Introduction

Publisher & Editor-in-Chief

ROBERT L. GRAY, CPA

Consulting Editor

WALTER M. PRIMOFF, CPA

Managing Editor

JAMES L. CRAIG, Jr., CPA

Coordinating Editor

ANTHONY J. MANCUSO, CPA

Contributing Editors

JOANNE S. BARRY

JOHN F. BURKE, CPA

DOUGLAS R. CARMICHAEL, CPA

JAMES L. CRAIG, Jr., CPA

DANIELLE D'ANGELO

ANNETTE DAVIS

ROBERT L. GRAY, CPA

ANTHONY J. MANCUSO, CPA

DONNALEE NARDO

WALTER M. PRIMOFF, CPA

WILLIAM J. PRUE, CPA

ANN E. SPAULDING

JAMES A. WOEHLKE, CPA

INTRODUCTION

This Briefing Book on Issues Facing the CPA Profession is divided into major subject areas, with each area divided into Hot Topics and Emerging and Other Issues-those that are likely to become important and those of continuing interest to the profession. Major subject areas are as follows:

Federal Legislation--Non-Tax

State Legislation--Non-Tax

Accounting Principles and Auditing Standards

Tax Matters

Ethics and Professional Regulation

Accountancy Practice Issues

The contents included herein are based on the best available information at the time of publication. Before acting upon any of the information contained herein, readers should satisfy themselves that no new developments have occurred.

Copyright @ 1996 by The CPA Journal. All rights reserved. No part of this publication may be produced, stored in a retrieval system, or transmitted, in any form or by any means-electronic, mechanical, recording, or otherwise-without the written permission of The CPA Journal.

The Briefing Book on Issues Facing the CPA Profession is published three times a year by The CPA Journal, 530 Fifth Avenue, New York, NY 10036-5101 as a service of the New York State Society of Certified Public Accountants for the information of its members.