Josef Rashty, CPA Website: www.josefrashty.com 650.349.7059
602 Portofino Lane
Foster City, CA 94404 650.465.5668 (Cell)
Summary of the Most Recent Professional Accomplishments:
· Filed over 60 SEC reports and responded to eight SEC comment letters.
· Revenue recognition policies based on Software Revenue Recognition (ASC 985-605-25), Revenue Recognition for Construction-Type and Production-Type Contracts (ASC 605-35), SAB 104, Revenue Arrangements with Multiple Deliverables (ASU 2009-13) applicable to cloud-based arrangements, and other authoritative literature.
· Stock compensation: accounting, tax, EPS calculation, and administration.
· Mergers & acquisitions and accounting for restructuring and intangible assets and goodwill.
· SOX 404 planning, management and implementation.
· International consolidation and foreign currency forward contracts and cash flow hedging.
· Implemented the most recent GAAP and SEC pronouncements and have knowledge of the most recent FASB convergence projects, IFRS pronouncements and SEC promulgations.
· Published in The CPA Journal, Today’s CPA and California CPA Magazine
Professional Background:
2011 Consulting for public and IPO companies and teaching and publishing for California Society of CPAs.
2006 to Informatica Corporation – California (Nasdaq: INFA)
11/ 2010 Director of Reporting & Compliance (Reporting to the Senior VP of Finance)
Informatica is a large accelerated publicly held data integration software company
· Manage external reporting, equity function and its related accounting and tax issues, global SOX 404 compliance, quarterly earning release, EPS calculation, M&A activities, goodwill & long lived assets, and research of all new accounting pronouncements and accounting treatment of any out of norm business transactions.
· As part of the PCAOB’s AS5 and SEC’s 2007 guidance for SOX 404 compliance, revised the SOX procedures and reduced the number of key controls by 60% and implemented global testing and reduced SOX compliance costs accordingly.
· Implemented the SEC’s executive compensation proxy rules, derivatives (foreign currency forward contracts and cash flow hedge accounting and disclosures), business combinations (including preparation of pro forma for acquisitions), fair value measurements and disclosures, cloud-based multiple arrangement revenue recognition, convertible debt, and XBRL.
2004 to Versant Corporation – California (Nasdaq: VSNT)
2006 Corporate Controller & Director of Finance (Reported to the CEO & CFO)
Versant is a publicly held object data base company
· Managed U.S. operation and consolidation of five international subsidiaries.
· Developed the revenue recognition policy and established the VSOE models.
· Implemented stock compensation, variable interest entity, impairment of goodwill and long-lived assets, SOX 404 planning, and restructuring.
· Reduced the legal and accounting fees by 20%, tightened the close cycle by fifteen days and improved the DSO by over 30 days.
· Managed a staff of six.
2000 to Sagent Technology – California (Nasdaq: SGNT)
2004 Corporate Controller & Director of Finance (Reported to the CFO)
Sagent was a publicly held Business Intelligence (BI) software company
· Managed the SEC reporting function – including filings of an S-1 and an S-3 for two PIPEs (Private Investment in Public Equity.)
· Prepared the revenue recognition policy and established the VSOE models.
· Managed the consolidation of fourteen international and domestic subsidiaries.
· Increased the renewal rate for maintenance revenue by 60%, tightened the close cycle by 50%, reduced the audit fees by 30%, and improved the DSO by over 30%.
· Managed the FP&A and coordinated the tax and legal functions.
· Recruited and managed a staff of thirteen.
Josef Rashty, CPA Page 2
______
Professional Background Continued:
1995 to TIDAL Software - California
2000 Corporate Controller & Director of Finance (Reported to the CEO)
TIDAL was a venture backed pre-IPO software company.
· Managed software revenue recognition and licensing and maintenance renewal.
· Prepared a business plan and raised equity funding ($20 million).
· Negotiated asset-based and equipment financing lines of credit ($6 million).
· Managed human resources, stock options and employee benefits.
· Prepared the first employee handbook of the company.
· Selected the independent accountant and managed the first audit.
· Managed the facility function and coordinated a move with no down time.
· Coordinated and evaluated risk management plans and policies.
1992 to ConnectInc.com - California (Nasdaq: CNKT)
1995 Controller (Reported to the VP of Finance)
Connect was a start up software company that went through an IPO.
· Implemented an Oracle based billing and accounts receivable system.
· Preparation of S-1 for IPO and SEC reporting.
1991 to Viewgraphics - California
1992 Vice President & Controller (Reported to the CEO)
Viewgraphics was a start-up manufacturer of digital video imaging devices.
· Prepared a business plan for equity financing.
· Managed the vendors in a JIT manufacturing out-sourcing environment.
· Installed a project-based job costing system and managed the MIS function.
1988 to Teknowledge - California (Nasdaq: TEKC)
1991 Corporate Controller (Reported to the CFO)
Teknowledge was a publicly held service and software company.
· Prepared SEC reports and implemented a job costing system.
1986 to Sigma Circuits - California (Nasdaq: SIGA)
1988 Cost Accounting and Systems Manager (Reported to the CFO)
Sigma Circuits was a publicly held manufacturer of printed circuit boards
· Implemented a Just-in-time (JIT) activity based costing and inventory control.
· Participated in the IPO preparation and SEC reporting.
· Managed the IT function of the company.
1982 to Arthur Andersen LLP - Texas
1986 Auditing (two years) and Consulting (two and half years)
· Audit of publicly held manufacturing and real estate companies.
· Implemented financial and manufacturing software packages.
Professional Highlights:
Industry: High Technology - software development and hardware manufacturing.
Functional: SEC reporting (Regulations S-X, S-K, FD, G and Sarbanes-Oxley Act of 2002), revenue recognition, Initial Public Offering (IPO), business planning, cost and project accounting,
and system implementation (Great Plains, Oracle, ACCPAC, Softrax, and Solomon).
Affiliation:
Member of the AICPA and California and Texas Societies of CPAs.
Education:
CPA Certificate (in good standing) Texas State Board of Public Accountancy - 040931
M.S. and B.S. Accountancy Oklahoma State University - Stillwater, Oklahoma
B.A. Philosophy San Francisco State University – San Francisco, California
Publications:
______
Foreign-Currency Forward Contracts and Cash Flow Hedging - Managing the FX Risk (An analysis of US GAAP and FASB and IASB proposals) (forthcoming in the August issue of the California CPA Magazine).
The Far Reaching Implications of the Lease Exposure Draft (forthcoming in the August issue of Today’s CPA)
Restricted Stock Units and the Calculation of Basic and Diluted Earnings per Share – The CPA Journal, June 2011, http://viewer.zmags.com/publication/c9fea9fd#/c9fea9fd/42
Accounting for Deferred Revenue Liabilities in Post Business Combination Statements– The CPA Journal, April 2011, http://viewer.zmags.com/publication/5f3fab68#/5f3fab68/32
SOX 404 Management Assessment and Disclosure Requirements for Consolidation of Variable Interest Entities, (This paper was published under the title of VIE-ing with SOX: New Requirements for Consolidation of Variable Interest Entities), California CPA Magazine, January/February 2011. http://www.calcpa.org/content/26214.aspx
Revenue Recognition for Cloud-Based Computing Arrangements (under ASC 605-25, SAB 104 - Topic 13 and ASU 2009-13) – The CPA Journal, November 2010, http://viewer.zmags.com/publication/9dadbd6a#/9dadbd6a/34
Foreign Currency Forward Contracts and Cash Flow Hedging – Accounting and Disclosures, The CPA Journal, October 2010. http://viewer.zmags.com/publication/ed06b1bd#/ed06b1bd/26
Consolidation and Deconsolidation of Variable Interest Entities – Today’s CPA, September/October 2009. http://www.josefrashty.com/publications.html
Critical Accounting Estimates for Share-Based Payment Arrangements – Disclosure Requirements under SFAS 123(R), The CPA Journal, June 2007, http://www.nysscpa.org/cpajournal/2007/607/essentials/p34.htm
Critical Accounting Policy Disclosures of Selected NASDAQ Listed Companies, The Journal of Accounting & Finance Research, Volume 13, No. II, Spring 2005. http://www.josefrashty.com/publications.html
Manuscripts under review for future publication:
Stock Compensation under IFRS and U.S. GAAP (Similarities and Differences).
The Control Environment of Cloud-Based Computing Arrangements (An Introduction to AICPA SOC Reports and SSAE 16).
Earn-Outs in Post Business Combinations