Academic journal article Journal of Accountancy

The Last Word

Academic journal article Journal of Accountancy

The Last Word

Article excerpt

As an immigrant to the United States, I have learned to love this country. Yet, it's important to me to remain connected to my homeland. Being involved in the Indian community in the Los Angeles area is one way to do that. When I was given the opportunity to participate as a member of the board of directors of the Indian Film Festival of Los Angeles (IFFLA), I happily took it, because my participation not only gives me a connection, it allows me to give back to my community, too.

My wife and I are from India, where we were both chartered accountants (CA), which is the Indian equivalent of being a CPA here in the United States. To be a CA, one has to have a background in accounting and work for a chartered accounting firm for three years and pass a very difficult chartered accountancy test. (The success rate for first-time CA test takers is approximately 5%.)

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Approximately 18 years ago, my wife and I decided to pursue our careers in the United States. Although Indian GAAP is different than U.S. GAAP, a majority of the accounting principles are the same in both countries. But to clear the CPA exam, we had to learn U.S. tax laws. It was our good fortune to pass the exam in our first year as residents in the United States. After working in New York for a few years, we made the move to California. Subsequently, I joined Gumbiner Savett, where I am a partner. (My wife, Roopa, runs her own small CPA firm.)

Gumbiner Savett is a large, local Southern California CPA firm whose clients are entrepreneurs, owner-operated and publicly held companies, including many in the entertainment industry. I am passionate about helping my clients. Besides taking care of their compliance needs of preparing financial statements and tax returns, I focus on value addition and whole-brain thinking, which my clients love and appreciate. I work with clients in a variety of industries, including the entertainment industry.

I began going to IFFLA a few years ago, just to watch the movies. Two years ago, I was asked to join the board, which was in need of a CPA with entertainment-industry experience who could help advise the festival on financial issues, including fundraising. IFFLA is a nonprofit organization and was launched nine years ago as a portal between Hollywood and Bollywood, the second-largest entertainment industry in the world. …

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