June 2000

Board Designates New Executive Committee

Also Reviews Comments on Management Use Only Statements

At its June 3 meeting, the NYSSCPA board of directors designated members of the 20002001 Executive Committee, confirming appointments made by Society President P. Gerard Sokolski. The board also reviewed Society comments on the AICPA exposure draft on management use only financial statements.

Executive Committee members are Sokolski, President-Elect Nancy Newman-Limata, Secretary Sharon Sabba Fierstein, and Treasurer Ronald Benjamin, whose service is required by the NYSSCPA bylaws; the Society's four vice presidents: David L. Evans, Jo Ann Golden, John J. Kearney, and Thomas E. Riley; and board members Frank L. Kurre, Carol C. Lapidus, and Ian M. Nelson.

The AICPA exposure draft would amend Statement on Standards for Accounting and Review Services No. 1 to permit CPAs to issue financial statements intended for management's use only. The exposure draft resulted from an agreement struck with the AICPA in 1998. At that time, AICPA President Barry Melancon promised to ask the Institute's Accounting and Review Services Committee to reevaluate its position on communications not intended for third parties if the NYSSCPA board would abandon its plans to include management use only statements in the Society's draft accounting bill. Melancon pointed out that professional standards are best established through the ordinary standards-setting process rather than by state law.

The Society's board reviewed comments prepared by a special member task force and recommended minor changes. Watch the July issue of The Trusted Professional for details.

At its June 3 meeting, the board also authorized Society participation in State Societies Network Inc.

Members with questions or comments about the board's June 3 actions may contact NYSSCPA Counsel James A. Woehlke at (212) 719-8347, (800) NYSSCPA (697-7272), or jwoehlke@nysscpa.org. Members also may e-mail Sokolski at president@nysscpa.org. *