February 2001 Articles

UAA Bill Introduced in State Assembly

ALBANY, N.Y.—Assemblyman Herman D. Farrell, Jr. (Manhattan) has introduced legislation in the State Assembly to update the current laws establishing and regulating public accountancy in New York state. (Article)

Congressman Dingell Calls for GAO Action on Accounting Profession

WASHINGTON—Congressman John D. Dingell (D–Mich.) last month called on the U.S. General Accounting Office to investigate how the accounting profession oversees financial reporting and auditing standards in light of recent clashes with the Securities and Exchange Commission. (Article)

CPA2biz Receives Funding from Microsoft, Thomson Corporation

NEW YORK—After nearly a year of delays, the American Institute of CPAs’ controversial CPA2biz.com Internet portal finalized commitments for $50 million from software giant Microsoft and information and technology provider Thomson Corporation. (Article)

President's Commentary

First I’d like to report that the National Association of State Boards of Accountancy recently released its honor roll of states whose candidates achieved passing grades in all subjects of the Uniform CPA Exam that were higher than the national average. I’m pleased to report that New York State is one of 16 states that made the list this year. (Article)

Pro2Net Shifts Focus Back to Accounting

Online professional resources provider Pro2Net has announced a change in tactics as the company finds itself tightening its belt by laying off employees. (Article)

FASB Suspends Consolidation Policy Project

The Financial Accounting Standards Board (FASB) has announced that it will not issue a final statement or exposure draft on its consolidation policy project as it had previously planned. (Article)

What Exactly Is ‘Interactive’ Self-Study?

In response to the articles in the November and December issues of The Trusted Professional about new New York state regulations governing continuing professional education (CPE) self-study, a number of members have asked the question, “What exactly is ‘interactive’ self-study?” (Article)

National

Former President Clinton said in January before leaving office that the United States could see budget surpluses for decades and recommended these excess funds be used to pay off outstanding debt. (Article)

New Capital Gains Tax Rates—Thanks to Old Legislation

Much attention was given to provisions in the Taxpayer Relief Act of 1997 which cut the maximum capital gains tax rate to 20 percent (10 percent for individuals in the 15 percent tax bracket). (Article)

2001 Tax Legislation: It’s Coming, but Where’s It Going to End Up?

Unless both parties defy tradition and actually stick to their promises of bipartisanship, politics on the Hill should evoke visions of the Wild, Wild West this year. (Article)

Global Credential Passes First Phase

The American Institute of CPAs announced earlier this month that the first phase of an investigation into the market viability of the proposed global credential has been completed by a research and marketing communication company hired to research the proposed designation. (Article)

New IRS Regulations Make IRAs More Appealing

Brand new Internal Revenue Service regulations are providing a windfall to individual retirement account (IRA) owners and their beneficiaries. (Article)

Levitt to Investors: Be Assertive

Former Securities and Exchange Commission Chairman Arthur Levitt held his last town meeting last month to warn investors to remain vigilant while investing. (Article)

Issues in accounting and auditing

Editor’s Note: This column is devoted to accounting and auditing issues that arise in the normal course of CPA practice. (Article)

Ethics and regulation Q&As

Q. If a member was independent when his or her report was initially issued, may the member re-sign the report or consent to its use at a later date when his or her independence is impaired? (Article)

Industry Profile

Julie L. Floch is Eisner & Co.’s director of not-for-profit services and is the partner responsible for coordinating the planning and administration of engagements in the firm’s not-for-profit practice. (Article)

Disaster Planning

On Feb. 26, 1993, at about 12:30 p.m., Kenneth Bailey was working in his New Jersey office when he received a phone call from an administrative assistant who told him something had just happened at the World Trade Center. (Article)

Audit Engagements Produce Largest Claims

While tax engagements still outnumber audit engagements among small to mid-sized CPA firms, Camico’s experience has been that audit engagements generate claims with significantly higher dollar amounts than any other type of engagement. (Article)

OSHA’S Ergonomics Standard

On Nov. 14, 2000, the Occupational Safety and Health Administration (OSHA) finalized its Ergonomics Program Standard (the standard). (Article)

Society Website Provides Online Index

The Society’s website now features an alphabetical index of the terms and categories found online at www.nysscpa.org. (Article)

Website FAQs

Q. I’ve just become a member of the NYSSCPA and would like to participate in one or two committees. I was wondering whether nysscpa.org has a page where I can find out about the activities of the different committees. (Article)

Suffolk

The Suffolk Chapter has had a very successful year, and much of the success revolves around our newly expanded subscription plan. Traditionally, our subscription plan covered four chapter meetings at a total cost of $99. (Article)

Young CPAs: Witnessing Change

Our industry is at a critical crossroads. Looking back on my short nine-year career, I have witnessed amazing changes in an industry that has existed for a very long time. (Article)

Members Rate NYSSCPA

The New York State Society of CPAs surveyed its more than 30,000 members in good standing during the last quarter of 2001 and received responses from nearly 14 percent of members polled—an excellent response rate as compared to industry norms. (Article)