State Board Report
State Boards and other interested parties are being asked to take a hard look at language that has been proposed for inclusion in the Uniform Accountancy Act that would allow management accountants to hold out their designations to the public without running afoul of state law. NASBA’s Regional Directors at their meeting in July agreed to urge their states to submit written comments before the September 30 deadline.
The proposed language for Section 14(q) states:
(q)(1) Notwithstanding any other provision of law to the contrary, an individual may use an accounting designation that includes the word “management”, conferred by a bona fide nationally recognized accounting organization such as the American Institute of CPAs, the Chartered Institute of Management Accountants or the Institute of Management Accountants, provided the designation does not purport to confer the right to perform audit, attest or compilation services as defined by any state or foreign jurisdiction.
(2) An individual using an accounting designation in accordance with the provisions in Section 14(q)(1), who does not also maintain a license or practice privilege, shall not:
(A) offer or render audit, attest or compilation services for the public, except under the supervision of a licensee operating within a CPA firm that holds a permit issued in this state or another state.
(B) offer or render tax services to the public, while using such a designation, except within a CPA firm that holds a permit issued in this state or another state.
(C) establish, participate in, or promote a business that markets itself by reference to a designation in 14(q)(1) and is not also a CPA firm that holds a permit issued in this state or another state.
(3) The Board may take such actions, as authorized in this Act, to prohibit the use of any accounting designation in this State that does not meet the criteria of this section.
During NASBA’s June Regional Meetings the proposed language was debated and many Board representatives indicated their Board would be submitting a comment letter. Several states have submitted responses; however, more are expected. Comments should be sent to firstname.lastname@example.org by September 30.
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