The Trusted Professional

November 1998 Articles

Society Board Votes on Uniform Accountancy Act
The NYSSCPA board of directors voted at its October 6th meeting to accept certain accounting reforms contained in the Uniform Accountancy Act, and authorized the necessary legislative actions to incorporate these reforms into the current law. (Article)

H&R Block to Acquire Buffalo CPA Firm
Buffalo-based CPA firm Freed Maxick Sachs & Murphy PC (FMSM), the largest local accounting firm in western New York, has reached an agreement in principle to merge with HRB Business Services, a subsidiary of H&R Block. (Article)
FAE Trustees Approve Three-Year Business Plan
The FAE board of trustees approved a three-year business plan at its October 5th meeting that will spearhead Foundation operations through the year 2001. The plan will help make FAE education, both in content and delivery, a catalyst for change as the profession enters the new millennium. (Article)

President's Commentary
In the last five months, I have traveled around the state three times. My trips were to introduce our new executive director, Lou Grumet, and the Uniform Accountancy Act. It became obvious that we were not serving all our members and constituencies. (Article)
Society Adopts New Technology Plan
At its October 5th meeting, the NYSSCPA Executive Committee approved a new three-year technology plan to enhance current systems and operations. The plan's most significant recommendation is to replace the existing information management system, now more than 15 years old, with a package currently used by more than 30 state CPA societies. Other aspects of the plan deal with more secure system backups, improved virus protection, and enhanced network capabilities. (Article)

Protect Your Firm Against Liability Claims
CPAs and accounting firms can receive free online advice on how to protect their practices against liability claims by accessing the NYSSCPA Liability and Risk Management Guidebook, a new feature on the Society's website, www.nysscpa.org. (Article)

New Comptroller General Confirmed by Senate
Immediately before adjourning for its election break, the U.S. Senate approved the appointment of David M. Walker as U.S. Comptroller General, filling the long-vacant position as head of the General Accounting Office (GAO), the investigative arm of Congress. (Article)

Views in the News With Richard P. Mills
Many practicing CPAs are not fully aware of the Commissioner of Education's role in governing the accounting profession. Can you describe your responsibilities in this regard? Also, what is your relationship to the State Board for Public Accountancy and the board of regents? (Article)

NYC Schools Chancellor Stresses Business Involvement with Youth
Rudolph F. Crew, chancellor of the Board of Education of the City of New York, told members of the accounting profession that the public and private sector must work together to help New York City's students. Speaking at a September 25th Accountants Club of America luncheon, Crew emphasized that through internships in the business community, the city's youth can learn vital skills that currently are not always available in the classroom, and that these opportunities help them become productive and prosperous citizens. (Article)

Save Money with Prepaid Airborne Express Service
NYSSCPA members now have another way to save on overnight shipping--Flight Ready^SM prepaid overnight shipping from Airborne Express. (Article)

Committee Helps CPAs Settle Disputes
The Arbitration and Mediation Committee has a dual mission: to inform NYSSCPA members on better ways to handle disputes through alternative dispute resolution (ADR), and to serve as mediators and arbitrators on a pro bono basis in disputes between Society members. (Article)

Clambake and CPE a Success in Syracuse
The Syracuse Chapter's Summer Sizzler, which combines a CPE session with a social event, was a success for the second year in a row. The August event attracted approximately 90 people to the three-hour estate planning session, presented by Elizabeth Hartnett (Syracuse) from Hunter & Hartnett, and about 200 to the clambake that followed the technical program. (Article)

Young CPAs Committee Raises Funds for Charity
The NYSSCPA's Young CPAs Committee organized a networking party to benefit the Cystic Fibrosis Foundation, which assisted as the event's sponsor. (Article)
Society Insurance Plans Offer Broad Coverage
From coverage for health and medical expenses to term life, disability, and auto insurance, the NYSSCPA group insurance programs offer members a wide array of plans at affordable rates. (Article)

Young CPAs Chapter Roundup
Since the founding of the first Young CPAs Committee in Suffolk three years ago, most chapters have formed similar groups. The committees encourage young members to become more involved in NYSSCPA activities, and also provide networking opportunities through various professional, social, and public service events. (Article)

Coordinators Wanted for Top Companies
The NYSSCPA Membership Committee, chaired by Barry Doll, wants to better meet the needs of members in industry by creating a network of coordinators from companies with a large number of Society members as employees. (Article)

Is Your Company on the List?
Here are the top companies (ranked by number of NYSSCPA members) in metropolitan New York and chapter areas. (Article)

Lower Fuel Costs with HEAT USA
Last winter, NYSSCPA members saved hundreds of dollars in fuel bill through HEAT USA, a fuel oil cooperative in the Northeast. (Article)

Increase Your Visibility
NYSSCPA members can gain media exposure by helping respond to reporters' inquiries during tax season. The Society's public relations department needs volunteers to answer questions on a wide range of tax issues from both the national and local press. (Article)
Searching for a Job? Looking to Hire?
To help members and employers more easily use the Internet to search for jobs and hire candidates, the NYSSCPA now offers a confidential online job posting service and resume referral service in conjunction with Resume-Link and the AICPA. (Article)

Credo for a CPA (Article)

The following new members were confirmed by the NYSSCPA Executive Committee: (Article)

Movers and Shakers (Article)

CPA Candidates Network at College Mixer
The New York State Association of CPA Candidates' college mixer, held on September 18, brought together students from the New York metropolitan area. (Article)

150-Hour Program Improves Results for Exam First-Timers
First-time May and November candidates for the CPA exam with at least 150 hours of education had a 64 percent better chance of passing all subjects than those with fewer hours, according to the results of the May and November 1997 Uniform CPA Examinations, published by the National Association of State Boards of Accountancy. (Article)
New York Makes CPA Exam Honor Roll
New York state once again made the National Association of State Boards of Accountancy's honor roll for states whose candidates achieved passing grades in all subjects of the CPA exam at a higher rate than the national average. (Article)

COAP Students Reunite
To further the goal of providing ongoing college and career advice to its graduates, the Career Opportunities in the Accounting Profession (COAP) program hosted alumni events, held simultaneously on September 26, at Pace and Hofstra universities, the sites of COAP's summer residencies. (Article)

Protect Your Eyes with Society Vision Plan
NYSSCPA members and their families can receive up to a 60 percent savings on eyewear and receive free eye exams through a Society membership benefit with Eye Care International. (Article)

Working Can Be Hazardous to Your Eyes
The daily chores of many office jobs can cause eyestrain, according to the following sources, cited in an article in Managed Care Week: (Article)

Ethics and Regulations (Article)

Integrity and Objectivity in a Commission Environment
Two of the CPA profession's most important values are integrity and objectivity. They are enshrined in our Code of Professional Conduct in Rule 102. The CPA Vision Project's list of five "core values" includes both integrity and objectivity. (See page 18 for more information on the Vision Project.) These values, then, are among the defining characteristics of CPAs, both historically and in the future. According to the Society's and AICPA's codes of professional conduct, (Article)

Correction:
In the article, Budget Act Reduces Cost of Doing Business in New York (October 1998), there were errors in figures 1 and 4. See below for the correct data. (Article)

Society Takes Aim at National Surety Doctrine
The NYSSCPA has filed an amicus curiae brief in a case now on appeal to the Appellate Division in Albany involving a legal doctrine which precludes CPAs from raising their client's own negligence as a defense in malpractice claims. (Article)
New Standards Help Improve Credit Union Audits
Standards to strengthen credit union audits were signed into law by President Clinton in August as part of a broad credit union act (H.R. 1151). The CPA profession pushed for the new provisions to rectify a 1996 National Credit Union Administration (NCUA) rule which allowed nonlicensed individuals to audit credit unions. (Article)

Congress Passes Uniform Standards Act
Hoping to stop the evasion of the 1995 Private Securities Litigation Reform Act, Congress passed a bill on October 13 to end the filing of abusive securities class action lawsuits in state courts. President Clinton signed the bill into law on November 3. (Article)

New Audit Guides Proposed for Insurance Entities and Investment Companies
The AICPA seeks feedback on exposure drafts for two proposed audit and accounting guides. The deadline for comments on Life and Health Insurance Entities is December 4, and the deadline for Audits of Investment Companies is December 22. (Article)

AICPA Issues Proposed SOP on Defined Benefit Plans
The AICPA has issued a proposed Statement of Position that specifies the accounting for, and disclosure of, 401(h) features of both defined benefit pension plans and health and welfare benefit plans. Comments are due by December 9. (Article)

FASB Issues Special Report on Statement 125
Because of the nature and frequency of questions asked on Statement 125, FASB issued a special report, A Guide to Implementation of Statement 125 on Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities. (Article)

CPA Vision Process Roadmap Planned
In fall 1996, the AICPA Council launched the CPA Vision Project, a joint venture with the state societies. The AICPA chose Jeannie Patton, the executive director of the Utah state society, as project director, and hired Virtual Consulting, a firm specializing in "visioning" and strategic planning, to assist Patton and her project staff. (Article)

Invest in the Market with Discount Commissions
NYSSCPA members can now receive discount commission rates on a variety of investment instruments through Republic's Discount Brokerage Service, a subsidiary of Republic National Bank of New York. (Article)

Talking Technology with Peter Frank
The Foundation for Accounting Education's Emerging Technologies Conference will take place December 7-8 at the New York Hilton Hotel and Towers. To learn more about the program, The Trusted Professional spoke with Peter H. Frank, conference co-chair, a member and past chair of the NYSSCPA's Emerging Technologies Committee. (Article)

Sidney Kess Presents Tax Workshops
Noted tax specialist Sidney Kess returns to New York with his Individual Income Tax Returns Workshop January 8-9 at the Long Island Marriott Hotel and Towers in Uniondale, and January 10-11 at the Westchester Marriott Hotel in Tarrytown. (Article)

January Conferences to Spotlight Tax, Auditing, Real Estate, and Nonprofits
FAE wraps up its fall/winter conference roster with five conferences in January that will provide participants with updates on auditing, international and tristate tax issues, and the real estate and nonprofit industries. (Article)

January Conference Schedule at a Glance (Article)

POP Saves Members Money
To lower the costs of CPE, consider subscribing to the Foundation for Accounting Education's Pay One Price (POP) program. POP continues to attract more members--in its first season, which ended on August 31, nearly 1,300 people purchased POP passes and registered for more than 8,000 courses at reduced fees. (Article)

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