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| February 15, 2004 | The
Monthly Newspaper of the NYSSCPA |
Vol.
7, No. 3 |
Committee Close Up
By Nereida Gomez and Ernest J. Markezin, Committee Services
Accounting and Review Services
The Accounting and Review Services Committee, chaired by Ira M. Talbi, discussed at its Dec.17, 2003, meeting the recent exposure drafts issued by the American Institute of CPAs’ Accounting and Review Services Committee. The committee has set up a task force to review and comment on the exposure drafts. Copies of the drafts can be obtained from the AICPA’s website.
The committee is also planning a morning technical session for May 2004, which, among other things, will discuss the new SSARS that have been issued. The speakers at the session will include Talbi, committee member Joseph Maffia and Andrew Cohen, chairman of the AICPA’s Accounting and Review Services Committee. Details about the seminar will follow.
Chief Financial Officers
The Chief Financial Officers Committee, chaired by Anthony Cassella, hosted a continuing professional education (CPE) session titled “Techniques to Reduce Real Estate Costs for the Financial Executive,” held during the committee’s Jan. 8 meeting. The session’s guest speaker was Ross Selinger of ITRA/Selinger Enterprises, Inc. Topics covered included lease audits, floor plans, lease renewals, market changes and respective cost spreadsheets.
Real Estate
The Real Estate Committee, chaired by Barry Moss, held a CPE session on cost segregation at its Jan. 5 meeting. The speakers, both from Construction Cost Recovery Inc., were President Mark de Stefanis and Director of Tax Compliance Kathleen Humen. The speakers covered qualifying property, cost segregation engineering techniques and specific improvements for tax purposes.
Taxation of Individuals
Jill Feldman, chair of the Taxation of Individuals Committee, arranged for representatives from the Chicago Deferred Exchange Corporation (CDEC) to present a CPE session on Like-Kind Exchanges at the committee’s Jan. 21 meeting. Mary Cunningham, executive vice president and chief operating officer at CDEC, explained the regulations associated with tax-deferred exchanges and that property classified as realty under state law is considered Like Kind. She then explained the logistics of handling such an exchange and elucidated the complications of doing a reverse exchange or using a qualified intermediary.
Editor’s Note: The following is a glimpse of the latest events and developments from some of the Society’s more than 60 committees.
