July 1999 Articles
AICPA Defines UAA Attest Experience Requirement
The AICPA issued an exposure draft on June 17 containing the attest experience definition in response to change in the Uniform Accountancy Act (UAA). Instead of requiring any specific length of experience to perform attest work, the exposure draft focuses on the "competencies" of attesting supervisory personnel. This attest experience requirement would apply not only in states adopting the UAA, but also to every firm participating in the AICPA Peer Review Program. (Article)
AICPA to Computerize CPA Exam
The AICPA recently announced its intention to make the CPA exam computer-based by 2003. It believes that the chief vehicle for entry into the profession, the Uniform CPA Exam, needs to change in both content and delivery to test real-world knowledge, skills, and competencies. (Article)
Board Approves New Committee Structure
At its June meeting, the board of directors unanimously approved a new committee structure proposed by the Committee on Committee Operations (COCO). The most significant change is the creation of an Industry Division that comprises 18 committees. COCO's recommendation to change the committee structure is an effort to make committees more viable. (Article)
President's Commentary
As of July 1, I have completed 720 hours of my presidential term--but who's counting. It has been hectic to say the least. It used to be that one would say, "Keep those cards and letters coming." But these days, you can add telephone calls, faxes, and e-mails. (Article)
GASB Approves Significant Change in Government Financial Reporting
By unanimous vote, the Governmental Accounting Standards Board (GASB) gave the go-ahead on June 10 to issue its most comprehensive governmental accounting rule. GASB Statement No. 34, Basic Financial Statements--and Management's Discussion and Analysis--for State and Local Governments, will significantly change the way state and local governments report their finances to the public. (Article)
ABA Commission Recommends Change to Allow CPAs to Partner with Lawyers
An American Bar Association (ABA) commission announced on June 8 its recommendation to permit lawyers to form partnerships with accountants and other professionals. Breaking with the legal profession's long-standing prohibition on sharing fees with nonlawyers, the ABA proposal reflects the growing trend toward "one-stop shopping" for professional services. (Article)
Society Board Approves CPAPAC Bylaws
On June 6 the NYSSCPA board of directors unanimously approved the corporate bylaws of the Society's political action committee, the New York State Society CPAPAC, Inc. CPAPAC will focus on state elective offices and leave federal elective offices to the AICPA's political action committee. The board had approved the formation of CPAPAC in February (See The Trusted Professional, February 1999). (Article)
H&R Block Acquires McGladrey & Pullen
H&R Block Inc. and McGladrey & Pullen LLP announced on June 29 that they have signed an agreement under which H&R Block will acquire substantially all of the nonattest assets of McGladrey & Pullen, the nation's seventh largest accounting and consulting firm. The transaction will be the largest accounting firm acquisition and the first combination of its kind between a major financial services company and a top 10 accounting firm. (Article)
Board Encourages Member Involvement in Charities
At its June 5 meeting, the NYSSCPA board of directors approved a policy that encourages Society members and staff to engage in charitable works and support charitable organizations. However, the policy restricts committee and chapter endorsement of charitable endeavors that require expenditure of Society or chapter funds or staff time. The policy went on to clarify that the Society as an organization cannot support or provide support for any charitable activities outside of its own programs such as the scholarship fund and the Career Opportunities in the Accounting Profession (COAP) program. (Article)
Dues Schedule Approved for Associate Members
The NYSSCPA board of directors approved a dues schedule for five new membership categories at its June meeting. Effective immediately, the Society is accepting applications for associate membership in these categories that resulted from members' approval to change the bylaws. The Society's Executive Committee is responsible for reviewing and approving new member applicants. (Article)
BusinessWeek Signs on as Affinity Partner
The NYSSCPA recently formed its newest affinity partnership with BusinessWeek magazine, offering it at a discounted rate to its membership. (Article)
Society Vision Plan Offers Discounts, Free Exams
NYSSCPA members and their families can receive up to 60 percent savings on eyewear and free eye exams by taking advantage of a member-exclusive benefit, Eye Care International. (Article)
AICPA to Allow CPAs in Non-CPA Firms to Issue Compilations
The AICPA Council passed a resolution at its May meeting to permit CPAs in non-CPA firms to issue compilation reports under the AICPA's Statements on Standards for Accounting and Review Services. (Article)
FAE Trustees Convene
The FAE board of trustees met on June 8 at the annual conference in Vermont and reviewed FAE's unaudited financial results for the fiscal year ending May 31, 1999. The Trusted Professional spoke to FAE President George T. Foundotos after the meeting. (Article)
Speakers Examine Euro's Impact
At the 1999 NYSSCPA Annual Conference, Bernard V. Garra, vice president of foreign exchange and sales for European American Bank (EAB), and Francis T. Nusspickel, of Arthur Andersen LLP, examined the impact of the euro becoming the official currency of 11 European countries. (Article)
Consultant Predicts Profession's Future
Jay Nisberg, a nationally recognized management consultant to CPAs, talked about how to succeed in
a changing business environment at the June meeting of the Society's board of directors in Vermont. (Article)
Members Socialize at Annual Conference
The 1999 NYSSCPA Annual Conference took place June 58 at the Equinox Hotel in Manchester Village, Vt. (Article)
TechCenter
After the three most recent major computer virus outbreaks--Melissa.A, Papa, and CIH-Chernobyl--the reality of what damage a virus can do became clear to people outside of the computer industry. When the Melissa virus struck, numerous companies had to shut down their e-mail servers because of infection or fear of one. (Article)
Survey Reports CPA Computer and Internet Use
Members of the NYSSCPA Emerging Technologies Committee's Generation G Subcommittee surveyed attendees about their computer and Internet skill level on May 26 at the 1999 CPAs' Finance, Business and Technology Show & Conference. (Article)
The Latest on NYSSCPA.ORG
The Ask an Expert section on nysscpa.org allows users to submit questions to a panel of experts and search questions and answers by category. (Article)
Chapter Meetings Set Pace for New Year
The chapters begin every fiscal year with organizational meetings to outline their goals for the year. (Article)
Society Show Improves as it Grows
The 1999 CPAs' Finance, Business and Technology Show & Conference provided 2,000 attendees with a line-up of new exhibitors showcasing their latest products and services for today's CPA, CPE courses on hot topics, and several other enhancements, including a new conference site, the Jacob K. Javits Convention Center in New York City. (Article)
Minority Group Recruitment Committee Holds Annual Career Day
The NYSSCPA Minority Group Recruitment and Equal Opportunity Committee met with college students interested in the accounting profession at its annual career day on May 15. (Article)
A Chapter in History and Innovation--Buffalo
The Buffalo Chapter of the NYSSCPA has been an important participant in the evolution of the accounting profession since its official charter on February 5, 1925. (Article)
Participants Needed for Department of Transportation Pilot Program
The New York State Department of Transportation (DOT) is seeking a number of local governments or public authorities in New York and their auditors to participate in a limited number of trial single audits of state transportation programs. (Article)
Ethics and Regulations Q & As
The NYSSCPA offers assistance with members' questions on ethics and regulation.
The following are rulings recently adopted by the AICPA. Although the
Society does not officially adopt rulings, the Professional Ethics Committee
uses them as guidance. (Article)
Working Group Meets with CFR Interagency Committee
The New York State Consolidated Fiscal Report (CFR) Interagency Committee recently met with an NYSSCPA working group to review practice problems, discuss the effects of new professional standards, and consider report changes relating to the CFR filing process. (Article)
The PhD Project
Minorities constitute a very low percentage of CPAs in the United States. One reason for this is the low number of minority students studying business in traditionally majority universities. (Article)
NABA's New York Chapter Hosts Annual Dinner
The New York Chapter of the National Association of Black Accountants, Inc. (NABANY), hosted its 19th Annual Scholarship and Recognition Dinner on June 18 at the Sheraton New York Hotel and Towers in New York City. (Article)
