State Board Report
A change to the Uniform Accountancy Act’s Section 6, which would enable more qualified non U.S. professionals to come under the regulation of the State Boards of Accountancy, is currently open for comment until September 1, 2016, NASBA UAA Committee Chair J. Coalter Baker (TX) reminded the Regional Meeting attendees. The first NASBA/AICPA mutual recognition agreement, covering the Canadian chartered accountants, was signed in 1991 and since that time only six others have been completed, Mr. Baker pointed out. The proposed change to the UAA would delete the requirement that the other country must offer a license to U.S. CPAs if their country’s designation is to be recognized in the U.S. With the proposed change, “We could more readily recognize qualified people who are here."
The exposure draft also covers changes to Model Rules Article 5 that relate to the revised Uniform CPA Examination which will be launched in April 2017.
Mr. Baker also reported that, in July 2016, the NASBA and AICPA Boards of Directors are expected to vote on final language amending the UAA and Model Rules to recognize the CPA Retired status. Changes suggested during the comment period were considered by the AICPA/NASBA UAA Committee as they drafted their final recommendation to the AICPA and NASBA Boards.
Changes to the Model Rules covering peer review and continuing professional education are expected to be exposed for comment before the end of the year, Mr. Baker stated.
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