| (This issue's message was written by Adrian Fitzsimons, a Queens/Brooklyn Chapter member) Accounting Reform Law Information Session Held at St. John's University
By Adrian Fitzsimons
Queens/Brooklyn Chapter member
On Saturday, Sept. 19, over 60 accounting alumni from the Tobin College of Business, joined by some accounting faculty members, attended an information session on the newly enacted accounting reform law. The measure, signed by Gov. David Paterson at the beginning of this year, became effective this past July and represents the first major legislative overhaul of the CPA profession in over 100 years. Victoria Shoaf, Associate Dean for Academic Affairs, and James Thompson, Chair of the Department of Accounting and Taxation, began the event by welcoming the alumni and inviting them to participate in further continuing professional education (CPE) sessions that the department will be sponsoring. The NYSSCPA provided two very knowledgeable and insightful speakers for the information session: Dennis O'Leary, the NYSSCPA's Counsel, and Dominic Yung, its Industry Manager. The pair discussed the effects of the new accounting reform law, especially as it relates to CPAs in industry, government, non-profits and academia. The law, they explained, requires CPAs outside of public practice to register with the State Education Department as active CPAs and fulfill the 40-hour (or 24 hours in a designated specialization) CPE requirement each year. They noted that the use of inactive and retired statuses for a CPA has now been restricted to those who do not engage in any of the "skills and competencies" of the profession. Further, what does and does not count as skills and competencies has been expanded by the new law, including a wider range of services than before. The law has also expanded the CPA's scope of practice, allowing CPA candidates to obtain work experience requirements in industry, public practice, government, non-profits or academia. At the end of the presentation, the alumni and faculty took the time to discuss their time at St. John's and to network with each other. The event's organizers noted that there will be more CPE sessions held at St. John's University in the months ahead. For example, on May 19, 2010, there will be a one-day accounting and auditing conference, co-sponsored by the NYSSCPA , focusing on recent standards changes. Keep watching the Queens/Brooklyn Chapter's Web site for more information about upcoming events at www.nysscpa.org. Contact Adrian Fitzsimons fitzsima@stjohns.edu.
Liren Wei
Queens/Brooklyn Chapter President
Liren Wei can be reached at liren@weiweico.com.
Click here for a list of the Chapter's past presidents | 
