March 2001

Greetings to all.

I tried to convince the editorial staff of The Trusted Professional that my President’s Commentary for this month should just be a blank page since everybody will be too busy to read it with tax season upon us. Since I could not sell them on the idea, I had no choice but to write another commentary.

The proposed “Cognitor” international credential still appears to be the hot topic within our organization. E-mails and letters continue to come in—most criticizing the international credential concept.

Cognitor, also referred to as XYZ, is the proposed international business credential developed by the American Institute of CPAs in cooperation with a number of accounting organizations from around the world, including the accountancy organizations of Canada, Australia, New Zealand, and South Africa.

The New York State Society of CPAs’ survey on the proposed global credential, which I briefly mentioned last month, was a resounding success in terms of member responses. (See the front-page survey article.) Slightly more than 20 percent of the membership took the time to respond to this survey. <>P The results were very interesting and generally overwhelming showing a lack of support for the Cognitor. Over 59 percent of our members who responded to the survey, 59.1 percent to be exact, did not think an additional international credential would be advantageous to have. Further, 77.2 percent said they would not pursue the international credential if it becomes available. <>P The Society will use the results of the survey in its recommendations to AICPA Council during its meeting in the spring, where the Institute will consider authorizing a ballot on the global credential to its membership.

The Executive Committee had a very productive meeting on Feb. 13. Five action items were approved for submission to the board of directors during their March 28 meeting. I will give a more detailed report in the next issue of The Trusted Professional.

This seems to be the year for changes in the way accountancy is regulated in New York. As many of you may already know, the uniform accountancy act bills have been reintroduced in both houses of the Albany Legislature. (See the front-page UAA article.)

The Society supports the bills to amend the current laws regulating the public accountancy profession in New York, and we are working with the state’s legislators to make sure it passes this year.

The Assembly bill (A. 4445) was sponsored by Ways and Means Committee Chair Herman D. Farrell Jr. of New York City. When it was introduced on Feb. 8, the Assembly bill was also backed by the support of 15 ranking cosponsors, including Majority Leader Paul A. Tokasz of Erie. The Senate bill (S. 2456) was introduced by six senators led by Sen. Kenneth P. LaValle of Suffolk County.

If you are interested in additional information on this issue, you can visit our website at www.nysscpa.org or read other articles in The Trusted Professional.

The new chapters have become very active. The Bronx–Manhattan, Brooklyn, Queens, and Rockland County Chapters have all had several meetings and are ready to select officers. The Adirondack and Central Southern Tier Chapters have more meetings planned. It is my understanding that the Adirondack Chapter will hold its meetings in Lake Placid, N.Y. The Central Southern Tier Chapter is currently deciding where to hold its meetings.

It’s almost time for our members to sign up for statewide committees. I urge you to select a committee in an area of your professional interest. If you want additional information on how to apply or on what the committee responsibilities are, please contact Nellie Gomez at ngomez@nysscpa.org or (212) 719-8458 (but don’t tell her I told you to call).

My congratulations to the nominees for Society officers for the fiscal year beginning June 1, 2001. The nominees include Jo Ann Golden as president-elect; G. William Hatfield, Elliot L. Hendler, Ronald J. Huefner, and Kevin J. McCoy for vice presidents; Sharon Sabba Fierstein as continuing secretary; and Frank J. Aquilino for treasurer. The nominees for our board of directors positions include Rosemarie A. Barnickel, Peter L. Berlant, Peter H. Frank, Mark A. Plostock, and Howard D. Weiner as directors-at-large; Kevin J. O’Connor as director for the Mid-Hudson Chapter; Katharine K. Doran for the Northeast Chapter; and Michael J. DePietro for the Utica Chapter.

At the end of President Bill Clinton’s term in office he created controversy over many of his last-minute pardons. I have no one to pardon so I’ll have to find something else to create controversy. In the meanwhile I have created two task forces, one to report on President George Bush’s tax proposal and the other on school aid. We are still finalizing the members of both task forces, but I’ll let you know who we have selected for each group next month.

I hear another tax return calling me. There can’t be too many left.