New York State Has Adopted New Accountancy Laws
The new accountancy laws for New York State took effect July 26, 2009.
New laws approved by New York State now require testing to maintain status as a CPA. It is the first time the laws have significantly changed in more than 60 years.
Provisions of the new laws include:
- Expansion of the scope of public practice to include CPAs in industry, taxation, government and academia - now anyone in these positions holding a New York State CPA license will have to complete continuing education courses.
- CPA candidates no longer have to earn 75% of their experience requirement doing audit work in a CPA firm, they can now use accounting, attest, compilation, management advisory, financial advisory, tax or consulting skills as long as they are under the supervision of a US licensed CPA.
- 150 hours of college coursework is still required for licensure, however, students may now sit for the CPA exam after they complete 120 hours of coursework (as long as they have taken one course in each of the mandatory professional accounting content areas) - they will not be able to be licensed until they have 150 hours and 1 year of applicable experience.
Check out the following link to see what local accountants are saying about the new laws, including our Managing Partner, Thomas Grogan, CPA: http://www.buffalonews.com/145/story/744831.html?imw=Y
For further information on the new laws check out the website of the New York State Society for CPAs: http://www.nysscpa.org/
