State Senate Passes Bill Again

By Simon Eskow

Continued from the Home Page

NEW YORK—The New York State Senate has passed a bill that would be the first comprehensive update of accountancy laws in decades.

The Senate on June 17 voted unanimously in favor of S302-D, then referred the bill to the Assembly. The Senate approved an identical bill last year that did not advance in the Assembly.

The New York State Society of CPAs supports S302-D, which expands the scope of practice and includes tax preparation and tax advisory services as qualifying experience for licensure. It also mandates peer review for firms that do attest and compilation services, requires the registration of all CPA firms, allows acceptance of commissions and referral fees from nonattest clients, and calls for all CPAs, even those in industry, to meet CPE requirements.