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• W221520243 abstract "Robert Israeloff characterizes himself as fanatical about giving personal attention to clients of his 13-partner CPA firms, Israeloff, Trattner & Co., headquartered in Valley Stream, New York. My clients know really care, he says. approaching his post as the new chair of the board of the American Institute of CPAs, he is committed to letting practitioners know he and the Institute care about members and their problems. An outspoken activist who has a strong interest in solving CPAs' practical problems, he has set several priorities for his chairmanship, all of which relate to helping Institute members get more from their professional activities and from the AICPA. PRACTICE CONCERNS As an advocate for smaller firms, Israeloff has set his sights on what he believes are two of the most pressing problems for local practitioners. First and foremost is the burden of work-load compression. I want to give the fight to ease workload compression the same emphasis we have given tort reform, which will remain at the highest level of importance for the Institute, he explains. CPAs cannot go on if three-quarters of their work falls in three or four months of the year. are going to marshal all available resources to change the law to allow natural business years for companies. Israeloff's sense of urgency is fueled by feedback from members and by his own experiences. In our firm, we used to do over 250 fiscal-year closings, which represented about 40% of our corporate or partnership tax returns, he says. Today, less than 10 have retained fiscal years by paying their section 444 tax, so we've taken 250 other closings and thrown them into a period when we're already overworked. change in the fiscal year rules would benefit CPAs, but he points out that it would make good business sense for others, Many businesses should have natural business years--the best example is department stores and other retailers. For them, January 31 is the best time to close their books: The holiday season is behind them and their inventories are at their lowest levels. We will make a full-court press on this issue, he vows, envisioning a well-de-signed campaign similar to the one waged in favor of tort reform, in which members take part in a grass-roots program to contact their legislators and the Institute uses its own resources to bring attention to the need for change. This is the number-one practice problem for local practitioners, he says. It may not be solved in this year, but hope people can look back and say, 'At least he helped to push this issue toward a solution.' Another pressing issue he hopes to address is standards overload. His special interest is in the many local CPA firms that render controllership services for their clients. Israeloff's own firm, which caters mostly to small, family-owned companies, 95% of the clientele don't have a chief financial officer. They have a bookkeeping staff and us, he says. We render services along the lines of what a chief financial officer does for a major company, including preparing monthly or quarterly financial reports for internal use. These are management tools; they're not created for outsiders. Currently, such reports must be prepared in compliance with AICPA standards--which are promulgated for outside users--which Israeloff believes is inappropriate. A non-CPA can provide all these services and not have to cope with all these standards; want our members to be able to do that, too. He is quick to add that the quality of practitioners' work will remain the same. This is not to say we'll practice at a substandard level, but we should be able to prepare internal reports without having to comply with standards created for reports that serve different purposes. He has asked Wanda Lorenz, incoming chair of the accounting and review services committee, and Joseph Puleo, chair of the management consulting services executive committee, to help in resolving the issue. …" @default.
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• W221520243 title "A Board Chair - and an Institute - Devoted to Service" @default.
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