Magazine article The CPA Journal

Bringing Accountancy into the 21st Century

Magazine article The CPA Journal

Bringing Accountancy into the 21st Century

Article excerpt

Help New York State Legislators Strengthen the Profession

For almost 10 years, the New York State Society of CPAs (NYSSCPA) has been pushing for necessary accounting reform in the state of New York. Last year, we were only a few details away from a comprehensive proposal that could have been introduced for a vote. In each of the last five legislative sessions, the New York State Senate passed accounting reform legislation with unanimous support from both partiesaccounting legislation that was primarily crafted by the Society's board of directors.

The interested parties got together and narrowed our differences even more over this past year. The bones and muscle of our original proposal are still present. We anticipate that the essential elements of last year's draft bill will be introduced soon in both houses of the legislature, at the request of the New York State Board of Accountancy and with support from the State Education Department The NYSSCPA board of directors will likely add its full support to this proposal, which includes all the key points that we agreed require prompt legislative action. Our hope now is that the state legislature will listen to a combined voice. All parties agree that the regulators need updated statutory authority to make sure that the public served by the profession is protected in today's world.

Statute Essentially Unchanged for 60 Years

These changes are long overdue. The law that governs New York State CPAs today was instituted in 1897, the official birth of the public accountancy profession in the United States. The last time the law was substantially revised was 1947-the same year Jackie Robinson broke the color barrier in Major League baseball, India and Pakistan broke apart from the British Empire, and then-Princess Elizabeth II got engaged. That's a long time, during which much has changed-including the practice of accounting.

The proposal would finally bring the profession up to date in many key areas. …

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