State Board Report

May 2008

Revisions to Section 5 of the Uniform Accountancy Act Model Rules were unanimously approved at the April 18 meeting of the NASBA Board of Directors, held in Alexandria, VA. The revisions had been worked on for several years by the NASBA Education Committee, including the development of exposure drafts and meetings with academicians and professional society representatives. One of the most significant changes is the requirement for qualifying education to specifically include learning about ethics. The April 2008 revised Model Rules can be found on the NASBA Web site www.nasba.org.

New UAA Model Rule 5‐2 (c ) (6) sets as a requirement: “Earned a minimum of three SCH [semester credit hours] in an undergraduate and/or graduate course listed or cross listed as an accounting or business course in ethics as defined in Rule 5‐1(e). A discrete three SCH course in ethics may count towards meeting the accounting of business course requirements of Rule 5‐2 ( c)(2) or Rules 5‐2 ( c ) 4. As an alternative, colleges or universities may choose to integrate the course throughout the undergraduate and/or graduate accounting or business curriculum. Universities must provide evidence of coverage under integration as specified in Rule 5‐2 (d)….”

Among the new rules’ features are clear definitions for: accreditation, integration of subject matter, ethics, internship and independent study.

Education Committee Chair Billy M. Atkinson (TX) reported approximately 20 comments had been received during the Rules’ exposure period, most focusing on editorial changes and clarifications. The Committee determined none of the changes made were significant enough to require the Rules to be resubmitted to the Uniform Accountancy Act Committee prior to bringing them to the NASBA Board of Directors for final approval.

NASBA Chair Samuel Cotterell (ID) thanked all the NASBA volunteers who had served on the Education Committee during the revision process, giving special thanks to the Committee’s chairs during that period, including Mr. Atkinson, Kathleen Smith (NE) and Wesley P. Johnson (MD).

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