State Legislature Fails to Act on Accountancy Reform Bills

On June 24, the New York State Legislature adjourned for the year without taking action on S. 4402 and A. 8600, two NYSSCPA-supported bills that would update the state's accountancy laws. Both bills were "held" in their respective committees. (Article)

SEC Independence Proposals Receive Mixed Reviews

The Securities and Exchange Commission voted 4-0 on June 27 to modernize auditor independence rules in a broad proposal that received mixed reviews from the accounting profession. (Article)

Sokolski Testifies Before POB Panel

Testifying at hearings held by the Public Oversight Board's Panel on Audit Effectiveness on July 11 and 12 in New York City, NYSSCPA President P. Gerard Sokolski commended the May 31 exposure draft for its thoroughness and insight and also raised concerns of some Society committees that reviewed the report. (Article)

President's Commentary

As I write this month’s commentary, the summer is rushing by. It began with the NYSSCPA Annual Conference at the Marriott Sea View Resort in Abescon, New Jersey. (Article)

SEC Delays Implementation of Revenue Recognition Bulletin

The Securities and Exchange Commission has released Staff Accounting Bulletin 101B, which allows SEC registrants to wait until the fourth quarter of their fiscal year, beginning after December 15, 1999, to implement SAB 101, guidelines released last December on recognizing revenue. (Article)

State Tax Commissioner Joins Society Committee

Arthur Roth, commissioner of the New York State Department of Taxation and Finance, is now a member of the NYSSCPA New York State, Municipal, and Local Taxation Committee. (Article)

IFAC Proposes International Independence Standards

The International Federation of Accountants (IFAC) Council recently unanimously approved the release of an exposure draft that proposes revised independence rules for the world's accountants. (Article)

Society Comments on Management Use Only Exposure Draft

On June 8, the NYSSCPA submitted comments to the AICPA's Accounting and Review Services Committee (ARSC) concerning its proposed amendments to Statement on Standards in Accounting and Review Services Statement No. 1 (SSARS 1) permitting CPAs to issue management use only financial statements. An ad hoc task force drafted the Society's comments, which were then amended at the June 3 board of directors meeting. (Article)

Colson Named CPA Journal Editor-in-Chief

Robert H. Colson, CPA, PhD, has been named editor-in-chief of The CPA Journal, the NYSSCPA's monthly magazine. Colson assumed the position on June 19, succeeding James L. Craig Jr., who had headed the Journal since 1989. (Article)

FASB Amends Derivatives Statement

The Financial Accounting Standards Board recently issued an amendment to Statement 133, Accounting for Certain Derivative Instruments and Certain Hedging Activities. (Article)

IRS Officers Address Society Committee

On May 17, Ray Wolff, IRS chief of Manhattan appeals, and Bob Fernandez, IRS appeals officer, addressed the Relations with the IRS Committee, chaired by Jim Brennan. (Article)

CPA Lauded for Extraordinary Service

The Foundation for Accounting Education recently awarded the Excellence in Estate Planning Award to Edward A. Slott for his outstanding service on the Estate Planning Committee and contributions to estate planning within the accounting profession. (Article)

Chambers Joins Society as Finance Director

The NYSSCPA recently named Lynn T. Chambers, CPA, as director of finance. (Article)

Audit Representation

Bob, a doctor and the president of Medical Management Associates (MMA), and Frank, a CPA, have been golfing buddies for years. One day, Bob asks Frank to consider doing some general accounting and tax services for him. (Article)

Ethics and regulations Q&As

The NYSSCPA offers assistance with members’ questions on ethics and regulation. Inquiries address a variety of topics such as: (Article)

Society Presents 2000 - 2001 Officers, Board of Directors (Article)

Buffalo

The Buffalo Chapter had much to celebrate this past year. Early in fiscal 1999 - 2000 we held our very successful, very well attended annual golf outing. (Article)

Jubilant at Buffalo's Diamond Jubilee (Article)

Chapter Presidents

The NYSSCPA congratulates the following chapter presidents who began their terms on June 1: (Article)

In Memorium(Article)

Students Learn About Accounting Careers

Seventy New York City high school students learned about the accounting profession at the annual NYSSCPA career day, held at the Society offices on May 12. (Article)

Leadership Academy Visits Tax Commissioner in Albany

Members of the NYSSCPA Leadership Academy recently visited Albany to meet with Arthur J. Roth, New York State Commissioner of Taxation and Finance, and his staff. (Article)

COAP Program 2000

The Career Opportunities in the Accounting Profession (COAP) program completed another successful residency at Pace and Hofstra Universities. (Article)

ISB Issues Rule on Employment with Audit Clients

On June 1 the Independence Standards Board (ISB) unanimously approved the issuance of Employment with Audit Clients, a standard that comprehensively addresses and modernizes rules relating to the independence concerns raised when a professional employee or partner of an audit firm becomes employed by a client. (Article)

Basic E-mail Netiquette

This month I will address some basic courtesies in e-mail. These rules come from my observation and use of e-mail for many years. (Article)

Society Website Adds Multidisciplinary Practice Center

A new section on www.nysscpa.org dedicated to multidisciplinary practice (MDP) issues provides a variety of related resources including pertinent reports, articles, links, and other information. (Article)

Website FAQs

Members can post inquiries and comments about www.nysscpa.org by clicking on the Website Suggestions link at the bottom left side of the homepage. (Article)

'Ask an Expert' Grows in Popularity

The Ask an Expert page on www.nysscpa.org, which provides a medium through which users can obtain advice on a variety of topics ranging from accounting and tax issues to ethics rules to personal financial planning advice, is increasing in popularity. (Article)

Performance Evaluation: Good Management and Good Defense

Performance counseling and evaluation: It is something many managers find downright uncomfortable. Criticizing a subordinate's work product and conduct, whether in the context of a formal, annual performance appraisal or at any other time, is an unpleasant prospect. (Article)

Camico Board Welcomes Society Representative

NYSSCPA Counsel James A. Woehlke attended the Camico board of directors May 8-9 meeting as a guest, substituting for Louis Grassi, who chairs the Society's Professional Liability Task Force and was recently appointed by the NYSSCPA board of directors as its representative to the Camico board. (Article)

Society Honors Financial Journalists

Bonnie Erbie and Cari Stein of PBS television, Ian McDonald of TheStreet.com, Ivan Solotaroff of Philadelphia Magazine, Kimberly Weisul of Interactive Week, and a team of Associated Press writers received this year's Excellence in Financial Journalism awards. (Article)

Society Helps Reporters Interpret Financial Statements

The NYSSCPA recently sponsored two free seminars for current and aspiring business journalists on how to interpret and analyze financial statements. (Article)

Movers & shakers(Article)

Members in the news(Article)

Annual Conference 2000

This year's Annual Conference, held June 3-6 at the Seaview Marriott in Absecon, N.J., provided its attendees with an opportunity to relax and enjoy the summer, as well as to learn. (Article)