May 2001 Articles

AICPA Council Continues Plans for Global Credential, Membership Vote Likely

WASHINGTON—The American Institute of CPAs decided on May 2 to continue its plans for a global, interdisciplinary credential, voting overwhelmingly in favor of a resolution to launch a member information and response program for the controversial designation. (Article)

Proposal to Allow Non-CPAs to Perform Reviews and Compilations Raises Serious Concerns

ALBANY—At the request of the New York State Education Department (SED), Senator Kenneth LaValle and Assemblyman Edward Sullivan have introduced legislation in both the state Senate and Assembly that will allow non-CPAs to perform compilation and review services contemplated by the Statements on Standards for Accounting and Review Services (SSARS) or any other standards acceptable to the SED. (Article)

Society’s New Chapters Form with a Flourish

NEW YORK—The six new chapters of the New York State Society of CPAs have been hard at work and are determined to be up and running by the proposed start date of June 1. (Article)

President's Commentary

It’s hard to believe, but this is my last President’s Commentary. The past 12 months have flown by. I have really enjoyed the opportunity to serve as your president this past year, and I hope that I have served you well. (Article)

SED to Issue Survey on Legislative Proposals

The State Education Department will be issuing a survey to New York CPAs and PAs that asks for feedback on issues that impact the practice of accounting. Included in the survey packet is a summary of provisions contained in recent legislative proposals to amend the public accountancy laws in New York state. (Article)

Euro Conversion Could Cause Tax and Trade Crisis (Article)

Members in the News (Article)

Management Matters

In March 2001, the U.S. Supreme Court handed down its decision in Circuit City Stores, Inc. v. Saint Clair Adams. In its ruling, the Court resolved the question of the enforceability of agreements in which employees pledge to submit employment-related disputes, notably including discrimination claims, to binding arbitration rather than proceeding in court. (Article)

Small Business Taxation Experts Converge at Upcoming Conference

The Foundation for Accounting Education’s Small Business Taxation Conference will be anything but a small affair. The conference, which will take place on June 21 at the Sheraton Hotel and Towers in New York City, will cover everything from tax to voluntary disclosure. (Article)

Letter to the Editor

Thank you for giving me an opportunity to respond to the Letter to the Editor published in the April issue of The Trusted Professional. This letter lambasted coverage of the address by Congresswoman Nita Lowey at our Estate Planning Committee’s Annual Dinner Meeting held November 15, 2000, and insulted members of the Estate Planning Committee and others who attended our annual dinner. (Article)

Complying with the FTC’s New Privacy Disclosure Rules

On Nov. 12, 1999, former President Bill Clinton signed into law the Gramm-Leach-Bliley Act (Public Law 106-102, Subtitle A of Title 5, “Disclosure of Nonpublic Personal Information”). (Article)

Risk Management

Experience has shown that adhering to CPA professional standards is not always sufficient in protecting accountants from liability. Most members of the public, including jurors, do not understand the finer distinctions professional standards make between different types of accounting services. As a result, the public tends to regard professional standards as the minimum requirements CPAs should meet. (Article)

Student Members Say They Anticipate Active Membership

In an effort to retain and attract students, the New York State Society of CPAs recently slashed student member dues to five dollars. (Article)

Financial Professionals to Speak at Personal Financial Planning Conference

The Foundation for Accounting Education will hold its Personal Financial Planning Conference on June 14 at the Roosevelt Hotel in New York City and on June 19 at the Marriott Thruway in Rochester. (Article)

Government Accounting and Auditing Conference to Deliver Cutting-edge Info

Entities that receive federal awards have special needs, and so do the financial professionals who advise them. The intricate nature of government accounting and auditing requires that financial professionals have the most up-to-date information on the pertinent regulations and procedures. (Article)

How to Start a Lease Compliance Review Practice

CPAs have responded to the needs of their clients by offering nontraditional services such as business valuation, compensation planning, elder care, litigation support, estate planning, asset protection, business brokering, and e-commerce. (Article)

Conference Promises an In-depth Look at the IRS

In the wake of the recent IRS restructuring, many tax practitioners could use a paddle. The IRS Practice and Procedure Conference, which will take place on June 26 at the Roosevelt Hotel in New York City, will provide time-saving information to make navigating the waters of the “new” IRS much easier. (Article)

Society Hopes to Score Big with Teens

Attracting young minds to accounting has become an intense game, but the New York State Society of CPAs has moved to change the rules. Shifting from cheerleader to player, the Society is capitalizing on the nation’s obsession with professional sports, reaching out to teens with a poster that features New York Jets Linebacker Marvin Jones alongside New York Jets Controller Michael J. Minarczyk. (Article)

Come to Sunny Buffalo!

Contrary to popular belief, it does not snow year round in Buffalo. In fact, during the summer months, the sun shines, the waterfront is breezy, and everyone basks in the wonderful weather. (Article)

Chapter Happenings

If you are traveling through upstate New York, especially into the Adirondacks, you should visit Utica, one of the most picturesque regions in the state. The Utica area, with its surrounding suburbs, offers an affordable living opportunity and some of the best schools anywhere in New York. The community is waiting for an infusion of venture capitalism, and there are many developments under way, including the transformation of old industrial complexes into business technology parks. We are known nationally as a good area to raise a family. (Article)

Disciplinary Matters (Article)

New York Resolution Submitted to AICPA Council

WHEREAS, at its October 2000 meeting, the AICPA Council directed that a business plan be prepared regarding the Institute’s project to launch a globally recognizable, interdisciplinary business credential (the “credential project”) and that additional research be conducted regarding the credential; and (Article)

XYZ Resolution Accepted at AICPA Council

WHEREAS the AICPA and several international partners have been working to develop a new global interdisciplinary credential to be led by accounting professionals globally; and (Article)

AICPA Council Defeats NYSSCPA Resolution to Terminate Global Credential

Efforts to ratify a New York State Society of CPAs resolution to immediately abandon the American Institute of CPAs’ proposed global, interdisciplinary credential fell short early this month at the spring meeting of the Institute’s governing council. (Article)

Speech Given by NYSSCPA President Opposing Global Credential

I am at the end of my presidency of the New York State Society of CPAs. I never thought that one of my last acts while president would be to speak to you in opposition of the XYZ global credential—which I think we all agree is a highly creative but, some of us feel, a misguided effort. (Article)