The Adirondack Chapter of the New York State Society of Certified Public Accountants will hold an informational meeting on the accountancy reform law from 8:30 a.m. to 5:30 p.m. Thursday at the Crowne Plaza, 101 Olympia Drive, Lake Placid.
Both events also provide continuing-education components.
The session is free and open to the public. To register, call 800-537-3635 or 212-719-8383.
LAKE PLACID — The New York State Society of Certified Public Accountants is working to spread the word about new accounting regulations now in effect.
Barbara Dwyer, a Lake Placid-based certified public accountant and a vice president of the New York State Society of Certified Public Accountants, said the Accountancy Reform Law went into effect July 26.
"The definition of a CPA has been broadened under New York state law."
Previously, the state was only interested in those who performed "attest" functions, such as audits, reviews and financial statement certification.
The new law expands the definition to include accounting, management and financial advisory services. It also covers those who provide tax and professional services for their employers.
REGISTER, LEARN
The law requires everyone covered under the new definition to register with the New York State Education Department every three years.
They must then complete 40 hours of continuing professional education in any study area or 24 hours in a concentrated study area. That includes at least four hours on professional ethics.
Dwyer said it's important to get the word out before people get caught short on training. The state society is updating its training offerings, and a number of online providers are available.
"We're trying to get the CPAs to come out and get their (continuing education) credits and be aware of the law change. A lot of people are preparing for this."
While she usually would see 100 to 120 people at an ethics seminar, she recently was at one with more than 250 in attendance.
COULD LOSE TITLE
Continuing-education providers need to have their credentials and course content approved by the State Education Department.
If a person doesn't register and meet the continuing-education requirements, they can no longer use the title certified public accountant, Dwyer said.
Newly licensed CPAs are exempt from the continuing-education requirements until their second registration period.
PEER REVIEW
The law also calls for registered firms with more than two accounting professionals to undergo peer review of their attest services every three years, starting in 2012. That requirement also applies to smaller firms that do attest work for government entities that perform government functions for the state or its municipalities.
The law also allows out-of-state CPAs to apply for temporary practice permits for attest work in New York. It is valid for 180 days in a one-year period, renewable up to three times.
Another provision increases the hours of education required to take the CPA exam from 120 to 150. That took effect Sept. 1, Dwyer said.
The law applies to those who want to use the title CPA. People can continue to offer services such as financial planning and tax preparation without registering, as long as they don't use CPA as a title.
Dwyer said the society had lobbied for at least 10 years about the need to reform accounting practice law. She said the main impetus to change the law was the age of the previous law, which was last revised in 1947 and didn't cover many aspects CPAs now handled.
"The practice has changed so dramatically," she said.
E-mail Dan Heath at: dheath@pressrepublican.com
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