FEATURED ARTICLE: FASB Accounting Standards Codification: No Time to Lose

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Managed by:
Dominic Yung,
dyung@nysscpa.org

LETTER TO INDUSTRY MEMBERS

Dear Valued Members in Industry:

This latest edition of the CPAs in Industry Newsletter is filled with informative news and exciting events. Our feature article on the Financial Accounting Standards Board’s imminent Accounting Standards Codification—a project with far-reaching implications for all financial professionals—is written by Bruce Pounder, author of “The Convergence Guidebook,” which will be published next year. Find out why Mr. Pounder believes preparing for the change now is crucial.

Another important development since last quarter’s newsletter is the Securities and Exchange Commission’s (SEC) proposed roadmap for international convergence, which might go into effect for some filers in the next few years. In introducing a new section devoted to International Financial Reporting Standards (IFRS), The Trusted Professional editor Colleen Lutolf spoke to an NYSSCPA member about the “waiting game” and the convergence plan.

As always, we strive to provide you with news items that are of interest to CPAs working in a variety of industries. We hope they are helpful in meeting the challenges of industry accounting, reporting, auditing, human resources and technology.

In October, the NYSSCPA is hosting “Open House” at its committee meetings. Here’s your chance for a no-obligation opportunity to experience committee membership. Please review the schedule in our Committee Corner and join us for a meeting or two.

As a CPA working in industry, continuing education is essential to stay on the cutting edge of your field of expertise. One of the Society’s most popular annual conferences—The Investment Companies Conference—will take place in November, and is this issue’s featured event.

Also included in this newsletter is a listing of CPE sessions offered through the end of this year. With a variety of subjects offered, there’s a course for all members in industry.

Finally, we would like to take this opportunity to introduce the new NYSSCPA Industry Manager, Dominic Yung. In his role, Dominic's primary focus is to serve the Society's current industry members and maintain a high level of industry membership retention. Efforts will also be made to increase industry and committee membership, while raising the profile of the Society within the profession. Please do not hesitate to contact Dominic when you have questions or concerns regarding your association with the NYSSCPA. Similarly, should you have any comments, suggestions, or industry-specific news items that would be of interest to the readers of this newsletter, please e-mail him at dyung@nysscpa.org.

We wish you continued success during the upcoming quarter.

The Editors

Ernest J. Markezin, Director, Quality Enhancement
Dominic S. Yung, Industry Manager
Keith Lazarus, Committee Services Coordinator

FASB Accounting Standards Codification: No Time to Lose
By Bruce Pounder, CMA, CFM, DipIFR (ACCA)

Article Summary: In just a few months, the Financial Accounting Standards Board (FASB) accounting standards codification will profoundly change the way that U.S. Generally Accepted Accounting Principles (GAAP) are documented, updated, referenced, and accessed. CPAs in business and industry appear to be dangerously unprepared for the changes that the codification will bring. Fortunately, there's still time to get ready – but not much.

Only five audience members raised their hands.

Although I was not surprised, I was very concerned. That incident closely followed a meeting I attended where a member of the FASB said that after many months of availability, approximately 23,000 people had registered for free online access to the codification. Given that there are more than half a million CPAs in the United States, not to mention hundreds of thousands of other accounting professionals, the number of folks who actually had the opportunity to see the codification at that point was a mere statistical blip.

In mid-2008, is the lack of awareness of and familiarity with the codification among CPAs a problem? Yes, and the problem is a big one. As I pointed out in my Journal of Accountancy article, "In less than a year, FASB's Accounting Standards Codification will affect the day-to-day work of nearly every CPA who practices, teaches or researches accounting in accordance with U.S. GAAP." Specifically, in April 2009, the FASB will make the codification the single source of authoritative U.S. GAAP, superseding all existing FASB, AICPA, Emerging Issues Task Force, and related literature. And at that point, any CPA in business or industry who is not familiar with the codification will be incapable of competently performing basic tasks such as:

• Documenting support for management decisions regarding accounting policy
• Preparing notes to financial statements
• Discussing accounting policies with auditors
• Conducting general accounting research

Some readers might be thinking "If the official adoption of the codification as GAAP is still several months away, why should I bother to prepare now?" Here are three good reasons:

• The codification will take time to get used to. For example, the "House of GAAP" that CPAs are so begrudgingly familiar with will be gone. Not remodeled. Gone.
• You don't have—and won't have—a block of days or weeks to devote to learning about the codification. CPAs in business and industry are already overwhelmed with plenty of other work.
• You especially won't have time to learn it in the months immediately preceding the cutover. For various reasons, most CPAs find themselves to be rather busy in the first quarter of each calendar year, so the April 2009 cutover won't come at an opportune time.

The upshot is that the best time to begin preparing yourself, your staff, and your company for the impact of the codification is now.

I am pleased to report that members of the NYSSCPA have been especially proactive in preparing for the impact of the codification. For example, in June 2008, I gave a presentation to the NYSSCPA's Banking Committee at the request of Committee Chair Victor Valdivia (for an excellent summary, see Valdivia’s article in the July 15, 2008 issue of The Trusted Professional). I will be happy to do the same for any of the Society's industry committees.

Waiting for the IFRS Map
Guidelines Needed to Avoid ‘Nightmare’ Implementation
By Colleen Lutolf

NEW YORK -- More than a week after the Securities and Exchange Commission (SEC) announced that it was proposing a "roadmap" on how the Commission may mandate that all American companies file their financial statements in International Financial Reporting Standards (IFRS) by 2016, CPAs are still waiting to see what it says.

"The current discussion did not provide a detailed roadmap," said Anthony Chan, vice chair of the NYSSCPA SEC Practice Committee. "I'd like to see a more detailed discussion."

The SEC did provide some details of what the proposed roadmap will contain at its Aug. 27 public meeting: that approximately 110 U.S. companies will be able to file their financial statements in IFRS as early as next year (for 2010 filings); that in 2011, the SEC will reconvene to evaluate whether or not the milestones set in the roadmap have been achieved and, if so, will make a decision to adopt the international standard as promulgated by the International Accounting Standards Board (IASB) and make it mandatory; that IFRS will be made mandatory in 2014 for large, accelerated filers (issuers that have a common equity with a value of at least $700 million); that accelerated filers would file in IFRS in 2015; and that 2016 would become the mandatory filing date for everyone else.

In his remarks during the meeting, SEC Chief Accountant Conrad Hewitt said the Commission "might decide in 2011 to permit early adoption of IFRS by a larger group than the limited group under the proposal … but that will be a decision in 2011."

The effects of switching accounting languages extend far beyond the finance department.
Sarah Johnson - CFO.com | US
September 3, 2008

“In the nation's finance departments, the wince-inducing memories are still fresh of having to lean on IT for help deciphering Sarbanes-Oxley. Yet CFOs are being faced once more with turning to their technology counterparts for guidance in a major financial reporting project.”

“The job this time — converting to a new accounting language — could require changes to IT systems, too.”

This article can be found on http://www.cfo.com/article.cfm/12051569?f=alerts.

U.S. Construction Spending Report, as reported by ForConstructionPros.com, August 7, 2008

“Aug. 7, 2008 (Action Economics delivered by Newstex) -- Action Bullets Construction spending is expected to fall 0.2% in July following the 0.4% decline in June. We expect weakness in residential construction to again overshadow growth in non-residential and public construction. The employment report's aggregate construction hours worked index fell 0.6% in July, leaving the measure falling at a 7.4% y/y rate, consistent with the slower trajectory expected for construction spending.”

“Moreover, the persistent decline in under-construction figures from the housing starts report is consistent with our projection for further deterioration in residential construction. We expect an 18% rate of decline in the report's tally of Q3 residential construction following the 15.6% decline in Q2, which would keep the rate of contraction well short of the 27% and 25% rates of decline seen in Q4 and Q1 respectively.”

This article can be found on http://www.forconstructionpros.com/article/article.jsp?siteSection=4&id=10978&pageNum=1.

Q Rule Delayed; Did Banks Win Again?, as reported by CFO.com, July 30, 2008

Marie Leone - CFO.com | US
July 30, 2008

FASB will delay the accounting rule that would force banks to consolidate QSPE assets — but board members are not happy about it.

“The quest to "kill the Q," or qualified special purpose entities, by amending accounting rules is still on track to happen. But banks and other companies won't have to consolidate the assets held in their QSPEs until 2010, a year later than originally expected.”

This article can be found on http://www.cfo.com/article.cfm/11837580/c_11847666?f=archives&origin=archive.

By Colleen Lutolf

NEW YORK -- While some regulators seem to have already boarded an express bus bound for International Financial Reporting Standards (IFRS), at least one of them -- Charles D. Niemeier, a Public Company Accounting Oversight Board member whose term expires in October -- is not getting on.

Niemeier, at FAE's Current Developments Under Sarbanes-Oxley, the SEC and the PCAOB Conference on Wednesday, said the accelerated pace towards IFRS is based on a series of "myths" developed by politicians.

"The impression I got and the reaction from the audience was: it's about time somebody said something about this," said conference Chair George I. Victor, who is also immediate past chair of the NYSSCPA's Accounting and Auditing Oversight Committee. "It's David and Goliath and David stood up to Goliath here. Just about everybody in the room agreed with most, if not all, of what he said."

Niemeier told the audience of about 120 CPAs and financial professionals that he supports converging U.S. accounting standards with a single international set of standards, but convergence is not what is happening anymore, calling the process a "capitulation" instead of convergence.

When the SEC voted last year to allow foreign private issuers to file their financial statements with the commission without reconciling them to U.S. GAAP, the U.S. began to allow two sets of accounting standards to exist in the U.S., said Niemeier.

A single set of international accounting standards could give investors greater comparability and greater confidence in the transparency of financial reporting worldwide, said SEC Chairman Christopher Cox said at the commission's Aug. 27 meeting where commissioners unanimously approved to propose a "roadmap" to IFRS.

To read the rest of this article, please click here.

By Jim Snyder
Posted: 09/11/08 05:42 PM [ET]

“When Congress passed the Smoot-Hawley Act in 1930, the powerful domestic rubber lobby made sure it got some protection for what was then a vibrant shoe market.”

This article can be found on
http://thehill.com/the-executive/retailers-fighting-imports--shoe-tax-2008-09-11.html.

USDA: Farm Production Expenditures Hit Record High in 2007, as reported by AgWeb.com on August 7, 2008

8/7/2008

Pro Farmer Editors

“The rising cost of fuel and other products helped drive U.S. farm production expenditures to a record $260 billion in 2007, according to the Farm Production Expenditures 2007 summary released today by the U.S. Department of Agriculture’s National Agricultural Statistics Service (NASS).”

This article can be found on http://www.agweb.com/get_article.aspx?src=gennews&pageid=144821.

CFOs Anticipate a Filing Crunch, as reported by CFO.com, August 5, 2008

The SEC's push for data-tagged financial statements is too aggressive, its critics say.

Sarah Johnson - CFO.com | US

August 5, 2008

“Finance executives are dragging their wing-tips as the Securities and Exchange Commission races to mandate the use of data-tagging in financial statements within the next year.”

“In their comment letters for a proposal that would require companies to use so-called interactive data technology, the executives balked at the commission's timeline.”

This article can be found on http://www.cfo.com/article.cfm/11877821/c_11876318?f=home_todayinfinance.

HR BRIEFS

Employers Keeping Pay Raises Steady for 2009, as reported by SmartPros, July 24, 2008

“July 24, 2008— At a time when energy costs are soaring and the U.S. economy is slumping, there is some good news for workers. U.S. companies are planning to keep pay raises steady next year, according to a forthcoming report by Watson Wyatt Worldwide.”

“U.S. employers are planning to give workers merit increases that will average 3.5 percent next year, identical to the increase workers received this year and just slightly lower than the 3.6 percent average increase in 2007.”

This article can be found on http://accounting.smartpros.com/x62637.xml.

TECHNOLOGY

All SEC Financial Data to Be Interactive, as reported by SmartPros.com, August 20, 2008

“Aug. 20, 2008 (Associated Press)— WASHINGTON - Investors will be able to access financial disclosures from all U.S. public companies and mutual funds in an interactive format within two years, as regulators replace a 1980s-vintage, text-based reporting system with an Internet-based platform.”

“The new system, called Interactive Data Electronic Applications, or IDEA, was introduced at a news conference Tuesday by Securities and Exchange Commission Chairman Christopher Cox.”

This article can be found on http://accounting.smartpros.com/x62945.xml.

Agri-Business:
http://www.agweb.com/
http://www.inboxrobot.com/

Apparel and Textile:
http://www.just-style.com/
http://www.bharattextile.com/

Banking:
http://www.banktech.com/
http://www.americanbanker.com/

Chief Financial Officers:
http://www.cfo.com

Construction Contractors:
http://www.forconstructionpros.com
http://enr.com/

Hospitality Industry:
http://www.ehotelier.com
http://www.hotel-online.com

Publishing & Printing:
http://www.bookbusinessmag.com
http://www.publishing-industry.net/

Real Estate:
http://realtytimes.com/
http://www.realtor.org

Small Business Outreach:
http://www.smallbusinessnewz.com/

A Solid Foundation: Auditing Construction Contractors
By Melissa Hoffmann Lajara

NEW YORK -- It’s been a year since eight statements on auditing standards—together known as the “risk assessment standards”—changed how auditors audit.

The AICPA’s Auditing Standards Board adopted its Statements on Auditing Standards Nos. 104–111 in 2006 to “emphasize the importance of returning to the basics of good auditing procedure” -- also putting a number of new responsibilities on the shoulders of auditors.

In addition to codification of standard procedures, the regulations required that auditors gain a deeper understanding of the entity and its environment, perform a more rigorous assessment of the risk of material misstatement and link audit procedures to the risk of material misstatement.

One major challenge, according to Construction Contractors Committee Chair Stephen J. Mannhaupt, was gaining an understanding of what those changes meant in the step-by-step audit process.

“There was definitely a learning curve,” he said.

At the Construction Contractors Accounting, Consulting and Taxation Conference on Aug. 14 at the New York Helmsley Hotel in Manhattan, Mannhaupt detailed a few of the major changes for auditors of contractors.

“A ‘conversation audit’ is no longer sufficient,” he said. “[Auditors] are doing much more than we were doing in the past.”

To read the rest of this article, please click here.

By Keith Lazarus
Committee Services Coordinator

The complexities of financial reporting can create puzzling problems for even the most skilled CPA. Where can a CPA turn for advice when there’s no clear guidance or when he finds conflicting information?

Most often, he will look to his peers, and Society committees serve as a venue to discuss and find answers to difficult questions—a valuable tool for both seasoned professionals and freshly minted CPAs.

For those who work in industry instead of at a CPA firm, it can be difficult to interface with peers and get the latest information. That’s where committee service comes in. The return on your 90-minute investment in attending a meeting could be enormous.

Want to see for yourself? At the Society’s second Open House Month in October, attend a meeting of one or more committees of your choosing for an opportunity to be a part of the conversation. See firsthand the benefits of committee membership, with no obligation to join.

Visiting members will be able to see what transpires in a committee meeting, how a committee operates, what types of topics are discussed, what actions a committee takes in dealing with relevant topics and how committee members apply what they learn to their own work environment.

To read the rest of the article, please click here.

Schedule of Meetings for Industry Committees Meeting in Open House Month

With the exception of those marked with an asterisk, all industry committee meetings will take place at Society headquarters at 3 Park Avenue, at 34th Street, 18th Floor, New York, N.Y. For a full list of NYSSCPA committees, please visit nysscpa.org, and click on “Find Committees” under “Things to Do.” Please note that members may register for more than one committee meeting. You will be notified if a meeting’s time, date or location is changed. To register, or if there is a committee meeting that you would like to attend that is not listed below, please contact Nereida Gomez, Senior Manager, Committee Services, at 212-719-8358 or ngomez@nysscpa.org, or Keith Lazarus, Committee Services Coordinator, at 212-719-8378 or klazarus@nysscpa.org.

*Please note that the Publishing & Printing Committee meeting will not be held at Society headquarters. For security purposes, members interested in attending this meeting must contact Nereida Gomez, Senior Manager, Committee Services, at 212-719-8358 or ngomez@nysscpa.org, or Keith Lazarus, Committee Services Coordinator, at 212-719-8378 or klazarus@nysscpa.org, otherwise they will not be permitted to attend.

If you are interested in attending a non-industry committee, please click here to see the rest of the open house schedule.

For further information, please contact Manny Cafiero, Chairman of Nassau Chapter CFO & Financial Executives Committee, at mcafiero@scalesair.com.

This is a partial listing, which is subject to change. For a complete and updated listing of committee meetings, please visit http://www.nysscpa.org/leadership/main.cfm?App=146.

Interested in joining a committee? Fill out the Committee Application link or contact Nereida Gomez, Sr. Manager, Committee Services, at 212-719-8358 or ngomez@nysscpa.org, to find out more information on committee services.

CPE

Investment Conference Features New Name, More Information
By Archana Misra, NYSSCPA Conference Coordinator

Over the last decade and a half, more than 5,800 CPAs and financial professionals have attended FAE’s Investment Partnership Conference for an in-depth look at the alternative investments industry. This year, the conference has a new name—the Investment Companies Conference—to reflect enhanced coverage that now includes topics such as risk assessment and fund administration. The program will provide you with an in-depth update in accounting, tax, regulatory, legal, and other arenas that have an impact on investment companies.

The conference will be held at the New York Marriott Marquis Times Square on Thursday, November 13, 2008. Speakers will discuss the implementation challenges associated with FAS 157, fund administration, domestic and off-shore tax issues and the risk assessment standards. Attendees will also learn what the recent rulings for fund of funds and private equity funds really mean, as well as what effects International Financial Reporting Standards may have on the alternative investments industry.

The Investment Companies Conference attracts accountants, hedge fund insiders, lawyers, money managers, investment advisors, brokers/dealers, financial principals, financial officers, and financial planners who are active in the industry and those who advise investors in these entities. For further information, including registration, please visit http://www.nysscpa.org/faeconferences.htm.

The Foundation for Accounting Education (FAE) wants to hear from you. Is there a subject that you would like to see developed into a CPE session? The FAE and the Society committee structure are poised to develop conferences, seminars, and technical sessions on subjects that are important to you.

September 2008 | October 2008 | November 2008 | December 2008

September 2008

09/15 Exchanges Under Section 1032 of the Internal Revenue Code: A Guide to IRC (Taxation)
TX/2 29150901 FAE Conference Center (New York City)

09/16 Bankruptcy Breakfast Conference (Advisory Services)
AD/3 25247911 FAE Conference Center (New York City)

09/17 International Issues in the Trust and Estate Administration (Taxation)
TX/1 20608913 FAE Conference Center (New York City)

09/17 Queens Chapter MAP Conference (Specialized Knowledge and Applications)
SK/8 28516923 Queens Crossing (Queens)

09/23 Pass-Through Entities: Advanced Tax Issues (Taxation)
TX/8 34618931 To Be Announced (Mid-Hudson)

09/24 A Guide to the Federal, State and Local Incentive Programs Available to Small Businesses in New York (Taxation)
TX/2 29150902 FAE Conference Center (New York City)

09/24 Identifying and Communicating Internal Control Deficiencies Under SAS 112 (Auditing)
AU/4 32243932 To Be Announced (Mid-Hudson)

09/24 Small Business Auditing (Auditing)
AU/4 32224931 To Be Announced (Mid-Hudson)

09/25 Banking Conference (Accounting and Auditing)
AC, AU/8 25538911 FAE Conference Center (New York City)

October 2008

10/20 Westchester Chapter Small Business Taxation Conference (Taxation)
TX/8 28611931 Citigroup Executive Planning Center (Westchester)

10/23 Learn the Latest Techniques in Multigenerational Wealth Management (Taxation)
TX/3 27605901 Bernstein Global Wealth Management (New York City)

10/25 Nassau Chapter Half-Day Taxation Conference (Taxation)
TX/4 28603922 Long Island Marriott Hotel & Resort (Nassau)

10/27 Auditing Conference (Auditing)
AU/8 25135911 FAE Conference Center (New York City)

10/29 International Financial Reporting Standards Conference (Accounting)
AC/8 25537911 FAE Conference Center (New York City)

10/30 Southern Tier Annual Tax Conference (Taxation)
TX/8 28605961 Holiday Inn Arena (Binghamton)

10/30 The Under-the-Hood Tour of Insurance Illustrations and Guide to the Life Settlements Market (Specialized Knowledge and Applications)
SK/3 27605902 FAE Conference Center (New York City)

10/30 The Under-the-Hood Tour of Insurance Illustrations and Guide to the Life Settlements Market *WEB (Specialized Knowledge and Applications)
SK/3 27605922 FAE Conference Center (New York City)

11/01 8th Joint Nassau/Suffolk Chapter Accounting and Auditing Conference (Accounting)
AC, AU/8 28103923 Melville Marriott Long Island (Nassau/Suffolk Border)

11/06 Restaurant and Hospitality Breakfast Conference (Specialized Knowledge and Applications)
SK, TX/3 25546911 FAE Conference Center (New York City)

11/06 Syracuse Annual Tax Conference (Taxation)
TX/8 28609951 Marx Hotel & Conference Center (Syracuse)

11/10 Annual Update for Accountants and Auditors (Accounting and Auditing)
AC, AU/8 22132961 To Be Announced (Binghamton)

11/10 FAE’s Compilation and Review: In-Depth Analysis Using Case Studies (Accounting)
AC/8 21137971 To Be Announced (Rochester)

11/10 International Versus U.S. Accounting: What in the World Is the Difference? (Accounting)
AC/8 32151982 To Be Announced (Buffalo)

11/10 Partnership and LLC Taxation: Advanced Issues, Including Transfers (Taxation)
TX/8 23606911 FAE Conference Center (New York City)

11/11 Auditor’s Risk Assessment Process: Tackling the New Risk Assessment SASs (Auditing)
AU/8 32210971 Holiday Inn Rochester Airport (Rochester)

11/11 Family Limited Partnerships (Taxation)
TX/8 34606911 FAE Conference Center (New York City)

11/11 International Versus U.S. Accounting: What in the World Is the Difference? (Accounting)
AC/8 32151951 To Be Announced (Syracuse)

11/12 FAE’s Compilation and Review Update 2008 (Accounting)
AC/4 21113972 To Be Announced (Rochester)

11/12 FAE’s Ethics Update 2008 (Ethics)
ET/4 21277972 To Be Announced (Rochester)

11/12 Insurance Matters—What CPAs Need to Know to Advise Their Clients (Advisory Services)
AD/2 29150903 FAE Conference Center (New York City)

11/12 Multistate Tax Update (Taxation)
TX/8 33610911 FAE Conference Center (New York City)

11/13 FAE’s Compilation and Review Update 2008 (Accounting)
AC/4 21113982 To Be Announced (Buffalo)

11/13 FAE’s Ethics Update 2008 (Ethics)
ET/4 21277982 To Be Announced (Buffalo)

11/13 Investment Companies Conference (Specialized Knowledge and Applications)
AU, TX/8 25305911 New York Marriott Marquis (New York City)

11/13 What a Financial Planner Needs to Know About International Planning Tax Issues (Taxation)
TX/1 20605917 FAE Conference Center (New York City)

11/14 Annual Update for Accountants and Auditors (Accounting and Auditing)
AC, AU/8 22132951 Doubletree Hotel (Syracuse)

11/17 Annual Update for Accountants and Auditors (Accounting and Auditing)
AC, AU/8 22132981 FAE Conference Center (New York City)

11/17 International Versus U.S. Accounting: What in the World Is the Difference? (Accounting)
AC/8 32151971 To Be Announced (Rochester)

11/18 Annual Tax/Plenary Conference (Taxation)
TX/8 25616911 New York Marriott Marquis (New York City)

11/18 International Versus U.S. Accounting: What in the World Is the Difference? (Accounting)
AC/8 32151941 To Be Announced (Albany)

11/19 International Versus U.S. Accounting: What in the World Is the Difference? (Accounting)
AC/8 32151912 FAE Conference Center (New York City)

11/19 Public Schools Accounting and Auditing Conference (Accounting, Auditing, and Ethics)
AC, AU, ET/8 25152941 Albany Marriott (Albany)

11/21 Annual Update for Accountants and Auditors (Accounting and Auditing)
AC, AU/8 22132971 Holiday Inn Rochester Airport (Rochester)

11/21 Employee Benefit Plans: Audit and Accounting Essentials (Accounting and Auditing)
AC, AU/8 32811912 FAE Conference Center (New York City)

11/24 Annual Update for Accountants and Auditors (Accounting and Auditing)
AC,AU/8 22132941 To Be Announced (Albany)

11/24 International Versus U.S. Accounting: What in the World Is the Difference? (Accounting)
AC/8 32151931 To Be Announced (Westchester)

11/24 Make Money for You and Your Clients: Surgent McCoy’s Top Business Tax Planning Strategies (Taxation)
TX/8 33627912 FAE Conference Center (New York City)

11/25 International Versus U.S. Accounting: What in the World Is the Difference? (Accounting)
AC/8 32151922 To Be Announced (Nassau/Suffolk Border)

11/25 Top 50 Bloopers and Blunders and How to Fix Them: Individual Tax and Financial Planning (Taxation)
TX/8 33623912 FAE Conference Center (New York City)

December 2008

12/01 Westchester Chapter Individual and Estate Planning Update (Taxation)
TX/8 28611932 Citigroup Executive Planning Center (Westchester)

12/02 Pass-Through Entities: Advanced Tax Issues (Taxation)
TX/8 34618911 FAE Conference Center (New York City)

12/03 Anti-Money Laundering Conference (Auditing)
AU/8 25160911 To Be Announced (New York City)

12/03 Top 50 Bloopers and Blunders and How to Fix Them: Individual Tax and Financial Planning (Taxation)
TX/8 33618911 FAE Conference Center (New York City)

12/04 Auditor’s Risk Assessment Process: Tackling the New Risk Assessment SASs (Auditing)
AU/8 32210931 Courtyard by Marriott Rye (Westchester)

12/04 Individual Income Tax Returns Workshop by Kess, Biebl, and Ranweiler (Taxation)
TX/16 22619921 To Be Announced (Nassau/Suffolk Border)

12/04 Northeast Annual Tax Conference (Taxation)
TX/8 28604941 Normanside Country Club (Albany)

12/04 Public Schools Accounting and Auditing Conference (Accounting, Auditing and Ethics)
AC, AU, ET/8 25152911 To Be Announced (New York City)

12/04 Tax Practice Ethics and Quality Control: The New Imperative (Ethics Taxation)
ET, TX/8 34617911 FAE Conference Center (New York City)

12/05 Auditor’s Risk Assessment Process: Tackling the New Risk Assessment SASs (Auditing)
AU/8 32210912 FAE Conference Center (New York City)

12/06 Nassau Chapter All-Day Tax Conference (Taxation)
TX/8 28603924 Long Island Marriott Hotel & Resort (Nassau)

12/07 Nassau Chapter All-Day Tax Conference (Taxation)
TX/8 28603925 Long Island Marriott Hotel & Resort (Nassau)

12/08 Fin 48—Uncertainty in Income Taxes: A Must-Know for Tax CPAs and Accountants (Accounting)
AC/4 32136932 To Be Announced (Mid-Hudson)

12/08 Post-Election Tax Planning Conference (Taxation)
TX/8 25622911 FAE Conference Center (New York City)

12/08 Preparing Tax Basis Financial Statements (Accounting)
AC/4 32148932 To Be Announced (Mid-Hudson)

12/09 New York State Taxation Conference (Taxation)
TX/8 25612911 FAE Conference Center (New York City)

12/10 Multistate Tax Conference (Taxation)
TX/8 25613911 FAE Conference Center (New York City)

12/11 Exempt Organizations Conference (Specialized Knowledge and Applications)
SK/8 25507911 New York Marriott Marquis (New York City)

12/12 Cash and Tax Basis Financial Statements—Alternatives to GAAP (Accounting)
AC/4 32118912 FAE Conference Center (New York City)

12/12 FAE’s Individual Taxation: Review and Update for Experienced Practitioners (Taxation)
TX/8 21637922 To Be Announced (Nassau/Suffolk Border)

12/12 Navigating the New FASB Codification: Research Real-Life Accounting Issues (Accounting)
AC/4 32154912 FAE Conference Center (New York City)

12/13 Suffolk Chapter All-Day Tax Conference (Taxation)
TX/8 28608926 To Be Announced (Suffolk)

12/15 FAE’s Business Writing for Accountants (Auditing)
AD/8 21114911 FAE Conference Center (New York City)

12/15 FAE’s Compilation and Review Update 2008 (Accounting)
AC/4 21113922 To Be Announced (Nassau/Suffolk Border)

12/15 FAE’s Ethics Update 2008 (Ethics)
ET/4 21277922 To Be Announced (Nassau/Suffolk Border)

12/15 Federal Estate and Gift Tax Returns: Forms 706 and 709 Workshop (Taxation)
TX/8 23672911 FAE Conference Center (New York City)

12/15 Federal Tax Update: Surgent McCoy’s Best! (Taxation)
TX/8 23831952 To Be Announced (Syracuse)

12/15 Governmental and Nonprofit Annual Update (Accounting and Auditing)
AC, AU/8 22163971 To Be Announced (Syracuse)

To register, please call 1-800-537-3635 or visit our website at http://www.nysscpa.org/continuingeducationa.htm.

AFFINITY PROGRAM HIGHLIGHTS

By Jake Goshert, NYSSCPA Membership Marketing Specialist

Did you know you can save cash at your next dental visit thanks to your NYSSCPA membership? With our DentalSelect Insurance Plan, the Society recently expanded the choices of dental coverage available to its members by adding a scheduled dental plan available at a low premium.

Members can opt for individual coverage for $24 per month or family plans ranging from $43 to $58 a month. Never has the Society’s dental coverage been so affordable.

Designed specifically for Society members, the DentalSelect Insurance Plan allows you to choose your own dentist and includes coverage of emergency and specialty care. Additionally, a $50 per insured ($150 for a family) deductible is waived for preventative and diagnostic treatment.

For more information on the plan, or any other special insurance offers available to members, visit www.nysscpainsurance.com or call (800) 342-6501.

The materials and data provided through this Newsletter are intended for general informational purposes only, and are NOT intended to provide specific investment, tax, business, or legal or any other advice to any individual or entity. The NYSSCPA neither guarantees the accuracy of the information available through its Newsletter, nor does it guarantee the accuracy, timeliness or continued availability of any information on non-affiliated Newsletter accessed via hyperlinks to or via this Web site. The NYSSCPA has not independently verified the information available through its Web sites, including information on non-affiliated Web sites accessed via hyperlinks to or via this Web site. Moreover, providing such hyperlinks does not imply sponsorship or approval of those Web sites by The NYSSCPA. Readers of CPAs in Industry Newsletter are urged to consult with their own advisors before taking action based on any information appearing on this website or any website to which it may be linked.

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