmap and the outlook for IFRS. Will the nation actually transition to IFRS or is it just being delayed? How long will the delay be? Six months? Six years? Given the current economy and the many calls from lawmakers to reform the nation’s financial regulatory system, including the SEC, this may not be the ideal time to be completing a transition such as this – one that will dramatically change financial reporting, the accounting profession and possibly litigation.

Right when many were ready to put on the brakes completely, Schapiro met with Sir David Tweedie, chair of the International Accounting Standards Board, in mid-February. Tweedie made his case for keeping the transition on its current – or close to – the current timeline. It’s also been reported that Schapiro has advised staff to review the current proposal to identify elements that can be used.

Actions do speak louder than words and the only real action to date is extending the deadline to comment on the proposed roadmap to April 20.

Next steps from the SEC . . . your guess is as good as mine. What are your expectations? Do you think the U.S. will transition to IFRS in the near future or has been this delayed extensively?

Take a look at some of these IFRS resources and recent news stories:

OSCPA IFRS Issue Monitoring home page

  • Investment executives favor IFRS
  • Big four firms push IFRS education efforts PwC unveils $700K grant, Deloitte readies materials

In May, The Ohio Society is also starting an International Special Interest Section. Watch for more details to come soon.


IFRS and little GAAP

September 30, 2008


The Ohio Society’s Executive Board had the privilege of meeting with the AICPA’s Arleen Thomas, Senior Vice President Member Competency and Development, as part of its annual planning retreat in August. Arlene oversees many of the areas within the Institute that are fast moving current priorities, and board members enjoyed hearing about AICPA positions on the issues first-hand and sharing their opinions.

The hottest topic of discussion was the now-inevitable movement to international accounting standards in the United States. Arleen noted that the landscape has changed significantly in the past year regarding the certainty of adoption, and issues such as private company standards, requirements of lenders for GAAP and the tax code will all be part of the debate in the U.S. The priority for the profession will be managing an orderly transition so that we can be successful over the next 5 years, looking to the experiences of Canada and the European Union.

Hot questions included:

•  Will the U.S. see a LIFO carve-out? The SEC’s Cox has been discussing adopting IFRS-“pure, and users of LIFO face the potential of a very significant tax liability resulting from transition. Possible answers could include a change in the tax code to permit LIFO as a tax treatment only (the likelihood of which could hinge on the elections,) or a phase-in over a period such as 10 years.

•  What will be the role of the FASB? Both the international community and the SEC have commented that they see a future role for the FASB, whether it becomes a local arm of the IASB or a commenting body on U.S. implications of international standard-setting.

The largest debate centers on accounting standards for private companies. Will the FASB continue to issue private company standards (and if so, how will it be funded)? What will be the future role of the FASB/AICPA Private Company Financial Reporting Committee (which currently includes “IFRS for private companies” on its agenda)? Will private company standard-setting fall under the IASB guidance for small and medium-size entities? Complicating the answer is the decades-old question of whether standards for private entities are best addressed as exceptions within the rules (as we currently have) or differential standards (“Little GAAP”). Members have weighed in on both sides of that question.

(I’ll save for another post the OSCPA A&A Committee’s opinion that the AICPA should stake out territory providing authoritative guidance for OCBOA, particularly for the smallest of private companies. Arleene’s response to this comment is that the AICPA’s surveys show that “the market values GAAP.” Our committee would push back that there is another layer of the smallest of business where that is not the case.)

Transition presents significant opportunities for CPAs, even for those who don’t serve public companies currently, including assisting clients or employers in making the transition or in working more effectively in an international environment. Most importantly, advocates for the profession need to communicate that no one can expect to be unaffected; we don’t have the luxury of waiting to find out what will happen. Both AICPA and OSCPA will be offering continuing education and articles, first with the goal of building awareness, followed by more technical courses to assist members with implementation.


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