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News

The Trusted Professional | NYSSCPA

 
 

Accounting

  • Speaker: Nonprofits Must Cover Their Bases Under Revitalization Act

    By:
    CHRIS GAETANO
    |
    Feb 25, 2014
    As the first major reform of not-for-profit corporation laws in 40 years, the Nonprofit Revitalization Act brings significant changes to how organizations are expected to operate within New York state, Michael J. Cooney, Esq., a member of the committee that helped to craft the legislation, said at the FAE’s 36th Annual Nonprofit Conference.

  • NYSSCPA Sends Message to D.C. About Baucus Pitch, Firm Rotation

    By:
    CHRIS GAETANO
    |
    Feb 24, 2014
    The NYSSCPA is urging Sen. Charles E. Schumer (D-N.Y.) to lend his voice to two critical accounting issues making the rounds on Capitol Hill. In a letter dated Dec. 18, the Society wrote to Schumer concerning a proposal put forward by Sen. Max Baucus (D-Mont.), chair of the Senate Finance Committee.

  • FAF Gives FAS 157 High Marks in Postimplementation Review

    By:
    Chris Gaetano
    |
    Feb 24, 2014
    In a just-completed review of Financial Accounting Standard (FAS) 157, Fair Value Measurements, which established a single definition of fair value and set a framework for measuring and disclosing it, the Financial Accounting Foundation (FAF) said that the measure achieved its purpose, and that the Financial Accounting Standards Board (FASB) made the right call when it issued the rule in 2006.

  • Bitcoin Gets the Full Treatment in New York

    By:
    RICHARD J. KORETO
    |
    Feb 20, 2014
    To many, virtual currencies—of which Bitcoin is the best-known—are anything from a fad that will soon fade to an unwitting tool of drug runners that should and will be shut down soon. But in New York—a world financial leader since the 17th century—both the state Department of Financial Services and the local U.S. attorney's office are voicing opinions on the future of virtual currencies. And some sophisticated people in the legal and financial communities joined them in exploring tantalizing and troubling world of virtual currencies, while thousands listened and the press took notice.

  • Pending FASB guidance raises questions about operations

    By:
    CHRIS GAETANO
    |
    Feb 19, 2014
    As part of a wide-ranging effort to improve how nonprofits present their financial statements, the Financial Accounting Standards Board (FASB) has put forth a tentative definition of what counts as nonprofit operations—and, in the process, has raised new questions about how organizations should talk about their assets, speaker Hilda H. Polanco said at the Foundation for Accounting Education’s 36th Annual Nonprofit Organizations Conference on Jan. 16. 

  • Comptroller Affirms NFP Rights, Responsibilities at FAE Event

    By:
    CHRIS GAETANO
    |
    Feb 4, 2014
    During a talk at the Foundation for Accounting Education’s Exempt Organizations Conference on Dec. 4, New York’s acting assistant comptroller Brian Mason emphasized the right of not-for-profit organizations to receive prompt payment and contracts from the state and to be treated as a valuable part of the public service delivery system. However, he said, exempt organizations also have a responsibility to ensure that the public monies they receive are properly accounted for—and the state has been cracking down on groups that don’t hold up their end.

  • New York looks to change debt collections

    By:
    RICHARD J. KORETO
    |
    Jan 28, 2014
    CPAs may be able to give clients facing debt collectors some good news, if New York state’s Department of Financial Services (DFS) gets its way. The state court system recently put out a proposal to require standardized affidavits in consumer credit actions seeking default judgments. DFS Superintendent Benjamin M. Lawsky responded with a comment letter supporting that change—and making additional debtor-rights suggestions, both in litigation situations and in prelitigation.
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