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Committee
Close-Up Apparel and Textile The
Apparel
and Textile Committee, chaired by Paul Schuldiner, held a
breakfast conference on Jan. 21 at the Yale Club. As one in a
series of conferences, the event provided CPAs in public accounting,
senior operational and financial managers in the industry, and
financial service providers with an update on financing and factoring. The Bankruptcy and Financial Reorganizations Committee, chaired by Robin Mayer, recently had two guest speakers from Frank Crystal & Co. Inc. address its membership. The speakers, Michael Dinstein and Matthew Berman, lectured on several topics, including the reasons why insurers do not provide coverage, and insurance company accounting and capacity. Frank Crystal & Co. Inc. specializes in advising businesses facing financial distress and/or bankruptcy. Entertainment and Sports The Entertainment and Sports Committee, chaired by John LaRossa, recently hosted guest speaker Alan Simon, president of On Location Education (OLE). Mr. Simon gave a presentation on child actors involved in film, television and theater, who are often deprived of education. His company provides schooling arrangements for these children. Healthcare The Healthcare Committee, chaired by Morris Shoretz, held a CPE session titled “Something Old, Something New: What’s on the Horizon for Physician Practices in 2003?” Held on Jan.15, the session applied to accountants in public and private practice who specialize in the healthcare industry. Not-for-Profit Organizations The Not-for-Profit Organizations Committee, chaired by David Ashenfarb, held its 25th Annual Nonprofit Conference on Jan.16 in Rochester and on Jan. 23 in Manhattan. Well attended in both locations, the New York City conference featured New York State Attorney General Eliot Spitzer, who spoke on the role of auditors, boards of directors and management of not-for-profit organizations. The conference was designed for practitioners who have not-for-profit clients, executives and financial officers of not-for-profit organizations, and staff accountants involved with accounting or auditing of not-for-profit organizations. The event provided participants with an update on recent critical changes and trends affecting the accounting, auditing and taxation of not-for-profit organizations. Public Schools The Public Schools Committee, chaired by Marianne E.Van Duyne, held a CPE session titled “Financial Reporting of Other Post-Employment Benefits (OPEB).” Held on Jan. 16 at the Albany International Airport in Albany, the session was designed for auditors implementing Governmental Accounting Standards Board (GASB) reporting for governmental clients. Karl Johnson of GASB led the meeting. Relations with the Internal Revenue Service The Relations with the IRS Committee, chaired by Gerard I. Borod, held its annual meeting with the IRS in New York City on Jan. 23. Following opening remarks by Mr. Borod, committee member Richard Sherman and IRS representative Kitty Hill, the Service conducted presentations and answered questions from the participants. Craig Sylvester,
territory manager of the IRS’s Small Business and Self-Employed
Division, updated attendees on the IRS’ new National Research
Program (NRP). The NRP is a replacement of the former Taxpayer
Compliance Measurement Program (TCMP). According to Mr. Sylvester,
approximately 47,000 returns for tax year 2001 are being selected
for different degrees of audit, from full-scope audit to limited
or no contact. Mr. Sylvester said approximately 2,500 of those
returns will be selected from different geographic areas within
New York state. The Securities and Exchange Commission Practice Committee, chaired by Helen Bachman, sponsored the SEC/FASB Conference on Jan. 28. Designed for SEC issuers, auditors, attorneys, directors, CEOs, CFOs and other corporate officers and practitioners with accounting and reporting responsibilities, the conference provided the participants with updates on the most sweeping legislation and related developments in corporate accounting and reporting since the Great Depression. Highlights included the Sarbanes-Oxley Act of 2002, Financial Accounting Standards Board and Emerging Issues Task Force issues, and critical SEC financial reporting initiatives. Taxation of Financial Institutions and Products The Taxation of Financial Institutions and Products Committee, chaired by Leon Metzger, hosted a CPE session titled “Replicating Financial Products through Partnerships and the President’s Dividend Proposal.” Designed for tax accountants, tax attorneys and hedge fund professionals, the Feb. 6 session covered items such as the replication of financial products through complex partnership allocations, President Bush’s proposal for tax-free dividends, and the possible repeal of the General Utilities doctrine. Speakers included Ralph A. Gerra Jr. and John Dworkin, both from Pryor Cashman Sherman & Flynn LLP. Technology Assurance The Technology
Assurance Committee, chaired by Bruce Nearon, held an IT vendor
CPA breakfast session on Jan. 8 at the Yale Club in Manhattan.
Designed for CPAs, auditors, consultants and management, the conference
covered security threats and defenses, examples of failed security
policies, and real-world impediments to implementing security
policies. Society committees issued two comment letters in January. The Exempt Organizations Committee generated a comment letter on proposed revisions to IRS Form 990, and the Global Accounting and Auditing Committee generated a comment letter on an International Federation of Accountants exposure draft titled “Reporting on Compliance with International Financial Reporting Standards.” If you would like to contribute to the column or if you are interested In applying for committee service, feel free to contact Ernie Markezin, NYSSCPA associate director of committee services, at ejmarkezin@nyssscpa.org, or Nellie Gomez, NYSSCPA committees manager, at ngomez@nysscpa.org. |
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